The global financial crisis has demonstrated that a financially open economy has many areas of vulnerability. Even when a country keeps its own house in order, it remains at the mercy of developments in external financial markets. So, one lesson to bear in mind is that policymakers need to guard...

The occurrence and use of alternative currencies is manly related to the informal economy area, usually placed outside the economistsþ preoccupation. Under the conditions of the current crisis, there is, however, a reconsideration of the attention given to alternative currencies would be...

The financial crisis had a signifîcant influence over the financial markets, on both mean returns and volatility, while for exchange rates the crisis had an impact only on their volatility. The RiskMetrics model was applied to stock market data, exchange rates data and commodities data for...

We investigate the likely sources of exchange rate dynamics in selected CIS countries (Russia, Kazakhstan, Ukraine, Kyrgyzstan, Azerbaijan, and Moldova) over the past decade (1999-2008). The analysis is based on country VAR models augmented by a regional common factor structure (FAVAR model)....

This work attempts to examine the consequences of the crisis on enterprises and on banks, to study enterprises' problems related their access to fundsability, to examine the phenomenon of corruption in Greece especially in state banks, to highlight the problems and inefficacies of local...

The political and economic crisis in Europe is often viewed as an indirect consequence of the global financial and economic breakdowns caused by the U.S. "subprime" crisis. European governments themselves tend to underestimate Europe's responsibility for the crisis and seem to prefer to manage...

The 2007/2008 crisis revealed the inefficiency of markets' self-adjustment mechanisms and the inability of related regulatory policies to keep markets on a consistent path. Something went wrong with the free market myth. From this perspective, the paper brings to the fore the regulatory roots of...

This presidential address to the Association for Evolutionary Economics was delivered at the annual meeting in San Diego, California, on January 5, 2013.

pThe Bush expansion (2001-2007) slowed in 2005-2006 and began to decline in 2007. Empirical data show why it declined. The expansion followed the same patterns all capitalist expansions, but more sharply. This pattern showed slowing of business revenue rises and speeding up of cost...

This article provides a post-Keynesian analysis of economic growth and discusses the effects of austerity measures on demand in countries where growth is wage-led. It finds that growth is predominantly wage-led in both the United States and the Eurozone, although it is profit-led in some...