Based on a conference held by the Italian Macroeconomic Policy Group and the Centre for Economic Policy Research, this study examines the issues raised by European monetary unification. An introduction describes recent developments and identifies the motivations for creating a European central bank. Theoretical papers analyze the interactions of capital controls, financial intermediation, and seigniorage in open economies, the optimal design of centralized banks of issue by sovereign countries, and some new aspects of the "optimal currency area" question. The volume concludes with a panel...

Capital markets will be at least as affected as goods markets by the European Community's drive for greater economic integration. The removal of capital controls on July 1, 1990 has far-reaching consequences for the EMS and for cross-border investment, and plans for Economic and Monetary Union foreshadow fundamental upheavals at the heart of the financial system, in central banking and monetary and fiscal policy. This volume reports the proceedings of a conference on European financial integration held in Rome in January 1990, which was organized by the Centre for Economic Policy Research and...

This volume from the Centre for Economic Policy Research presents the latest theoretical and empirical research by leading experts on the relationship between financial market structure and economic growth in developed and developing countries. The issues discussed are of key importance to the future of economic integration in Western Europe, the current economic transformation of Eastern Europe, and the future of lending to high-debt developing countries.

This important volume describes the wide-ranging scientific activities of Leon Van Hove, through commentaries by his colleagues and a selection of his most influential papers and documents. The reprinted papers are grouped by topic, starting from his early work in mathematics and theoretical and statistical physics, up to his very last contributions in elementary particle physics and multiparticle dynamics. Van Hove's career as teacher, director and science advisor in may european institution is presented in sketches by friends and coworkers. A selection of his speeches and documented...

This volume from the Centre for Economic Policy Research presents the latest theoretical and empirical research by leading experts on the relationship between financial market structure and economic growth in developed and developing countries. The issues discussed are of key importance to the future of economic integration in Western Europe, the current economic transformation of Eastern Europe, and the future of lending to high-debt developing countries.