The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...

The literature has shown that the implied welfare gains from financial integration are very small. We revisit these findings and document that welfare gains are substantial if capital goods are not perfect substitutes. We use a model of optimal savings where the elasticity of substitution...

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the international monetary regime might become a "symmetric" dipolar system. This fundamental change would come at a time of already considerable uncertainty when, after the Asian, Russian...

The aim of this paper is to analyze the evolution of the European Union in the economic and financial field during the global crisis that stroke Europe, from January 2008 until December 2012. My argument is that the European Union has faced certain political and economical imbalances since its...

Following the unsuccessful Treaty on the Constitution for Europe project, European Union member states adopted the Treaty of Lisbon. The Treaty of Lisbon brought about certain amendments in the institutional framework of the European Union, targeted at increasing the efficiency of the Union’s...