This paper investigates the dynamic implications of Krugman’s (1999) model of financial crises with balance-sheet effects, which has a considerable impact on the literature as well as the teaching of international financial crisis. By explicitly taking account of wealth accumulation and...

The welfare state was created after 1950 with counterproductive mechanisms and this caused high inflation and high unemployment and stagnating growth by 1970, called stagflation. Since 1970 governments redressed the welfare state but did not succeed in finding workable mechanisms. They rather...

The 2007+ credit crunch and economic crisis put European governments in severe debt, with talk about a Greek partial default. It also put the European banks into a zombie condition, while under Basel III the capital requirement rises from 8% to 10.5% (which requirement does not cover public debt...

The author starts from the assumption that Croatia will access the European Union. Following assumption, he analyzes the possible scenarios of Croatian strategy based on the achievements the country’ s monetary policy, on the degree of acceptance of the convergence criteria and on...

The article argues that neither the EU member states, nor the EU candidate states give enough attention to the requirement of maintaining a high economic performance of their economies by convergence and competitiveness strategies, so that they could have "the capacity to cope with competitive...

The need for effective supervision of capital markets is becoming all the more evident in the aftermath of the recent LIBOR and rate rigging scandals. Financial regulators or indeed bank regulators cannot perform such a function effectively without the involvement of auditors in the supervisory...