The global financial crisis has had a large negative impact on China’s economy, particularly on employment, but the government responses appear to have been effective. This article focuses on the social policy responses after the crisis, and how these are situated in the austere social...

Towards the end of 2008, as the world economy slowed and export-demand declined due to the global financial crisis, news reports began to appear detailing the return of rural migrants in China to their provincial homes. It was reported that 20 million rural migrant workers were laid off, and...

The paper addresses the subprime mortgage crisis from the perspective of the CEO of a financial firm. We integrate agency theory with the asset-pricing model to explore factors affecting CEO risk aversion. Apart from wealth and effort, the two main factors in influencing the agent’s risk...

This paper examines the role of capital controls as a macroeconomic policy tool in light of the Malaysian experience. It consists of an econometric analysis of quarterly data over the period 1990–2010 using newly constructed capital inflow and outflow policy indexes as well as analytical...

The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in...

The purpose of this article is the assessment of the way in which the propagation of the Lehman-Brothers shock has been reflected on the developments in the balance of payments of some countries in the euro area and the highlighting of the asymmetries, which have emerged due to the generated...

The impact of the ongoing financial crisis on the availability of finance to small and medium-sized enterprises (SMEs) represents an important topic nowadays. The access to finance for SMEs is a major barrier for their growth, especially during severe conditions such as the global financial...

This paper investigates to what extent the fundamentals of the real economy are re ected in the stock prices of Japan. A Markov switching VAR model with switching variances is used to test the structural identi cation scheme. Identification of fundamental and nonfundamental shocks is shown to be...

This paper analyzes how default externalities lead to an excessive incidence of systemic private debt crises. An individual defaulting borrower does not internalize that her default leads to a depreciation in the exchange rate because international lenders will sell any seizable assets and flee...

Cette étude spéciale dresse un bilan de l’évolution de la crise financière qui secoue l’économie mondiale depuis l’été 2007. Partie de l’immobilier aux États-Unis, elle s’est rapidement propagée à l’ensemble du système financier par le biais des mécanismes de titrisation....