We build the network of the top 190 Italian quoted companies during the two financial crises of 2008-2009 (US credit crisis) and 2010-2011 (European sovereign debt crisis) and compare its structure to the pre-crises years, using both minimum spanning trees and the full network with thresholds. We also analyze the centrality and compactness of industry sectors. We find a general contraction of t...

This paper considers the role of monetary policy in mitigating the effects of financial crises. I suppose that the economy occasionally but infrequently experiences crises, where financial variables directly affect the broader real economy. I analyze the formulation of monetary policy under such financial uncertainty, where policymakers recognize the possibility of financial crises, which leads...

The Interactions between Debt and Currency Crises – Common Causes or Contagion? In contrast to the well-known twin currency and banking crises the literature has so far neglected a second type of twin crises, the simultaneous occurrence of currency and debt crises. The decision of a government to devalue and/or to default is closely interlinked through the government’s intertemporal budget cons...

We provide one of the first tests of recent macro global-game crisis models that show that the precision of public signals can coordinate crises (e.g. Angeletos and Werning 2006; Morris and Shin 2002, 2003). In these models, self-fulfilling crises (independent of fundamentals) can occur only when publicly disclosed fundamental signals have high precision; fundamentals are thus the sole driver o...

The uniqueness of projects introduces aspects of management associated with disruptions that threaten progress and crises that affect the organisations that conduct them. The purpose of this paper thus is to review the nature of crises and their remedies that have interfered with project progress of an international construction company. Fifteen crises were studied in a ‘‘projects-as-practice’’...

There were hardly any banking crises between 1939 and 1971, so their later reemergence came as a surprise. Central bank supervisors responded practically by discovering and encouraging the adoption of current best practice in risk management by individual banks, without much theoretical input, whereas economists have mostly focused on models which abstract from default. But default is central t...

Recent emerging market crises have emphasized the fluctuating character of trade’s reaction after financial crises, in contradiction with the apparently simple theoretical impact of such events on trade, which is essentially described by the well-known J-curve mechanism.. We use a gravity-like equation to assess the impact of these events on bilateral sectoral trade and reveal the elements whic...

The crises of the European Union and geopolitical shifts in its international environment have generated a backlash against post-Cold War ‘debordering’ integration. Whereas inte...