Hayek's early writings on business-cycle theory and the Great Depression argued that cyclical downturns, including that of 1929-1931 were caused by unsustainable elongations of the capital structure caused by bank-financed investment exceeding voluntary saving. Believing that monetary expansion...

This book seeks to explain why governments contemplate regional monetary integration and why some country groups are more likely than others to exercise that option. It also explains why some country groups may be more successful than others, and the limited relevance of the European experience...