Chapter 1. Introduction -- Chapter 2. Evidence of six crises -- Chapter 3. Globalization, national economies, and global crises -- Chapter 4. Conceptual issues — Depressions, recessions, crisis cycles, business cycles -- Chapter 5. A world economy -- Chapter 6. Why do crises occur? Causal...

The report analyses recent economic developments and short- and medium-term development prospects, covering the countries of Central and Eastern Europe and Southeast Europe including Turkey, together with Russia, Ukraine, Kazakhstan and China. Separate chapters present an overview of...

In response to the 2008-2009 crisis, faced with distressed financial intermediaries, the ECB embarked in longer-term refinancing operations (LTROs) with full allotment. Using an estimated DSGE model with a frictional banking sector, we find that such liquidity injections have played a key role...