Financial stability does not have a precise definition. A stable financial system implies a state of institutional, regulatory and market environment in which accurate information is available and there are effective mechanisms to adequately assess the risk in transactions. In such a business...

Financial stability does not have a precise definition. A stable financial system implies a state of institutional, regulatory and market environment in which accurate information is available and there are effective mechanisms to adequately assess the risk in transactions. In such a business...

This paper aims to provide some insights into the way that the recent referendum held on June 23rd about the Brexit could affect the UK’s perspective to proceed to a new round of QE. Moreover, the effects of the latter on the Eurozone are under scrutiny. Transmission channels of the shock that...

In the aftermath of the UK referendum on June 23rd, 2016 that resulted in a sonorous negative decision regarding the willingness of the British people to remain in the EU, a significant number of alarming questions have emerged. Although Europe should have forged in crises, nowadays, many...

Ghana's economy is characterised by acute exchange rate volatility alongside persistent and high consumer inflation. This places the economy among the sub-Saharan African countries with the highest inflation over the years. Therefore, we explore in-sample and out-of-sample macro-volatility...

In this study, we investigate the relationship between current account deficits and growth in Montenegro by applying the bounds testing (ARDL) approach to co-integration for the period from the third quarter of 2011 to the last quarter of 2016. The bounds tests suggest that the variables of...

The global economic crisis has led to the global reduction in credit activity, a fall of domestic product as well as the level of foreign direct investments, and has imposed the sources of economic growth as one of the key problems. Therefore, the objective of this paper is the monetary policy...

After the global crisis, one of the most important lessons learned by central banks appears to be the vital importance of financial stability along with price stability. Hence, finding solutions to how to incorporate the financial stability objective in the pursuit of monetary policy without...

During the late 1980s and early 1990s there was an interest in the academics literature in the role of transparency in monetary policy-making, which partly reflects the increased attention central banks devoted to communication issues in monetary policy practice. Most commonly, transparency...

Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk...