scholarly journals SME ACCESS TO FINANCE AND THE GLOBAL FINANCIAL CRISIS

2020 ◽  
Vol 08 (01) ◽  
pp. 2040003
Author(s):  
GREGORY F. UDELL
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Credit Crunch ◽  
Access To Finance ◽  
Policy Initiatives ◽  
The Us ◽  
Key Policy ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Empirical Analysis

This paper offers an overview of research on SME access to finance during the Global Financial Crisis (GFC) in order to cull key things that we have learned. It discusses selected articles that peg the frontier of knowledge on this topic in both European and American contexts. It highlights differences between these two areas in terms of how the crisis unfolded. It also identifies key differences in the availability of data between Europe and the US that shape the nature of the empirical analysis of the attendant credit crunch. Selected research on both the nature and magnitude of the impact of the credit crunch on the SME sector are discussed. Research on some key policy initiatives to mitigate the crisis’ damage in Europe and in the US are also discussed. The paper concludes with some comments on how research on the GFC might inform research on SME access to finance during the unfolding COVID-19 crisis.

scholarly journals The source of financial contagion and spillovers: An evaluation of the covid-19 pandemic and the global financial crisis

PLoS ONE ◽  
2022 ◽  
Vol 17 (1) ◽  
pp. e0261835
Author(s):  
Samet Gunay ◽  
Gokberk Can
Keyword(s):  
Financial Crisis ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Financial Contagion ◽  
Test Results ◽  
Developed Economies ◽  
Volatility Spillovers ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Impact

This study investigates the reaction of stock markets to the Covid-19 pandemic and the Global Financial Crisis of 2008 (GFC) and compares their influence in terms of risk exposures. The empirical investigation is conducted using the modified ICSS test, DCC-GARCH, and Diebold-Yilmaz connectedness analysis to examine financial contagion and volatility spillovers. To further reveal the impact of these two crises, the statistical features of tranquil and crisis periods under different time intervals are also compared. The test results show that although the outbreak’s origin was in China, the US stock market is the source of financial contagion and volatility spillovers during the pandemic, just as it was during the GFC. The propagation of shocks is considerably higher between developed economies compared to emerging markets. Additionally, the results show that the COVID-19 pandemic induced a more severe contagious effect and risk transmission than the GFC. The study provides an extensive examination of the COVID-19 pandemic and the GFC in terms of financial contagion and volatility spillovers. The results suggest the presence of strong co-movements of world stock markets with the US equity market, especially in periods of financial turmoil.

scholarly journals Income Distribution in Turkey during the Global Financial Crisis

2017 ◽  
Vol 9 (3) ◽  
pp. 91
Author(s):  
Sinem Sefil-Tansever
Keyword(s):  
Financial Crisis ◽  
Income Inequality ◽  
Global Financial Crisis ◽  
Income Source ◽  
Labor Earnings ◽  
Income Sources ◽  
Gini Decomposition ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Earning Inequality

The aim of this study is to examine mechanism responsible for the behavior of the income and earning inequality in Turkey during the global financial crisis based on data from the 2006 to 2014 Income and Living Conditions Survey. Gini decomposition by income source is employed in order to provide an analysis of the contribution of the various income sources to the evolution of income inequality and to assess the impact of a marginal percentage change in the income from a particular source on income inequality. For examining the contributions of specific variables (education, position in occupation, economic sector) to the interpretation of labor earnings inequality in terms of their gross and marginal contribution, we use static decomposition of Theil T index.

scholarly journals Russia and the CIS in 2008: Axis of Authoritarianism??

Asian Survey ◽  
2009 ◽  
Vol 49 (1) ◽  
pp. 135-145 ◽  
Author(s):  
Charles E. Ziegler
Keyword(s):  
Financial Crisis ◽  
Economic Performance ◽  
Domestic Politics ◽  
Global Financial Crisis ◽  
Great Power ◽  
The Caucasus ◽  
Central Asian ◽  
Presidential Succession ◽  
The Global Financial Crisis ◽  
The Impact

Russia's seamless presidential succession produced no major changes in domestic politics or foreign policy. Ties with Asia remained strong, though several key relationships——with China, Japan, and the Central Asian states——frayed under the impact of Russia's military action in Georgia. Impressive economic performance in the first half of the year boosted Russian confidence as a great power, but its vulnerability to the global financial crisis together with the heavy-handed operation in the Caucasus undermined Moscow's standing with both Asia and Europe by the end of the year.

scholarly journals Global Financial Crisis and Philanthropy: Malaysian Case

2015 ◽  
Vol 7 (2) ◽  
pp. 19-31 ◽  
Author(s):  
Janice Lay Hui Nga
Keyword(s):  
Financial Crisis ◽  
Mixed Method ◽  
Qualitative Data ◽  
Global Financial Crisis ◽  
Secondary Data ◽  
Civil Society Organisations ◽  
The Global Financial Crisis ◽  
The Impact ◽  
To Receive ◽  
Method Approach

