The abruptness and virulence of the 1997 Asian crises have led many to claim that these crises are of a new breed and thus they were unforecastable. This paper examines 102 financial crises in 20 countries and concludes that the Asian crises are not of a new variety. Overall, the 1997 Asian crises, as well as previous crises in other regions, occur when the economies are in distress, making the...

 The oil price shocks are an important source that affect on TOT in both oil exporting and importing countries. Hence, this paper compares the effects of real oil price shock on TOT in both oil importing and exporting countries, using Panel Data technique and during 1980-2010. To the best of our knowledge, we applied the nonlinear approach in order to assess the asymmetric impact of the oil pri...

Using a unique database, this paper examines the interconnection among stress indicators of Spanish financial markets during period January 1999 to April 2021, applying both connectedness framework and Time-Varying Parameter Vector Autoregressive approach. Our results suggest that 15.67% total variance forecast errors was explained by shocks across six market indices examined, indicating remain...

T he world economy has experienced a bulk of positive and negative shocks in crude oil prices and exchange rates over the years, and that global inflation has undergone some changes. Such shocks have affected the macroeconomic variables in the countries of the world and have challenged the economies of these countries, and have led them to take different measures to protect themselves agai...

The poverty-reducing effects of remittances have been well documented; however, their on inequality are less clear. This paper examines the impact in Mexico using household-level information receiving side. It hopes to speak insurance role by examining how affected domestic and external crises: 1994 Mexican peso crisis global financial crisis. We find that lower they become more pro-poor over t...

We study the effects on economic activity of a pure temporary change in government debt and relationship between multiplier level an overlapping generations framework. The is positive but quite small during normal times while it much larger crises. Moreover, increases with steady state debt. Hence, call for fiscal consolidation recessions seems ill-advised. Finally, rise debt-to-GDP real intere...

How does firm heterogeneity affect the long-run consequences of financial crises? To answer this question, I introduce aggregate shocks and differences in innovative potential firms into a Schumpeterian endogenous growth model. Firm amplifies effects crisis on innovation, because small are both relatively more than large hit harder by crisis. A calibration using manufacturing data from Spain sh...

This paper endogenizes intervention in financial crises as the strategic negotiation between a regulator and creditors of distressed banks. Incentives for banks to contribute voluntary bail-in arise from their exposure contagion. In equilibrium, is possible only if regulator’s threat not bail out insolvent credible. Contrary models without or with government bailouts only, sparse networks enhan...