Basic and fundamental issues which link financing and funding activities to financial regulation involve the problems of systemic risks and asymmetric information. In addition to addressing these issues, this paper will also consider other issues related to long term funding, which affect...

The purpose of this paper is to contribute to the discussion on the modern monetary arrangements from a Marxist perspectives, following the recent developments of the Marxist theory of world money. The paper treats the US Dollar as a primus inter pares quasi-world money and challenges the...

In light of the unprecedented developments in the financial sectors of developed economies in the years 2008-2009 and in view of the current political Arab upheaval, this paper reviews the pros and cons of financial integration of the South-Mediterranean region. Our analyses includes Morocco,...

The severe crisis affecting European Monetary Union has emphasized the prevailing interests of national governments and the lack of political leadership of European institutions, not to mention the failure of eurozone governance in terms of effective crisis management. The present work argues...

The contagion of financial crises surrounding the markets around the world has been in the forefront of academic and public discussions. In this paper, we attempt to study the “contagion effect” of the stock market crises around the world by studying the correlations of global stock returns...

This paper has attempted to estimate the J-curve phenomenon for Azerbaijan using quarterly industry-level data over the period 2000-2009. A weighted average of the production indexes of Azerbaijan’s four major trading partners, which account for 70% of Azerbaijan’s total trade turnover, was...

Despite over three decades of Liberalisation policies in Africa, income-inequality has stayed persistently high. Using updated panel data of 26 African countries spanning the period 1996-2010, this study examines the effect of liberalisation policies with particular focus on financial, trade,...

During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. The principal problem attributed to sovereign debts, which is linked to their characteristics, is...

This paper investigates how financial, trade, institutional and political liberalization policies have affected financial efficiency in Africa. It uses updated data to appraise second generation reforms in order to gather fresh evidence and derive more updated policy implications. The ‘freedom...

In May 2013, Federal Reserve officials first began to talk of the possibility of tapering their security purchases. This tapering talk had a sharp negative impact on emerging markets. Different countries, however, were affected differently. We use data for exchange rates, foreign reserves and...