This is a brief survey describing some of the recent progress and open problems in the area of cooperative games with incomplete information. We discuss exchange economies, cooperative Bayesian games with orthogonal coalitions, and issues of cooperation in noncooperative Bayesian games.

After the 2007–2009 economic deluge, the policy and theoretical case for a New Global Monetary and Financial Architecture gained momentum. This article analyzes some key features of the global crisis that severely limited the range of action of modern central banking. Earlier episodes of...

The topic of this article is to suggest some lines of analysis of the transactional functions of the exchange market in the determination of relationships between national and international currencies. A brief review of the literature is devoted to the analysis of external trade in the framework...

This paper develops an information-based theory of international currency based on search frictions, private trading histories, and imperfect recognizability of assets. Using an open-economy search model with multiple competing currencies, the value of each currency is determined without...

We offer new evidence on the emergence of the dollar as the leading international currency focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial development appears to...