Although the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world. Global Divergence in Trade, Money and Policy explores the disparities between a...

In this paper, interest-rate convergence in Europe is related to the behavior of integrated federal political systems. Our main results are: Before the final fixing of exchange rates, national interest rates will converge toward the German bond yield in countries eligible to become EMU members...

Financial services with global reach are becoming ever more important in the conduct and organization of the trade and investment of nations, and currencies that lack international standing lose out in this business. The result of financial development has been destabilizing currency and...

The purpose of this paper has been to develop a positive theory of international organization which can supplement the conventional normative theory used as a positive theory. The conventional approach draws much of its plausibility from the fact that it relies on the reasons given by the...

Public choice analysis can be helpful in predicting the course of European monetary integration and policy. The median (or decisive) voter theorem, the theory of the political business cycle and the economic theory of bureaucracy are all applicable. The purpose of this paper is to explain and...