Turkey was not affected by the financial crisis as much as the advanced economies and managed to rapidly exit the turmoil. The reasons behind the strong response and quick recovery of the Turkish economy were its low country risk and low currency risk premiums. This study shows the foundations...

The price of oil has had a marked increase since 2002. The prices of Brent and West Texas Intermediate (WTI) crude -the two main benhcmarks of the market- have surpassed their historical maximum reached in 1991 during the first Gulf War, though, in real terms, the price of oil is still below...

The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial...

In this paper we explore the role of finance in the recent crisis noting that its expansion, in a context of deregulation and globalisation, has boosted financial profits and capital accumulation, but at the cost of a growing systemic instability both in the leading capitalist economy, i.e. the...

We firstly provide a brief description of the crisis episodes, from the 2007-8 "liquidity crisis" to the 2008-9 "global recession". Then, we discuss some possible interpretations of the recent evolution, focussing on diverse aspects of the crisis: from the "elements of novelty" (financial...

In our view, the causes of the crisis are tied to the political change towards a Neoliberal phase from the 1970s on: a wide process of “deregulation” – from the labour market to the globalisation of production, from the national to the international finance – has allowed a partial...

We briefly describe the recent evolution of the crisis and, by reviewing some of its explanations based on different theories, we proceed towards our own interpretation. The deregulation wave of the last decades has created new profit opportunities in various contexts – from labour flexibility...

This paper outlines a method for making effective use of monthly indicators to develop a current-quarter GDP forecast. Estimates and projections of real GDP growth are usually used to describe how the economy is doing. But estimates of GDP are only available quarterly, and the first GDP estimate...