Paper originally published in the BNL Quarterly Review, vol. 60 n. 241, June 2007, pp. 111-135.

Paper originally published in the BNL Quarterly Review, vol. 57 n. 231, December 2004, pp. 395-437.

Business processes take place in an environment of complex systems that consist of many interrelated elements with stochastic and dynamic characteristics. Simulation and management methods were developed to cope with such complexity. Simulation and management methods are interdependent...

Rising economic integration in Asia and periodic volatility in global and national financial markets raise the issue of the optimal degree and form of monetary cooperation among Asian economies. There is a large literature on the benefits and costs of monetary cooperation, however, less can be...

The monetary policy that culminated in the current crisis and the failure of the Federal Reserve’s efforts to end the credit freeze in 2008 are critical components of the analysis needed as a backdrop for reform. This working paper argues that the link between excess liquidity, the buildup in...

European Union is facing severe challenges from the financial crisis andthe deep recession. The recession of the global economy affected the commercial andfinancial relations between European economies and between Europe and the rest of theworld. European Commission has indicated how it intends...

The current financial crisis is a complex and developing phenomena. It generates many debates. This paper presents two aspects. Firstly, the mechanism of the crisis, from the US subprime crisis to the international contagion. Secondly, the opinions of some reputed economists about its main...

Besides other factors, the tensions and the repositioning on the global arena (“the Great Chessboard” as the American analyst Zbigniew Brzezinski called it) have a significant contribution for the start and development of the global economic crisis. This paper proves how the battle for the...

This paper consists of a graphical illustration of the Romanian economic cycle during the period 1990-2007, as a background of contemporary financial crisis. The first part provides an overview of the definition of recession and financial crisis, and the gains from using both types in financial...

The international financial crisis represents a preoccupation for the economic analysts, as it is hardly a new phenomenon in the economic history of the modern world, but is raising issues regarding its future evolution, the short and long time effects upon the world economy as a whole and each...