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Global Financial Crisis (global + financial_crisis)
Selected AbstractsAFRICA/GLOBAL FINANCIAL CRISIS: Funding GapAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 2 2009Article first published online: 7 APR 200 No abstract is available for this article. [source] AFRICA/GLOBAL FINANCIAL CRISIS: The Way ForwardAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 1 2009Article first published online: 9 MAR 200 No abstract is available for this article. [source] European Perspectives on the Global Financial Crisis: Introduction,JCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 5 2009DERMOT HODSON First page of article [source] Don't Judge a Superannuation Default Investment Option by Its NameAUSTRALIAN ACCOUNTING REVIEW, Issue 3 2010Gerry Gallery With the massive decline in savings arising from the Global Financial Crisis (GFC), it is timely to review superannuation fund investment and disclosure strategies in the lead-up to the crisis. Accordingly, this study examines differences among superannuation funds' default investment options in terms of naming and framing over three years from 2005 to 2007, as presented in product disclosure statements (PDSs). The findings indicate that default options are becoming more alike regardless of their name, and consequently, members may face increasing difficulties in distinguishing between balanced and growth-named default options when comparing them across superannuation funds. Comparability is also likely to be constrained by variations in the framing of default options presented in investment option menus in PDSs. These findings highlight the need for standardisation of default option definitions and disclosures to ensure descriptive accuracy, transparency and comparability. [source] Discount Rates in Disarray: Evidence on Flawed Goodwill Impairment TestingAUSTRALIAN ACCOUNTING REVIEW, Issue 4 2009Wayne Lonergan The onset of the Global Financial Crisis (GFC) will focus even more attention on the inadequacies in impairment testing by reporting entities. However, experience with the corporate sector, even before the GFC, indicated that there were widespread problems in practice with impairment testing. The article by Carlin and Finch is therefore both timely and particularly relevant to the current capital markets. [source] What Caused the Sharp Downturn in the Chinese Economy during the Global Financial Crisis?CHINA AND WORLD ECONOMY, Issue 4 2010A Critical Note on Causality in Trade Linkage E32; F14; P33 Abstract In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the "collapse of external demand," the present paper scrutinizes three relevant issues: How have large Chinese importers behaved in a demand-price setting? How have Chinese commodity imports and exports interacted in recent years? Did the downturns in China's export growth come earlier and were they deeper than those in Chinese import growth? All answers appear to suggest a conclusion contrary to the abovementioned view: sharp downturns in China's trade and economy during the recent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely "external." Insomuch as globalization has advanced, a large economy like China's today faces new potential sources of macroeconomic disturbances, from inside and outside. [source] China and the Global Financial Crisis: Assessing the Impacts and Policy ResponsesCHINA AND WORLD ECONOMY, Issue 3 2010Yan Liang F40; O11; O53 Abstract The present paper explores the role of China in the creation of the current global financial crisis and the impacts of the crisis on its economy. It argues against the view that the "saving glut" in China (along with other Asian emerging economies) played a significant causal role in the crisis. The global financial crisis did not engender much damage in China's financial structure, thanks to the relatively closed, bank-centered financial system. However, the impacts on the "real" side of the Chinese economy were hard felt. Growth and employment have fallen, largely due to the decline in exports and foreign direct investment. The crisis reveals the vulnerability of the export-dependent growth pattern. Policy responses of the Chinese Government, including monetary, fiscal and social policies, have helped to stem the downfall of the economy in the immediate term, but some of the policies have not addressed the structural problems of the Chinese economy and might well aggravate such problems over time. The present paper proposes a tentative reform blueprint to rebalance the economy and to sustain long-term growth. [source] Global financial crisis and performance improvementPERFORMANCE IMPROVEMENT, Issue 9 2009Ashur Heda No abstract is available for this article. [source] How Should Macroeconomic Policy Respond to Foreign Financial Crises?,ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2010Anthony J. Makin F31; F33; F41 This paper examines the impact of global financial crises on the Australian economy and how monetary and fiscal policy may be used to manage economic downturns that result. To do so, it presents a straightforward analytical framework incorporating financial wealth, exchange rate expectations, foreign demand and interest rate risk to analyse the key role played by the nominal exchange rate in insulating national income from the worst effects of foreign financial crises. In the event the economy is not fully insulated by exchange rate depreciation, it shows that, in principle, monetary policy is a superior instrument to fiscal stimulus for restoring aggregate demand to the full employment level. Since monetary policy is not handicapped by numerous problems that render fiscal stimulus less effective, it should normally be considered a sufficient instrument on its own. [source] Financial Contagion in