Which countries are most vulnerable to a virus such as COVID-19? Which countries should take the most stringent precautions to prevent the spread of such a virus? The EIB COVID-19 Economic Vulnerability Index covers countries outside the European Union and helps give us an idea of regions that...

The COVID-19 crisis paralyzed huge parts of the planet in weeks. It not only infected the population but injected a gargantuan dose of uncertainty into the system. In that regard, as in many others, it is a phenomenon without precedent. As of the time of writing (May-June 2020), we are...

"This book describes how implementing Grondona's system could help individual countries to independently improve their economic stability, while creating a growing network of currencies between which the exchange-rates will become increasingly stable."

This chapter examines the link between the instability features of a profit-driven economy and the structural changes inherent to that type of economy. Moving from consideration of the profit motive as search and exploitation of price (or cost) differentials, the chapter considers the structural...

This paper sheds light on the financial crisis of 2008–2010 in eleven emerging Eastern European economies (EE11): Armenia, Azerbaijan, Belarus, Bulgaria, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, Romania, Tajikistan and Ukraine. The aim is twofold. In the first place it seeks to find...

What can explain the large changes in aggregate demand that occur in the absence of any seemingly corresponding shock to the underlying state variables of the economy? We show that macroeconomic volatility can arise from dispersions of beliefs among agents. These dispersions give rise to bets...

Since the Global Financial Crisis, Minsky’s Financial Instability Hypothesis (FIH) has been receiving a growing attention in macroeconomic analyses and policy making. In this contribution I discuss the key dimensions and extensions of Minsky’s FIH, focusing on how Minskyan frameworks have...

This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of which require institutional reforms aimed at increasing growth in national income,...

This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of which require institutional reforms aimed at increasing growth in national income,...

Total factor productivity (TFP) is an important component of growth for most countries. This article assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability....

What worries people across Latin America, North America, Israel and Europe? How do attitudes towards governments’ provision of social protection differ cross-nationally? A collaboration between the Organisation for Economic Co-operation and Development (OECD) and the Latin American Public...

This paper provides a compact summary of the evidence on capital structure instability and a case-based exploratory investigation of sources of such instability. Substantial instability in capital structure is the norm at publicly held nonfinancial firms. Firm-specific episodes of leverage...

High instability and low growth characterize the macroeconomic performance of most developing countries. Inadequate policies are often to blame. This paper documents the empirical regularities that characterize the relationship between macroeconomic-financial policies, instability, and growth...

Centralized markets reduce the costs of search for buyers and sellers. Their ‘thickness' increases the chance of order execution at competitive prices. In spite of the incentives to consolidate, some markets, securities markets and online advertising, being the most notable, are fragmented...

The purpose of the study is to test whether the financial trilemma holds for a small open economy, and examine the implication of the implicit financial trilemma configuration on macroeconomic instability using Kenyan data. First, the study constructs the trilemma and macroeconomic instability...

This paper develops a stock-flow consistent macrodynamic model in which firms' and banks' desired margins of safety play a central role in macroeconomic performance. The model incorporates an active banking sector and pays particular attention to the leverage of both firms and banks. It is shown...