The paper deals with the effects of the present global crisis on the most important world economic forces, in order to explain that the present framework is a wrong one. The research is focused on …aspects: the evolution of the EU, USA, China and Japan economies, the change of the leader...

Under the impact of all the tensions generated by the global financial crisis that degenerated into an economic crisis, the EU is subject to new tests of strength, due to increased risk of sovereign debt of the countries belonging to the PIIGS Group. The year 2011 had a maximum strength for the...

We analyze the impact of countercyclical capital buffers held by banks on the supply of credit to firms and their subsequent performance. Spain introduced dynamic provisioning unrelated to specific bank loan losses in 2000 and modified its formula parameters in 2005 and 2008. In each case,...

We look at the type of natural resource dependence and growth in developing countries. Certain natural resources called point-source, such as oil and minerals, exhibit concentrated and capturable revenue patterns, while revenue flows from resources such as agriculture are more diffused....

Immigration is often perceived as an instrument of adaptation for aging countries. In this paper, we evaluate, using a dynamic general equilibrium model, the contribution of migration policy in reducing the tax burden associated with the aging population in France. We show that the age and skill...

Foreign Direct Investment (FDI) acquired an important role in the international economy after the Second World War. Theoretical studies on FDI have led to a better understanding of the economic mechanism and the behavior of economic agents, both at micro and macro level allowing the opening of...

Despite mandatory parental leave policies being a prevalent feature of labor markets in developed countries, their aggregate effects in the economy are not well understood. To assess their quantitative impact, we develop a general equilibrium model of fertility and labor market decisions that...

This paper analyzes the ongoing international macroeconomic crisis and compares it with the Great Depression of the 1930s. It also discusses whether the government’s financial support program will be enough as to ensure the return to economic normality after the crisis is contained. The paper...

The paper discusses the risks and challenges faced by the new members on the road to the euro and the strategies for and timing of euro adoption. We investigate the real-nominal convergence nexus from the perspective of euro area entry. We argue that the initial level of economic development as...