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Volume 22, Numbers 1 & 2 / March/June 2018 , Pages 1-118
Multinational Finance Journal, 2018, vol. 22, no. 1/2, pp. 1-33
Panayiotis Alexakis , National and Kapodistrian University of Athens, Greece
Gikas Hardouvelis , University of Piraeus & Ex Minister of Finance of Greece, Greece
Dean Paxson , University of Manchester, UK
Gordon Sick , University of Calgary, Canada
Lenos Trigeorgis , University of Cyprus, Cyprus & King’s College London & MIT, UK    Corresponding Author

This article addresses certain key issues of the Greek sovereign debt crisis and its broader economic distress and growth implications for the Euro Area. It also offers a number of remedies, including growth indexed bonds, fiscal balances over the growth cycle, structural reforms, and the use of real option analysis in relevant public policy areas involving either inefficient or growth sectors of the economy.

Keywords : greek sovereign debt; eurozone financial crisis; GDP-linked bonds; structural reforms; real options
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Multinational Finance Journal, 2018, vol. 22, no. 1/2, pp. 35-62
Anastasios G. Malliaris , Loyola University Chicago, USA    Corresponding Author

This paper links the bursting of the housing asset price bubble around 2007 in the U.S. to the instability that arose in financial markets with the bankruptcy of Lehman Brothers in September 2008, and both of these to the Great Recession and the unconventional monetary policy that followed. Similar narratives about the Stock Market Crash of 1929, the Crash of 1987 and the Internet Bubble of 2000 are briefly presented to show their evolving financial nature, describe the financial instabilities produced by them and their costs and, finally examine the responses initiated, primarily, by monetary policy. This analytical synopsis of the four best-known U.S. asset bubble crashes guides us to an articulation of a few basic lessons learned.

Keywords : asset price bubbles; financial instability; monetary policy; financial crises; the great recession
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Multinational Finance Journal, 2018, vol. 22, no. 1/2, pp. 63-118
Scott Brown , University of Puerto Rico, USA
Demetra Demetriou , Cyprus University of Technology, Cyprus
Panayiotis Theodossiou , Cyprus University of Technology, Cyprus    Corresponding Author

The economy of Cyprus was barely affected by the U.S. subprime mortgage debacle. The economic crisis in Cyprus was initially driven by fiscal mismanagement and subsequently by the failure of the government and its regulatory branches to monitor the imprudent behavior and risky investment actions of top executives in the banking sector. That is, banking executives run amok due to poor monitoring leading to severe agency problems in the Cypriot banking industry. The economic effects of the first capital-controlled bail-in in the EU in 2013 temporarily hobbled the real economy and the banking sector of Cyprus. Nevertheless, in less than five years, the economy of Cyprus recovered almost fully. This paper provides an economic analysis of the macroeconomic, banking and political events that led to the economic collapse in Cyprus. We also cover the interim period between collapse and recovery. The Cyprus case is an opportunity for European economic agents and regulators to learn how to avoid bail-in and welfare bloat. Studying Cyprus helps the reader see the most troubling cracks in the foundations of the European Fortress.

Keywords : n/a
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