This study analyses possibilities for independent national redistribution and risk sharing policy in EMU by reviewing literature on fiscal federalism. The currency union will not directly affect the national welfare policy. It might increase mobility of people and capital, which would tighten...

The creation and effects of social capital have seldom been a target for systematic analysis in orthodox economics. The purpose of the paper is to argue that in order to include social capital, along with physical and human, into economic analysis, we have to regard human preferences as...