Five Small Open Economies: Does the Exchange Rate Regime Really Matter?INTERNATIONAL FINANCE, Issue 1 2000Zsolt Darvas This paper examines the spillover effects of the global financial crises of 1997,9 on five small open economies with different types of exchange rate regimes: the Czech Republic, Greece, Hungary, Israel and Poland. We found empirical evidence that the regional aspect played a dominant role in the intensity of the spillover effects. We found no empirical evidence that the pressures on exchange rates, interest rates and stock markets were primarily influenced by the exchange rate regime in place. Our findings do not support the commonly held view that flexible regimes are the best choice for small open emerging market economies exposed to volatile capital flows. [source] FINANCIAL CRISES AND INTERNATIONAL STOCK MARKET VOLATILITY TRANSMISSIONAUSTRALIAN ECONOMIC PAPERS, Issue 3 2010INDIKA KARUNANAYAKE This paper examines the interplay between stock market returns and their volatility, focusing on the Asian and global financial crises of 1997,98 and 2008,09 for Australia, Singapore, the UK, and the US. We use a multivariate generalised autoregressive conditional heteroskedasticity (MGARCH) model and weekly data (January 1992,June 2009). Based on the results obtained from the mean return equations, we could not find any significant impact on returns arising from the Asian crisis and more recent global financial crises across these four markets. However, both crises significantly increased the stock return volatilities across all of the four markets. Not surprisingly, it is also found that the US stock market is the most crucial market impacting on the volatilities of smaller economies such as Australia. Our results provide evidence of own and cross ARCH and GARCH effects among all four markets, suggesting the existence of significant volatility and cross volatility spillovers across all four markets. A high degree of time-varying co-volatility among these markets indicates that investors will be highly unlikely to benefit from diversifying their financial portfolio by acquiring stocks within these four countries only. [source] Cross-country experiences and policy implications from the global financial crisisECONOMIC POLICY, Issue 62 2010Stijn Claessens Summary The financial crisis of 2007--2008 is rooted in a number of factors, some common to previous financial crises, others new. Analysis of post-crisis macroeconomic and financial sector performance for 58 advanced countries and emerging markets shows a differential impact of old and new factors. Factors common to other crises, like asset price bubbles and current account deficits, help to explain cross-country differences in the severity of real economic impacts. New factors, such as increased financial integration and dependence on wholesale funding, help to account for the amplification and global spread of the financial crisis. Our findings point to vulnerabilities to be monitored and areas of needed national and international reforms to reduce risk of future crises and cross-border spillovers. They also reinforce a (sad) state of knowledge: much of how crises start and spread remains unknown. --- Stijn Claessens, Giovanni Dell'Ariccia, Deniz Igan and Luc Laeven [source] Research Productivity and Social Capital in Australian Higher EducationHIGHER EDUCATION QUARTERLY, Issue 2 2010Mohammad Salaran This study investigates the role of social capital in raising research productivity in academic institutions. Social capital as a strategic resource embedded in social relationships can be utilised towards decreasing pressures from external environmental conditions, such as the global financial crisis. A survey was sent to academic staff in five universities in Victoria, to collect data regarding their frequency of communications and research productivity. The findings indicated that there is a significant and positive correlation between social interactions and research productivity. Regression analysis demonstrated that social interactions as an independent variable predict research productivity of academics. [source] Introduction: The Global Financial Crisis, Developing Countries and Policy ResponsesIDS BULLETIN, Issue 5 2009Neil McCulloch How is the global financial crisis affecting developing countries and what should policy responses be? This is the subject of this IDS Bulletin. In this introduction, we summarise the key findings of a set of research projects on the financial crisis undertaken at IDS between February and April 2009 and propose policy responses. [source] Why the United Kingdom Should Join the EurozoneINTERNATIONAL FINANCE, Issue 3 2008Willem H. Buiter The message of this paper is that the global financial crisis that started in August 2007 provides another powerful and sufficient argument for the United Kingdom to join the EMU and adopt the euro as soon as technically possible. This new financial stability argument for UK membership in the EMU is separate from and in addition to the conventional optimal currency arguments for joining, which have also become more persuasive in the past few years. [source] China's new Enterprise Bankruptcy Law,A great leap forward, but just how far?INTERNATIONAL INSOLVENCY REVIEW, Issue 2 2010Emily Lee The closure of many small and medium enterprises (SMEs) following the global financial crisis of 2008 spurred the Chinese government to follow its international counterparts in issuing an economic stimulus package. While it was effective in preventing many financially distressed SMEs from failure by boosting demand for its businesses, in the long run, such SMEs should be rescued through a statutory regime, which affords them temporary protection from creditors and provides them an opportunity to restructure their businesses. In