While there is broad scholarly agreement on the pattern of ever-growing policy stocks in modern democracies, research drivers accumulation still its infancy. This holds particular for role crises and external shocks. relationship between crisis events change individual policies fairly uncontested, we lack systematic knowledge extent to which trigger accumulation. To address this gap, analyze if...

PBE Type i: Neither default nor political crisis If V ≤ χL, the costs of default are always larger than the costs of servicing the debt even for the benevolent government. Then in equilibrium, the government proposes to service the debt, which is accepted by the representative agent. Hence the debt is repaid and political crisis is avoided. Neither the benevolent government nor the self interes...

During the COVID-19 lockdown, typical bank in Middle East lost liquidity due to deposit drains and experienced increases nonperforming loans. The loss of was a supply shock, while increase loans demand shock. Corporate governance board’s oversight top management’s implementation strategies reduce these shocks. Two corporate measures include political concentration ownership presence independent...

The paper claims that conventional monetary theory obliterates the central role played by media of exchange in the workings and instability of capitalist economies; and that a significant part of the financial system depends on the resiliency of paper currency and liquid assets that have been built on top of it. The resilience of the resulting financial tree is questionable if regulators are no...

We study episodes where economic growth decelerates to negative rates. While the majority of these episodes are of short duration, a substantial fraction last for a longer period of time than can be explained as the result of business-cycle dynamics. The duration, depth and associated output loss of these episodes differs dramatically across regions. We investigate the factors associated with t...

We study episodes where economic growth decelerates to negative rates. While the majority of these episodes are of short duration, a substantial fraction last for a longer period of time than can be explained as the result of businesscycle dynamics. The duration, depth and associated output loss of these episodes differs dramatically across regions. We investigate the factors associated with th...

I provide a framework for understanding the global financial architecture as an equilibrium outcome of the risk sharing between countries with different levels of financial development. The country that has the most developed financial sector takes on a larger proportion of global fundamental and financial risk because its financial intermediaries are better able to deal with funding problems f...

Resilience is of paramount importance in dealing with a prolonged pandemic such as COVID-19, which all countries inevitable suffer through multiple stages adversity. Many Asian were initially hard hit by the pandemic, but some them displayed remarkable ability to withstand these shocks, overcome despair, and bounce back quickly. This special issue examines two aspects resilience building policy...

Abstract I n this paper, the behavior of the real oil price and OPEC and non-OPEC oil production during 1973-2013 are modelled. Interactions among OPEC, non-OPEC oil production, global oil consumption, and the real price of crude oil are estimated using a Structural VAR model (SVAR). After providing evidence for the structural breaks in oil price in 1996, the results indicate that, ac...