The financial crisis of 2007-2008 has brought to light the liquidity problem of the financial system. Trying to solve this challenge, the members of the European Monetary Union were confronted with the sovereign debt crisis, which exacerbated the gravity of the initial situation. This paper...

It is our duty to insist, by repetition, on some aspects linked with possible exit from the present crisis, observing that the general approach has had the temptation to derail from the well known and very simple rules imposed either by theory or practice in connection with the business cycle...

After the financial crisis had fully broken out in 2008 there were strong statements about the need for reforms. However, the official EU statements kept a lower profile from the beginning for several reasons. The existing structures and procedures have created a strong path dependency. This...

Building upon exhaustive research of extant and often fragmentary contemporary resources, this paper provides a thorough analysis of financial options trading and sales in interwar Czechoslovakia. Whilst focusing primarily on a remarkable bucketshop episode occuring in the late twenties and...

The paper aims to study the evolution of the financial regulation and supervision in Hungary from 1987, the year when the foundations of the two-tier banking system were laid. After a brief overview of the history of the Hungarian financial system we turn our attention to the history of the...

A growing number of Africans flees from their desolate economic situation or violent conflicts and political persecution at home to Europe. The European Union shares responsibil-ity for this growing economic misery, in view of its egoistic external trade policy. Neverthe-less, it intensifies the...

The debate by Okada & Samreth (2012, EL) and Asongu (2012, EB; 2013, EEL) on ‘the effect of foreign aid on corruption’ in its current state has the shortcoming of modeling corruption as a direct effect of development assistance. This note extends the debate by assessing the channels of foreign...

Purpose – This paper examines whether initial levels in GDP growth, GDP per capita growth and inequality adjusted human development matter in the impact of aid on development. In substance its object is to assess if threshold development conditions are necessary for the effectiveness of...

We extend the Okada & Samreth (2012, EL) and Asongu (2012, EB) debate on ‘the effect of foreign aid on corruption’ by: not partially negating the former’s methodological underpinning (as in the latter’s approach) with a unifying empirical framework and; broadening the horizon of inquiry...