We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...

Tema acestei lucrări o reprezintă criza financiară internaționala, începută în 2007, ce a cuprins rapid atât țările din zona Euro, cât și întreaga Europa. Deși în anul 2010 se părea că ne aflăm pe drumul cel bun, pe calea spre ieșirea din criză, în a doua jumătate a...

This paper explores the impacts of sovereign defaults on trade and income through a real exchange rate channel, in a DSGE model of two risk-averse open economies, with production. In the model, once the borrower country defaults due to an adverse productivity shock, foreign firms reduce their...

The purpose of this paper is to present, in a general, non exhaustive manner, a diachronic relationship the macroeconomic phenomenology of Kondratieff cycles and higher education –targeted reforms. Historical evidence presented by the speciality literature show that these reforms have occured...

As the legislation on foreign direct investment (FDI) in Hungary has been probably the most liberal in Central and Eastern Europe since the mid-1980s, FDI is the primary form chosen by Western firms to enter the Hungarian market. The major channels of FDI include the privatisation of former...

Globalization is today one of the phenomena discussed and contested at the same time, beach and speeches in terms of globalization are spread from the ordinary man in the street, and to speeches by political and academic level. It is surprising how a term that recently entered the vocabulary...

The World Bank is the institution that assumed the role of economic and social catalyser through its structures and affiliated organisms. The article is a review of the Bank’s contribution to the development of Europe and Central Asia, as reflected by statistics. The paper presents the...

Supply and demand responses to financial crises result in fluctuations in credit flow to the private sector. Policy makers concerned with the sustainability and growth of viable firms should disaggregate these responses. Utilising firm level data, this study investigates characteristics of firms...

The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries. The global financial crisis struck the euro area very...

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