Europe's banking system has been in a state of systemic fragility since 2007-08. The current phase is marked by a sequence of interactions between sovereign problems and banking problems, resulting in gradual contagion to more countriesand more asset classes. The banking and sovereign crises are...

Macedonia's economy was not left behind by the global economic crisis as the country's macroeconomic policymakers had hoped! Certainly, an economy open at all and with a high degree of direct dependence on European and global economies in general should not be saved by the crisis in financial...

Bei der Diskussion um die Staatsschuldenkrise wird häufig vergessen, dass die Finanzkrise die eigentliche Ursache für den Anstieg der Staatsverschuldung in den einzelnen Staaten war. Eine unsolide Haushaltspolitik lässt sich bei den finanzschwachen Ländern - mit Ausnahme von Griechenland -...

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...

This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...

This paper examines the countercyclical policy options available to Latin American countries in the face of the current global economic crisis, concluding that most of the major countries in the region appear to possess the fiscal space (as measured by credible fiscal sustainability and debt...

We consider the effects of the financial crisis and subsequent recession on world labour markets. It begins by cataloguing the adverse effects on output of the sudden collapse in demand brought about by the financial crisis in what has come to be called the Great Recession. Next we look at the...

In this overview we try to explain, first, why funds continued to flow towards emerging economies while fundamentals in host countries had been deteriorating before the Asian crisis (rising external deficit, with a significant liquid component appreciating exchange rates; low capital formation,...