A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are...

This paper examines how bank competition influences the bank lending channel in the Euro area countries. Using a large panel of banks from 12 euro area countries over the period 2002-2010 we analyze the reaction of loan supply to monetary policy actions depending on the degree of bank...

This paper discusses Keynes’s surprisingly positive views on the medieval scholastic teaching on usury and draws upon his work to argue that the traditional view of usury (understood as the charging of rent for the use of money) as anti-social is well-founded. Keynes’s understanding of the...

This volume explores overlapping themes in radical political economy. [Part I] The first part looks at the disciplinary role of capital under neoliberalism through an examination of official development policies of the US government and the World Bank, labour restructuring in Argentina, the...

This paper contributes to the resurging debate on the reform of the international monetary system by studying how the size of the public sector influences the choice of the exchange rate regime. In response to a meeting of the Bretton Woods Committee in 1993, Anna Schwartz (2000) argued that a...

This study explores the impact on US asset prices of novel data from minutes released by the Federal Open Market Committee. With data from fixed income assets, the main exchange rates of the US dollar, a House Price Index and various GARCH modeling, the empirical findings document significant...

The Balassa–Samuelson (B–S) hypothesis suggests that, in catching-up countries, inflation will be comparatively higher, as prices of non-traded goods “catch up” with the growth of productivity in the tradable goods sector; as a result, these countries will experience real appreciation....

Main target of the article is to point out potential methodological obstacles to balance of payments budgeting and to show an impact of foreign direct investments on country’s external economic equilibrium. The article consists of three parts. The first one is devoted to short review of a...

The transformation process in market economies is inherently connected with the inflow of foreign capital, which replaces the missing domestic resources. This also applies to the Czech and Slovak economies, whereto the capital primarily in the form of foreign direct investment has flown since...

Milton Friedman, American Nobel price winner for Economics, was one of the most important economists in the 20th century. He contributed to the development of macroeconomic theory as well as to the new concept of monetary policy. In the area of economic theory two of main Friedman´s...