Als "messerscharfe Analyse der Krankheiten unseres Geldsystems" bezeichnet der Grazer Professor Max Otte in seinem Geleitwort Middelkoops Einschätzung der globalen Währungssituation bzw. deren aktueller Krise. Der niederländische Finanzjournalist und ehemalige Börsenkommentator findet ihre...

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...

The risk sensitivity of international capital flow pressures is explored using a new Exchange Market Pressure index that combines pressures observed in exchange rate adjustments with model-based estimates of incipient pressures that are masked by foreign exchange interventions and policy rate...