Mexican society has experienced three costly finance-related crises in 1982, 1994-95, and 2008-09. In each case the continuity of capitalist development depended in large part on state authorities drawing the worst financial risks into the state apparatus, that is, on socialization. While most...

This paper attempts to evaluate the effects of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the...

This paper aims primarily to propose the framework for estimating the optimal levels of capital at banks with broad perspectives, elaborating factors such as liquidity and macroeconomic conditions. First, we attempt to reorganize the variety of policy proposals for enhancing financial sector...

In this paper, we investigate the main features of the Italian financial cycle, extracted by means of a structural trend-cycle decomposition of the credit-to-GDP ratio, using annual observations from 1861 to 2011. In order to draw conclusions based on solid historical data, we provide a thorough...

This paper examines whether the stochastic cusp catastrophe model explains the crash of stock markets much better than the linear and non-linear models. It is one of the first quantitative attempts to test the cusp catastrophe model by using real stock market data of an emerging market. We test...

Bu çalışmada 2008 finansal krizinin Avrupa Birliği’nin kamu borcuna etkisi ve Avrupa borç krizi ile kredi temerrüt swapları ilişkisi incelenmiştir. 2008 krizi karmaşık ve yüksek hacimli türev ürünleri kapsaması nedeniyle diğer krizlerden ayrılmaktadır. Türev piyasasında en...

Yaşanan son küresel kriz, dünya ekonomisinin büyüme hızını düşürmüştür. Özellikle Küçük ve Orta Büyüklükteki İşletmeler (KOBİ) 2008-2009 dönemindeki küresel ekonomik durgunluktan ciddi anlamda etkilenmişlerdir. Bu çalışma KOBİ’lerin, küresel krizin olumsuz...

This study investigates the value relevance of earnings and the book value of equity in Turkey over the 2003-2009 period. It also focuses on the effects of the Global Financial Crisis and the negative earnings on the value relevance of the stated accounting values. To do this, a number of...

After the systemic effects of bank defaults during the recent financial crisis, and despite a huge amount of literature over the last years to detect systemic risk, no standard methodologies have been set up until now. We aim to build a concise but comprehensive picture of the state of the art,...

Considering the starting point for research the Central Bank key role in economic life, through the implementation of the monetary policy, by exercising prudential control and supervision of commercial banks, the present paper proposes an analysis of the National Bank of Romania monetary policy...