While a negative correlation between inflation and real stock returns has been well documented, the cause of this relationship has been the subject of considerable controversy. The most plausible causal interpretation is the variability hypothesis which points to a chain from higher inflation to...

While there has been considerable research on the consequences of financial crises, there has been little empirical research on the possible effects of the role of domestic political institutions that influence a government's ability to implement crisis management policies. This paper...

Purpose – The purpose of this paper is to discuss implications of the global crisis for economic and financial research and policy. Design/methodology/approach – The paper reviews many recent studies on the crisis and offers the author's views on some of the most important lessons to be...

Economists' continuing criticisms of protectionism make a valuable contribution to the general interest element of the forces which operate to keep propensities to protect somewhat in check. McKenzie rightly warns, however, that proposals by economists for giving protection in more efficient...

Purpose – There has been significant interest in the classification of exchange rate regimes in order to investigate a wide range of hypotheses. Studies of the effects of exchange rate regimes on crises and other aspects of economic performance can have important implications for policy...