In this paper we analyze the issue of cooperation among national fiscal authorities in a monetary union within the framework of their strategic interactions with the common monetary authority. We find that: a) in the lack of cooperation with the central bank, cooperation among fiscal authorities...

The euro area crisis shows some similarities with the crisis that affected the European Monetary System in 1992-93. I argue that the theoretical framework to be used in order to analyze it can also be similar. As a matter of fact, together with the point of view of the government, that should...

The paper surveys old and new theories of optimum currency areas by following a unifying "logical" rather than "chronological" approach. The fall of credibility theory as the "new" theory of optimum currency areas obliged to go back to the "old" criteria while focusing, however, also on supply...

Some recent articles explain the Asian crisis almost exclusively in terms of "fundamentals". The role played by private sector's expectations, however, should also be considered. In my view, then, "escape clause" models exhibiting multiple equilibria within a grey area, especially when...

<i> Dalla credibilità alla speculazione: la crisi del 1992-93 del Sistema monetario europeo </i> (di Pompeo Della Posta) - ABSTRACT: We consider the events that from the creation of the European Monetary System (EMS) lead to the 1992-93 crisis. The adoption of the Single European Act imposed the...

Focusing on the 1992-93 crisis of the European Monetary System (Ems), I stress, in opposition with the conclusions reached by “escape clause” models, the role played by the availability of foreign reserves. In particular, I show the lack of credibility of the Bundesbank’s commitment to...

Beginning with the 1990’s, the gaming services sector has undergone several changes that have induced governments to review gambling taxes. We examine the economic rationale behind actual and prospected reforms, comparing different tax instruments with respect to their incidence.