This paper presents a general equilibrium currency crisis model of the ’thirdgeneration’, in which the possibility of currency crises is driven by the in-terplay between private firms’ credit-constraints and nominal price rigidities.Despite our emphasis on microfoundations, the model remains...

We review the large literature on various economic policies that could help developingeconomies effectively manage the process of financial globalization. Our central findingsindicate that policies promoting financial sector development, institutional quality and tradeopenness appear to help...

By allowing for imperfectly informed markets and the role of private information, we offer newinsights about observed deviations of portfolio concentrations in domestic relative to foreignrisky assets, or “home bias”, from what standard finance models predict. Our model ascribesthe...

This Geneva Association “insurance reader on the credit crisis” has been put togetheras a reaction to the widespread demand for reliable information on and an intellectualappreciation of the insurance sector’s involvement in the credit crisis. Since the end of2007, The Geneva Association...

1. The Triple D recession will persis in 2009 - financial institution losses will continue to mount as global growth slows. 2. Policy responses, led by the US, are massive and unorthodox - previous monetary and fiscal policy rules will be broken...

Much has been written in the press about the current global credit crisis and the consequences on the real economy. We want to take a step back and take stock of what we think should be the lessons learnt from an investment practicioner's point of view in order to avoid repeating the same...

Es handelt sich um ein Verfahren zur gerichtlichen Bestellung eines Sonderprüfers nach§ 142 Abs. 2 AktG bei der IKB Deutsche Industriebank AG. Die wirtschaftliche Lage derMittelstandsbank war während des Niedergangs des amerikanischen Immobilienmarktes imSommer 2007 unhaltbar geworden. Die...

Die Stabilität des Finanzsystemsist gegenwärtig durch spekulativeÜbertreibungen auf den Kredit- undVerbriefungsmärkten gefährdet. Damitgehen erhebliche Belastungen für diereale Wirtschaftsentwicklung einher.Mehr Transparenz und Basel II werdendas zentrale Problem, das Herdenverhaltenauf...