This paper improves the analysis of the role of financial frictions in the transmission of monetary policy, by bringing together the borrowers' balance sheet channel with an additional channel working through bank capital, considering capital adequacy regulations and households' preferences for...

A 2008-ban kitört pénzügyi válság ráirányította a figyelmet a mainstream makroökonómiára, amely a válság elõrejelzésében és magyarázatában rossz teljesítményt nyújtott. Az újklasszikus és az újkeynesi iskola közötti konszenzus eredményeként létrejött DSGE-modellek...

This paper describes the impact of the global crisis on China, the central and local level government responses and preferences it triggered as well as the consequences these reactions had on national and regional levels. It focuses on the immediate economic and general systemic reasons of the...

The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...