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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...
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The World Bank is a genuine investment agency. This fact seems to be self-evident, yet not fully realized by a larger … public. At present, the World Bank (IBRD), together with its affiliate, the International Development Association (IDA), is … also a multilateral development institution, the largest in the world. The purpose of this paper is to analyze how this …
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In 1937, in the midst of the US recovery from the Great Depression, President Roosevelt implemented spending cuts in pursuit of a balanced budget. Subsequently, the unemployment rate jumped nearly 6 percentage points over the next year and the US economy re-entered a major recession. In the...
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Before a new financial architecture can be established in the wake of the financial crisis, the increasing importance of the global financial market channel must be fully understood. This importance was illustrated by the unexpectedly strong dampening effects of the financial crisis on the real...
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