Among other preparatory tasks for integration with the European Union, economies of Central Europe are under pressure to achieve high degrees of economic stability, including stability of currencies. The introduction of flexible currency exchange-rates regimes as well as the application of...

What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the...