There is a line of reasoning which argues that the main source of the current financial crisis is the cheap money of the past, which would have caused large global imbalances and another, that I share, is that something wrong has been occurring with overall financial intermediation. The...

At global economy level, changes occurred, consisting of transferring production abroad, due to the comparative advantages of moving production in China or in other developing countries, which converge in cost reduction at production level, and, implicitly, in price advantages. The arena of...

The latter financial crisis has led in many occasions to a reconsideration of the present economic system. Before suggesting any reform, this paper intends to observe whether the root of the business cycles is indeed a tragedy of the commons in the present banking system, the aim being that...

I state it from the beginning: I’m in favour of selective public intervention in the economy. Selective does not mean fundamentalism and neither ideology. Selective means pragmatic, where it is needed (a reaction approach) or where it might be (a preventive approach). This paper briefly...

I have written these words at a time of a deepening financial crisis which is ricocheting worldwide and causing tremendous anguish and tremors, a spreading economic downturn. It is also not a long while after the European Parliament passed a report which I worked out together with a Dutch...

This paper investigates the main determinants of the market-assessed sovereign risk premium in Romania, measured by the Option-Adjusted Spreads, from 2003 to 2013. The results show that the dynamics of sovereign spreads can be explained by both risk aversion indicators and macroeconomic...