Using index and financial exchange-traded funds (ETFs), this study explores the relation between funding liquidity and equity liquidity during the subprime crisis period. Our empirical results show that a higher degree of funding illiquidity leads to an increase in bid–ask spread and a...

We provide an assessment of the IMF suggestion, based on Severo (2012), to use an index of systemic liquidity risk (SLRI) that could help to estimate a Pigouvian tax on large banks for the externality on the international banking system out of their risk exposure. To this end we compute a...

In this paper we trace the evolution of the lender of last resort doctrine—and its implementation—from the nineteenth century through the panic of 2008. We find that typically the most influential economists “fight the last war”: formulating policy guidelines that would have dealt...

The aim of the paper is to analyse attitudes and actions taken by Polish enterprises towards high potential employees (talents) during economic crisis. In the first part, the author characterizes origins and definitions of talent management. Then, she presents results of her research carried out...

Many empirical studies find little evidence to support trade linkages as a channel for crisis spillovers during the 2008–09 global financial crisis, although trade linkages were one of the most important crisis transmission channels during 1971–97. A reason that may explain why trade...

Arab and Chinese Sovereign Wealth Funds are recapitalizing international banks crippled by the subprime crisis. This reflects long-term changes in the international economy that are leading globalization to self-destruct. This seminar highlights the cultural and historical drivers and their...

This paper scrutinizes technical international policy reactions to the subprime crisis and recession. Short-term policy responses present challenges to the conservative policies of the 1980s-2000s, while long-term structures and issues are likely to redirect governance significantly....

In the present paper we examine whether financial markets could have helped predict exchange rates in selected Central, Eastern and Southeastern European (CESEE) economies, namely the Czech Republic, Hungary and Poland, during the current financial crisis. To this end, we derive risk-neutral...

The current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the New Deal banking reforms of the 1930s. However, Minsky’s theory was not one that dealt in moments but...

The extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the United States financial system. However, that reregulation has been slow in implementation and the proposals under discussion are far from fundamental. One explanation...