doing so, the premature liquidation of SMEs would be prevented and SMEs with viable businesses but in temporary financial difficulties would be given a chance to succeed again. Although China's new Enterprise Bankruptcy Law (EBL) has shortcomings, it improves upon its predecessor legislation and, since it is still at an infantile stage of development, is bound for further reform. Despite the EBL's success in bringing Chinese corporate bankruptcy laws in line with international standards, full compliance with the UNCITRAL Model Law on Cross-Border Insolvency and UNCITRAL Legislative Guide on Insolvency Law remains to be seen. In September 2008, the South China Morning Post newspaper reported that the number of (applications for) corporate reorganization and bankruptcy cases had dropped, "leading to widespread speculation there are problems in the law's practical application".1 This article examines the implementation of the EBL, critiques key aspects of the EBL and argues for a comprehensive assessment of the EBL and for bringing the EBL in full compliance with the international standards on cross-border insolvency. Copyright © 2010 John Wiley & Sons, Ltd. [source] The Global Financial Crisis and Migrant Workers in China: ,There is No Future as a Labourer; Returning to the Village has No Meaning'INTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH, Issue 3 2010KAM WING CHAN Abstract This essay examines the impact of the global financial crisis on rural migrant labour in China, with a focus on unemployment. It illustrates the interaction of global and China-specific processes in the context of the worldwide recession. The essay first summarizes China's unique socio-economic system and the mechanisms that have created a system of ,rural migrant labour' and ,super-cheapened' it to help make China the ,world's factory'. The main part of the essay examines the unemployment situation for migrants in late 2008 and the first half of 2009, and the dislocations and problems migrant labourers are facing. The China story is complex but interesting, not only for its rather complicated lexicon and statistics that often confuse outside observers, but also for its distinctive system of exploiting the rural population and internal migrant labour. This system makes the impact of the global crisis on migrant labourers, which are at the bottom of the global supply chain, all the more apparent. The last part of this essay analyses recent governmental fiscal-stimulus policies and measures as well as their impact on rural migrant labour, making some broader observations and linking the crisis to China's model of development. Résumé Ce texte examine l'impact de la crise financière mondiale sur la main-d',uvre migrante rurale chinoise en s'intéressant notamment au chômage. Il illustre l'interaction des processus planétaires et nationaux dans le cadre de la récession mondiale. Une synthèse présente d'abord le régime socio-économique unique du pays, ainsi que les mécanismes qui ont créé un système de ,main-d',uvre migrante rurale' tout en ,hyper-dépréciant' ces travailleurs afin de faire de la Chine ,l'usine du monde'. L'étude centrale porte sur le chômage des migrants entre la fin 2008 et le premier semestre 2009, ainsi que sur les bouleversements et problèmes que rencontrent les ouvriers migrants. L'histoire chinoise est complexe mais intéressante, non seulement à cause d'un vocabulaire et de statistiques compliqués qui déroutent souvent les observateurs extérieurs, mais aussi par son système spécifique d'exploitation de la population rurale et de la main-d',uvre migrante. Ce système renforce d'autant plus l'impact de la crise mondiale sur les ouvriers migrants, lesquels se trouvent tout en bas de la chaîne d'approvisionnement mondial. En revenant sur les récentes politiques et mesures d'incitation fiscale du gouvernement et sur leurs conséquences pour la main-d',uvre migrante rurale, la dernière partie élargit le champ des observations et relie la crise au modèle de développement chinois. [source] The impact of the global financial crisis on social protection in developing countriesINTERNATIONAL SOCIAL SECURITY REVIEW, Issue 2 2010Anna McCord Abstract The global financial crisis has had a devastating effect on poverty levels in developing countries, and the social protection response to date, in the form of social assistance, has been limited, constrained by the weak systems and low coverage of pre-existing provision. Developing countries have struggled to honour pre-crisis social protection policy commitments due to declining revenues, and in this context the potential for expanding coverage to assist those further impoverished and the "new poor" are remote. Despite the expansionary fiscal stance adopted by many developing countries, the focus of policy responses to the crisis has been on protecting and stimulating growth. The focus has not been on social protection provision to assist the poor directly. Where social protection interventions have been made they have, in many cases, been limited to ad hoc and often regressive interventions such as generalized food or fuel subsidies, rather than more systemic and pro-poor interventions. However, there may be some scope for optimism, as the crisis has stimulated a number of initiatives to promote donor coordination and programming coherence, which may result in improvements in the efficiency and impact of future social protection programming. [source] Healing the global financial crisisJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 6 2009Stephen R. Goldberg Right now, the world is in the grips of a global financial crisis. The world economy is ailing. But what are the causes of this illness, and how can we heal it? The authors take a detailed look at the history, causes, and cure of our current