The aim of this paper is to cast light on possible influences of current account imbalances on the escalation of systemic risk which hit the Eurozone. The hypothesis, which was set up by examining empirical evidence, points to heterogeneity across the macroeconomic conditions prevailing in...

Ce travail cherche a mettre en evidence le role joue par les sorties de capitaux dans l’apparition de situations critiques pour les economies emergentes, notamment en regard de leurs besoins de financement externes. Apres avoir degage les faits stylises relatifs aux sorties de capitaux dans...

The paper analyzes the relationship between financial liberalization and socio-political risk by identifying the inter-dependent nature of socio-political and economic fault lines in three developing countries. Unlike the previous research, the current article suggests that domestic...

This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of countries’ external balance, including the oil trade balance, the non-oil trade balance, the current account and changes in net foreign assets (NFA) during 1975–2004. We...

This paper highlights the role of capital outflows in creating periods of turbulence by forcing emerging economies to raise massive funds abroad. First, we present stylised facts related to the capital outflows from the emerging economies. Then, we carry out a breakdown of the balance of...

Emerging countries in many cases are more crisis-prone than highly developed industrialized countries. This is in many cases due to a weak or volatile financial sector. The best policy to strengthen crisis resistance is the building up of a sound financial position. A sound financial position of...