[fre] Le Traité de Maastricht sur l'Union Européenne comporte une Procédure des Déficits Excessifs limitant la liberté d'emprunter des gouvernements dans l'union monétaire européenne. Cette procédure a pour justification d'empêcher les États de sur-emprunter et de demander un...

Latin America's economies have made tremendous improvements in recent years. Following the lost decade of the 1980s, economic growth has resumed. But the fruits of this progress remain to be consolidated. The political consensus supporting reform is fragile, and the economies of the region are...

Avocates of formal fiscal restraints on the member states of the European Monetary Union often argue that US experience proves that a monetary union needs such constraints to guarantee the stability of the common currency. We show, first, that the origin of formal fiscal restraints on US state...