Although the global financial crisis of 2008 took root in the advanced countries, its shocks spread through the emerging economies, reflecting the increasingly interconnected global financial system. This paper develops an empirical methodology to test the contagion effect at the country level...

This paper provides, and empirically estimates, a model of sovereign default risk on external debt,in which the sovereign endogenously determines the timing of defaulting. The paper o¤ers theoreticalpredictions of the relationship between credit spreads and related macro-variables that are...

In contrast to Robert Mundell's Optimum Currency Area theory and his recommendation of forming a monetary union, the economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of all Germany, but also the Netherlands and Finland -...

Die internationale Finanz- und Wirtschaftskrise beeinflusste das Spannungsverhältnis zwischen Solidarität und Wettbewerb in der Europäischen Union in zweierlei Hinsicht. Zum einen drängten die Regierungen der europäischen Mitgliedstaaten darauf, ihre notleidenden Banken (aber auch...

The European Union (EU) has traditionally been an important economic partner for Asia. In addition to absorbing a significant share of the region's exports, the EU has been a major source of foreign direct investment and other capital flows into the region. In light of such close economic...

Im Zuge der Krise hat sich Zypern vom südeuropäischen Erfolgsmodell zum Schuldenstaat entwickelt. Die Autoren analysieren, wie es dazu kommen konnte und welche Möglichkeiten Zypern bleiben, um den wirtschaftlichen Niedergang zu stoppen und auf einen Wachstumspfad zurückzukehren.

Als Reaktion auf die europäische Staatsschulden- und Währungskrise hat die EU zumindest für die Eurozone den Weg in Richtung einer fiskalischen Solidargemeinschaft eingeschlagen. Befragungsdaten des Sozio-oekonomischen Panels (SOEP) zeigen, dass knapp die Hälfte aller Erwachsenen in...

This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...

This paper analyzes how the global financial crisis has impacted emerging Asia and identifies key characteristics that have made these economies more or less vulnerable to a transmission of crises from the advanced economies. After reviewing how economic outcomes in emerging Asia have evolved...

This paper is an introductory survey of bankruptcy and insolvency theory and practice relating to the introduction of Shari'ah principles into secular bankruptcy and insolvency regimes in both jurisdictions that incorporate the Shari'ah, to some extent, into the secular law of the jurisdiction...