Recoveries from recessions associated with a financial crisis tend to be sluggish. In this paper, we present evidence that stressed credit conditions are an important factor constraining the pace of recovery. In particular, using industry-level data, we find that industries relying more on...

This paper explores the link between the leverage of the US financial sector, of households and of non-financial businesses, and real activity. We document that leverage is negatively correlated with the future growth of real activity, and positively linked to the conditional volatility of...

Measured total factor productivity often declines sharply during financial crises. In 1982, the Chilean manufacturing sector suffered a severe contraction in output, most of which can be accounted for by a falling Solow residual. This paper uses establishment data from the Chilean manufacturing...

The aim of this paper is to analyse the economic performance of Poland in the post-accession period. Poland joined the EU in 2004, after a long and difficult economic transition. The whole post-accession period could be divided into two sub-periods: the pre-crisis period of 2004-07, and the...

It is obvious that the bankers of this world have failed miserably. Top managers have failed to know what was going on in their organization (or worse). At lower levels of bank the employees have failed to realize that they were gambling with other people’s money. Professionally and morally...

We study cross-country GDP losses due to financial crises in terms of frequency (number of loss events per period) and severity (loss per occurrence). We perform the Loss Distribution Approach (LDA) to estimate a multi-country aggregate GDP loss probability density function and the percentiles...

Today, when nothing can be imagined without the insurance system, as any house, car, or credit or new life automatically involves an insurance policy, on grounds of modern thinking naturally based on the sense of prevention, education, perspective thinking and even on instinct. Taking into...

Purpose – Study of the interdependence among economies is of considerable importance. This area includes issues such as the increasing importance of regional economic interactions, the effects of economic growth and recession in the advanced economies on emerging market countries, and...

Purpose – The purpose of this paper is to analyze the 2008-2009 financial crisis using a behavioral view, and suggest changes in government policy and company governance to deal with the key behavioral problems. Design/methodology/approach – Behavioral elements of the crisis are identified...

Purpose – The purpose of this paper is to analyze the off-balance sheet (OBS) behavior of a sample of small commercial banks in the USA in 2006. In particular, it aims to study the impact that monitoring intensity has on bank OBS usage. Design/methodology/approach – The paper uses a...