scholarly journals Implications of the Global Financial Crisis for China: A Dynamic CGE Analysis to 2020

2011 ◽  
Vol 2011 ◽  
pp. 1-9 ◽  
Author(s):  
Anna Strutt ◽  
Terrie Walmsley
Keyword(s):  
Financial Crisis ◽  
Global Economy ◽  
Baseline Level ◽  
Global Financial Crisis ◽  
Long Run ◽  
The World ◽  
Dynamic Cge ◽  
The Global Financial Crisis ◽  
Investment Goods ◽  
The Impact

The global financial crisis resulted in a significant downturn in the global economy, with impacts felt throughout the world. In this paper, we use a dynamic global general equilibrium model to explore the longer-term impacts of the financial crisis, with a particular focus on China. The economies of most countries suffered to some extent, with the extent of declines in the long run likely to depend on the extent to which investment declines. Our results suggest that overall the financial crisis leads to international trade falling by approximately 14 percent from the 2020 baseline level. Within this, the composition of trade changes, particularly reflecting changes in demand for construction of investment goods and increasing longer-term demand from economies like China. We also briefly consider the impact of a more protracted recovery from the crisis, which has even more significant impacts on the global economy.

Assessing The Impact Of The Global Financial Crisis On GCC Countries

2010 ◽  
Vol 8 (2) ◽  
Author(s):  
Hisham H. Abdelbaki
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
The United States ◽  
Font Size ◽  
Negative Effects ◽  
Gcc Countries ◽  
The World ◽  
The Global Financial Crisis ◽  
The Impact

<p class="MsoNormal" style="text-align: justify; margin: 0in 27pt 0pt;"><span style="font-family: Times New Roman;"><span style="color: #0d0d0d; font-size: 10pt; mso-bidi-language: AR-EG;">No doubt, the </span><span style="color: #0d0d0d; font-size: 10pt;">international financial crisis that started in the United States of America will cast its effects on all countries of the world, developed and developing. Yet these effects vary from one country to another for several reasons. The GCC countries would not escape these negative effects of this severe crisis. The negative effects of the crisis on gulf countries come from many aspects: first, decrease in price of oil on whose revenues the development programs in these countries depend; second, decrease in the value of US$ and the subsequent decrease in the assets owned by these countries in US$; third, a case of economic stagnation will prevail in the world with effects starting to appear. </span><span style="color: #0d0d0d; font-size: 10pt; mso-bidi-language: AR-EG;">It is obvious that this would be reflected on the real sector in the economies causing a series of negative effects through decrease of the world demand for exports of GCC countries of oil, petrochemicals and aluminum.<span style="mso-spacerun: yes;">&nbsp; </span>Lastly, increased inflation rates with decreased interest rates will result in a decrease in real interest with an accompanying decrease in incentives for saving and consequently investment and economic development. The main aim of the research is to assess the economic effects of the global financial crisis on GCC countries. The paper results are that the big reserves of foreign currencies achieved by the GCC countries in the past few years have helped increase their ability to bear the effects of the financial effects on one hand and their ability to adopt expansionary policies through pumping liquidity to absorb the regressive effects of the crisis on the other. The paper recommends the necessity of taking precautionary procedures for the effects which will result from the expansionary policies effective in GCC countries. <strong></strong></span></span></p>

scholarly journals The Impact of the Global Financial Crisis, Does It Sustain?

2016 ◽  
Vol 8 (10) ◽  
pp. 82 ◽  
Author(s):  
Bashar Al-Zu'bi ◽  
Hussein Salameh ◽  
Qasim Mousa Abu Eid
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Global Financial Crisis ◽  
Stock Market Index ◽  
The World ◽  
The Usa ◽  
Short And Long Term ◽  
The Global Financial Crisis ◽  
The Impact

<p>This paper studies the short and long term relationship between S&amp;P500 USA stock market index and the stock market indices of 30 countries around the world over the period June 2010-April 2015. We implement OLS regression and use error correction model to examine the short and long term relationship between the variables. Empirically, we find that there is a relationship on the short and long term between S&amp;P500 and the indices of 27 countries from East Asia, Europe, Latin America, Middle East as well as the countries of Australia and Canada. These results conclude that the global financial crisis of 2007-2008 significantly and lengthy increased the already high level of co-movement between the USA financial market and the observed stock market for 27 countries around the world. The findings from our research are important; however, we believe that further research based on our findings is necessary.</p>

Volatility of Malaysian conventional and Islamic indices: does financial crisis matter?

