The cost of the financial crisis to the real economy has so far remained underexamined,probably because of the difficulty in making such an assessment. The crisis was precipitatedby an unsustainable bubble that artificially inflated economic fi ures, so what should be used as a benchmark for...

Europeans have a tendency to call the financial crisis a US problem, or a crisis precipitated by the "Anglo-Saxon" model. The data suggest otherwise. Moreover, the corporate sector in Europe has a much lower capacity to finance investment from internal sources of funds, which implies that a...

With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can effi ciently relieve ailing banks from...