Currency volatility is likely to rise in the immediate future due to the confluence of two new phenomena. First, the euro will be a strong alternative to the dollar as a global money; the bipolar international monetary system will be marked by a massive portfolio diversification in favor of...

Feldstein (1994) argues that the practice of hedging the exchange risk of an overseas investment through the currency market can offset a gross cross-border transfer of capital, and leave no trace of net international capital movement. Thus what is done by the capital market is undone by the...

In classical economics, gross profits resolve into two parts: interest, and net profit. The latter resembles Ricardian differential rent. The presence of net profit is almost inevitable in the short run. Yet the modem theories of balance of payments and of exchange rate abstract from the net...

Esistono oggi due problemi relativi al debito con l’estero: uno per i paesi meno sviluppati e l’altro per il maggiore debitore del mondo, gli USA. I paesi meno sviluppati e fortemente indebitati fanno fronte al loro debito ricorrendo a misure di austerità che portano l’economia mondiale...

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