The article studies policy options in an economy which is unstable under bond-financing of a predetermined government deficit. We analyze policies based on pre-announced changes in monetary control or on confi-scation of that part of the Government debt which could only be retired through a...

The main object of this study is an empirical analysis of the determinants of the choice of currency in setting payments and recepts for Italian foreign trade.

It has recently become common, and almost fashionable, to analyze problems of economic policy with the techniques of game theory.

We analyze games between two countries that use the tariff as a threat to induce each other to follow monetary policies equivalent to those that would obtain under a cooperative game. The analysis shows that under certain assumptions concerning the shares of tariff revenues that the countries...

In this paper I shall try to sketch what could be some important consequences of recent developments in Eastern Europe, for the present fabric of the European Community (EC) and its evolution into a European Economic and Monetary Union (EEMU).

Il difficile rapporto tra istituti di credito ed imprese "industriali" è da tempo a centro di un acceso dibattito in Italia tra chi propugna, nella sostanza, un assetto di separazione proprietaria tra banche ed imprese, e chi invece vedrebbe con favore una marcata integrazione tra sistema...

This paper has two aims, one theoretical and the other empirical. At the theoretical level, we advance an interpretation of the apparent inability of models based on rational expectations to explain the time evolution of exchange rates. The interpretation is based on the inadequate treatment of...

Con il ritorno, sul finire del 1996, ad un tasso di inflazione inferiore al 3% si chiude, almeno lo speriamo, un periodo drammatico della storia economica italiana; periodo iniziato alla fine degli anni sessanta e durato quasi trent'anni. Il suggello a tale chiusura sarà tuttavia apposto solo...

The flows of migration from neighbouring countries into the European Union have, since its inception, been more relevant than those of internal migration. Thus, labour movements from relatively less industrialized countries of the EU —such as Italy in the 50's—towards the relatively more...

In this paper we consider an overlapping generation model in which people, born in two different countries, decide where to spend their working period of life, and where to retire after it. The two countries differ in technology and quality of life. The "northern" country, N, is more productive,...