Publisher: ASERS Publishing

Challenges to Financial Stability – Perspective, Models and Policies - Volume I

A Framework for Modeling Systemic Risk Drivers of Different Markets

Author(s): / Language(s): English / Publication Year: 2014

During the global financial crisis exchange stock markets fell by more than 40% in Europe, USA or Japan. Real economy stopped, which was seen in international trade, direct investments and industry. These declines illustrate the scale and impact of systemic risk and its local and global consequences. In response, international supervisory and regulators have identified causes of the global financial crisis and took necessary steps to create stability of financial system, discipline in risk-taking, leverage and management of systemic risk. At the present, the global economy is facing some critical factors - supervisory improvement to minimize the risk and its impact of economy and simultaneously market participants examine the multi-faceted nature of regulation. The question is how to make sure that regulation are suitable for potential risk exposure and appropriate to financial institutions capitalization? The other topic is measures of systemic risk factors associated funding, profitability and bank liquidity through stress testing and economic analysis. What is the current level of systemic risk in the global financial system? The increased complexity of financial markets is a relatively new challenge that requires a fundamental shift in our thinking with respect to risk measurement. But we cannot manage what we do not measure. It is unlikely that a single measure of systemic risk will suffice. We anticipate that the variety of inputs ranging from financial stability, liberalization, concentration, and connectedness will all be revealing. Meaningful measurement requires a clear definition of systemic risk and thoughtful modeling of it. There are three major components to the challenge of monitoring systemic risk: the availability of data, modeling and measurement. Practical aspects of monitoring of systemic risks are, therefore, high on the policy of regulatory and supervisory community. Meet to this crucial problems regulators discuss aspects of macro-prudential frameworks, including Basel III capital buffer and monitoring of financial systems in order to detect vulnerability signs. Last years, policy makers, regulators and academics have been exploring questions related to financial stability, systemic risk and regulation. Thus, the goal of this book -Challenges to Financial Stability - Perspective, Models and Policies - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current critical perspective of financial system evolution. This special book addresses answers of these difficult questions. The target audience for this publication is academics, researchers and policy makers engaged in various disciplines such as evolution of the financial system, empirical financial analysis, macro and micro economic, including banking, currency and capital market, financial market liberalization and regulation, risk measurement & management. I expect that this special book will shed light on some of the challenges to stability of global financial system. The book consists of 19 chapters that are organized in 2 volumes - I. A Framework for Modelling Systemic Risk Drivers of Different Markets; II. Towards the Financial Stability -Macroprudential Policy and Perspective.

Challenges to Financial Stability - Perspective, Models and Policies - Volume II

Towards the Financial Stability -Macroprudential Policy and Perspective

Author(s): Renata Karkowska / Language(s): English / Publication Year: 2014

During the global financial crisis exchange stock markets fell by more than 40% in Europe, USA or Japan. Real economy stopped, which was seen in international trade, direct investments and industry. These declines illustrate the scale and impact of systemic risk and its local and global consequences. In response, international supervisory and regulators have identified causes of the global financial crisis and took necessary steps to create stability of financial system, discipline in risk-taking, leverage and management of systemic risk. At the present, the global economy is facing some critical factors - supervisory improvement to minimize the risk and its impact of economy and simultaneously market participants examine the multi-faceted nature of regulation. The question is how to make sure that regulation are suitable for potential risk exposure and appropriate to financial institutions capitalization? The other topic is measures of systemic risk factors associated funding, profitability and bank liquidity through stress testing and economic analysis. What is the current level of systemic risk in the global financial system? The increased complexity of financial markets is a relatively new challenge that requires a fundamental shift in our thinking with respect to risk measurement. But we cannot manage what we do not measure. It is unlikely that a single measure of systemic risk will suffice. We anticipate that the variety of inputs ranging from financial stability, liberalization, concentration, and connectedness will all be revealing. Meaningful measurement requires a clear definition of systemic risk and thoughtful modelling of it. There are three major components to the challenge of monitoring systemic risk: the availability of data, modeling and measurement. Practical aspects of monitoring of systemic risks are, therefore, high on the policy of regulatory and supervisory community. Meet to this crucial problems regulators discuss aspects of macro-prudential frameworks, including Basel III capital buffer and monitoring of financial systems in order to detect vulnerability signs. Last years, policy makers, regulators and academics have been exploring questions related to financial stability, systemic risk and regulation. Thus, the goal of this book -Challenges to Financial Stability - Perspective, Models and Policies - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current critical perspective of financial system evolution. This special book addresses answers of these difficult questions. The target audience for this publication is academics, researchers and policy makers engaged in various disciplines such as evolution of the financial system, empirical financial analysis, macro and micro economic, including banking, currency and capital market, financial market liberalization and regulation, risk measurement & management. I expect that this special book will shed light on some of the challenges to stability of global financial system. The book consists of 19 chapters that are organized in 2 volumes: Volume I - A Framework for Modelling Systemic Risk Drivers of Different Markets and Volume II - Towards the Financial Stability – Macroprudential Policy and Perspective.

