In this paper we question the consensus of using a binary crisisdefinition for empirical crisis models. We believe that the most severeshortcomings of the crisis models today are in the crisis definition rather than the explanatory variables ...

Die kapitalistische Entwicklung und Weltmarktintegration Südkoreas hat bis jetzt 35 Jahre gedauert. Die Menschen in Südkorea haben in diesen dreieinhalb Jahrzehnten eine Entwicklung durchgemacht, die in den alten Industrieländern 150 oder sogar 250 Jahre gedauert haben.

Daß die Sowjetunion zusammenbrechen und Deutschland wieder vereint werden würde, hat vor1989 eigentlich niemand geglaubt. Das Buch des russischen Dissidenten Amalrik "Kann dieSowjetunion das Jahr 1984 überleben" wurde ähnlich wie Weltuntergangsprognosen religiöserSekten belächelt, obgleich...

[...]We begin by discussing the so-called first generation ofmodels, in which crises are viewed in the literature as theunavoidable result of unsustainable policies or fundamentalimbalances. Next, we survey the literature on the secondgeneration of models, which highlights the possibility of...

The U.S. Bureau of Economic Analysis monthly journal of record presents summary estimates and analyses of U.S. economic activity. It includes articles about the national, regional, and international economic accounts and related topics. It also presents the latest estimates of the national...

KIDS COUNT is a national and state-by-state effort to track the status of children in the U.S. Ten key measures comprise an index of child well-being used to rank states and supplemental data on education, health, and economic conditions for each state. Data from the 2003 KIDS COUNT Data Book...

The Great War of 1914-18 constituted a major rupture for the economies of Europe in several respects. It marked the end of almost a century of uninterrupted economic growth. It ended a long period of near-universal currency stability, and set in motion a painful process of de-globalisation. It...

For over a decade, The Wall Street Journal and The Heritage Foundation, Washington's preeminent think tank, have tracked the march of economic freedom around the world with the influential Index of Economic Freedom. Since 1995, the Index has brought Smith's theories about liberty, prosperity and...

There is a broad consensus that the quality of the political system and its institutionsare fundamental for a country’s prosperity. The paper focuses on political events inItaly over the past 35 years and asks whether the adoption of the euro in 1999 hashelped insulate Italy’s financial...

This paper delineates the simultaneous impact of non-anticipated information onmean and variance of the intraday return process by including appropriate variablesaccounting for the news flow into both the mean and the variance function. This allowsus to differentiate between the consistent price...