When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...

Starting from an overview of the political background of the Kosovo issue, rooted in Serb and Albanian history, the paper then describes the main features of the current situation: "nothing more than autonomy" from one side, "nothing less than independence" for the other. Against this...