The paper investigates exchange rate determination in Kenya using vector error correction model approach to uncover the long run relationships. The empirical results show that current account balance has a role to play in the determination of the exchange rate. A rise, which denotes an...

This paper uses cross country regression analysis on a large set of countries to consider two hypotheses. The first is that increased public debt as a percentage of the economy reduces confidence in financial institutions. The second is that increased public debt relative to the economy lowers...

The paper aims to identify the roots and causes of the failure of existing regional economic integration efforts in the Western Balkans and the poor prospects for similar attempts in the future. Existing classical political and economic approaches are enriched by identifying a framework of...

This paper offers a specific analysis of speculation bubbles in the economic history of the world, and then tries to identify the causes and effects of the speculation bubble on the real estate market in the USA, which was the main cause of the subprime crisis. The first part of the paper aims...

The recent crisis of 2008 has revealed several challenges for the economic science, sparking a considerable amount of debate regarding the profession of economists and the role of macroeconomics and monetary policies. The first question that arose was why there was a lack of anticipation of the...

The ongoing globalisation process has not put an end to international financial crises. On the contrary, it seems to have contributed to their appearance and to accentuating their degrees of unpredictability. In this context, the main objective of the present study is to establish whether the...

The goal of this paper is to present an original and simple analysis aimed to understand why investing in capital markets can be very dangerous for "naive investors". Stock markets display often exploding volatility. They are characterized by instability and subject to external shocks. If...

That the United States and the world experienced a major financial crisis and is still struggling to recover comes as no surprise to most. Less well known is the fact that over 400 commercial banks and thrifts have failed in the U.S. since 2008. This paper attempts to understand why so many...

The paper examines whether there is an economic justification for a macroprudential approach to insurance regulation based on the normative theory of regulation. First, the paper elaborates some basic foundations, such as the characterisation of a macroprudential approach to financial regulation...

The present paper measured the efficiency of Islamic banks during economic troubles of 2006-2009 to address the question if Islamic banks were efficient and stable. This paper addresses this question by measuring efficiency through employing the on-parametric technique, Data Envelopment Analysis...