The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

The current financial, economic and fiscal crisis is among other things characterised by complex interrelations between financial, fiscal, macroeconomic and political instability. One instability breeds another, with feedback loops generating self-reinforcing adverse cycles: The financial crisis...

This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile...

This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile...

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and voluntary incomes policy. This article describes the content, determinants and performance of the new economic...

The aim of this paper is to analyze comparatively and critically the solutions adopted on international level by the European Union and also by different countries. In the first part, the paper aims at emphasizing the causes of the global economic and financial crisis and its features, including...

China’s policy responses to the 2008 financial crisis and its economic performance afterwards have received wide attention from researchers and policy makers throughout the world, particularly in the United States. The purpose of this paper is to examine the context in which China’s policy...

The framework of Financial Instability Hypothesis consist of a holistic approach to the changes within the capitalist economy of the United States and the evolution of the financial structure of the economy. Hyman Minsky always emphasized the importance of finance in the capitalist system and...

We document an increasingly important role of fiscal policy expectation in stock return responses to macro surprises. In a persistent low-interest-rate economy, when the Main Street suffers more than expected, investors may expect a more generous Federal Government support and drive up the...

We reply to the critics who contributed the other papers in the same issue of this journal. In the first part of the article, we indicate those remarks addressed to us, which we deem inappropriate to answer. The second part deals with the remarks we find useful to answer, which relate to money,...