Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does...

The COVID-19 pandemic has challenged global economies with unparalleled negative shock. Asia and Latin America have gone through a number of financial crises in the last few decades but they have addressed those crises rather differently, leading to different growth trajectories after the...

This paper analyzes why the U.S. financial crisis evolved into a global financial crisis, and why the Great Moderation led to the Great Recession. Then, the U.S. policy responses to the crisis are discussed and are compared with the policy measures prescribed by the IMF on the Korean economy...

The international economic crisis hit Ireland hard from 2007 on. Ireland’s membership of the Euro had a significant effect on the policy configuration in the run-up to the crisis, as this had shaped credit availability, bank incentives, fiscal priorities, and wage bargaining practices in a...

The current economic crisis has hit all European countries hard, but some are much more severely affected others. The problems manifest in European peripheral countries, especially Ireland, Spain, and Greece, have roots in domestic policy mistakes. However, the European context of these policy...

This paper summarizes the role of entrepreneurship in the East German transformation process that followed the breakdown of the socialist regime and subsequent unification with West Germany. The main aim of this exercise is to derive conclusions and recommendations for a potential unification of...

The concept of "the crisis after the crisis" recently introduced in the academic debate refers to the fact that, since the outbreak of the health crisis generated by SARS-CoV-2, the pandemic has had a major impact on all economic, social, political and cultural activities of the daily life,...

What is the appropriate exchange rate regime for the emerging economies of Eastern Europe? Would a given regime suit all of them equally? Is there a regime that is as appropriate for the transition as for the long run? What are the relative merits of fixed and flexible rates in this context and...

Foreign portfolio flows constitute a key component of economic activity in small open economies such as Colombia. The dynamics of these flows are subject to the influence of both external (push) factors and domestic (pull) factors. Consequently, economic crises and episodes of financial distress...