Design a Pattern of Sustainable Growth. Innovation, Education, Energy and Environment

Author(s): / Language(s): English / Publication Year: 2014

The global financial crisis, the euro crisis, the increasing population, the slow pace of radical innovations, the risks concerning the environment, but also the Arab Spring and its effects, the US Federal Reserve‘s tapering program, and, last but not least, the 75 million unemployed young people around the world, have characterized the global economy in the past few years. So the economy at a global level shows a growing number of critical factors.Uncertainty, above all, is the characterizing the world‘s economy and the expectations about growth are diminishing. Moreover, on the one hand, the world is becoming more tightly interconnected, on the other, it is becoming more inequitable, volatile, and less sustainable.Globalization has helped to bring hundreds of millions of people out of poverty. Many of these people have become customers of the global economy, clustering in new urban areas requiring infrastructure and resources. In this scenario a new growth model that guarantees high￾quality and sustainable economic growth becomes a crucial choice in every country. This new model of growth is necessary to boost long-term sustainable growth. It should focus on innovation, education, green energy, infrastructure and sustainable agriculture to get economic and social returns.Innovation, in particular, remains a strategic factor for growth and it is also a crucial determinant of the global competitiveness of countries. It is important to create innovations that improve quality of life, provide value for organizations and stakeholders. Joseph Schumpeter in his book, Capitalism, Socialism and Democracy (1942) has pointed out that innovation is the process that generates goods and services that are of better quality and lower prices than their predecessors. As firms innovate, they inevitably bring about an efficient allocation of the economy‘s resources and growth will occur.In addition, education and training of human resources is a key issue for sustainable and high quality growth. Moreover, new skills and competencies and their management are crucial for growth. At the same time the environment is directly related to people‘s quality of life and economic development. Problems such as, for instance, the expansion of the urban area into peripheral areas will have effects on the natural ecosystems. Environment and energy are also strictly interconnected; the challenges of energy efficiency, renewable energy, sustainable land use and natural resources management have become absolutely important in the perspective of sustainable growth. Science, technology and innovation can provide solutions for energy and environment, thus it is essential to consider those technical innovations that are adapted to environmental, economic and social conditions of the country.

Designing and Deploying Logistic Systems

Author(s): / Language(s): English / Publication Year: 2015

Globalisation as well as integration of trade markets, quick development and transfer of information and communication technologies (ICT), geographically dislocated manufacturing, development of automated systems production, growing demands of customers and a big number of further factors lead to increasing demands concerning the quality of logistics as well as general logistic systems. It is generally known that logistics deals with organising, planning and controlling streams of ready products, services, materials, raw materials, and semi-products used during manufacturing processes while taking into account the need to satisfy all requirements of the market. At the same time investment and capital costs are to be minimised. Today´s turbulent enterprising environment requires constant search for new methods on the basis of which it is possible to effectively propose, implement, control and optimise logistic systems dedicated for special usage purposes (trade, transport, manufacturing, etc.). The main goal is always to create complex integrated systems satisfying all current needs of the environment in which it is implemented at a minimal level. This kind of system should enable its users to optimise it even more by means of managerial approaches. Moreover, optimisation must be understood in a complex way on condition that optimisation of the whole logistic system almost always means optimising its separate parts (subsystems).In general, this book intends to be of a great value to various interest groups including academics, researchers, and practitioners engaged in business and manufacturing enterprises. The book contains 8 chapters presenting selected theoretical, scientific and practical approaches and case studies. Contents of the chapters have the common idea and, I believe, are able to be the starting points for further research and patterns for solving certain tasks in practice.

