In this paper we describe some of the opportunities and perils for international monetary cooperation associated with EMU. Our approach brings together two strands in the literature; one concerned with institutions, the other focusing on policy consensus. Our analysis raises questions about the...

The paper considers the case for fiscal restrictions like the Excessive Deficits Procedure of the Maastrict Treaty and the origin of borrowing restrictions in the U.S. and Australia

Thus, neither the total supply nor the total demand for reserves is likely to change dramatically. There is no compelling argument for an SDR allocation to avert a pending global liquidity shortage or to remove an intrinsic instability in the reserve-supply process. There is a consistent...

In this paper we review what is known about exchange rate crises. We then draw out lessons for the choice of exchange rate regime. We show the dilemmas of exchange rate management are particularly acute for small, open developing economies. Freely floating exchange rates are not tolerable for...

JEL Classification: E44, G21<BR> Keywords: banking sector, banking crises, emerging markets<BR> The existing empirical literature on banking crises has not produced agreement on their causes. Using a sample of 75 emerging markets in 1975-1997, we attempt to determine what we know about banking crises by...