This paper provides estimates of the effects of the fall in financial and housing wealth in 2008-2009 on overall macroeconomic activity. These effects are large and account for a large fraction of the slowdown in activity. Much of the 2008-2009 recession is estimated to be simply standard wealth...

We examine spillover effects of the recent U.S. financial crisis on five emerging Asian countries by estimating conditional correlations of financial asset returns across countries using multivariate GARCH models. We propose a novel approach that simultaneously estimates the conditional...

This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues...

In this paper we present an overview of theoretical and empirical contributions exploring the inter-linkages between financial factors and real economic activity. We first revisit the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models, and...

In late 2008, deteriorating economic conditions led the Federal Reserve to lower the federal funds rate to near zero and inject massive liquidity into the financial system through novel facilities. The combination of conventional and unconventional measures complicates the challenging task of...

The study applies the dynamic conditional correlation (DCC) bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model of Engle (2002) in order to capture the contagion effects during global financial crisis. We used daily stock returns for the period January...

The aim of this paper is to assess the effects of financial sector taxation. The positive arguments of the introduction of such taxes include need to create and financing the funds of the orderly liquidation or recovery under the European Recovery Plan and Resolution Regime. The negative...

European higher education systems are at stake, since global economic and financial crisis emerged in 2009. The aim of the paper was to test the research question: How did higher education funding change in response to the crisis (compared with pre-crisis period)? We observed changes in higher...

The impact of the economic crisis, which has rapidly developed and spread into a global economic shock, has become increasingly severe. The period immediately before the crisis was characterized by a combination of the following factors (hereinafter “origins of the crisis”): Blind belief in...

I characterize and discuss the challenges and pitfalls we must face to grow out for good of recent and future financial crises and economic recessions. I propose a brief history of the 2008 crisis and insist on the loss of confidence within the banking and financial sector, which propagated...