2. A contested invention

2016 ◽  
pp. 18-35
Author(s):  
Andrew F. Cooper
Keyword(s):  
Financial Crisis ◽  
International Institutions ◽  
Global Financial Crisis ◽  
Building Blocks ◽  
Washington Dc ◽  
Bric Countries ◽  
The Global Financial Crisis

‘A contested invention’ outlines the development of the BRICS group. The building blocks were in place for a stand-alone forum prior to 2009, but the catalytic moment came with the global financial crisis. As participants in the initial G20 summit in Washington DC in November 2008, all the BRIC leaders became willing members of a recalibrated global hierarchy. However, the decision by the BRIC countries to establish a diplomatic club of their own can be tied both to their rising economic and political weight and to a shared sense that their elevated status was not adequately reflected in existing international institutions dominated by developed states.

scholarly journals Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain

2014 ◽  
Vol 17 (3) ◽  
pp. 5-27
Author(s):  
Anna Krajewska
Keyword(s):  
Fiscal Policy ◽  
Financial Crisis ◽  
Euro Area ◽  
Financial Support ◽  
International Institutions ◽  
Global Financial Crisis ◽  
The European Union ◽  
Negative Effect ◽  
The Global Financial Crisis ◽  
The Eu

The global financial crisis which began in 2007-2008 had a negative effect on the economy of the European Union, mainly in selected countries of the euro area: Greece, Ireland, Portugal and Spain. These peripheral euro zone countries come out of recession and the financial crisis largely due to the great financial support of the international institutions. Hundreds of billions of euro were spent to save these economies. At the same time, however, these countries were characterized by the lowest level of fiscal policy - measured by share of taxes in GDP - among the countries of the euro area. In this paper I will try to answer the following questions:1. What were the causes of the downturn in those countries, and what restructuring actions were taken;2. What changes were introduced in the tax system under the policy to repair public finances;3 .How have these changes affected the level and the structure of budget revenues from taxes, and to what extent has the crisis affected the change in the tax burden on consumption, labour, and capital.

The Economic Rise of China

Asian Survey ◽  
2017 ◽  
Vol 57 (4) ◽  
pp. 595-617 ◽  
Author(s):  
Zhaohui Wang
Keyword(s):  
United States ◽  
Financial Crisis ◽  
International Institutions ◽  
Global Financial Crisis ◽  
The United States ◽  
Policy Response ◽  
The Core ◽  
Rise Of China ◽  
The Global Financial Crisis ◽  
Rising Power

This paper examines the symbiotic but asymmetric relationship between the United States as the core and China as the semi-periphery. It argues that China’s policy response in both domestic and international domains after the global financial crisis reveals that China as a rising power is no longer a rule-taker, but between a rule-maker and a rule-breaker that adds incremental reforms to current international institutions.

Global Financial Crisis

2018 ◽  
Author(s):  
John Quiggin
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Great Recession ◽  
International Institutions ◽  
Global Financial Crisis ◽  
Fiscal Consolidation ◽  
Fiscal Stimulus ◽  
Policy Responses ◽  
Early Return ◽  
The Global Financial Crisis

This chapter covers the macroeconomic aspects of the Global Financial Crisis, the subsequent Great Recession/Lesser Depression and the policy responses in developed and developing countries. DESA was one of the first international bodies to recognize the impending threat of financial crisis and to advocate the use of Keynesian fiscal stimulus. In the aftermath of the crisis, the goal of most international institutions was to seek an early return to pre-crisis ‘normality’. This was reflected in a rapid turn towards fiscal consolidation, justified by the expectation that private sector expansion would offset public sector austerity. By contrast, WESP correctly warned of the dangers of a premature end to fiscal stimulus.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

Mobilising resiliency in times of economic hardship: Emerging themes in migrant worker remittance payments

2014 ◽  
Vol 7 (2) ◽  
pp. 159-167
Author(s):  
Kevin Garlan
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Migrant Worker ◽  
Economic Hardship ◽  
Priority Areas ◽  
Mobile Payments ◽  
Payment Methods ◽  
The Future ◽  
Emerging Themes ◽  
The Global Financial Crisis

This paper analyses the nexus of the global financial crisis and the remittance markets of Mexico and India, along with introducing new and emerging payment technologies that will help facilitate the growth of remittances worldwide. Overall resiliency is found in most markets but some are impacted differently by economic hardship. With that we also explore the area of emerging payment methods and how they can help nations weather this economic strife. Mobile payments are highlighted as one of the priority areas for the future of transferring monetary funds, and we assess their ability to further facilitate global remittances.

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