Lawyers, Gender, and Money: Consensus, Closure, and Conflict in the Global Financial Crisis

2015 ◽  
Vol 11 (02) ◽  
pp. 265-290
Author(s):  
Wesley Widmaier
Keyword(s):  
Financial Crisis ◽  
Deposit Insurance ◽  
Social Dynamics ◽  
Global Financial Crisis ◽  
Professional Socialization ◽  
Policy Implications ◽  
Policy Debate ◽  
Troubled Asset Relief Program ◽  
And Gender ◽  
The Global Financial Crisis

How did the interplay of intellectual overconfidence, gender, and professional socialization limit economic policy debate over the subprime boom and global financial crisis? In this article, I integrate historical institutionalist and feminist institutionalist insights to make sense of the interplay of gender and professional socialization in limiting the scope for precrisis regulation and postcrisis reform. First, drawing on historical institutionalist perspectives, I highlight the scope for inefficiency in the use of information, arguing that policy success over time can engender tendencies to misplace confidence and intellectual closure. Secondly, drawing on feminist institutionalist perspectives, I stress the role of professional and gender socialization in enabling agents to resist such inefficiencies and so limit the scope for intellectual closure. In empirical terms, I then advance three case studies addressing the roles of Commodity Futures Trading Commission Chair Brooksley Born, Federal Deposit Insurance Corporation Chair Sheila Bair, and Troubled Asset Relief Program Congressional Oversight Panel Chair Elizabeth Warren in challenging the precrisis deregulatory consensus. In the conclusion, I address theoretical and policy implications, stressing the social dynamics that may spur women toward increased professional and intellectual risk taking.

The challenges of inclusive growth for the developmental welfare state

2017 ◽  
Author(s):  
Huck-ju Kwon
Keyword(s):  
Social Policy ◽  
Financial Crisis ◽  
Economic Model ◽  
Global Financial Crisis ◽  
Policy Implications ◽  
What Works ◽  
Nation States ◽  
The Social ◽  
The One ◽  
The Global Financial Crisis

One of the biggest challenges for developing a new more productivist social policy approach has been the apparent absence of a new, post-neoliberal, economic model even after the global financial crisis. This chapter explores the social policy implications of the official ‘pragmatism’ of the new economic model with its ‘institutionalist’ emphases on nation states finding what works best in their own contexts rather than looking to the one size fits all approach of recent decades.

scholarly journals Lessons and Policy Implications From the Global Financial Crisis

2010 ◽  
Vol 10 (44) ◽  
pp. 1 ◽  
Author(s):  
Stijn Claessens ◽  
Luc Laeven ◽  
Deniz Igan ◽  
Giovanni Dell'Ariccia ◽  
◽  
...  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Policy Implications ◽  
The Global Financial Crisis

scholarly journals Determinants of failure in Greek manufacturing SMEs

2017 ◽  
Vol 14 (3) ◽  
pp. 45-55 ◽  
Author(s):  
Efthalia Tabouratzi ◽  
Christos Lemonakis ◽  
Alexandros Garefalakis
Keyword(s):  
Financial Crisis ◽  
Financial Reporting ◽  
Fixed Effects ◽  
Global Financial Crisis ◽  
Manufacturing Sector ◽  
Bank Lending ◽  
Policy Implications ◽  
Z Score ◽  
The Government ◽  
The Global Financial Crisis

The globalization and the global financial crisis provide a new extremely competitive environment for small and medium sized enterprises (SMEs). During the latest years, the increased number of firms’ default has generated the need of understanding the factors of firms’ default, as SMEs in periods of financial crisis suffer from lack of financial resources and expensive bank lending. We use a sample of 3600 Greek manufacturing firms (9 Sectors), covering the time period of 2003-2011 (9 years). We run a panel regression model with correction for fixed effects in both the cross-section and period dimensions using as dependent variable the calculated Z-Score of each firm, and as independent variables several financial ratios, as well as the exporting activity and the use of International Financial Reporting Standards (IFRS Accounting Standards).We find that firms presenting higher performance in terms of ROA and sales and higher leverage levels that enhance their liquidity as well are healthier in terms of Z-score than their less profitable counterparts and acquire lower rates of probability of default: in other words, less risk. The results of the study can lead to policy implications for both Managers and the Government in order to enhance the growth of Greek manufacturing sector.

scholarly journals Over the Cliff: From the Subprime to the Global Financial Crisis

2011 ◽  
Vol 25 (1) ◽  
pp. 49-70 ◽  
Author(s):  
Frederic S Mishkin
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Financial System ◽  
The United States ◽  
Investment Bank ◽  
Government Interventions ◽  
Troubled Asset Relief Program ◽  
The Government ◽  
The Global Financial Crisis ◽  
Relief Program

