South Korea and Taiwan have similar experiences as to political and economic development, i.e., rapid economic growth and democratization. However, the 1997 financial crisis experiences were quite different South Korea was hit hard by the crisis whereas Taiwan was barely touched. Why were the...

This paper develops a dynamic general equilibrium model that explicitly includes a banking sector with a maturity mismatch. We demonstrate that, despite the perfect competition in the banking sector, rational banks take on excessive risks systemically, resulting in overleverage and inefficiently...

In response to the recent Financial Crisis -after it had been widely accepted that "a serious disturbance in the economy of Member States" had occurred, and that several measures were required to remedy this disturbance, various Commission communications were adopted and these include: The...

Cet article vise à évaluer la croissance potentielle en France, en Allemagne et en zone euro au cours de la période postérieure à la crise de crédit de 2007-2008 jusqu’à l’horizon de prévision 2012. Une telle évaluation joue en effet un rôle central dans celle du déficit...

This paper reviews the major dynamics surrounding the collapse of the Argentinean monetary regime, and suggests that the failure of Argentina's exchange rate arrangement provides important lessons for potential pegged regimes in Asia.

In this paper we argue that the main difference between the crises is their degree of anticipation. In particular the Asian crises was widely unanticipated, while the Argentinean and Brazil crises were anticipated.

China occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative instability since the beginning of the current global financial crisis. Over the last few years,...

The world financial market is an extremely complex system that involves many different participants from local banks to the central bank of each nation and the investors. Due to its importance on the global economy and our everyday lives it is vital that it is functioning properly....

China’s trade relations with the United States over the past four decades is a topic that has not been fully dealt with in scholarly works. This paper charts the course of US-China economic relations since 1971, explains the principal forces stimulating growth and encouraging change and,...