The break-up of the Soviet Union in 1991, following closely on the adoption of market-oriented reforms in Eastern Europe, created a new specialty within economics. The economics of transition encompass phenomena and problems from both microeconomics and macroeconomics, as economists from all...

The liberalization of the capital account of the balance of payments was one of the main reasons of the increasing amount of capital flows that came in into many emerging economies. In the last decades, the restrictions on these capital movements have been eliminated and the world has witnessed...

In der Euro-Krise gingen starke Änderungen in internationalen Kapitalflüssen mit großer makroökonomischer Unsicherheit einher. Zwar ist es offensichtlich, dass beide Faktoren ökonomische Schocks auslösen bzw. verstärken können, es ist aber derzeit unklar, inwiefern sie direkt miteinander...

We try to explain the origins and the dynamics of the sovereign debt crisis in Greece, in the context of critical realist economics. The origins of the Greek crisis are discovered in the global credit crisis of 2007 and are rooted in the institutional design of the Eurozone and the fiscal and...

Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems in spite of the emergence of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises underscores how...

"In An Extraordinary Time, acclaimed economic historian Marc Levinson recounts the global collapse of the postwar economy in the 1970s. While economists struggle to return us to the high economic growth rates of the past, Levinson counterintuitively argues that the boom years of the 1950s and...