The effect of the global financial crisis on the international trade patterns of developed countries has been one of the main focuses of recent studies. However, the dependence level of world trade on emerging markets increases every day. Therefore, it is important to study the level of the negative effect of the crisis on emerging economies and the level of their recovery potential. This paper...

At a time when the worst global financial crisis since the 1929 Great Depression threatens the very survival of many global financial giants, the relatively better financial performance of Chinese banks stands out. This is commendable considering that these banks were “technically insolvent” not too long ago. This paper reviews China’s banking reform strategy and its implementation and analyzes...

Third, the shortfall in Chinese economic growth derives from the exhaustion of strong investment in low productivity sectors, which was part of the Chinese response to the global financial crisis. The Committee placed great emphasis on the large credit expansion, which was channeled mostly through institutions outside the traditional financial system (known as shadow banking). Given this factor...

Numerous conferences organized in the aftermath of the financial crisis of 1997–98 offered analyses of what went wrong in the crisis countries. The immediacy of the crisis prompted a number of reform proposals directed toward reducing the risk of future crises. However, now that the crisis has abated, reform appears to be much lower on most political agendas, and the progress that countries are...

At the turn of the century Turkish economy was meltdown due to the one of the harshest crises experienced throughout her history. Since then, thanks to very strict measures taken by Turkish government, the economy proceeded to the recovery period. This period, however, seems to be interrupted once more again by 2008-2009 global financial crisis. In this study, we assess the financial performanc...

The 2008-2012 global financial crisis began with the global recession in December 2007 and exacerbated in September 2008, during which the U.S. stock markets lost 20% of value from its October 11 2007 peak. Various studies reported that financial crisis are associated with increase in both cross-correlations among stocks and stock indices and the level of systemic risk. In this paper, we study ...