Since the emergence of representative democratic states, national sovereignty is based on the rule of law and the sovereignty of the people: sovereignty is exercised by the people through democratic representative institutions, with a limited use of instruments of direct democracy. Consequently,...

The aim of this paper is to discuss some of the great challenges that will characterize the XXI Century. In the background we consider the problem of the relationship between “Us” and the “Others”, that is how to reconcile the power of Western universalism with the multitudes of other...

La dynamique de globalisation-mondialisation de l’économie peut conduire à un processus d’exclusion des pays à dotations naturelles, qui subissent une double érosion de leurs avantages comparatifs et de leurs avantages naturels. Les pays du Maghreb qui ont appuyé leur insertion dans la...

The paper provides a brief analysis of commercial relations between China and the US, both direct and via the so-called ‘Asian circuit’. Special emphasis is laid on how production systems in the US and Asia are interdependent. In the light of these relationships and those existing between...

The implications of exchange rate regimes on economic growth have received renewed attention in the aftermath of the recent global financial crisis. Creating both bivariate and tripartite regime classifications the present study examines their impact on growth for 156 nations spanning the period...

The lack of cooperation between central banks is the most widely accepted interpretation of the collapse of the gold-exchange standard. This explanation does not take account of the evolution of systems of payment: national commodity moneys were progressively replaced by fiduciary money. These...

The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase...

The Bretton Woods Agreement once again enabled states to use an international money. The traditional interpretations of this Agreement emphasize the extreme discontinuity between the period after the Second World War and the interwar period. Some interpretations insist on the fact that after the...

In this paper we investigate the skirmishes that the US dollar and the euro had from 2007 to 2011 and, in particular, the two distinct sharp falls that the single currency had in 2008 and 2010. We basically consider how impulses coming from domestic money markets impact on the USD/EUR exchange...

This paper provides a selective survey of some recent literature assessing exchange rate credibility through bayesian or nonhinear econometrjc frameworks. The empirical evidence from this literature suggests two main conclusions: one in retrospect, concerning the past experience of France in the...