In January 2007, U.K. Government debt to GDP stood at 32.5%. By December 2019 it had grown to 89.5% and the latest data from September 2020 show a government debt level of just over £2 trillion, while its debt to GDP level did increase to 103.5%. The Quantitative Easing program by the Bank of...

We present a model in which banks trade toxic assets to fund investments. Adverse selection in toxic assets reduces liquidity and investment. Investment is inefficiently low because banks must sell high-quality assets below their "fair" value. We consider whether equity injections and asset...

In our recent paper, (Reinhart and Reinhart, 2010) we examine the behavior of real GDP (levels and growth rates), unemployment, inflation, bank credit, and real estate prices in a twenty one-year window surrounding selected adverse global and country-specific shocks or events. In this note, we...

Financing of public needs on state and local government levels is impossible to ensure, among other things, without corresponding information system. It is actually the information system that is supposed to enable promptness and accuracy during the registering of all resources of the public...

The COVID-19 pandemic has left the global economy with severe health damage, losses of life and a sharp recession. In addition, it has resulted in a rise of public debts, heightening the tension between meeting major policy goals, growth, employment, health system, environment and containing...

The paper postulates that in an environment of continuous financial reforms, the lending rate stickiness in an economy could be changing over the period. The financial reforms (of which deregulation of interest rates formed a major part) during the 1990s and the early 2000s and the changing role...

The crisis within the Euro area have become frequent during 2010. First was the Greek economy to face a default problem of its sovreign debt, in November it was Ireland who has been in a serious financial situation at the verge of collapse causing difficulties to the euro. In this contribution...

In this paper, it is necessary to establish the degree of surevaluation and volatility of real exchange rate and measure the impact of these distortions in the macroeconomic performance of the WAEMU countries. According to our analysis it appears that the overvaluation and volatility of the TCR...

The study employed structural vector auto regressive model in a disaggregated analysis to measure the relative response of monetary and fiscal policy variables to the structural Oil price shocks in a small open and oil-dependent economy and identify sequence of appropriate policy response. Data...

This paper improves a standard Structural Panel Bayesian Vector Autoregression model in order to jointly deal with issues of endogeneity, because of omitted factors and unobserved heterogeneity, and volatility, because of policy regime shifts and structural changes. Bayesian methods are used to...