This lecture is about the connections between three types of union - customs union, monetary union, and political union. The first section asks whether monetary integration is a concomitant of commercial integration. The second asks whether political integration is a concomitant of monetary...

The present study departs from the conventional approach to world capital-market imperfections by relying on the notion of individual risk, rather than country risk. This difference of emphasis has important implications for the specification of intertemporal optimizing models of small indebted...

In December 1995, the European Council, metting in Madrid, confirmed "unequivocally" that the third and final stage of economic and monetary union (EMU) will begin on January 1, 1999. The Council chose "euro" as the name of the new single currency and adopted a timetable for decisions and...