This paper retraces the origins of modern futures trading and provides new evidence to an open question in financial history, whether the assumed negative impact of speculation, which generated several regulatory and institutional changes, is reflected in interwar futures trading. We assemble a...

This paper compares Hungary’s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not...

This paper surveys three types of monetary arrangements. It considers how the choice of an exchange rate regime, the degree of central bank independence, or choice of currency unions or boards depends not only on economic considerations but also on political economy considerations. In economic...