Im Jahr 1974 verunsicherten eine Reihe von Bankenkrisen viele der größten Volkswirtschaften der Welt. Die Prominenteste, die Herstattkrise in Deutschland, verursachte große Schockwellen durch das entstehende globale Finanzsystem. Rückblickend markiert die Krise den Beginn eines langen Trends...

Divergent trends, as observed, between growth in the financial and real sectors of the global economy entail the need for further research, especially on the motivations behind investment decisions. Investments in market economies are generally guided by call-put option pricing models - which...

The European monetary union was born as a result of a negotiation process among the founding countries profoundly influenced by the economic and political dynamics of the '90s: the experience of the EMS, the German unification process, the desire of France to prevent the reaffirmation of German...

This work presents an original proposal for the reform of the Eurozone architecture according to an approach based on risk sharing (aiming to reach in the long-term the mutualization of public debt). The proposal envisages a new role for the European Stability Mechanism (ESM) which should...

There is a demand for safe assets, either government bonds or private substitutes, for use as collateral. Government bonds are safe assets, given the government's power to tax, but their supply is driven by fiscal considerations, and does not necessarily meet the private demand for safe assets....

This Time is Different : Eight Centuries of Financial Folly is an essential reading on the history of financial crises for anyone interested in economics and finance. Compiling an extensive new database of macroeconomics and financial time series for sixty-six countries in five continents for...

Economic growth involves metamorphosis of the financial system. Forms of banks and bank money change. These changes, if not addressed, leave the banking system vulnerable to crisis. There is no greater challenge in economics than to understand and prevent financial crises. The financial crisis...

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its...