Proponents of liberal economic policies in the financial market often refer to the moral and economic authority of Adam Smith, the founder of economics as a science, to add weight to their recommendations. They think, they can do so, because Adam Smith is in these circles considered a prominent...

Die Vielfalt von möglichen wirtschaftlichen Konsequenzen von Banksolvenzproblemen trägt auch dazu bei, dass wissenschaftliche Fragen über die Eigenkapitalregulierung im Bankensektor schon seit einigen Jahren ziemlich intensiv diskutiert werden. Die Effekte von Eigenkapitalregulierung können...

Global gross capital flows remain well below their peak before the global financial crisis, which was reached after a period of unusual expansion. Much of the decline can be attributed to a reduced flow of lending by banks – particularly to, from and within the euro area – as banks...

This study examines the nature of interdependence, and return and volatility spillovers, for three Indian exchange rates: US dollar (USD), Euro and British Pound. We use the spillover index methodology of Diebold and Yilmaz (2009) to analyse precisely and independently the returns and volatility...

The current global financial crisis involves a wide range of situations in which economies, financial institutions, and assets have lost a substantial portion of their value. Banking panics, financial crisis associated with financial bubbles' bursts, sovereign debt defaults, and currency crisis...

This study shows that the origins of the sovereign debt crisis within the euro area are to be found within the private sector and in economic policy mistakes rather than only in the profligacy of some national governments in the Southern periphery of Euroland. Sovereign debtors and their private...

This study estimates modified Taylor reaction functions which tackle the real rather than the nominal interest rates for the Euro area as a whole, and separately for the individual member states, before the onset of the current sovereign debt crisis. We show there are significant differences...