Based on five case studies, this paper looks at the definition and classification of fiscal risks; sets out the components of a comprehensive fiscal risks framework; and examines how to operationalise such a framework. It then summarises challenges and key lessons to be considered by countries...

The extremely fragile balance of the Romanian labour market is severely affected by the crisis caused by the COVID-19 pandemic and by the sudden and almost general deterioration of the macroeconomic context and the business environment. The present study aims to argue that, in times of crisis,...

The research focuses on the analysis of the foreign direct investment (hereinafter FDI) inflows to Ukraine and the macroeconomic risks connected with investing. According to the State Committee of Statistics, the largest FDI inflows to Ukraine as of January 1, 2011 were from Cyprus, with 22.2...

This paper analyse rise from the hypothesis of a long term international economic crises, the named crisis dimension being a result of the medium and long term effects of the first stage of the economic crisis either on the Romanian economy of on the international one. In such situation, talking...

We investigate a banking system subject to repeated macroeconomic shocks and show that without deposit rate control, the banking system collapses with certainty. Any initial level of reserves will delay the collapse but not avoid it. Even without a banking collapse, the economy still converges...

We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient provided there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a...