This paper highlights the findings of some of the recent research on capital flows, credit booms, and their attendant consequences for asset prices, business cycles, financial crises and the interaction among these. The aim is to condense key results from the relevant literature and promote...

The current episode (2007-09) may well be the first time since Latin America gained its independence in the early 1800s that a major economic contraction and financial calamity in the industrialized world has not caused a wave of currency, sovereign debt or banking crises in the region. What...

Following the US financial crisis of 2006-2007, the global economy suffered from negative spillover effects of it since fall 2008. In this study, the effects of global financial crsis on Turkish economy (2008-2010) and the macroeconomic performance of the Turkish government (before and) during...

In this short paper, it is mainly argued that the current global economic crisis (2006-2011) consists not only of the US financial crisis of 2006-2007 which has been globalized since fall 2008. The world economy has also been hit by the Eurozone sovereign debt crisis, rising energy prices, two...

On the 18th and 19th of June 2012, the leaders of the G20 countries will meet in Los Cabos, Mexico, to discuss a variety of current and long-term problems contained in the agenda of 2012 which was determined with respect to the objectives and conclusions of the previous summits. In this study,...

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...

The global scope and depth of the 2007-2009 crisis is unprecedented in the post World War II period. As such, the most relevant comparison benchmark is the Great Depression, or the Great Contraction as dubbed by Friedman and Schwartz (1963). We highlight some of the similarities between these...

We present a model in which banks trade toxic assets to fund investments. Adverse selection in toxic assets reduces liquidity and investment. Investment is inefficiently low because banks must sell high-quality assets below their "fair" value. We consider whether equity injections and asset...

Economists may need to change their tools of analysis from analysing income and expenditure contributors (GDP) to asset value contributors -the net worth levels of individual households-. Assessment of the latter requires a balance sheet analysis. Why; because the level of individual...

Savings are allocated over the acquisition of assets like homes, shares and bonds and government debt paper. For a home acquisition an individual household uses own equity provided by the buyer and outside equity provided by banks. Such outside equity can help to increase the volume of new...