During crises, governments resort to extraordinary fiscal and financial measures to mitigate the recessionary impacts of crises. These macroeconomic intervention measures along with aggregate demand and supply shocks and policy choices would affect the exporting environment of a country through...

The paper aims to explain how deep the ongoing crisis of neoclassical political economy – NCPE is and if this crisis can be overcome through an inside-out change. For this purpose, the paper first investigates the roots of this crisis across the NCPE's epistemological, economic, and political...

A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if it holds, market valuations must follow a random walk; hence, the hypothesis is frequently criticized on the basis of empirical evidence against such a prediction. Yet this reasoning incurs what we...

The paper looks at the deep and the direct causes of the crisis in the Eurozone and considers what changes are necessary. It shows that, together withfinancial aspects, the Eurozone crisis stems from the difficulties of the real economy and the incompleteness of European institutions. The former...

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the shadow banking system, which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the...

The international Financial Crisis shock of 2008/09 is used as case study with a worldwide data set of 210 states to examine potential resilience factors with special focus on country size, along with other pre-crisis determinants. The cross-country analysis suggests an increasing partial effect...

The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...

The common currency was created as a result of theoretical considerations regarding the functioning of optimum currency areas. This theory refers to a number of benefits as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered...

After reviewing the main determinants of the current Eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, such as Greece, which have so far adopted austerity measures in order to abide by their...

Since revelations of the Greek fiscal deficit in the fall of 2009, the breakup of the Economic and Monetary Union (EMU) has moved from unthinkable to plausible. The debate over the future of the EMU has become increasingly relevant, as numerous efforts to solve the Greek crisis have not been...