scholarly journals A Tale of Two Crises: The 2008 Mortgage Meltdown and the 2020 COVID-19 Crisis

2020 ◽  
Vol 10 (4) ◽  
pp. 759-790 ◽  
Author(s):  
Chester S Spatt
Keyword(s):  
Risk Sharing ◽  
Poor Quality ◽  
Market Regulation ◽  
Medical Systems ◽  
Mortgage Loans ◽  
The Great Recession ◽  
Open Questions ◽  
Economic Shock ◽  
Capital Market Regulation ◽  
Economic Concentration

Abstract The causes and consequences of the 2008 mortgage meltdown and 2020 COVID-19 crisis are quite different: the 2008 mortgage meltdown reflected infection of the financial system due to excess leverage and poor-quality mortgage loans, and the recent crisis reflects a substantial global economic shock to contain the viral outbreak of the coronavirus. Yet the financial and medical systems share many elements, such as opacity and interconnectedness as well as adequate buffers and reserves. We examine these themes as well as asset pricing, moral hazard (though it was at the root of the crisis only in the Great Recession), the consequences for government as a systemic actor, economic concentration, and capital market regulation in the two crises. In both crises, interventions in financial markets and disruptions in the housing market played important, but differing, roles. The recent crisis elucidates open questions about the foundation of financial economics and risk sharing.

scholarly journals A critical review of corporate governance reforms in Malaysia

2017 ◽  
Vol 6 (1) ◽  
pp. 38-44 ◽  
Author(s):  
Ahmad Al-Hiyari
Keyword(s):  
Corporate Governance ◽  
Financial Statements ◽  
Business Environment ◽  
Market Regulation ◽  
Policy Makers ◽  
Corporate Managers ◽  
Accounting Scandals ◽  
Governance Practices ◽  
Capital Market Regulation ◽  
Local Business Environment

Following the East-Asian financial crisis in 1997 and the corporate accounting scandals, the shareholder’s confidence in the audited financial statements was adversely affected and regulators started to think seriously reforming the existing corporate governance practices. As a result, numerous initiatives were implemented to accelerate improvement of corporate governance practices. One of these initiatives was the Malaysian Code on Corporate Governance (MCCG). The code was derived from the approach applied by the British Hampel Committee, which attempt to mitigate the agency problem between corporate managers and outside owners. This study suggests that the British approach is unsuitable to Malaysian business environment. Particularly, the MCCG that had been lunched since 2011 ignore the uniqueness of Malaysia’s capital market, regulation environment and ownership structure. Therefore, the study recommends that policy makers and other regulators should consider the local business environment when establishing future code on corporate governance.

scholarly journals Genesis And Development Of Capital Market In CIS Countries: Cases From Russia, Kazakhstan, And Uzbekistan

2021 ◽  
Vol 58 (1) ◽  
pp. 129-139
Author(s):  
Otabek Narziev
Keyword(s):  
Capital Market ◽  
Legal Framework ◽  
Market Regulation ◽  
Main Research ◽  
Market Formation ◽  
History Of ◽  
Research Questions ◽  
Capital Market Regulation ◽  
Cis Countries ◽  
In Cis

This paper provides the necessary information and analysis for understanding and considering the main research questions and discussions of the research. Notably, this section outlines the background to capital market formation and development in CIS countries through a brief history of the CIS; considers the necessity of capital market and its regulation in CIS countries; reviews the institutional and legal framework of capital market regulation, and analyzes certain problems of capital market development.

Why do we want the right to die? A systematic review of the international literature on the views of patients, carers and the public on assisted dying

2012 ◽  
Vol 27 (1) ◽  
pp. 13-26 ◽  
Author(s):  
Maggie Hendry ◽  
Diana Pasterfield ◽  
Ruth Lewis ◽  
Ben Carter ◽  
Daniel Hodgson ◽  
...  
Keyword(s):  
Systematic Review ◽  
Poor Quality ◽  
Current Debate ◽  
Assisted Dying ◽  
Medical Systems ◽  
Unbearable Suffering ◽  
Survey Results ◽  
Feature Professional ◽  
The Right

Background: Assisted dying is legal in four European countries and three American states. Elsewhere, particularly in more affluent or mainly Protestant countries, it remains controversial. Dominant headlines feature professional (medical, legal, religious) arguments versus celebrity campaigners; ordinary people are less clearly represented. Aim: To synthesise the international evidence of people’s views and attitudes towards assisted dying in order to inform current debate about this controversial issue. Design: Systematic review and mixed method synthesis of qualitative and survey data Data sources: Eleven electronic databases from inception to October 2011; bibliographies of included studies Review Methods: Two reviewers independently screened papers and appraised quality. Qualitative results were extracted verbatim; survey results were summarised in a table. Qualitative data were synthesised using framework methods and survey results integrated where they supported, contrasted or added to the themes identified. Results: Sixteen qualitative studies and 94 surveys were included; many participants considered the immediate relevance of assisted dying for them. Themes related to poor quality of life, a good quality of death, potential abuse of assisted dying and the importance of individual stance. People valued autonomy in death as much as in life. Attitudes were diverse, complex and related to definitions of unbearable suffering including physical, psycho-social and existential factors and were consistent regardless of social, economic, legal and health-care contexts. Conclusion: Our review sheds light on ordinary people’s perspectives about assisted dying, when they are ill or disabled. Unbearable suffering is a key construct, and common factors are revealed that lead people to ask for help to die. The consistency of international views indicates a mandate for legislative and medical systems worldwide to listen and understand this.

