What purpose does the European Monetary System serve? Who benefits from it? Is it a Deutschmark zone? Or could one argue that, despite the asymmetrical positions of France and Germany, the System does serve a certain collective interest? An attempt to answer these questions reveals a basic...

[eng] The EMS and the Franc-Mark asymetry . . This paper interprets the EMS as an agreement whose aim is to narrow the asymetry of the Franc and the Mark with respect to the Dollar. Two hypotheses are explored : the first one interprets the lower quality of the Franc out of the fear that capital...

Recent analyses of the gains to policy coordination have focussed on the strategic aspects of macroeconomic policy making in a static setting. A major theme is that noncooperative policy making is likely to be Pareto inefficient because of the presence of beggar-thy-neighbor policies. This paper...

[spa] La industria francesa frente a los apremios de cambio monetario - A más de su aparente desorden, las peripecias monetarias traducen una realidad fundamental : el poner a debate las modalidades del crecimiento que impera desde de la ultima guerra y sus formas institucionales. En este...