The more profound world economic crisis has strongly marked the evolution of the Romanian financial system. The size of current account deficit, the relatively high external financing needs and the dependence of the banks on it, the high ratio between loans in foreign currency and deposits in...

The process of preparation and adoption of the European single currency is one of the most important challenges that Romania has to face in the first decade as a full time member of the European Union. This process will test both the political and the administrative capacity, requiring very...

Connection between interest rate and foreign exchange is important because of the economic volatility of the two variables, which has an impact on several macroeconomic indicators: inflation, real income, exports and imports. This papers aims to establish a series of characteristics regarding...

In 2008, the global financial crisis has generated a feeling of distrust from investors and significantly increased their risk aversion. The size of current account deficit, the relatively high external financing needs and the dependence of the banks on it, the high ratio between loans in...

International capital flows represents one of the key aspect of the globalisation process and refers to the continuous relieving the cross-border capital allocation barriers reflecting in huge increase in the common financial connections among the countries during the last decades. Flows of the...

The paper examines several facets of the interaction between “inflation targeting policy” and “pegged float exchange rate regime”, using the last version of the Romanian macromodel. The implications induced by changes in the following exogenous variables are quantitatively estimated: •...

This paper deals with statistics�and econometrics�properties of fractionally integra- ted GARCH (FIGARCH). We compare these characteristics with those of traditional models. We insist on the GARCH exponential/IGARCH in�nite decrease of volatility impact. Then, we apply it on three Tunisian...

Nine preliminary lessons from the Great Recession for monetary and financial policies are presented. [3rd P. R. Brahmananda Memorial Lecture].

International monetary reform is back on the agenda after two decades during which it has been hardly discussed. Controversies about the macroeconomic and monetary factors at the root of the financial crisis, China’s exchange rate regime, the reasons why emerging countries accumulated about...

Using an adaptation of the Uncovered Interest Parity (UIP) condition, this paper analyzes the drivers behind the large, symmetric exchange rate swings observed during the financial crisis of 2008-2010. Employing a Nelson-Siegel model, we estimate yield curves and decompose the exchange rate...