After looking back the achievements of financial cooperation in Asia, this paper argues its future direction. Despite recent financial turmoil of "Euro", the financial integration in Europe still has the aspects from which we should learn. The other aspect of the financial integration besides...

This paper strengthens the Hopenhayn and Prescott stability theorem for monotone economies. We extend the theorem to a larger class of applications, and develop new perspectives on the nature and causes of stability and instability. In addition, we show that models satisfying the...

This paper examines multinational public goods provision under multilateral income transfers and productivity differences across countries. We assume the existence of a planner who uses linear approximation for utility maximization for all countries. The main findings are: (i) A country is an...