Small States, Nationalism and Institutional Capacities: An Explanation of the Difference in Response of Ireland and Denmark to the Financial Crisis

2015 ◽  
Vol 56 (1) ◽  
pp. 143-174 ◽  
Author(s):  
John L. Campbell ◽  
John A. Hall
Keyword(s):  
Financial Crisis ◽  
Market Economy ◽  
Banking Sector ◽  
Financial Burden ◽  
State Intervention ◽  
Small States ◽  
2008 Financial Crisis ◽  
The Difference ◽  
The 2008 Financial Crisis ◽  
Liberal Market Economy

AbstractThis paper uses theories of small states (e.g. Katzenstein) and nationalism (e.g. Gellner) to explain why Denmark and Ireland responded to the 2008 financial crisis in different ways. In Denmark, a coordinated market economy with considerable corporatism and state intervention, the private sector shouldered much of the financial burden for rescuing the banking sector. In Ireland, a liberal market economy without much corporatism or state intervention, the state shouldered the burden. The difference stems in large part from the fact that Denmark had comparatively thick institutions and a strong sense of nationalism whereas Ireland did not. Lessons for the theories of small states and nationalism are explored.

scholarly journals IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets

2018 ◽  
Vol 10 (8) ◽  
pp. 2844 ◽  
Author(s):  
Rui Li ◽  
Wei Liu ◽  
Yong Liu ◽  
Sang-Bing Tsai
Keyword(s):  
Financial Crisis ◽  
Initial Public Offering ◽  
Small Firms ◽  
Effective Means ◽  
Ipo Underpricing ◽  
2008 Financial Crisis ◽  
Before And After ◽  
The Difference ◽  
The 2008 Financial Crisis ◽  
Public Offering

A firm’s capability of raising funding is closely related to its sustainable development. With a more efficient allocation of funding among the whole society, social resources will be better utilized. Initial Public Offering (IPO) can indeed be an effective means of raising capital for corporate ventures. Using 1069 firms which completed IPOs on Chinese stock exchanges between 1st January 2004 and 1st January 2013, we investigate the difference in IPO underpricing before and after the 2008 financial crisis. Based on OLS regression models, we find that the IPOs are less underpriced in the post-crisis period. We examine the moderating effects of firm size on the difference in IPO underpricing between pre- and post-crisis periods, finding that small firms experienced less IPO underpricing than large firms after the financial crisis. After applying different model specifications such as Robust and OProbit regressions, the results remain consistent. Our study contributes to understanding the dynamics and influences of the financial crisis on firms’ IPO cost from the perspective of information asymmetry.

Disappointment with Transition

2021 ◽  
pp. 107-113
Author(s):  
Kristen Ghodsee ◽  
Mitchell A. Orenstein
Keyword(s):  
Public Opinion ◽  
Financial Crisis ◽  
Market Economy ◽  
Social Cohesion ◽  
Public Trust ◽  
The State ◽  
2008 Financial Crisis ◽  
Life Dissatisfaction ◽  
Low Levels ◽  
The 2008 Financial Crisis

Chapter 9 introduces and analyzes public opinion data with a specific focus on the Life in Transition survey conducted in 2006. It points out that citizens of the selected postsocialist countries who were surveyed expressed surprisingly high levels of discontent with markets and democracy, high levels of dissatisfaction with the state of politics in 2006, high levels of overall life dissatisfaction, a distinct lack of support for the coupling of a market economy with democracy, and low levels of public trust and social cohesion. This chapter also points out that these public opinion data came as an immense surprise to Western institutions, especially as the survey was conducted before the 2008 financial crisis during a period of relative success for the surveyed postsocialist countries.

scholarly journals Competitiveness in the European Consolidated Banking Sector After the 2008 Financial Crisis

2020 ◽  
Vol 20 (4) ◽  
pp. 431-444
Author(s):  
Senanu Kwasi Klutse
Keyword(s):  
Financial Crisis ◽  
Market Integration ◽  
Banking Sector ◽  
Level Playing Field ◽  
The European Union ◽  
2008 Financial Crisis ◽  
Playing Field ◽  
Fixed Assets ◽  
The 2008 Financial Crisis ◽  
Capital Expense

AbstractThe constitutional conception of market integration within the European Union entails creating a level playing field for competition in the consolidated banking sector. The financial crisis of 2008 brought with it the need to proceed with care as it rolled back the gains of improving competitive conditions in the financial sector. Even though a lot of studies have investigated competitive conditions prior to the crisis, the same cannot be said of periods after the crisis. Using both structural and non-structural measures of competitive conditions, this study found that the consolidated banking sector in Europe shows signs of a monopolistic competitive market structure based on its revenue and cost measures. As five countries – United Kingdom, France, Germany, Spain, Italy – control about 70 per cent of total assets in the consolidated banking sector. The capital expense to fixed assets and total assets in the Europe area were found to be negatively related to measures of profitability in the sector. They were indicating that the accumulation of assets eats into the incomes of banks in the sub-region, whereas bank exposures may be affecting bank profits.

