We consider the class of binary social choice problems. A society must choose one of two public projects, money being available to perform side payments and each agent having quasi-linear preferences. Moulin [1987a] formulates the problem and characterizes the egalitarian solution on the basis...

This article closely examines the maintenance of the covered interest parity during the course of the currency crisis in Korea, and analyzes the movement of the covered interest differential(CID) in an effort to draw out some policy implications. This article also takes a thorough study of...

This paper documents the unfolding process of the Korean crisis in 1997. First, we show that it was hard to predict the Korean crisis at least up till the first half of 1997. Our judgement is based on the pre-crisis behavior of the leading indicators of currency crisis, the financial market data...