scholarly journals International Real Estate Review

2017 ◽  
Vol 20 (3) ◽  
pp. 325-348
Author(s):  
Hany Guirguis ◽  
◽  
Glenn R. Mueller ◽  
Joshua Harris ◽  
Andrew G. Mueller ◽  
...  
Keyword(s):  
Great Recession ◽  
Var Models ◽  
Mortgage Loans ◽  
Mortgage Markets ◽  
Vector Autoregressive ◽  
Significant Evidence ◽  
The Great Recession ◽  
Residential Mortgage ◽  
Proxy Measure ◽  
Changes In Risk

Concentration amongst the top 100 mortgage originators rose substantially during the Great Recession. Furthermore, Originator Profits and Unmeasured Costs (OPUCs), a proxy measure of the profit from originating residential mortgage loans also rose over the same period. Recent studies suggest that these increases are only partially explained by rational factors such as rising costs from increased regulatory burdens and changes in risk. We find statistically significant evidence that increasing concentration raised loan costs by 97 basis points using Vector Autoregressive (VAR) models during the Great Recession. This finding suggests that banks are exploiting increasing monopolistic power to increase profits and as such, consumers face rising costs as competition amongst lenders declines. Further to this issue, this study suggests that mortgage markets are not fully competitive and that the rates and fees charged to borrowers are in fact impacted by the level of competition amongst lenders.

scholarly journals LANDASAN FILOSOFIS PENGATURAN PASAR MODAL DI INDONESIA: HARAPAN DAN KENYATAAN

2015 ◽  
Vol 9 (2) ◽  
pp. 181
Author(s):  
Marihot Janpieter Hutajulu
Keyword(s):  
Welfare State ◽  
Economic System ◽  
Capital Markets ◽  
Capital Market ◽  
Market Development ◽  
Market Regulation ◽  
The Republic ◽  
Capital Market Regulation ◽  
Met Expectations ◽  
The Capital Market

<p><strong>Abstrak</strong><strong></strong></p><p> </p><p>Keberadaan pasar modal di Indonesia dibutuhkan mengingat peranannya yang penting untuk menyokong kondisi perekonomian negara. Namun pasar modal sebagai lembaga yang berasal dari sistem ekonomi liberal-kapitalistik tidak serta merta dapat dengan mudah diadopsi dan diatur tanpa disesuaikan dengan filosofi bangsa Indonesia. Melalui tulisan ini, Penulis hendak menganalisis kesesuaian tujuan pengaturan dan pengembangan pasar modal di Indonesia dengan konsep Negara Kesejahteraan Indonesia pasca Amandemen Undang-Undang Dasar Negara Republik Indonesia Tahun 1945. Analisis tulisan ini menyimpulkan bahwa tujuan pengembangan pasar modal Indonesia adalah mewujudkan masyarakat yang adil dan makmur, namun tujuan pengaturan pasar modal itu sendiri belum sesuai dengan konsep negara kesejahteraan Indonesia serta belum memenuhi harapan konstitusional bangsa ini.</p><p><strong> </strong></p><p><em><strong>Abs</strong><strong>tract</strong></em><strong></strong></p><p>In Indonesia the existence of capital market is needed considering the important role to support the country's economy. But the capital market as an institution derived from the liberal-capitalistic economic system can not necessarily be adopted and arranged without adjustment to the philosophy of the Indonesian nation. Through this article, the author analyzes the suitability of regulation and development of capital markets in Indonesia with the concept of Indonesian welfare state after the amendment to the Constitution of the Republic of Indonesia of 1945. The analysis of this paper draws a conclusion that the purpose of the Indonesian capital market development is to realize a just and prosperous society, but the goal of the capital market regulation itself is not in accordance with the concept of Indonesia as well as the concept of welfare state and thus has not met expectations of the nation's constitutional expectations.</p><p> </p>

scholarly journals The Institutional and Legal Framework of Emerging Capital Markets: The Experience of CIS Countries

2021 ◽  
Vol 58 (1) ◽  
pp. 157-177
Author(s):  
Said Gulyamov, Otabek Narziev
Keyword(s):  
Capital Market ◽  
Financial Services ◽  
Legal Framework ◽  
Market Regulation ◽  
Services Sector ◽  
Market Formation ◽  
History Of ◽  
Capital Market Regulation ◽  
Cis Countries ◽  
In Cis

The present study focuses on the development of one of the key institutions of the market economy – namely, the securities market in terms of its role in promoting competitive conditions in the financial services sector. Due to a variety of objective and subjective factors, banks have become the most dominant institutions in all CIS countries in terms of, both, accumulating and redistributing financial resources. Particularly, the research outlines the background to capital market formation and development in CIS countries through a brief history of the CIS; considers the necessity of capital market and its regulation in CIS countries; reviews the institutional and legal framework of capital market regulation, and analyzes certain problems of capital market development.

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