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I extend the traditional Diamond Dybvig framework with aggregate liquidity shocks to small open economies. Currency board may imply perfect risk sharing (with perfect credit markets), contrary to Chang and Velasco's find...

In the 1980s, Argentina and Brazil faced similar problems, with subnational deficits adding to excess public deficits and high inflation. In the 1990s both countries continued with fiscal decentralization and with the st...

In this paper we present an attempt to represent Eiffel programs as B specifications. Our purpose is to use the B method as an environment for the verification of the correctness of Eiffel programs. We study the difficu...

This paper uses cross-national data to examine the effects of federal fiscal and political institutions on the fiscal performance of subnational governments. Balanced budgets among subnational governments are found when ...