Financial Aspects of Recent Trends in the Global Economy - Volume I

Author(s): / Language(s): English / Publication Year: 2013

Current global financial and economic crisis represents one of the key areas of policy makers as well as academics discussions. Together with debt crisis they may be considered as one of the most crucial challenges that official authorities are facing over the past few decades. Crisis period focused attention of economists to various areas of the financial aspects of recent trends in the world economy in the new global era. Financial liberalization together with the process of growing financial integration among countries in global content significantly contributed to rapid increase in the financial dependence of national financial markets. Intensification and internationalization of financial transactions, financial innovations and rising strength of financial institutions accelerated growing potential of the financial sector. It is not surprising that nowadays daily turnover in financial transactions significantly exceeds daily turnover in trade all over the world. As a result overall impact of financial sector activities on the real economy markedly increased over last few decades. Finally, a rising demand for more effective regulation of national financial sectors and international financial transactions seems to be a convenient way that policymakers suggest as the appropriate solution for current global financial challenges. Within this context we also point to an increasing relevancy of voices calling for new arrangement of international monetary system.Increased uncertainty considerably reduced allocation effectiveness of the financial markets during the crisis period. While the interest rates during the recession period generally decreased, costs of lending increased mostly for highly indebted countries. Economic crisis emphasized another crucial aspect of the current development in the world economy generally known as debt financing of economic growth and related negative trend in public debt development. Particular problems in the most indebted Eurozone countries affected not only stability of the euro exchange rate but also became the main reason for accelerating the process of fiscal unification, banking union formation and key adjustments in Eurozone stabilization mechanisms. As a result the pressures to strengthen financial discipline of the Eurozone member countries increased while the alternative scenarios of Eurozone reconstruction remained still alive (i.e. national bankruptcy, fiscal union). Another problem partially related to the current debt crisis represents a significant growth of the corporate debt, also known as corporate funding crisis. Accumulation of corporate debt during last few decades together with slow post crisis recovery in the main world economy centers raises the risk of upcoming corporate insolvency wave as a result of the huge wall of maturing debt signalizing refinancing difficulties in credit markets in United States, Europe and Asia.The last problem we emphasize as a direct consequence of negative aspects of the current crisis period is related to the rising indebtedness of households. In many countries an individual insolvency still deserves not sufficient attention of official authorities. Personal bankruptcy as a complex consolidation procedure is also not adequately implemented in the national legislation especially in the less developed countries considering wide aspects of this process.

Financial Aspects of Recent Trends in the Global Economy - Volume II

Author(s): / Language(s): English / Publication Year: 2013

Current global financial and economic crisis represents one of the key areas of policy makers as well as academics discussions. Together with debt crisis they may be considered as one of the most crucial challenges that official authorities are facing over the past few decades. Crisis period focused attention of economists to various areas of the financial aspects of recent trends in the world economy in the new global era. Financial liberalization together with the process of growing financial integration among countries in global content significantly contributed to rapid increase in the financial dependence of national financial markets. Intensification and internationalization of financial transactions, financial innovations and rising strength of financial institutions accelerated growing potential of the financial sector. It is not surprising that nowadays daily turnover in financial transactions significantly exceeds daily turnover in trade all over the world. As a result overall impact of financial sector activities on the real economy markedly increased over last few decades. Finally, a rising demand for more effective regulation of national financial sectors and international financial transactions seems to be a convenient way that policymakers suggest as the appropriate solution for current global financial challenges. Within this context we also point to an increasing relevancy of voices calling for new arrangement of international monetary system.Increased uncertainty considerably reduced allocation effectiveness of the financial markets during the crisis period. While the interest rates during the recession period generally decreased, costs of lending increased mostly for highly indebted countries. Economic crisis emphasized another crucial aspect of the current development in the world economy generally known as debt financing of economic growth and related negative trend in public debt development. Particular problems in the most indebted Eurozone countries affected not only stability of the euro exchange rate but also became the main reason for accelerating the process of fiscal unification, banking union formation and key adjustments in Eurozone stabilization mechanisms. As a result the pressures to strengthen financial discipline of the Eurozone member countries increased while the alternative scenarios of Eurozone reconstruction remained still alive (i.e. national bankruptcy, fiscal union). Another problem partially related to the current debt crisis represents a significant growth of the corporate debt, also known as corporate funding crisis. Accumulation of corporate debt during last few decades together with slow post crisis recovery in the main world economy centers raises the risk of upcoming corporate insolvency wave as a result of the huge wall of maturing debt signalizing refinancing difficulties in credit markets in United States, Europe and Asia.The last problem we emphasize as a direct consequence of negative aspects of the current crisis period is related to the rising indebtedness of households. In many countries an individual insolvency still deserves not sufficient attention of official authorities. Personal bankruptcy as a complex consolidation procedure is also not adequately implemented in the national legislation especially in the less developed countries considering wide aspects of this proces

