This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international...

This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international...

After decades of rising global economic integration, the world economy is now fragmenting. To measure this phenomenon, we introduce an index of geopolitical fragmentation derived from various empirical indicators. This index is developed using a flexible dynamic factor model with time-varying...

As I am writing this book, Russia is invading Ukraine, and the world’s beliefs in global institutions, peace, humanism, and social progress have been shaken again. Understanding why conflict is endemic to any social relation, under which conditions it is a positive element in social life, and...

The main thesis in this manuscript is that a social choice theory based on aggregating individual preferences and values is insufficient to confront the social choices that today’s world is facing. It is defended in here that institutions play a critical role in any social choice, and that the...

In less than fifteen years, the world has experienced the worst financial crisis since the 1930’s, the worst global pandemic since the flu in 1918, and the largest war fought since the Second World War. This manuscript argues that these crises are not isolated events. The main thesis is that...

As I am writing this book, Russia is invading Ukraine, and the world’s beliefs in global institutions, peace, humanism, and social progress have been shaken again. Understanding why conflict is endemic to any social relation, under which conditions it is a positive element in social life, and...

Globalization is today one of the phenomena discussed and contested at the same time, beach and speeches in terms of globalization are spread from the ordinary man in the street, and to speeches by political and academic level. It is surprising how a term that recently entered the vocabulary...

Economic integration is defined as the elimination of economic borders between two or more savings. In turn, an economic border demarcation over which any actual or potential mobility of goods, services and factors of production and communication flows, is relatively low. On both sides of a...

In the context in which most countries in Western Europe is almost unanimously accepted advantage of using the single currency, it appreciates that for Romania, whose foreign trade is facing up to approximately 2 / 3 to the market, adopting the single currency will bring real benefits. To become...