The international capital market integration and currency crises of the last decade have renewed the debate on optimal exchange rate regimes. Research is mixed regarding what their effect has been on the system of exchange rate regimes and the anchor currencies at the centre of the system. The...

Many studies show relationships between sovereign debt discounts and various structural, financial and other economic and qualitative phenomena. Although many of them explicitly mention the importance of the willingness to pay, they typically exclude it from the testing because the variable...