Recently a great deal of attention has been focused on difficulties of interpreting the behavior of the monetary aggregates. The period since the mid-1970s has been characterized by unexpected changes in the relationship between traditional measures of the monetary aggregates and economic activity. Accompanying the disruption of established monetary relationships was an intensified effort by th...

This paper reassesses the prospects for greater monetary integration in Asia in the wake of the Asian financial crisis of 1997. The Asian crisis highlighted the absence of well-developed supranational institutions in Asia to provide early warning signals of impending currency or balance of payments problems, access to unconditional funds to cope with financial problems, and a common defensive m...

On the Hidden Costs of Incentive Schemes By enriching a principal-agent model it is shown that the introduction of monetary incentives may reduce an agent’s motivation. In a first step, we allow for the possibility that some agents stick to unverifiable agreements. The larger the fraction of reliable agents, the lower powered will then be the optimal incentive scheme and fixed wages become opti...

On April 24 and 25, 2009, the Globalization and Monetary Policy Institute joined with Southern Methodist University to cosponsor a conference on Globalization, Political Economy and Trade Policy at SMU’s Collins Executive Education Center. Nine scholarly papers were presented and discussed in three sessions. The first session consisted of two papers describing offshoring’s impact on the distrib...

interest free banking law at 1363 was implemented in the banking system in iran. one of the main goals of this law was eliminating usury from monetary system, and utilization from non-usury credit impact on economic growth through preferring money contribution in the capital. this paper uses data from years 1363 to 1386 and implementing herfindahl-hirschman index, evaluated and ranked concentra...

We compare the performance of European Union (EU) and Chinese fisheries access agreements with West African countries in terms of illegal and unreported fishing, economic equity, and patterns of exploitation. Bottom-up re-estimations of catch reveal that the EU (1.6 million t•year(-1)) and China (2.3 million t•year(-1)) report only 29% and 8%, respectively, of their estimated total catches (inc...

Making agreements on how to behave has been shown to be an evolutionarily viable strategy in one-shot social dilemmas. However, in many situations agreements aim to establish long-term mutually beneficial interactions. Our analytical and numerical results reveal for the first time under which conditions revenge, apology and forgiveness can evolve and deal with mistakes within ongoing agreements...

This paper estimates a fiscal deficit threshold that maximizes economic growth and is favorable to business cycles synchronization given the compliance of countries. The analysis covers eight countries form West African Economic Monetary Union (WAEMU) across 1990-2018. Our results show 11.42% Gross Domestic Product (GDP) which should not be exceeded fulfills aforementioned conditions. Since deb...

Fiscal Union Consensus Design under the Risk of Autarky* Inspired by the current debate over the future of the monetary union in Europe, this paper provides a simple model for the determination of the conditions of survival of the common good, which requires the creation of an effective fiscal union. We highlight the importance of institutional design and varying decision weights for the enlarg...