We analyze whether financial integration will lead to lower national regulation of domestic banking activities. In our model, banks' efforts and public regulation can lower the probability of bankruptcy. We contrast the national case with an integrated banking market and find that banks will...

South Africa's 40 years of experience with capital controls on residents and non-residents (1961-2001) reads like a collection of examples of perverse unanticipated effects of legislation and regulation. We show that the presence of capital controls on residents and non-residents, enabled the...

The implementation of monetary policy in Mauritius has changed dramatically over the past two decades. This paper starts by describing the original mechanism of implementing monetary policy from the establishment of the Bank of Mauritius in 1968 until the reforms of the 1990s. The description is...

This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's...

This paper addresses the effects of the European Economic and Monetary Union (EMU) since the introduction of the euro on economic and financial structures, institutions and performance. What type of changes is the euro fostering? What forces is it setting in motion that were not there before?...

La zone franc CFA se compose d`un groupe de pays de l`Afrique centrale et de l`Afrique de l`Ouest, dont les monnaies sont rattacheacute;es au franc franccedil;ais selon une relation fixe depuis 1948. Elle allie les caracteacute;ristiques d`une union moneacute;taire agrave; celles d`une zone...

The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since 1948. It combines the features of a currency union with those of an exchange rate peg, and an analysis of its effectiveness must examine both...

In the last few years, a number of countries in the Former Soviet Union and Eastern Europe have become independent or regained their independence. Many have chosen to issue their own currencies and more are likely to do so. This paper draws on these and earlier experiences in order to summarize...

This paper formalizes Irving Fisher`s century-old model of bimetallism and adds the important quot;disequilibriumquot; dynamics to deal with the long periods during which bimetallic countries were on effective monometallic standards. It resolves a long standing puzzle in the bimetallic...

In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the...