We study optimal macroprudential policy in a model in which unconventional shocks, in the form of news about future fundamentals and regime changes in world interest rates, interact with collateral constraints in driving the dynamics of financial crises. These shocks strengthen incentives to borrow in good times (i.e. when “good news” about future fundamentals coincide with a low-world-interest...

Financial crises in countries are often accompanied by an out‡ow of foreign portfolio investment and an in‡ow of foreign direct investment (FDI). We provide an agency-theoretic framework that explains this phenomenon. During crises, agency problems a¤ecting domestic …rms are exacerbated, and, in turn, external …nancing constrained. Direct ownership can circumvent these problems, but during cris...

This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a “sudden stop” in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003 using a baseline empirical model to control for the various determinants of output losses during sudden...

or insolvent. Such crises have recurred throughout the history of capitalism. A collapse in investor confidence, usually after a period of market euphoria, marks such crises—examples include the Dutch tulip mania crisis of 1637–38, the Indian cotton futures market crash of 1866, and the Great Depression of 1929. When foreign lenders are involved, cross-border payments problems arise as well. Th...

background: the aim of the study was a recommendation and establishment the concept of the appropriate communication between public health, other competent services and population in emergency as the corner stone which guarantee that all goals which are important for community life will be achieved. methods: we used methodology appropriate for social science: analyses of documents, historical a...

Globalization is a dynamic process which impacts differentially on various cultures around the world. It permeates cultural boundaries and in the process results in the spread of Western ideologies and values across the world. This paper investigates the relationship between globalization and cultural identity crisis underlying assumption that globalization is manifested in the intercultural pe...

This study contributes to the sociological study of suicide via an exploration of the implications and application of literary texts in sociological analysis. The examination of two pairs of literary texts suggests that some cases of suicide can be self-affirming. When the characters find themselves in circumstances that threaten their perception of who they are in their social contexts, they m...

Health crises shock the population and overwhelm the health services. This article analyzes 30 years of health crises in Spain from a multifaceted perspective: population, patients, clinicians, public health practitioners, politicians, the media and other groups involved. The interaction among all stakeholders shapes the response and management of any health crisis. Heterogeneity of management ...