We investigate the effects of economic crises on the subsequent economic performance, economic reform, democratization … economic crises during the 1990s. We find that the severity of crisis has had a positive impact on the subsequent pace of … economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover …

implications of the analysis for regulation and competition policy are derived. It is found that optimal regulation may depend on …

regulation on the probability of a crisis. We test this relationship by applying a Probit model of a non-linear specification to … annual data from 1999 to 2011 drawn from 132 countries. The probability of a financial crisis fits an inverted U-shaped curve …: it rises as regulation stringency moves from low to medium levels and falls from medium to high levels. Countries located …

While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this … paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … cash balances do, in fact, bear an effective rate of interest. The magnitude of this effective rate of interest is given by …

We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The … crisis and the first programme’s (2010-11) failure were mainly the result of misguided internal policies. The second …

automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional …

, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for … public debt and monetary policy in the context of crisis. It is shown for Japan that the attempts to maintain regional … across Japanese regions pre- and post-crisis. The side condition is monetary expansion. A similar effect could emerge in …

The distributional consequences of the recent economic crisis are still broadly unknown. While it is possible to …

characterised by a weakened link between spreads and fundamentals, but with higher spreads relative to the pre-crisis period and …

crisis. Using common factor analysis, we demonstrate that people’s lives are mainly affected in two ways: First, a notable …. Second, many people suffer from socio-economic consequences of the crisis, including a discontinuation of employment, a …