While most studies analysing in great detail the origins of the current financial crisis concentrate on banks, little attention has been given to the mechanisms and role of shadow banking. In this contribution the role of money market funds, commercial paper and securitization in the growth of...

This paper defines the concept of De Grauwe policy cycle where an original idea on international competitiveness is first rejected or ignored, subsequently gradually accepted and finally becomes conventional wisdom. This policy cycle is first applied to De Grauwe’s well-known research on...