Introduction -- 1. Financial globalization since the 1970s -- 2. Financial instabilities and trends in the 1980s -- 3. Financial instabilities and trends in the 1990s -- 4. The 2007- crisis: common patterns and new thinking -- 5. A human ecology economics (HEE) framework for the analysis of...

The maintenance of financial stability is a key objective of monetary policy, but the record of regulators in achieving this has been lamentable in recent years. This failure has been matched by an equivalent inability to establish an appropriate theoretical basis for financial regulation. In...

This paper examines the generation of financial crises in developing economies and shows that the microeconomic structure of the financial sector is a crucial factor in creating the conditions for a crisis. Structural problems of the financial system in developing countries, including implicit...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

Do workers sort more randomly across different job types when jobs are harder to find? To answer this question, we study the mobility of male workers among three-digit occupations in the matched files of the monthly Current Population Survey over the 1979-2004 period. We clean individual...

The EU experience with youth unemployment has changed over recent years with the launchand re-launch of the Lisbon Strategy and the Bologna process. A dramatic shift has takenplace from the 1990s emphasis on labour market flexibility as a tool to abate youth long termunemployment to the more...

Starting from Professor Kornai´s assertion about the necessity to focus on the long-termperspectives of the transformation process, we analyze in this paper the Lisbon performanceof the countries of the European Union from such a long-term, structural perspective. Wepresent in a simple form the...

This paper investigates the impact of macroeconomic shocks on infant mortality in India andinvestigates likely mechanisms. A recent OECD-dominated literature shows that mortality atmost ages is pro-cyclical but similar analyses for poorer countries are scarce, and bothincome risk and mortality...

1. Introduction -- Part I: basic concepts -- 2. Piketty's contribution -- 3. Measurement -- 4. Inequality and aggregate demand -- Part II: endogenous dynamics and instability -- 5. Aggregate demand, growth and instability -- 6. Wealth, public debt and instability -- 7. Recursive workhorses --...