A New World of Citizen Action, Analysis, and Policy Options However, facts and data indicate that the default and crisis were the logical outcome of a massive debt accumulation process which was the direct result of: 1) the negative effects of policy prescriptions by the IMF and the World Bank (WB), enthusiastically implemented by Argentine officials and 2) a series of exogenous shocks which ra...

Several political and economic factors are involved in choosing exchange rate policy in Organization of Islamic Cooperation (OIC) countries. In the present study, these factors  have been investigated with an emphasis on OCA and political economic factors during 1990 -2014. The result shows that OCA and political economic factors as well as tradable sector are influential on exchange rate poli...

The process of financial globalization has given rise to an increase in the frequency of financial crises. With it, there has also been a surge in research about financial crises. One of the key questions in this area is whether crises are triggered by fundamentals or come as a result of panic. Observing real-world events, many prominent researchers, including Friedman and Schwartz (1963) and K...

We add the Bernanke-Gertler-Gilchrist model to a modi…ed version of the Smets-Wouters model of the US in order to explore the causes of the banking crisis. We test the model against the data on HP-detrended data and reestimate it by indirect inference; the resulting model passes the Wald test on output, in‡ation and interest rates. We then extract the model’s implied residuals on US un…ltered d...

This paper examines the relationship between oil market shocks and financial instability in Asian countries using a Structural Vector Autoregression (SVAR) following Kilian Park’s (2009) methodology. Instability markets is measured by Financial Stress Index (FSI). Based on impulse response functions, findings confirm that source of an price shock (supply side or demand side) extremely important...