Intelligent Decision Support Systems for Managerial Decision Making

Author(s): / Language(s): English / Publication Year: 2011

Intelligent decision support using advanced decision technologies are becoming increasingly important in management. Data warehouses and data mining can be used to store and analyze product, inventory, and sales information. Simulation and optimization,which can be found in advanced planning and scheduling systems, can be employed for inventory, production, procurement, and distribution planning. Intelligent agents can e.g.communicate with different partners in the supply chain, assist in collecting information,share product information, negotiate prices, and distribute alerts throughout the logistics networks. Thus, the goal of this book was to encourage the exchange of new ideas about intelligent decision support systems and to promote their use in the organizations'decision making processes. The emphasis was also being placed on emerging needs related to distributed and remote decision which could be supported through the web.New thoughts and new ideas for enhancing decision making through the use of web technologies and the World Wide Web was especially welcomed.This book is an effort to present the path-breaking concept of intelligent decisions and discusses a few applications that demonstrate the need and importance of using advanced decision technologies for decision-making process. The book is divided into five broad chapters...The first chapter “Managerial Decision Making Using Cluster Analysis Methods” by F. Hunka discusses about cluster analysis methods used for classification when nearly nothing is known about the internal structure of the explored data in decision making process. The structure of this chapter is as follows: a part is devoted to short description of cluster analysis with the focus on utilized methods and approaches and then is summarized requirements on the programming system mainly concerning object oriented paradigm. Next part presents the essence of decision making model and also an architectural structure of the model is described. The experimental verification of the model is a content of last part. Results and discussion of the problem is summarized in the end.The second chapter “Intelligent Software Agents for Data Analysis in Knowledge based Systems” by L. Stefănescu and C.I. Popîrlan provides an overview of the state of research into knowledge-based systems and intelligent software agents and the problems associated with it. Subsequently, it outlines the reasons behind theories in using of multi agent model for large knowledge-based systems and shows us the benefices for data analysis in a large contact center. It also focuses on the presentation of multi-agent approach using JADE for data analysis in knowledge-based systems, in context of contact centers. Finally, it highlights how contact centers become more complex in their function and organization so that the data analysis becomes more important to ensure consistency and efficiency.The third chapter “Decision-Making in the Context of E-Commerce Systems” by P. Suchánek, D. Vymětal and R. Bucki explains the power of electronic commerce as tool for implementing business activities. In its first part it is describes the structure of ecommercesystem and its management system, the methods of e-commerce systems modeling based on process oriented, value-chain oriented and multi-agent system oriented approaches. The second part focuses on e-commerce systems simulations as a decision-making support and the main attention is devoted to definition of production function, equations of state and heuristic management of the production process, all indirect relation to the implementation of simulation system.The fourth chapter “Exploiting Fuzzy Cognitive Maps in Resiliency related Management Decisions” by D. Ward and P. Trucco throws light on the factors that force modern organizations and their management to encompass complex socio-technical economical systems, risk management, crisis management and expert judgment in multi actor and multi-criteria fuzzy decision making circumstances. The sum of these factors provides the ideal playing field for fuzzy logic theory and fuzzy cognitive mappinge specially in the contexts of management decisions and business continuity management. The authors set out to provide an introduction to fuzzy cognitive maps,explaining the features of them. It further discusses the relative appropriateness to the two case studies. The first case study looks at operational resilience (analysis and allocation) in multi-actor and multi-criteria, collaborative environments. The second case study examines at operational resilience and business continuity management in key resource supply chains, which are now a key feature of modern enterprises and their globalized markets.The last chapter “Fuzzy Logic supported by ICT in Managerial Decision-Making”by P.Wolf speaks about the changes in the paradigms of managerial thinking, complexity of problems needed to be solved, issues that deals with the growing system complexity of task, rate of uncertainty and risks of entrepreneurial activities. Further, applications of fuzzy sets in decision-making process are discuses with the scope to set a strategic goal that should be reached using a model situation of setting a strategy of long-term financing of an advertising campaign depending on the market saturation extent and limited amount of finances designed for the advertising campaign of the particular product.Finally, it concludes by highlighting the possibility to make general rules for dealing with particular situations that may occur, solved in most cases by particular case weighed methodology.In general this book intends to be of great value to various interest groups including academics, researchers, and practitioners engaged in management organization at various strategic levels and whole field of decision making process.

