The advent of the European single currency and the UK’s decision not to participate in the Euro start‐up has placed the UK interest rate policy in a pivotal position. However, the competing fundamental positions are unclear with irreconcilable targets, a regime change or new paradigm, and...

The book is a revision of prior version that was intended as a text for teaching accounting students about ethics, as well as a book about ethics for professional accountants. As such, the current book serves a useful purpose. Educating accounting students and practicing professionals is an...

Since the 1997 financial crisis in Korea, the incidence of felonies such as murder, robbery, arson, and rape has doubled. We found that the Korean government has not taken adequate countermeasures against the crime-inducing environments, which contributed to the growth of felonies. Resource...

Abstract Der Beitrag analysiert die Hintergründe und Ursachen der weltweiten Finanzkrise und kommt zu dem Ergebnis, dass das Zusammenspiel verschiedener Entwicklungen entscheidend war: die zu „hektische“ Geldpolitik der amerikanischen Zentralbank, die Immobilienblase, vollkommen...

Abstract In this paper, we develop a stochastic model to analyze how financial contagion may affect economic activity. In the deterministic case, we show that, according to specific parameter values, the economy may converge either to a stress-free equilibrium or to a stressed equilibrium: in...

Although substantial current account deficits can be sustained indefinitely, large deficits in goods and services trade cannot be. Even to stabilise the current account deficit, the United States must restore balance in goods and services trade within a decade or so. If this adjustment is to be...

Is the U.S. vulnerable to a full-blown dollar crisis? Why are international finance economists scared and jittery, but domestically-oriented macroeconomists much less concerned?

Summary The current financial crisis is often said to be caused by excessive liquidity and distorted incentives in the US subprime real estate sector. Taking this as a starting point, this paper analyzes the relation between house prices and credit respectively money growth between 1992 and 2006...

Abstract We use data from the two leading US platforms, Prosper and Lending Club, to explore the drivers of the growing consumer demand for peer-to-peer (P2P) credit. Despite the online nature of new entrants, we rely on the spatial autoregressive model because spatial effects play an important...

Abstract This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.