The long haul across capital-intensive growth in China will gradually come to an end. As a “silent revolution”, the financial reform taking place is laying the foundations for a modern market economy, in which the efficient allocation of capital should ensure a steady growth rate. Supported...

The global financial crisis has pinpointed the relevance and the virulence of systemic risk in modern innovative finance. It is grounded in the propensity of credit markets to drift to extremes in close correlation with asset price spikes and slumps. In turn, such a propensity is nurtured by the...

In late 2011 the twin sovereign and bank crises worsened substantially. The very existence of the euro was getting jeopardized by both a creeping fragmentation of the European financial system and by a recession in Southern Europe dragging down the whole EMU. In this paper, we show why there was...

Les pays d'Europe centrale ont restructure leur industrie vers les marches exterieurs. Ce redeploiement n'aurait pas pu se faire sans une relative stabilite macroeconomique en depit des crises financieres dans d'autres regions du monde. Les entrees d'investissements directs et la limitation de...

Les espoirs dans une nouvelle architecture financiere internationale centree sur les institutions de Bretton Woods ne se sont pas concretises. L’article analyse quatre echecs majeurs des tentatives d’ameliorer le fonctionnement du systeme financier international. L’endettement souverain...