It is well known fact that all good things, as also bad things, come to an end and business cycles pass through good and bad economic times. Economically 2010 was a year of transition from economic recession to recovery. Economies were improving in some countries and industries were showing...

This paper proposes and applies an analytical framework to assess vulnerabilities of emerging and developing economies to the global financial and economic crisis. The analytical framework identifies six different channels of vulnerability to the global financial and economic crisis and...

This paper provides an interpretation of the current financial crisis reviewing a broad and expanding literature. The different causes of the crisis are pointed out and the severity of the ongoing recession is compared with past experiences. The intensity and the global scale of the crisis are...

The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...

Sovereign debt crises do not need to be viral. Whether they are depends on the government's interaction with the private sector. The more open an economy, the less likely it is that a sovereign debt crisis will infect the domestic private sector. More importantly, the larger the government's...

The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments.The...

One of the most puzzling facts in the wake of the Global Financial Crisis (GFC) is that output across advanced and emerging economies recovered at a much slower rate than anticipated by most forecasting agencies. This paper delves into the mechanics behind the observed slow recovery and the...

In 2021, macroprudential authorities of the European Union (EU) and European Economic Area (EEA) countries adopted emergency macroprudential policy relaxation measures to address the impact of the COVID-19 pandemic crisis. It was the first widespread and almost simultaneous use of...