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The dynamics of the corporate-level performance growth can reflect the pattern of the firms’ reaction at the financial crisis moment. We employed the generalized metafrontier Malmquist productivity in...
The aim of this paper is to clarify the problems of microfinance and the sustainability of microfinance institutions (MFI) in financial crisis. We find, that MFIs are often considered as one of the mo...
Dear readers, in September, the summer holiday ended, then the time for autumn has began and financial crisis has visited us. On 15th September, 2008 Lehman Brothers Holdings Inc. announced it intende...
Thank you for inviting me to give this keynote address. In my remarks at the policy panel earlier today (“The 2002 Uruguayan Financial Crisis Five Years Later”) I spoke about the details of the Urug...
Thank you for inviting me to Montevideo today. It is a pleasure to be here to participate in this five-year anniversary of the resolution of the financial crisis of 2002, and the remarkable recovery...
What caused the financial crisis? What prolonged it? Why did it worsen so dramatically more than a year after it began? Rarely in economics is there a single answer to such questions, but the empiri...
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the ...
I am honored to give this lecture in memory of L.K. Jha. It is a particular privilege to deliver it at this Platinum Jubilee celebration of the Reserve Bank of India. L. K. Jha was a truly outstandi...
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then discuss some of the is...
Existing macroeconomic models account successfully for the immediate effects of a financial crisis on output and employment. I will lay out a simple macro model that captures the most important featur...
We examine in this paper the differential response of establishments to the global financial crisis, with particular emphasis on the role of foreign direct investment (FDI) in determining micro econom...
The financial crisis of 2008-9 has revealed that our broad model of corporate governance is broken, independent of the shortcomings in the regulatory system. Managers and boards of directors in scores...
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeo...
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spendin...
The financial crisis of 2007-9 has sparked keen interest in models of nancial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a ...

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