the key questions about insolvency and illiquidity to be answered. They did not allow such questions to be asked. A new …

would hinder the recovery. The reality is that reducing structural debts and deficits and “stimulus debts” is easily done … without any significant deflationary effects. In contrast, stimulus deficits cannot be reduced in that they are required to …

While congress debates the merits of a stimulus package of around 900 hundred billion dollars, a historical approach to … the current situation suggests that the stimulus packages currently being discussed are actually far less generous than … application to the current scenario suggest the true extent of the stimulus that may be needed. …

framework for identifying and modeling their joint-tail distributions, and by constructing an aggregate system-wide distress …

, this paper characterizes a risk-stability index (RSI) that quantifies (i) common distress of banks, (ii) distress between … specific banks, and (iii) distress to a portfolio related to a specific bank. The results show that financial stability is a … persistence of distress. Furthermore, a panel VAR indicates that "leaning against the wind" reduces the instability of a financial …

than half of the total value-added. In this paper, we develop distress prediction models for SMEs using a dataset from … overall distress rates. Moreover, SMEs across Europe are vulnerable to the same idiosyncratic factors but systematic factors … insights into the European small business sector. Second, it is the first paper to explore distress in a multi-country setting …