Introduction: A mere decade ago Japan’s financial system, and especially its banking system, was not only the largest but the strongest in the world. Nine of the world’s top ten banks in asset size were Japanese; the Big Four Japanese securities companies were the world’s largest; and its...

Is foreign direct investment (FDI) more resilient at the onset of an economic crisis and the subsequent economic collapse in a given host country compared to other forms of foreign capital inflows? Are affiliates of multinational enterprises in a crisis-hit country better equipped to withstand a...

En este estudio se propone un análisis econométrico de la evolución del crédito bancario al sector privado con el objetivo de describir los ciclos de crédito e identificar, por ejemplo, las fases de crecimiento anormalmente bajo, como las que suelen asociarse con episodios de crisis...

A workshop on the "The Impact of the Crisis on SMEs" was held in the European Parliament in Brussels on 1 February 2010. This document contains the programme, presentations and proceedings of that workshop.

Overall, household debt levels have risen sharply over the past decades in EU Member States. While certain levels of household debts can be beneficial, they can become problematic especially with a sudden, unexpected decrease of incomes or increase of expenditures. The current financial crisis...

It has been widely assumed that there was a bubble in the U.S. housing market after1999.This paper analyzes the extent to which that was true. We define a bubble as: (1) a regime shift that is characterized by a change in the properties of deviations from the fundamentals of house price growth,...

Incluye bibliografía ; Este documento estudia la dinámica de los precios de las acciones en un modelo tipo «árbol de Lucas» en el que los inversores tienen vidas finitas y aprenden de su propia experiencia. Los individuos actualizan sus expectativas mediante aprendizaje bayesiano basado en...

The launch of the economic and monetary union in Europe and the 1997 financial crisis that underscored the disadvantages of currently employed exchange rate regimes raised questions about the feasibility of a similar monetary unification project for East Asia. Being one of the most dynamically...

This paper uses a survey of 1,826 firms distributed over ten East Asian metropolitan areas – Jakarta, Kuala Lumpur, Manila, Seoul, and five Chinese cities – to investigate the sources of firm-level R&D capabilities. The analysis identifies the impact of 23 survey variables, classified by...

In static applied general equilibrium models, the exogenous/endogenous split between variables (or closure) is used to infer the time frame over which the effects of a shock are simulated. This paper introduces a long-run closure for the GTAP model (Hertel and Tsigas, 1997) and uses this closure...