Environment is a public good whose preservation requires some type of intervention. Use of natural resources for economic activities should be regulated by the local communities; however, this can have in turn external effects on other communities. Environment then takes the double nature of...

The uncovered interest rate parity condition lies at the heart of the "impossible trinity", stating that the three objectives of fixed exchange rates, free capital flows, and independent monetary policy cannot be pursued simultaneously. We argue that although monetary unification does indeed...