Did the 1997 Financial Crisis Transform the S. Korean Developmental State? Focused on the Public Fund

2014 ◽  
Author(s):  
Hye Suk Wang
Keyword(s):  
Financial Crisis ◽  
Developmental State ◽  
Public Fund ◽  
The Public

scholarly journals Assessing the sustainable nature of housing-related taxation receipts: the case of Ireland

2016 ◽  
Vol 9 (2) ◽  
pp. 193-214 ◽  
Author(s):  
Diarmaid Addison Smyth ◽  
Kieran McQuinn
Keyword(s):  
Financial Crisis ◽  
Housing Market ◽  
Extended Period ◽  
Market Regulation ◽  
Content Type ◽  
Public Finances ◽  
Financial Market Regulation ◽  
The Public ◽  
Recent Financial Crisis ◽  
Run Up

Purpose The Irish fiscal position was significantly affected by the recent financial crisis. Budgetary surpluses quickly gave way to significant deficits post 2007, culminating into a lengthy excessive deficit procedure and entry into a formal EU/IMF assistance programme in 2010. Much of the deterioration in the public finances was caused by a sharp decline in property-related taxes because the Irish housing market rapidly contracted. In this paper, the authors quantify the extent to which disequilibria in the housing market can affect the tax take, finding significant implications over an extended period. Design/methodology/approach The authors attempt to quantify the extent of housing-related tax windfall gains and losses in Ireland over a 30-year period as a result of disequilibrium in the housing market. This involves a three-step modelling approach where we relate property-dependent taxes to the housing market while estimating equilibrium in the latter before solving for the tax take consistent with that equilibrium. In so doing, the authors find that the fiscal position compatible with equilibrium in the housing market has at times diverged greatly from actual outturns. Findings This paper confirms the significant role played by the housing market in influencing both the tax-take and the overall fiscal position. The authors find that there have been a number of instances where excesses in the housing market have spilled over into fiscal aggregates, notably in the housing bubble period between 2003 and 2008. However, with the on-going adjustments in the housing market, it would appear that prices and volumes have overcorrected in recent years. Overall, much greater emphasis should be given to the role of the housing market in forecasting key taxation aggregates. Originality/value The recent crisis highlighted how domestic policy mistakes (both in terms of budgetary planning and financial market regulation) can greatly amplify economic shocks. Irish budgetary policy in the run up to the financial crisis of 2008/2009 was clearly based on unsustainable levels of housing-related tax receipts. This paper highlights the need for a much more granular approach in framing tax forecasts and in assessing the public finances by more explicitly factoring in housing market developments.

The Impact of Cutbacks From a Major State Financial Crisis on Organizational Trust

2021 ◽  
pp. 027507402110530
Author(s):  
Marco Tulio Zanini ◽  
Carmen Migueles ◽  
Juliana Carvalho
Keyword(s):  
Financial Crisis ◽  
Organizational Trust ◽  
Longitudinal Case Study ◽  
Public Servants ◽  
Negative Behaviors ◽  
The Public ◽  
Negative Effect ◽  
The Impact

Previous research has shown that cutbacks in public spending often impact the range and quality of the public services delivered, leading to negative behaviors on the part of public servants. This article examines how sudden cutbacks caused by a major state financial crisis have an impact on interpersonal trust within a special police unit. We present the results of a longitudinal case study using a combination of qualitative methods. The lack of foreseeability and reliability caused by drastic changes resulting from cutbacks has a negative effect on members’ trust in their capacity to perform.

Role of Accounting and Audit in the Recent Financial Crisis

2013 ◽  
pp. 91-98
Author(s):  
Alev Dilek Aydin
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Fair Value ◽  
Financial Reports ◽  
Historical Cost ◽  
The Public ◽  
Creative Accounting ◽  
Recent Financial Crisis ◽  
Audit Reports

This study aims to assess the role of accounting and auditing in the recent financial crisis. After each crisis, there have been serious discussions concerning the reasons behind those crises. However, no consensus has yet been achieved until now. In this context, the analysis of the relationships among financial crisis, accounting, and auditing is of utmost importance in better evaluating the structural reasons behind the crisis. There are several points that this chapter aims to analyze to indicate the contributions of accounting and auditing to the recent global financial crisis. These points are: impacts of disregarding the main principles of accounting, the wide use of fair value accounting over cost-based accounting, incorrect and misleading financial and audit reports, applications of creative accounting, and lack of transparency and weaknesses of the auditing process. The debates generally concentrate on the use of fair value (mark-to-market) accounting in the financial reports as opposed to the historical cost method. It should be emphasized that accounting is very important as a key mechanism of market economies, because of its crucial role in the functioning of the markets in accordance with the public interest. The chapter concludes with several suggestions by taking the fact into consideration that accounting and auditing systems should be revised for the better protection of interests of the third parties such as investors, potential investors, and the state.

