The 2007-2009 period has been characterised by an oil shock followed by a financial crisis. Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact...

The aim of this paper is to study macro aspect of the virulent impacts of the 2008 financial crisis on Asian developing economies. To do this, we apply the Pedroni panel co-integration technique developed to examine the long-run relationship between economic growth, exports and inward FDI on a...

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mainly been analysed at the macroeconomic or sectoral level. However, exporters who are heterogeneous in terms of productivity, size or external financial dependence should be...

The paper discusses the reform of capital regulation of banks in the wake of the financial crisis of 2007/2009. Whereas the Basel Committee on Banking Supervision seems to go for marginal changes here and there, the paper calls for a thorough overhaul, moving away from risk calibration and...

This article aims to underline the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis.

The increased competition on the global market and the shortage of financial resources determined by the financial crisis imposed the international factoring as an alternative for financing for corporations and small and medium enterprises. International factoring eases much of the credit and...

The global financial crisis created new challenges for the countries which have joined the European Union since 2004 and are not yet members of the euro area. 

The main driving force of the financial crisis of 2007-2009 was a rapid deterioration of the trust of private agents in the quality of financial institutions and assets. 

The basic question I will try to explore is whether the present financial crisis has changed the assessment of the effects of euro adoption by the new member countries (NMC) which are still outside EMU.

Adopting the Euro is Romania’s most important project in its first decade as an EU member by scope, efforts required and impact. The paper aims to initiate a comprehensive debate on topics related to the Euro adoption by raising questions, examining answers and suggesting solutions on issues...