The paper presents an open-economy macrodynamical growth model with the aim of giving an endogenous characterisation to the process that leads a small country with a currency-board arrangement to accumulate dangerously high levels of external debt and become vulnerable to macroeconomic...

In this paper we assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies most affected by the crisis - Indonesia, Korea, Malaysia, Singapore and Thailand - we find strong evidence...

We present several estimates of measures of risk amongst the most well-known, using both high and low frequency data. The aim of the article is to show which lower frequency measures can be an acceptable substitute to the high precision measures, when transaction data is unavailable for a long...

This paper analyses the channels through which the economic and financial crisis of 2008-2009 is transmitted to fragile countries in Sub-Saharan Africa. Trade stands out as the main direct channel, even though intra-Africa remittances play a relevant role, given that most migrants in Sub-Saharan...

The main objective of this paper is to present a reading of The Arcades Project by Walter Benjamin in the context of the financial crisis, in particular, reflect from a few fragments of Benjamin's work appear to lie around a Black Swan. The recovery of the fragments of The Arcades seems...

“Vertrauen ist der Anfang von allem” (“trust is the beginning of everything”)- A large bank seemed to be aware of the importance of trust within financial markets when it started the marketing campaign in 1995. Almost fifteen years later banks all over the world trust nearly nobody and...

This study analyzes the effect of the 2008 financial crisis on the venture capital market. We show that the crisis is associated with a decrease in the number of initial funding rounds as well as with a decrease in the amount of funds raised in later funding rounds. The effects of the crisis...

The primary argument of this paper is, namely, that the International Accounting Standards Board (IASB), is in need of an enforcement mechanism. In drawing attention to this argument, the paper not only proposes considerations which are to be taken into account if such a mechanism is to be...

The economic crisis of 2008–2009 has greatly compounded the challenge of economic policymaking at the EU level and at the national level. This study focuses on the related real economy aspects, namely on fiscal and structural policies. Judging from current trends, Austria will most probably...

In recent years, numerous studies have analyzed the sources of exchange rate fluctuations in the context of the shock-absorbing capacity of flexible exchange rates. This paper analyzes, within a Structural Vector Autoregressive (SVAR) framework, the role of the flexible exchange rate in Poland...