economic woes. © 2009 Wiley Periodicals, Inc. [source] The global financial crisis of 2008,2009: an opportunity for development studies?JOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 6 2010James Copestake Abstract This paper draws upon the five other papers presented in this volume, along with other presentations made at the 2009 Development Studies Association Conference, to reflect on the relationship between development studies and the 2008,2009 global financial crisis. It first analyses antecedents to the crisis by relating the papers presented by Gore (on long waves of capitalism) and Fischer (on China's integration into the world economy) to a Polanyian analysis. It then considers immediate policy responses with particular reference to India (based on the conference presentation by Mehrotra), China (based on the paper by de Haan) and the 2009 DFID White Paper. Third, it considers two possible additional sources of finance for developing countries: South Korean aid (discussed by Chun et al.) and new forms of international money (discussed by Hudson). The paper concludes that while the crisis is a reminder of structural global economic interconnectedness a challenge for development studies is to combine this fact with analysis that is also interdisciplinary, multi-tiered and policy relevant. Copyright © 2010 John Wiley & Sons, Ltd. [source] The global recession of 2009 in a long-term development perspectiveJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 6 2010Charles Gore Abstract This paper argues that the global recession of 2009 marks the ending of a global development cycle which began in the early 1950s. The long-wave rhythm of production and prices in the global development cycle is generated by the life cycle of investment and innovation during a technological revolution, related changes in supply and demand for natural resources, and inertia and transformation in the socio-institutional framework within which development takes place. From this perspective, the global recession is interpreted as a blocked structural transition. Whilst failings in the financial system triggered the global financial crisis, that crisis and the recession are more deeply rooted in contradictions in the global development trajectory. A paradigm shift in development theory and practice is a crucial element of the socio-institutional transformation now necessary to re-boot the global development cycle. Copyright © 2010 John Wiley & Sons, Ltd. [source] Development's invisible hands: Introduction to special issueJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 6 2009Alan Thomas Abstract This Special Issue comes from the Development Studies Association (DSA) 30th Anniversary conference in 2008. The theme was ,Development's Invisible Hands', focusing on the forces likely to influence global change and re-shape development agendas over the next 30 years. The first section comprises brief invited thinkpieces mainly from DSA past presidents. Interestingly, while some focus on Adam Smith's original ,invisible hand' analogy and others discuss a range of non-market issues, several invoke Karl Polanyi on the limitations of market society. The second and third sections consist, respectively, of ,synthesis' papers on parallel panel themes and papers developed from the best panel presentations. The papers demonstrate the range of issues raised by questioning the future of development and development studies,while the limitations of future gazing are pointed up by the unexpected challenge to current development models presented since the conference by the global financial crisis. Copyright © 2009 John Wiley & Sons, Ltd. [source] Undernutrition among children in South and South-East AsiaJOURNAL OF PAEDIATRICS AND CHILD HEALTH, Issue 9 2010Sant-Rayn Pasricha Abstract Undernutrition remains a major public health problem among children living in Asia. Although the burden is maximal among poorer, rural and Indigenous communities, the problem affects the majority in many Asian countries, especially in South Asia. In order to prevent the pervasive consequences of undernutrition, strategies that address this burden are required. Successful implementation of strategies may be limited by the complex aetiology of undernutrition, including the political setting. Rising food insecurity because of climate change, land use for biofuel production and the recent global financial crisis threaten to exacerbate childhood malnutrition. In this review, we describe the burden of undernutrition among Asian children and discuss contributing factors and potential solutions. [source] China's Dilemma: Invest at Home or in US StimulusNEW PERSPECTIVES QUARTERLY, Issue 2 2009XU KUANGDI As the global financial crisis emanating from the United States shuts down world markets, can globalization survive? Will the resurgent intrusion of the state,and thus politics,into the market lead to protectionism and collapse, as was the case in the early 20th century? Or will the new interconnectivity of climate change and mutual economic dependence,especially between China and the US,deepen global links? The former mayor of Shanghai, legendary Nobel economist Paul Samuelson and Third Way guru Anthony Giddens ponder those questions in this section. [source] Has the Financial Crisis Killed Consumerism?NEW PERSPECTIVES QUARTERLY, Issue 2 2009JAMES HOWARD KUNSTLER As the global financial crisis emanating from the United States shuts down world markets, can globalization survive? Will the resurgent intrusion of the state,and thus politics,into the market lead to protectionism and collapse, as was the case in the early 20th century? Or will the new interconnectivity of climate change and mutual economic dependence,especially between China and the US,deepen global links? The former mayor of