This paper studies a two-country monetary system where one country sets its money stock, but gives up control of the exchange rate, and the other country gives up control of its own money stock, but can set the exchange rate independently. Cournot-Nash equilibria under managed rates differ...

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...

[eng] Models of the ems: is Europe a greater deutschmark area ?. . Regimes of fixed exchange rates or limited exchange-rate flexibility, like the ideal « target zone » proposai or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets...

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...