This paper uses a new monetarist framework to present and explain the basic elements of a non-monetarist theory of money, classical banking theory, by modeling acceptance banking, the form of banking that was dominant during the 19th century when the theory was developed. The most important...

The global recession caused by the COVID-19 pandemic and the resulting deterioration in many countries’ public finances have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have made it imperative to re-examine the adequacy of the...

Based on more recent research and evidence, including declassified information regarding the communist period in Romania, the study focuses on examining the 1980s foreign debt crisis context, its determinants and consequences, the impact of internal and external factors, intending to provide an...

The book explores the Fund's engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund-along with the European Central Bank and the European Commission (together known as...

As Korea's household debt has increased rapidly since the mid-2000s, concerns that its economy's hard-wired leveraging may negatively impact economic activity have grown. Calls are being made for policy actions to return the economy to its long-run trend. Housing preferences and monetary shocks...