2020 ◽  
Vol 11 (1) ◽  
pp. 1-11 ◽  
Author(s):  
Muhamad Abduh
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Composite Index ◽  
Least Square ◽  
Content Type ◽  
Long Run ◽  
Short Run ◽  
The Global Financial Crisis ◽  
The Impact

Purpose This study aims to investigate the volatility of conventional and Islamic indices and to explore the impact of the global financial crisis toward the volatility of both markets in Malaysia. Design/methodology/approach The data consist of financial times stock exchange group (FTSE) Bursa Malaysia Kuala Lumpur Composite Index and FTSE Bursa Malaysia Hijrah-Shari‘ah Index covering the period January 2008-October 2014. Generalized autoregressive conditional heteroskedasticity is used to find the volatility of the two markets and an ordinary least square model is then used to investigate the impact of the crisis toward the volatility of those markets. Findings Interestingly, the result shows that Islamic index is less volatile during the crisis compared to the conventional index. Furthermore, the crisis is proven to significantly affect the volatility of conventional index in the short run and Islamic index in the long run. Originality/value This study explores the volatility–financial crisis nexus, especially for the Islamic financial markets, which to the best of the author’s knowledge, is still lacking empirical research which may improve the understanding upon this issue.

scholarly journals الأزمة المالية العالمية , اسبابها وأثارها في اقتصاديات الدول النامية

2020 ◽  
Vol 1 (1) ◽  
pp. 83-95
Author(s):  
هند الطائي
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
International Monetary System ◽  
Political Stability ◽  
Arab Countries ◽  
Political Freedom ◽  
The World ◽  
The Global Financial Crisis

The issue of the global financial crisis that hit the world economy since August 2007 was one of the worst economic crises after the Great Depression of 1929. This crisis was not the result of the moment, but the most important of which is the negative impact of the Asian financial crisis in 1997 and the crisis of the information technology sector in 2000, This crisis has caused the rest of the world due to interdependence. The recurrence of financial crises in developing countries is a worrying phenomenon that has threatened the economic and political stability of the countries concerned. The global economy is currently facing a real financial crisis that has hit the economies of developed and developing countries alike, starting in 2008 and emerging in 2008. The American financial crisis reflected on most of the economies of the world so that it became implicated in the global financial crisis. As the Arab countries are part of the global economic system, they will be negatively affected by this crisis. It is certain that the degree of their influencevaries among the Arab countries according to their degree of integration and integration into the global economy. Therefore, stepping out of them requires the intensification of the international efforts to review the international monetary system, giving all countries the full economic and political freedom to choose to link their currencies to an internationally agreed basket of currencies . The researcher tried here to explain how the global financial crisis has an impact on the economies of developing countries. The research section is divided into three sections. The first topic dealt with the global financial crisis in terms of concept, definition, characteristics and what types. The second topic dealt with the causes of the financial crisis and what are the positive and negative effects And the third topic dealt with the effects of the global financial crisis in the economies of developing countries, and concluded the research with a set of conclusions and recommendations

scholarly journals Impact of Global Financial Crisis on IDB Member Countries: The Case of Gulf Cooperation Council and Sub-Saharan Africa

2008 ◽  
Vol 47 (4II) ◽  
pp. 583-601
Author(s):  
Zafar Iqbal
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Foreign Minister ◽  
Sub Saharan Africa ◽  
Fuel Prices ◽  
Sub Saharan ◽  
The Global Financial Crisis ◽  
The Impact