The financial crisis of 2007 to 2009 can be divided into two distinct phases. The first and more limited phase from August 2007 to August 2008 stemmed from losses in one relatively small segment of the U.S. financial system—namely, subprime residential mortgages. Despite this disruption to financial markets, real GDP in the United States continued to rise into the second quarter of 2008, and forecasters were predicting only a mild recession. In mid-September 2008, however, the financial crisis entered a far more virulent phase. In rapid succession, the investment bank Lehman Brothers entered bankruptcy on September 15, 2008; the insurance firm AIG collapsed on September 16, 2008; there was a run on the Reserve Primary Fund money market fund on the same day; and the highly publicized struggle to pass the Troubled Asset Relief Program (TARP) began. How did something that appeared in mid-2008 to be a significant but fairly mild financial disruption transform into a full-fledged global financial crisis? What caused this transformation? Did the government responses to the global financial crisis help avoid a worldwide depression? What challenges do these government interventions raise for the world financial system and the economy going forward?

scholarly journals EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS

2016 ◽  
Vol 5 (1) ◽  
Author(s):  
Najeeb Zada ◽  
Ahcene Lahsasna ◽  
Muhammad Yusuf Saleem
Keyword(s):  
Financial Crisis ◽  
Moral Hazard ◽  
Crisis Management ◽  
Deposit Insurance ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Islamic Finance ◽  
Financial Industry ◽  
Finance Industry ◽  
The Global Financial Crisis

The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar’iyyah and attempts to derive public policy guidelines that are useful in developing a timely and efficient crises management framework for Islamic finance industry. By using qualitative methods, the study found that the global financial crisis resulted in great destruction of financial institution. Although Islamic finance was quite immune to the global crisis as compared to its conventional peer, concerns still exist. It is time that Islamic finance industry learns from the financial woes of the rest of the world. =========================================== Krisis keuangan baru-baru ini mengakibatkan efek destruktif pada industri keuangan. Industri keuangan Islam (IKI) masih naif dan sebagian besar belum teruji dalam menghadapi gejolak keuangan besar. Isu utama dan ketidakpastian dari kebangkrutan IKI meliputi moral hazard, dana talangan pemerintah, pengambilan risiko yang berlebihan dan asuransi deposito. Makalah ini membahas isu manajemen krisis dalam IKI dari perspektif al-Siyasah al-Shar'iyyah dan berusaha mendapatkan pedoman kebijakan publik yang bermanfaat dalam mengembangkan kerangka kerja manajemen krisis yang tepat waktu dan efisien bagi IKI. Dengan menggunakan metode kualitatif, studi ini menemukan bahwa krisis keuangan global mengakibatkan kehancuran besar bagi industri keuangan. Meskipun keuangan Islam cukup kebal terhadap krisis global dibandingkan dengan keuangan konvensional, kekhawatiran masih ada. Sudah saatnya industri keuangan Islam belajar dari krisis keuangan dari seluruh dunia.

The effects of the global financial crisis on the Colombian local currency bonds prices

2016 ◽  
Vol 43 (4) ◽  
pp. 624-645 ◽  
Author(s):  
Edgardo Cayon ◽  
Julio Sarmiento-Sabogal ◽  
Ravi Shukla
Keyword(s):  
Financial Crisis ◽  
Event Study ◽  
Global Financial Crisis ◽  
Abnormal Returns ◽  
Bond Market ◽  
Policy Implications ◽  
Bond Prices ◽  
Content Type ◽  
Local Currency ◽  
The Global Financial Crisis

Purpose The purpose of this paper is to perform an event study using high frequency data on peso-denominated Colombian government bonds to measure the effects of news during the global financial crisis (GFC). Design/methodology/approach Using standard event study methodology, the authors want to see if a surprise (originating from macroeconomic news and GFC events) has a significant effect on asset prices measurable as abnormal returns. The authors also assume that the US market acted as a transmission mechanism for the crisis in a standard market model framework and control for confounding effects from events that originated from the crisis by taking into account the effect of global, regional and local macroeconomic surprises in the period before, during and after the GFC. Findings The results show that there was resilience and decoupling of the Colombian local currency bond market from the events of the GFC. Research limitations/implications The results show that there was resilience (in terms of abnormal returns) and decoupling of the Colombian local currency bond market from the events of the GFC. The paper also finds that, on an average, Colombian bonds performed better during the period of the GFC than the period before and after the GFC. Practical implications In the event study using individual bonds the paper finds that, in most cases, negative news had a positive impact in Colombian bond prices during the GFC. Social implications These results have important policy implications in emerging markets economies in terms of the benefits of substituting foreign currency debt with local currency debt. Originality/value This paper provides a date and time-specific timeline (Table III) of the most significant GFC events and news. The paper finds that for all the periods under observation local news related to inflation had the greatest impact in bond prices. In the case of global and regional news, inflation and trade-related surprises had also significant effects on bond prices but to a lesser extent.

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