Journal of Advanced Research in Economics and International Business

Frequency: 2 issues / Country: Romania

The journal provides a forum for academics and professionals to share the latest developments and advances in knowledge and practice of Economics and International Business by publishing cutting edge papers in these areas. It aims to foster the exchange of ideas on a range of important international subjects, to provide stimulus for research and the further development of international perspectives, and to publish empirical and applied research on issues relating to Economics and International Business. The international perspective is further enhanced by the geographical spread of the contributors.

Journal of Advanced Research in Law and Economics (JARLE)

Frequency: 2 issues / Country: Romania

Journal of Advanced Research in Law and Economics provides readers with high quality and empirical research in law and economics. The Journal publishes analytical studies on the impact of legal interventions into economic processes by legislators, courts and regulatory agencies. Finally, important developments and topics in law and economics analysis will be documented and examined in special issues dedicated to that subject. The journal is edited for readability; lawyers and economists, scholars and specialized practitioners count among its readers.

Journal of Advanced Research in Management (JARM)

Frequency: 2 issues / Country: Romania

The Journal aims to serve researchers, scholars through prompt publications of significant advances in any branch of management science, and to provide a forum for the reporting and discussion of news and issues concerning management science. The editorial objective of the journal is facilitation of knowledge enhancement related to studies in the following fields, but are not limited to these: Organizational Studies; International management issues; Knowledge management; Reengineering organizational; Entrepreneurship in the global marketplace; Business internationalization/globalization; Strategic alliances, partnerships and networks; Global strategies for cooperation and competition; Financial management; Supply chain management; Information systems, technology, innovation and operations management; Educational management and leadership; Total quality management; Management/business information systems; International Project Management; E-Business Innovation and Process Management.

Journal of Advanced Studies in Finance (JASF)

Frequency: 2 issues / Country: Romania

The Journal aims to publish empirical or theoretical articles which make significant contributions in all areas of finance, such as: asset pricing, corporate finance, banking and market microstructure, but also newly developing fields such as law and finance, behavioural finance, and experimental finance. The Journal will serves as a focal point of communication and debates for its contributors for better dissemination of information and knowledge on a global scale.

Journal of Environmental Management and Tourism (JEMT)

Frequency: 2 issues / Country: Romania

Journal of Environmental Management and Tourism is an interdisciplinary research journal, aimed to publish articles and original research papers that should contribute to the development of both, experimental and theoretical nature in the field of Environmental Management and Tourism Sciences.

Journal will publish original research and seeks to cover a wide range of topics regarding environmental management and engineering, environmental management and health, environmental chemistry, environmental protection technologies (water, air, soil), pollution reduction at source and waste minimization, energy and environment, modeling, simulation and optimization for environmental protection; environmental biotechnology, environmental education and sustainable development, environmental strategies and policies, etc. This topic may include the fields indicated above, but are not limited to these.

