“Most people would say that Europe is still sort of coming out of the financial crisis that we had 5 years ago, which was probably the worst since the Great Depression of 1930s. Now just to keep things in context, at the time people were saying that it was going to be worse than the Great...

The recent decision of the U.S. Federal Reserve Board (Fed) to increase its assets by purchasing $600 billion worth of Treasury bonds is unlikely to boost economic growth or employment prospects in the U.S. Instead, it will cause major damage throughout the world economy, especially in emerging...

The effect of the global financial crisis on Azerbaijan’s economy is closely related to the country’s strong dependence on oil exports. The local economy was mostly affected by a drop in oil prices and not so much by outflows of foreign capital and reduced investment.

Most EU governments reacted to the global economic crisis with a dramatic increase in spending. Their reactions had two main goals in mind: first, to bailout failing financial systems and second, to substitute the decline in private demand with a boost in aggregate public spending. For Bulgaria,...

During the financial crisis, new EU Member States have experienced large current account deficits as a result of the freezing of financial markets. Persistently high structural debts can threaten long-term economic growth, but fiscal consolidation has to be achieved without a jump in interest rates.

This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the governance structure of the Union in conjunction with radical changes in the regulation and supervision of financial markets. Financial intermediation has gone...

Currency crises have been recorded for a few hundreds years but their frequency increased in the second half of the 20th century along with a rapid expansion of a number of fiat currencies. Increased integration and sophistication of financial markets brought new forms and more global character...

The introduction of Moldovan leu has been accompanied by a monetary stabilization policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was...

This paper attempts to confront various theoretical and empirical approaches to the East Asian currency crisis in 1997, but also with emphasis on two recently dominated literature about East Asian financial crisis. One, strongly supported by Corsetti, et. al (1998) stresses fundamental...

This paper discusses the global financial crisis of 2008/9 in thirteen countries, the ten new EU members that previously were communist and the three countries of Western former Soviet Union. Their problems were excessive current account deficits and private foreign debt, currency mismatches,...