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 paper is organized around two main questions. The first is, why is the eversion to exchange rate fluctuations stronger in Europe than elsewhere? the second question is: how does the EMS hold together?

This paper reviews the arguments for and against monetary unification in Europe, taking into account the recent shift in emphasis in the analysis of exchange-rate regimes.

Verso la metà degli anni '70, molti economisti iniziarono a chiedersi se un ruolo attivo della politica monetaria e fiscale fosse ancora auspicabile ed efficace. I dubbi nascevano dall'osservazione che la politica economica sembrava incapace di risolvere il dilemma di un'alta inflazione e di...

The Italian economy has often puzzled foreign observers over the past fifteen years. In this article we attempt to interpret these developments. In our interpretation, some implications of which are perhaps of more than local interest, we stress the role of policies throughout the period.

The question that we ask in this paper is whether the danger of confidence crisis can be reduced by acting on the choice of the maturity structure of public debt.

In the past three years, the countries that belong to the Exchange Rate Mechanism of the European Monetary System (EMS) have experienced a very rapid process of financial integration.

In most European countries, the high real interest rates of the early 1980s combined with the large stock of public debt inherited from the 1970s to create a potentially explosive debt problem.