Conventional wisdom dictates that a fiscal policy should be counter-cyclical. However, contrary to this conventional views, recent research has demonstrated that fiscal policy is actually procyclical in most developing countries. In this book, we attempt to propose a new interpretation of this...

Ch 1: Introduction -- Ch 2. Risk Management in a Single Country -- Ch 3. One-dimensional Public Goods in an Alliance -- Ch 4. Protection and Insurance in an Alliance -- Ch 5. Exploitation Hypothesis and Numerical Calculations -- Ch 6. Misperceptions and NGOs -- Ch 7. Financial Crises -- Ch 8....