German Angst in a liberalised world of welfare capitalism: the hidden problem with post-conservative welfare policies

2017 ◽  
Author(s):  
Sigrid Betzelt ◽  
Ingo Bode
Keyword(s):  
Financial Crisis ◽  
Policy Analysis ◽  
Social Model ◽  
Emotional States ◽  
Welfare Capitalism ◽  
Welfare Provision ◽  
Welfare Policies ◽  
The Public ◽  
Welfare Reforms ◽  
Generous Welfare

This chapter provides an understanding of the emotional states of those experiencing welfare retrenchment. According to a widespread reading, Germany, subsequent to the financial crisis of the late 2000s, has seen a stunning comeback as a social model allowing for both a booming economy and generous welfare provision. However, in the recent past Germany has been facing a social crisis that is poorly understood in both the public debate and major contributions to welfare policy analysis. This crisis refers to the hostile reaction of parts of the population to the massive immigration of refugees starting in 2015, and is indicative of a more deep-seated transformation of Germany's social model — namely its creeping liberalisation. This transformation comes with a hidden problem, that is, emotional states of fear — or a new ‘German Angst’ — engendered by both path-breaking welfare reforms and a ‘de-securitised’ life course.

Return and co-movement of major public real estate markets during global financial crisis

2017 ◽  
Vol 35 (5) ◽  
pp. 489-508 ◽  
Author(s):  
Kim Hiang Liow ◽  
Shao Yue Angela
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
Global Financial Crisis ◽  
Content Type ◽  
Real Estate Markets ◽  
The Public ◽  
Movement Dynamics ◽  
The Usa ◽  
Short Run ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the volatility spectral of five major public real estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods. Design/methodology/approach First, univariate spectral analysis is concerned with discovering price cycles for the respective real estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two real estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC. Findings The authors find that whilst none of the public real estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the public real estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the public real estate markets examined due to the crisis. Research limitations/implications The implication of this research is that benefits to investors from international real estate diversification may not be as great during the present time compared to previous periods because national public real estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be realized. Practical implications Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major public real estate markets has practical implications for ongoing international real estate investment strategies, particularly for the USA/UK and Asian portfolio managers. Originality/value This paper contributes to the limited research on the cyclical return and co-movement dynamics among major public real estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed public real estate markets in international investing.

scholarly journals Organizational Determinants of Bank Resilience: Explaining the Performance of SME Banks in the Dutch Financial Crisis of the 1920s

2018 ◽  
Vol 92 (4) ◽  
pp. 661-690 ◽  
Author(s):  
Christopher L. Colvin
Keyword(s):  
Twentieth Century ◽  
Financial Crisis ◽  
Organizational Form ◽  
Organizational Forms ◽  
The Public ◽  
Share Ownership ◽  
Public Company ◽  
Organizational Determinants ◽  
Cooperative Association ◽  
Hybrid Forms

By the start of the twentieth century, the two organizational forms most used by Dutch banks to raise capital through the dispersal of their ownership were the cooperative association and the public company. Share ownership in cooperatives was typically restricted to customers, while companies permitted outside investors. Neither organizational form dictated specific shareholder liability arrangements. New specialist banks targeting small and medium-sized enterprises (SMEs) combined these two organizational forms and flexible liability rules to create hybrid forms. I find those that took the public company form were more likely to suffer distress during the Dutch financial crisis of the 1920s. Liability arrangements for shareholders, by contrast, had a negligible impact on these banks’ resilience.

State Developmentalism Without a Developmental State: The Public Foundations of the “Free Market Miracle” in Chile

2001 ◽  
Vol 43 (2) ◽  
pp. 1-25
Author(s):  
Marcus Kurtz
Keyword(s):  
Development Strategy ◽  
Free Market ◽  
High Growth ◽  
Developmental State ◽  
Insurance Markets ◽  
Economic Policies ◽  
Public Intervention ◽  
The Public ◽  
Market Economic ◽  
International Comparative

AbstractIf export orientation is a goal in a sustainable development strategy, this study argues that public interventions at the sectoral level in a variety of markets can produce economic reorientation that pursues international comparative advantage faster and at lower cost than free market forces can. Pervasive failures in information, credit, input, distribution, and insurance markets can render strictly market-based adjustment both slow and costly. Although Chile's export boom and high growth rates have been associated with its free market economic policies, this article, based on a comparison of the fruit, fish, and forestry sectors, contends that new forms of public intervention were crucial catalysts in shaping a sustained export response.

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