This paper investigates the issue of the global financial crisis and its impacts on philanthropy and civil society organisations (CSOs) in Malaysia. CSOs are popularly known as non-governmental organisations (NGOs) in Malaysia. Financial crisis has caused NGOs in many countries to receive less funding. This situation may threaten and discourage voluntary works. Undoubtedly, these beneficial contributions from the NGOs are needful services to the society. This paper examines the impact of financial crisis through the lens of NGOs and philanthropy activities in Malaysia. It utilises primary and secondary data, employs a mixed method approach, and uses quantitative and qualitative data. While there are many influencing factors in this development, this paper presents several significant aspects in the Malaysian context, including the style and nature of giving, culture, religion, and political pressure. This study attempts to seek potential solutions, pathways and possible approaches beneficial to NGOs and philanthropy activities for their sustainability in facing the financial crisis and its consequences. Experiences and lessons learnt in Malaysia may well be useful and applicable to some extent in other countries.

scholarly journals Islamic Banking: The Firewall Against The Global Financial Crisis

2011 ◽  
Vol 28 (1) ◽  
pp. 9 ◽  
Author(s):  
Rohana Othman ◽  
Nooraslinda Abdul Aris ◽  
Rafidah Mohd Azli ◽  
Roshayani Arshad
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Free Market ◽  
Financial System ◽  
Capitalist System ◽  
Islamic Economic ◽  
The Global Financial Crisis ◽  
Financial Transactions ◽  
The Impact ◽  
Fundamental Values

The global financial crisis that devastated many of the worlds financial systems in a manner never seen before exposed the glaring weakness in risk management and interest-driven policies. The crisis brought the collapse of several iconic financial institutions once perceived to be too strong to capitulate. The crisis engulfed one economy after another from corporations to eventually bring about the collapse of governments of countries reeling from the impact of the crisis. Asset values plummeted and the crisis clearly demonstrated the fragility of the western capitalist system and the free market economy. The Islamic economic and financial system is anchored on universal honorable values, ideals and morals - honesty, credibility, transparency, co-operation and solidarity. These fundamental values uphold stability, security and safety in any financial transactions. Of paramount consideration is that the Shariah prohibits any economic and financial transactions that involve usury, lying, gambling, cheating, unsubstantiated risk or uncertainty (gharar), monopoly, exploitation, greed, unfairness and taking other peoples money unjustly. Another key aspect to the philosophy behind the Islamic financial system is money issued must be fully asset backed. It is impermissible to allow money to be traded for money except at par. Islam is not just the prohibition of riba and zakah (alms); it is a comprehensive system to fulfill societys basic necessities (food, clothing and shelter). History has demonstrated that Islam has the capacity to deliver and has succeeded in providing a viable economic system.

scholarly journals Empty talk? University voices on the Global Financial Crisis

2010 ◽  
Vol 6 (4) ◽  
Author(s):  
Todd Bridgman
Keyword(s):  
Financial Crisis ◽  
News Media ◽  
Global Financial Crisis ◽  
Housing Prices ◽  
Banking System ◽  
Policy Makers ◽  
The Us ◽  
Complex Events ◽  
The Global Financial Crisis ◽  
Company Sector

The global financial crisis (GFC) which began in 2007 with a liquidity squeeze in the US banking system and which continues to play out today has affected us all, whether through the collapse of the finance company sector, rising unemployment, falling housing prices or the recession which followed the initial market crash. The speed and scope of the crisis surprised most experts – policy makers included. Specialists from a myriad of disciplines, from economics and finance to risk management, corporate governance and property, are trying to make sense of what happened, why it happened and what it means for us now and into the future. Members of the public rely on the news media to keep them informed of the crisis as it unfolds and they rely on experts to translate these complex events into a language which they can understand. The GFC is educating us all, and it is important that we all learn from it to avoid making the same mistakes again. 

scholarly journals The impact of operating leverage on the capital structure of Johannesburg Stock Exchange-listed firms before and after the 2008 global financial crisis

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Matabane T. Mohohlo ◽  
Johan H. Hall
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
South African ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Johannesburg Stock Exchange ◽  
The Global Financial Crisis ◽  
Operating Leverage ◽  
The Impact ◽  
The Capital Structure

The financial leverage-operating leverage trade-off hypothesis states that as financial leverage increases, management of firms will seek to reduce the exposure to operating leverage in an attempt to balance the overall risk profile of a firm. It is the objective of this study to test this hypothesis and ascertain whether operating leverage can indeed be added to the list of factors that determine the capital structure of South African firms. Forty-six firms listed on the Johannesburg Stock Exchange between 1994 and 2015 are analysed and the impact of operating leverage is determined. The results are split into two periods, that is, the period before the global financial crisis (1994–2007) and after the global financial crisis (2008–2015). The impact of operating leverage during these two periods is then compared to determine whether a change in the impact of operating leverage on the capital structure can be observed especially following the crisis. The results show that the conservative nature of South African firms leading up to 2008 persisted even after the global financial crisis. At an industry level, the results reveal that operating leverage does not have a noticeable impact on capital structure with the exception of firms in the industrials sector of the South African economy.

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