This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Kann Kapitalismus gut sein? Ja - wenn er an die Leine genommen wird! Die globale Krise hat gezeigt, dass der Kasinokapitalismus vor allem einer kleinen superreichen Elite nutzt. Das hat jedoch nichts mit einem 'guten Kapitalismus' zu tun. Wie kann man dem Kapitalismus seine Dynamik entlocken und...

This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...

The COVID-19 crisis has the potential to lead to long-term stagnation in the European Monetary Union (EMU). Especially the following challenges can be identified: a lack of labour market institutions can lead to nominal wage cuts and deflation; the lack of a strong fiscal centre can lead to an...