We modify the Cole and Kehoe model by including domestic debt. According to the original model, a speculative attack on a high debt level issued abroad triggers external debt default. Here, it is possible to inflate away the domestic debt to avoid the external debt default. We consider two...

Many states in Latin America, Africa and Asia lack the monopoly of violence, identified by Max Weber as the foundation of the state, and thus the capacity to govern effectively. In this paper we develop a new perspective on the establishment of the monopoly of violence and the formation of the...

All over the world there are several countries where airships are being used for military and civilian purposes. The rebirth of this mean of transportation, capable of easily overcoming some deficiencies of the conventional ones, brings medium and long term economic benefits. In addition, they...