The basic question I will try to explore is whether the present financial crisis has changed the assessment of the effects of euro adoption by the new member countries (NMC) which are still outside EMU.

Adopting the Euro is Romania’s most important project in its first decade as an EU member by scope, efforts required and impact. The paper aims to initiate a comprehensive debate on topics related to the Euro adoption by raising questions, examining answers and suggesting solutions on issues...

Following the substantial damage from the financial crisis in 2008, can China's auto industry successfully take up new challenges and grasp the opportunities ahead? First and foremost, this paper summarises the ways that the financial crisis has impacted upon China's economy. By analysing the...

In the mid-1990s, the East Asian countries experienced severe financial crisis that were followed by deep economic downturns. A variety of methodologies have been used to understand the nature of the Asian financial crisis. However, the impact of the 1997 Asian financial crisis on the efficiency...

This paper discusses major initiatives from regulation in global financial markets in response to the current crisis. From the perspective of emerging markets a few issues of significance may include: whether shortcomings in innovations in structured financial market products will limit the...

The sub-prime lessons have left many unpleasant policy challenges, and the emerging dilemma for the policy-making community is that while there are no easy answers to many of these complex questions, in the absence of clearer policy positions on most of them the financial systems may continue to...

While the currency board served Estonia well during transition in the 1990s, it has limited its ability to counter the impact of the global financial crisis and heightened the currency risks. The euro adoption has thus become a top policy priority again. However, this paper finds that even after...

The financial crisis originated in the United States in 2007 and, then, spread in all the economies of the world. After a drop in activity of historic magnitude, first signs of recovery were recorded in 2009. However, our study of previous banking crises that have taken place in OECD countries...

This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in other countries. The risks and limitations associated with the development...

We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback...