The stability of an economic policy regime depends in large measure on either its successful authoritarian imposition or on the general acceptance by society of the distributional status quo of assets and/or income. Although Argentina's Convertibility Plan ("Currency Board" system) brought price...

Many financial crises during the last decade have derived more directly from political than purely economic problems. When democratic institutions, government transparency, regulatory oversight or the rule of law break down, the likelihood that politicians will implement unsustainable economic...