Journal of Mathematical Economics and Finance

Frequency: 6 issues / Country: Romania

Journal of Research in Educational Sciences (JRES)

Frequency: 1 issues / Country: Romania

The Journal is design to promote scholary thought in the field of education with the clary mission to provide an interdisciplinary forum for discussion and debate about education”s most vital issues. We intend to publish papers that contribute to the expanding boundries of knowledge in education and are focusing on research, theory, current issues and applied practice in this area. Journal of Research in Educational Sciences is indexed in IndexCopernicus, EBSCO, RePEC and very soon in CEEOL database. The aims and scope of the Journal includes, but is not limited to; the following major topics as they relate to the Educational Sciences: Educational Psychology; Engagement and Community; Leadership in Education; School Improvement; Human Resources in Education; Education and Information Science; Global strategies in Higher Education; Learner Needs in 21 Century; The Role of Education in The Globalization World; Technology-Based Learning; …….Any other related topic.

Management and Environmental Protection

Author(s): / Language(s): English / Publication Year: 2012

Every action we take, every used phone we throw away, every can of soda we put in the wrong place will affect the planet and, subsequently, the lives of future generations. When we have so much power to ruin the world, we should not be allowed to not know how we could also save it. The present book, although it cannot put together all the available information, tries to gather the minimum of it, so that it can make us understand how much harmwe, as human beings, have brought to our planet, why we should stop doing it and what we should do in order to make things better. The book is a collection of articles that have one thing in common: the protection of the environment, which they approach from different perspectives.

Mathematical Models in Economics

Author(s): / Language(s): English / Publication Year: 2012

Mathematical Models in Economics - has been put together with the purpose of giving an example of the possibilities to use specific modern methods (optimal control, neural networks, data envelopment analysis, wave equations, dynamical systems) that can be put into application on a very large scale, in numerous key-areas of the field of economics. Various analysis regarding the static case are made for a more profound understanding of the correlations that arise between different variables in micro and macroeconomics, and they are made as well taking into account the dynamic case, which brings this paper even closer to reality. Furthermore, another subject rendered by the book is that of economic mechanisms from a stochastic point of view (this is especially explained in the chapters regarding the game theory) which prove once more the random character of economic variables. From the multitude of mathematical models regarding the dynamic of different economic variables, this book includes: allocation models, regional growth, dynamic models of the cycle of commerce, others models concerning the crisis of the Euro zone, decision making models or advertising models. While some may be thoroughly analyzed, others reflect only a summarized matter of the problem.

Start-ups and Start-up Ecosystems: Theories, Models and Case Studies in the Mediterranean Area

Author(s): / Language(s): English / Publication Year: 2014

Mediterranean ecosystems are populated mostly by small family businesses. As a consequence of the central role played by the family in the countries in this area of the world, members of a single family hold the property and deal with the management of companies. This, on the one hand, constitutes strength of these companies, which benefit from high internal cohesion that makes it very resistant to the difficulties; on the other hand, affects their potential for growth and technological innovation, since the human and financial resources of a family are often insufficient to successfully implement a development strategy. Until now, small family businesses have faced internal competition and international in various ways: creating districts to make ‗critical mass‘ and survive the competition exerted by larger companies; specializing in productions that cannot be easily imitated, because highly differentiated (Made in Italy‘); operating in areas protected from foreign competition because they consist of small businesses operating in local markets, with low capital intensity and low added value.The tremendous acceleration of technological development requires these small family businesses to overcome this financial gap, managerial, and know-how that does not allow to exploit their development potential. This need also arises (perhaps especially) for innovative businesses at start up and, in general, for newly established firms. This does not mean that the Mediterranean should imitate the Anglo Saxon model based on big corporations, private equity and efficient capital markets. Quite the contrary. Any attempt to imitate this model would be destined to a resounding failure because inconsistent with the widespread entrepreneurial culture in the Mediterranean countries.The big corporations operating in the Anglo-Saxon world, are facing the fierce competition of startups that introduce innovations that generate discontinuities jeopardizing their business model. The need to standardize processes makes them unwieldy and unsuitable to promote innovation. An obstacle to innovation derives from the need to neutralize the risks typical of radical innovations in product and process. To cope with this problem, they are creating spin offs, through which experience innovations outside (thus neutralizing the risks), and acquiring innovative startups that have already achieved success in the market (and therefore are not very risky).

Theoretical and Practical Research in Economic Fields (TPREF)

Frequency: 2 issues / Country: Romania

Theoretical and Practical Research in Economic Fields publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. Journal promotes research that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in economics. The interaction between empirical work and economic policy is an important feature of the journal.