Failure of the Business Cycle Theory and Call for a New Theory

The US economy has emerged from the recent financial crisis and embarked on a path of recovery. A key response of the US government to the crisis was to restore the health of crisis-ridden financial institutions through direct fiscal relief and continuous quantitative easing and pumping sufficient liquidity into the financial markets. Fortunately, this process did not give rise to widely feared vicious inflation or post-crisis depression. Does this suggest that as long as the central bank offers unlimited loans or economic assistance to crisis-ridden entities to restore their health, a crisis can be averted？ If this conclusion holds true, does this mean that the theory of cyclical economic crisis has failed？ What is the new theoretical methodology to avoid economic crises？ The answers to these questions will guide us in preventing and responding to financial or economic crises in the future.

Currency Systems and Their Role in Entering and Leaving the Economic Crisis

The paper focuses on a comparison of two contrasting approaches： having a single universal currency in a given fiscal area or supporting a concurrent presence of more competing currencies of different types. A systemic analysis （based on studying both conventional and unorthodox literature） of the modern monetary system points out that the very type of money that is used suffers internal errors that make a crisis inevitable. The indebtedness is systemic and unavoidable in a currency that is issued as a liability. Parallel currencies are proposed as a general solution. A specific solution, including a redefined national currency, is offered too, with an outline of its possible experimental verification. Such a system could help to prevent the next economic crisis, mitigate it, or at least facilitate its leaving. The paper also deals with criticism that is held against the idea of concurrent currencies.

Analysis of Foreign Trade Among Slovakia and the Country V4 After the Changeover

The article presents the situation in foreign trade among Slovakia and the country V4 （Czech Republic, Hungary, Poland, and Slovak Republic） after the changeover in 2009. At a time of economic crisis, Slovakia acceded to the adoption of a common currency--the euro. Prior to the adoption of the euro, apprehensions were raised due to currency decreased export from Slovakia to countries V4. In this article, author analyses the mutual foreign trade of Slovakia with countries of V4 for all commodities in standard international trade classification （SITC） codes. The analysis covers the time before the adoption of the euro from 2004 to 2008 and after the adoption of the euro in the years from 2009 to 2013. It compares the percentage change over the previous year, the balance of foreign trade, and foreign trade turnover. The same analysis is also done for the period prior to the adoption of the euro as a whole and after the adoption of the euro. In the calculations, data from UN Comtrade Database were used, which are indicated in USD. The results indicate that in the transition to the common currency, the euro did not mean for Slovakia worsening trade with V4 countries. Economies of these countries have long been linked and even the possibility of its own monetary policy does not endanger Slovakia＇s export to these countries.

Toxic Currency Options in Poland as a Consequence of the 2008 Financial Crisis

The paper is on toxic foreign exchange options problem which occurred in Poland just prior to and after the outbreak of the recent crisis. Especially Polish enterprises were severely stricken by transactions on fx and interest rate derivatives contracted with their banks. Poland was the only EU country which did not precipitate into recession during the financial crisis beginning in 2008. However, the toxic fx and interest rate derivatives transmitted the shockwaves from global financial markets into Poland. Huge dimensions of losses resulted in conflicts between banks and their customers, who claimed just being cheated by the financial institutions. The article deeply researches into reasons for such developments on Polish fx over-the-counter derivatives market. As a case study, an authentic strategy has been presented. The contract was concluded between the construction company and one of the biggest commercial banks in Poland. Because the case study may be representative for many other cases, the analysis includes exact pricing of option strategy and therefore reveals inequality of the contract. The consequences of non-implementing the MiFID directive in the context of derivatives offering to non-financial customers were also touched in the paper.

浅论金融危机下的毕节试验区应对

一、相关理论(一)金融危机的涵义金融危机又称金融风暴,它是指一个国家、地区或国际间的全部或大部分金融指标(如:短期利率、货币资产、证券、房地产、土地价格、商业破产数和金融机构倒闭数)的急剧、短暂和超周期的恶化。

The Institutional Supply of China＇s Participation in the International Monetary System Reform

There exist dual features of internationalization and regionalization in the current international monetary system, and the U.S. dollar is still in a dominant position in the system. A lack of relevant institutional constraints has led to institutional deficiencies and systematic risks in the international monetary system, and resulted in the frequent financial crises in the world in recent years. As an emerging economy closely related to the current international monetary system, China has responsibilities and obligations to participate actively in international monetary system reform and push forward international monetary system reform through institutional supply.

Japan’s Negative Interest Rate Strategy Stirs Up Global Market

We are living in an era in which monetary policies are needed in order to drive away economic crises.On January 29 the Bank of Japan（BOJ）,the country’s central bank,said that it would apply a0.1-percent fee on new deposits held by commercial banks at the BOJ—in essence adopting a negative interest rate.