The paper discusses the relative role of private and public institutions in avoiding and dealing with the consequences of sovereign debt crises. Changes are required in the private sector as well as in the role and policy of the International Financial Institutions. Despite recent experiences...

The present paper analyzes the process of monetary integration in Europe from a political-economy point of view. It argues that EMU can be less explained as driven by political factors than by the logic of European and international integration in goods and capital markets that make EMU a...

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...