The year 2008 witnessed three major crises (food, energy, global financial and economic crises) and their impacts were increasingly felt worldwide. Since the eruption of global financial crisis from September 2008, international financial markets have become more turbulent, and the global economic slowdown is expected to deepen further. Virtually no country, developing or developed, has escaped from the impact of the global financial turbulence, although countries that entered the crisis with less integration into the global economy have generally been less affected. There is an increasing concern that the ongoing global financial turbulence is likely to transform into human crisis, particularly in the developing world. Although, it will take sometime to assess the full impact of the these crises on developed as well as developing countries, various preliminary estimates have been reported about the losses due to these crises. For example, Kuwait Foreign Minister revealed in Arab Economic Summit that Arab investors lost $2.5 trillion just in four months (September to December 2008) due to credit crunch.1 Similarly, according to the latest estimate by the Asian Development Bank, the global financial market losses reached $50 trillion in 2008, which is equivalent to one year of world GDP.2 Like other developing countries, the impacts of these crises have also been increasingly felt in IDB member countries. Firstly, a large number of member countries were affected due to high food and fuel prices and since September 2008, they are being affected directly and indirectly by the global financial crisis although the channels of transmission are different from those operating in relatively more developed member countries.

scholarly journals Tourism development post global financial crisis: Case of Albania

2016 ◽  
Vol 4 (2) ◽  
Author(s):  
Arjan Tushaj ◽  
Rakela Thano
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Static And Dynamic Analysis ◽  
Tourism Sector ◽  
The World ◽  
Short Run ◽  
Diverse World ◽  
Global Tourism ◽  
The Global Financial Crisis ◽  
The Impact

Tourism is the elastic sector and capable of demonstrating the significant capacity past the crisis occurrence despite it is more appreciable in the short run. The global financial crisis during 2008 – 2009 passed likewise the adverse external shock to developing countries and we faced to the consequences of it. It had the significant impact on the tourism sector. Empirical results demonstrated that tourist revenues tend to be more affected than cash tourist during the time of crisis. Impact of the crisis on the tourism sector associated with the different effects in diverse countries. The crisis around the world brought to Albania the highest number of tourists, but tourism receipts per tourist were lower compared to other years. The goal of this paper is to analyze the impacts of post global economic crisis on the tourism sector according to Albania and around the diverse world regions. The paper investigated the indicators of tourism sector linking to Albania and global regions through the comparative static and dynamic analysis during 2009 – 2014. We concluded that the impact of crisis in the tourism sector and its renovation were altering to dissimilar countries. The global tourism renovated during 2012, meanwhile the Albanian tourism sector was renovating during 2014.

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 

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

International Financial Centres after the Global Financial Crisis and Brexit

2018 ◽  
Keyword(s):  
New York ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
New Technology ◽  
Interdisciplinary Approach ◽  
Important Change ◽  
Social Scientists ◽  
The Global Financial Crisis ◽  
Financial Technology

This book gathers leading economic historians, geographers, and social scientists to focus on the developments in key international financial centres following the 2008 Global Financial Crisis and to consider the likely effects of Brexit on these centres. Eleven centres in eight countries are taken into consideration: New York, London, Frankfurt, Paris, Zurich/Geneva, Hong Kong/Shanghai/Beijing, Tokyo, and Singapore. The book addresses three main issues. The first is the hierarchy of international financial centres, in particular whether Asian financial centres have taken advantage of the crisis in the West. The second is the medium-term effects of the crisis, with respect to the volume of business activity (including employment), and the level of regulation, with concerns regarding the risks of regulatory overkill. And the third is the rise of new technology, known as fintech, possibly the most important change in the decade following the crisis, with questions as to whether it will render financial centres, as we know them, unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology. Finally, the book discusses the likely effects of Brexit on international financial centres, in particular London, Paris, and Frankfurt. The book takes a decidedly interdisciplinary approach, with a general introduction providing a global overview from a historical perspective, and a general conclusion providing a global overview from a geographical perspective. Its focus on the implications for global financial centres is unique among books about the aftermath of the Global Financial Crisis.

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.

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