Internationalization increases firms’ vulnerability to cyclical fluctuations in growth. For this reason, it is at best a positive strategy for a few firms; but certainly not for all. It is from this perspective that the present chapter will try to develop a quantitative analysis of the...

Fragmented payment systems are a major obstacle to financial integration at the regional and international levels. The European Union has launched ambitious policies for the ceation of common payment systems among its country members. Significant results have been achieved in some aspects, but...