After ten years of Asian crisis, it is still unclear what the roots of crises are really. This paper seeks to the explanation of the evolution of the capitalism system in Indonesia for gaining an important indication of the root of crisis as well as the future risk of crises of the Indonesia’s...

By comparing the development of landownership in China and England, this paper explores what were behind their different trajectories. In particular, I examined the delineation of property rights, alienation of land, rent and tax, inheritance and accumulation of land. Feudal England was a...

This paper attempts to investigate the linkage between the excess money supply growth and inflation in Pakistan and to test the validity of the monetarist stance that inflation is a monetary phenomenon. The results from the correlation analysis indicate that there is a positive association...

Why are investors rushing to purchase US government securities when the US is the epicentre of the financial crisis? This column attributes the paradox to key emerging market economies’ exchange practices, which require reserves most often invested in US government securities. America’s...

We investigate the effects of U.S. monetary policy on asset prices using a high-frequency event-study analysis. We test whether these effects are adequately captured by a single factor-changes in the federal funds rate target - and find that they are not. Instead, we find that two factors are...

This paper compares the different dynamics of simple sum monetary aggregates and the Divisia indexes over time, over the business cycle, and across high and low inflation and interest rate phases. Although the traditional comparison of the series may suggest that they share similar dynamics,...

The steps in this paper are: (1) to recall the S = I relation and its position in macro-economics, (2) to observe how this equation is very relevant again with the renewed relunctance of banks to finance investments, (3) to point out that consumer durables are investments too, (4) to highlight...

A well-established result in the theoretical literature on labour market flexibility is that the employment should be more volatile in "flexible" labour markets. Over the last 35 years, Italy gives a good example of a transition from an over-regulated labour market into a quite more flexible...

In this paper we examine the importance of institutional arrangements and factors related to the economic structure to explain inflation outcomes in Latin America. We perform a dynamic panel data analysis with an ample set of variables that allowed us to consider the temporal dimension of the...

The last financial and economic crisis demonstrated the dysfunctional long-term effects of aggressive behaviour in financial markets. Yet, evolutionary game theory predicts that under the condition of strategic dependence a certain degree of aggressive behaviour remains within a given population...