Bank Structure and Liquidity Shocks: Evidence from Emerging Markets During the 2008 Financial Crisis

2017 ◽  
Vol 20 (03) ◽  
pp. 1750015 ◽  
Author(s):  
Pu Liu ◽  
Yingying Shao ◽  
Yiwen Gu
Keyword(s):  
Financial Crisis ◽  
Stock Price ◽  
Banking Sector ◽  
Foreign Bank ◽  
2008 Financial Crisis ◽  
Ample Evidence ◽  
Credit Supply ◽  
Bank Structure ◽  
The 2008 Financial Crisis ◽  
Bank Concentration

There is ample evidence on how bank structure (bank concentration, development of the banking sector, and presence of foreign banks) is related to credit supply and economic growth. However, little is known about how bank structure affects credit supply when the banking sector itself is in crisis and thus credit supply is impaired. The paucity of studies in examining the relationship between bank structure and credit supply during financial crisis is probably due to the complication that bank structure itself is significantly related to financial crisis. In this study, we avoid the endogeneity problem caused by the correlation between bank structure and financial crisis by studying the stock price performance of firms in 20 emerging countries during the 2008 financial crisis because the financial hardship in these countries was caused exogenously by the crisis originated from the U.S. We find firms that are more dependent on external financing tend to suffer greater stock price declines. However, the severity of the decline is significantly smaller for firms in countries with higher level of bank concentration, greater advancement in banking sector, and higher level of foreign bank presence. The results suggest that bank concentration, bank development, and foreign bank presence all contribute to the alleviation of liquidity crunch caused by crisis transmitted from other countries.

scholarly journals Parents and Adult Children: The Elusive Boundaries of the Legal Family

2019 ◽  
Vol 44 (2) ◽  
pp. 519-525 ◽  
Author(s):  
Shelly Kreiczer-Levy
Keyword(s):  
Financial Crisis ◽  
Market Economy ◽  
Adult Children ◽  
2008 Financial Crisis ◽  
Legal Rules ◽  
Private Ordering ◽  
Intermediate Space ◽  
Intergenerational Altruism ◽  
The 2008 Financial Crisis ◽  
The Relationship

The literature on the relationship between parents and adult children reveals an embedded tension. While the law typically characterizes parents and their adult children as legal strangers, several legal rules assume intergenerational altruism. This Essay argues that Someday All This Will Be Yours by Hendrik Hartog unpacks this dichotomy and offers a much richer depiction of intergenerational relations in an age of market economy. The book portrays an intermediate space where autonomous individuals engage in private ordering but the same parties also maintain a dynastic understanding of their commitments. This depiction provides a useful lens for the analysis of occurrences of informal care between parents and adult children. The Essay discusses intergenerational cohabitation in the wake of the 2008 financial crisis as an example of such an analysis.

Mathematics without Apologies

2017 ◽  
Author(s):  
Michael Harris
Keyword(s):  
Number Theory ◽  
Financial Crisis ◽  
Pop Culture ◽  
First Century ◽  
2008 Financial Crisis ◽  
Dinner Party ◽  
Mathematical Life ◽  
Personal Experiences ◽  
The 2008 Financial Crisis ◽  
Guided Tour

What do pure mathematicians do, and why do they do it? Looking beyond the conventional answers, this book offers an eclectic panorama of the lives and values and hopes and fears of mathematicians in the twenty-first century, assembling material from a startlingly diverse assortment of scholarly, journalistic, and pop culture sources. Drawing on the author's personal experiences as well as the thoughts and opinions of mathematicians from Archimedes and Omar Khayyám to such contemporary giants as Alexander Grothendieck and Robert Langlands, the book reveals the charisma and romance of mathematics as well as its darker side. In this portrait of mathematics as a community united around a set of common intellectual, ethical, and existential challenges, the book touches on a wide variety of questions, such as: Are mathematicians to blame for the 2008 financial crisis? How can we talk about the ideas we were born too soon to understand? And how should you react if you are asked to explain number theory at a dinner party? The book takes readers on an unapologetic guided tour of the mathematical life, from the philosophy and sociology of mathematics to its reflections in film and popular music, with detours through the mathematical and mystical traditions of Russia, India, medieval Islam, the Bronx, and beyond.

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