Between the start of the financial crisis in the third quarter of 2007 and the third quarter of 2008, Austrian household sector losses arising from investment in tradable securities amounted to approximately EUR 24 billion. This study uses micro and macro data to examine the possible...

Lending rates are a key element in the transmission of monetary impulses to the real economy, even more so in bank-based financial systems such as the Austrian one. This article examines whether the turbulence in the financial markets and the – according to banks – resulting difficulties in...

A financial crisis is a disturbance to financial markets, associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the market's capacity to allocate capital. In this paper we analyze the generation and...

Motivated by the Asian financial crises that began in 1997, this paper adds money to a Ricardian model of international trade in order to explore the role of financing costs in general-equilibrium trade. The purpose is to show not only that financing costs matter, but to argue a potentially...

The degree of crisis propagation on firms can be determined according to operational and financial results. This research studies how 88 private, non-financial Mexican firms suffered and recovered from the 1994 economic crisis. Results show that the periods and degree of deterioration and...

From 1995 to 2001 Russia witnessed an asset market boom, a deep financial crisis, and a surprisingly forceful recovery. This paper analyzes economic policy and data of the time to explain why fluctuations were so violent and to draw lessons for Emerging Markets investors as well as for...

The free flow of global capital has resulted in destabilizing financial crises, coupled with significant redistributive effects. However, the existing literature has not adequately addressed the channels for this redistribution, nor the different factors that influence the formation of...

The financial crisis that erupted in 2007, continues in 2008 and likely continues longer, is in need for explanation by economic theory. The monetary authorities and financial regulators provide us with piecemeal engineering on the fly but there is a lack of overview. The lack of convincing...

This study analyzes the functions and development of the Belarusian banking system in recent years, with a special focus on the current situation, which is characterized by a sharp deterioration of the country’s terms of trade in early 2007. Since the mid-1990s, the “Belarusian economic...

On September 29, 2008, the Oesterreichische Nationalbank (OeNB) hosted a workshop entitled “Housing Market Challenges in Europe and the United States - any solutions available?” The workshop’s objective was to discuss the most recent developments in housing markets and housing finance....