, 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 …

1997-98 Asian financial crisis, the 1998 Russian crisis and the ongoing financial crisis of 2008-2009 suggest that … unprecedented systemic financial crisis originated from USA in September 2008 together with a deep worldwide economic recession … appropriate and effective monitoring and policy formulation system for detecting and addressing vulnerabilities leading to crisis …

transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to …

Grauwe, 2006). This optimism is, however, not warranted for the euro. The euro has now been in a crisis for more than three … years and a self-correcting mechanism leading out of the crisis is not in sight. The reason is that the euro union does not …, this being the essence of the euro crisis. Therefore the governments should withdraw and return to an economic union …