This study identifies empirically the impact of various macroeconomic factors on the default risk premium. Using monthly data for the period 1970-2010 for the U.S., our estimations indicate that the monetary policy aggregates, risk-free interest rate, term structure of interest rates, inflation,...

In light of its importance of innovation on the political agenda it is necessary to provide guidance to decision makers how innovation can effectively be fostered in practice and to disentangle and evaluate the effects of the determinants suggested by the literature. This thesis focuses on the...

The financial crisis in October 2007 that sent the stock markets in a downward spiral all around the globe started more than six years ago. Many countries are still experiencing the ripple effects despite intervention by several governments, acting singly and collectively, to help stem the...

This paper investigates the asymmetric and nonlinear transmission of financial and energy prices to US five-year financial CDS sector index spreads for the banking, financial services and insurance sectors in the short- and long-run over the recent periods including the world financial crisis....

It is a cliché that the world has become more connected, but the financial crisis and the boom that preceded it have focused attention on the global factors behind credit growth and capital flows. Calvo, Leiderman and Reinhart (1993, 1996) famously distinguished the global "push" factors for...

The paper analyzes the problems of socio-economic development of the Komi Republic in the first decade of the XXI century. The pass through problems (demographic crisis, aging of the fixed assets, disproportions of reproduction) and new problems related to the reorganization of the property...

If the exit from the crisis is linked to the productivity, the technological boom, the orientation should take place by sectors with high growth potential. The idea is that the power of the Government to rely on increasing economic value and implementing effective measures to redress and not on...

The current economic and financial crisis, beyond the problems it generates both at micro and macro level, should determine an adaptation of the mechanisms, institutions and monetary / financial policies to the real economy we are facing. The issue of financial crises is extremely complex,...

A number of reasons have been advanced in order to explain why banks began to expand worldwide. There were several aspects that were aimed such as the client-bank relationship, the need for people to cooperate with these institutions and financial intermediaries in the host country. Mergers seek...

This paper aims at highlighting the aspects concerning the impact suffered by the Central and Eastern European banking systems since the onset of the financial global crisis. The focus of the paper is on the position of the Romanian banking system in relation to the Central and Eastern European...