We assess the cleansing effects of the recent banking crisis. In U.S. regions with higher levels of supervisory forbearance on distressed banks during the crisis, there is less restructuring in the real sector and the banking sector remains less healthy for several years after the crisis....

The last decade stands as a witness to a large number digital currencies coming into existence, such as - LiteCoin, BitCoin, Ripple, AuroraCoin, DogeCoin, etc. BitCoin being the most prominent among them, both in terms of its impressive price development and the price volatility it has. In this...

Ralph Hawtrey, a leading economist of the interwar period, published his first work in economics, Good and Bad Trade, in 1913. The book presents the key elements of the theoretical model Hawtrey developed and refined over the next quarter century. Though he was remarkably consistent in...