The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents...

Global greenhouse gas emissions need to be substantially reduced to avoid dangerous climate change. As emission reductions in one country also benefit all other countries, international cooperation is needed for effective emission mitigation. It is not immediately clear if stable global climate...