Shanghai, legendary Nobel economist Paul Samuelson and Third Way guru Anthony Giddens ponder those questions in this section. [source] Community-Building Before, During, and After Times of Trauma: The Application of the LINC Model of Community Resilience in KosovoAMERICAN JOURNAL OF ORTHOPSYCHIATRY, Issue 1 2010Ferid Agani A family's heritage and values have profound bearing on the stressors they encounter and how they cope. Socioeconomic change, natural and man-made disasters, and international migration are major influences on the integrity of society. In these times of global financial crisis, communities around the world are in danger of losing their intrinsic structure and protective factors. Connectedness or attachment to family and culture of origin correlate with reduced risk-taking behaviors and a reduction in family and societal violence, posttraumatic stress, addiction, depression, suicidality, sexual risk taking, and other chronic and/or life-threatening health problems and illnesses. Facilitating these families' cultural and community ties and enhancing their access to extended-family and community resources can thus be protective against trauma. These relationships foster resilience and reduce the short- and long-term effects of stress on families and communities. Targets of interventions may be individuals, families, or communities. Assessment of vulnerabilities, protective factors, goals, and resources encourages and facilitates collaboration across natural and artificial support systems. Such collaboration is important in building resilience rather than perpetuating vulnerability and long-term problems for individuals, their families, and the communities in which they live. The recent Kosovar experience in implementing the LINC Model of Community Resilience illustrates these principles, as applied in the context of substance abuse services and community rebuilding in the period soon after armed conflict. [source] Postneoliberalism and its MalcontentsANTIPODE, Issue 2010Jamie Peck Abstract:, The onset of the global financial crisis in 2008 has been widely interpreted as a fundamental challenge to, if not crisis of, neoliberal governance. Here, we explore some of the near-term and longer-run consequences of the economic crisis for processes of neoliberalization, asking whether we have been witnessing the terminal unraveling of neoliberalism as a form of social, political, and economic regulation. In many ways a creature of crisis, could neoliberalism now be falling to a crisis of its own making? Answering this question is impossible, we argue, without an adequate understanding of the nature of neoliberalization and its evolving sociospatial manifestations. These are more than definitional niceties. The prospects and potential of efforts to move genuinely beyond neoliberalism must also be considered in this light. [source] Window of Opportunity Opens: Asian and American Views of the International Economic ArchitectureASIAN ECONOMIC POLICY REVIEW, Issue 2 2009Wendy DOBSON F02; F13; F33; F55; F59 This paper compares US and Asian views of the international economic architecture including Asia's evolving regional institutions. Lessons from the global financial crisis are used to assess reforms of the financial institutions better to prevent and manage future crises. While G-20 leaders have increased the resources of the International Monetary Fund, much work remains to restore its legitimacy and independence and to define clearly the Financial Stability Board's mandate to strengthen financial oversight and regulation. The paper critiques proposals for a global super-regulator and concludes that while the global architecture is important, the tests of its success will be fewer government actions to self-insure and the willingness to heed warnings of future problems and take timely corrective actions. [source] Managing the Challenges of Complex Interdependence: China and the United States in the Era of GlobalizationASIAN POLITICS AND POLICY, Issue 1 2010Quansheng Zhao This article examines the increasing complex interdependence of China and the United State in an era of globalization. Deng Xiaoping's strategy of reform and opening requires a peaceful international environment. The normalization of relations with Washington was critical for China's move toward modernization. As China opens its door wider, Sino-American relations have matured to a much higher level. As the recent Strategic Economic Dialogue between Beijing and Washington indicate, bilateral relations have become truly interdependent. Interdependence creates both sensitivity and vulnerability. Lampton has described U.S.-China relations in terms of "same bed, different dreams" (tongchuang yimeng). Considering the common challenges of global financial crisis and international terrorism, perhaps it is more appropriate to think of China and the United States as strategic partners sailing in the same boat (tongzhou gongji). The complex interdependence between the two countries is particularly critical in an age of global turbulence. This article analyzes the current challenges of China-U.S. relations in the context of turbulent globalization. [source] A New Financial Infrastructure to Recover the Loss of Trust?ASIAN-PACIFIC ECONOMIC LITERATURE, Issue 1 2009Jocelyn Pixley This paper examines four sets of proposals for a new financial infrastructure in the wake of the global financial crisis. It is argued that two concerns should inform us about the way forward. First, uncertainty cannot be ignored because money relies on trust. Second, we live in an increasingly impersonal world with many diverse peoples now involved in the global financial industry. Each proposal is assessed in terms of sociological worries about the decline of trust. [source] | |||||||||||||||||||||||||||||||