Unrestrained power to create money makes possible the arbitrary seizure of property, either through an unlegislated transfer of wealth from the private to the public sector or through the capricious transfer of wealth between individuals. Money creation -- and by implication the seigniorage that...

A former Vice Chairman of the Board of Governors of the Federal Reserve System states his opinion on the Fed's constituency, its policy goals, its need for credibility and independence, and its obligation to be open, accountable, and candid in a democratic society. He argues that the Fed is, and...

While complementing the EMU with the necessary rules mandating budget discipline at domestic level, the fiscal compact inevitably affects the autonomy both of national parliaments and executive powers, as well as the life of millions of European citizens. A culture of financial stability...

The European Central Bank (ECB) was built in Phase Two Economic and Monetary Union (EMU) in 1998. This institution performs tasks in line with its primary objective to maintain price stability, the rules of the EC Treaty and the Statute of the European System of Central Banks (ESCB). The ECB has...

Current economic and political developments spotlight the relationship between domestic and global governance and the impact of globalization on both. A key question is whether a sovereign state system, democratic governments, and an integrated global marketplace can coexist. The paper assesses...

We study the short-run effect of elections on monetary aggregates in a sample of 85 low and middle income democracies (1975-2009). We find an increase in the growth rate of M1 during election months of about one tenth of a standard deviation. A similar effect can neither be detected in...