The purpose of this paper is to assess the influence of oil price on European Energy Policy, taking into account the effects of the current financial crisis on both oil price and European Energy Policy. In order to reach our aim, we made use of thorough research, combined with advanced...

The paper aims at assessing the mechanics of the Great Recession, considering both its domestic propagation within the US, as well as its spillovers to advanced and emerging economies. A total of 50 countries has been investigated by means of a large-scale open economy macroeconometric model,...

This paper studies overborrowing, financial crises and macro-prudential policy in an equilibrium model of business cycles and asset prices with collateral constraints. Agents in a decentralized competitive equilibrium do not internalize the negative effects of asset fire-sales on the value of...

This book reviews latest trends in trade and investment policy issues facing Asia-Pacific region.

The current crisis has revealed the existence of certain fundamental weaknesses in the functioning of financial markets and weaknesses in risk management, which require a deep reform of the financial regulatory and supervisory framework. The magnitude of the current crisis has brought new...

In order to demonstrate that there is a direct link between compliance with accounting principles and auditor’s opinion, which, of course, is „filtered” through professional judgement, the study starts from information provided by a representative medium-sized audit company located in the...

The impact of the global financial crisis varies across countries. We examine whether cross-country differences in output loss and speed of recovery are affected by differences in labor market flexibility. By employing cross-country regressions and including control variables like trade and...

The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives....