In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...

This paper investigates the effects of the tax system on the economic factors that triggered the financial crisis. We examine three cases in which the tax regime interacted with these factors, reinforcing them. First, we focus on the taxation of residential building: while the importance of...

As a result of the extremely volatile world economy in 2008, tourism demand slowed significantly through the year. The last six months of 2008, in particular, showed an abrupt shift in trends with international tourist arrivals flat or showing negative growth. Overall, the 5% growth of the...

In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age,...

From the beginning of the crisis in 2007 the financial markets in Europe have lost approximately one half of their value and those in the emerging countries declined by at least three quarters. Also in the banking sector of the Western Europe and US a large portion of the equity portfolio that...

The financial crisis that hited the global economysince the summer of 2007 is without precedent inpost-war economic history. Although its size andextent are exceptional, the crisis has many featuresin common with similar financial-stress drivenrecession episodes in the past. The crisis is deep,...

The paper aims to identify the link between the corporate social responsibility (CSR) and the recent financial crisis, and to determine the main features of the companies’ responsible behavior during this period. This inquiry follows the pattern of a descriptive study and will concentrate on...

This paper compares the resilience of Socially Responsible Investment (SRI) funds with that of conventional funds towards the global financial crisis by using an event study methodology. Taking the bankruptcy of Lehman Brothers as the particular event, we estimated the average cumulative...

The creation of Single Euro Payments Area is the most important change affecting the financial services market in Europe, after the launch of the single currency. The project extends upon all payment industry players. The purpose of this paper is to highlight the implications of SEPA initiative...

Abstract: The recent global financial crisis has exposed weaknesses in economic policy and financial structure on a national and international level. The aim of this paper is to underline how the present financial crisis affects the financial stability. The study is structured on chapters that...