Implications of the Global Financial Crisis on Korea's Trade

2009 ◽  
Vol 8 (3) ◽  
pp. 46-81 ◽  
Author(s):  
Sangyeon Hwang ◽  
Hyejoon Im
Keyword(s):  
Trade Balance ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Balance Sheets ◽  
Positive Effects ◽  
The World ◽  
World Demand ◽  
Short Run ◽  
The Global Financial Crisis

In this paper, we examine the channels through which the current global crisis affects Korea's trade and assess the implications thereof. These five important channels under investigation are: (1) world demand, (2) domestic demand, (3) exchange rate, (4) credit markets, and (5) protectionism. We conclude that the world demand channel is the most important factor for the recovery of Korea's exports. We expect that depreciation followed by the crisis should generate only small positive effects on a trade balance in the short run. However, depreciation can erode the long-term competitiveness of domestic firms because it can deteriorate not only firms' balance sheets but also banks' balance sheets.

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>

scholarly journals G20 Institutionalization: From Crisis-Management to Long-Term Global Governance

2016 ◽  
Vol 02 (03) ◽  
pp. 347-364 ◽  
Author(s):  
Wang Lei ◽  
Wang Rui
Keyword(s):  
Crisis Management ◽  
Global Governance ◽  
World Economy ◽  
Global Financial Crisis ◽  
Management Mechanism ◽  
The World ◽  
The Many ◽  
The Global Financial Crisis ◽  
High Level

Since its establishment, the Group of Twenty (G20) has undergone three phases of institutional transition: from an informal forum among finance ministers and governors of central banks at the beginning, to a crisis-management mechanism mainly to cope with the global financial crisis, and increasingly to a long-term platform for global governance in recent years. With increasing representation and mandates, the G20 has been playing a key role in forging high-level consensuses and coordinating policies and actions among major economies so as to keep the world economy and development on track. Faced by the many challenges within itself and from the changing dynamics of the world economy and development, the G20 has to improve its cooperative spirit, representativeness and effectiveness before it can become a full-fledged institution for global governance.

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.

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 

Financial Sustainability and Infrastructure Finance

2018 ◽  
Author(s):  
Felipe Carvalho de Rezende
Keyword(s):  
Financial Institutions ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial Sustainability ◽  
Infrastructure Finance ◽  
Strategic Role ◽  
Development Banks ◽  
The Global Financial Crisis ◽  
Capital Development

Among the lessons that can be drawn from the global financial crisis is that private financial institutions have failed to promote the capital development of the affected economies, and to dampen financial fragility. This chapter analyses the macroeconomic role that development banks can play in this context, not only providing long-term funding necessary to promote economic development, but also fostering financial stability. The chapter discusses, in particular, the need for public financial institutions to provide support for infrastructure and sustainable development projects. It concludes that development banks play a strategic role by funding infrastructure projects in particular, and outlines the lessons for enhancing their role as catalysts for mitigating risks associated with such projects.

Financialization

2018 ◽  
pp. 276-290
Author(s):  
Ravi Roy ◽  
Thomas D. Willett
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Capital Mobility ◽  
Global Financial Crisis ◽  
Economic Globalization ◽  
The Past ◽  
The World ◽  
The Global Financial Crisis ◽  
National Economies ◽  
Global Financial System

The size and scope of financial sectors throughout the world have grown exponentially in tandem with the rise of globalization and increased capital mobility. The terms “economic globalization” and “financialization” are often discussed as inextricably related phenomena. Although the rapid increase in the number and variety of financial services and products during the past four decades has helped spur economic growth and create wealth on an unprecedented scale, the devastating fallout from the global financial crisis of 2008–2009, and the economic turbulence that followed, demonstrates how poorly managed financial sectors can simultaneously cause enormous pain. This chapter argues that if the opportunities created by economic globalization and financialization are to be maximized, while at the same tempering volatile financial markets, then the global financial system (and the national economies connected with it) must be fundamentally restructured. A number of ways that should be taken under consideration are discussed.

Effect of economic indicators, biomass energy on human development in China

2021 ◽  
pp. 0958305X2110220
Author(s):  
Ngo Thai Hung
Keyword(s):  
Human Development ◽  
Global Financial Crisis ◽  
Trade Openness ◽  
Biomass Energy ◽  
Wavelet Coherence ◽  
Causality Test ◽  
Frequency Domains ◽  
Bidirectional Relationship ◽  
The Global Financial Crisis

Previous studies ignored the distinction between short, medium, and long term by decomposing macroeconomic variables and human development index at different time scales. We re-visit the causal association between biomass energy (BIO), economic growth (GDP), trade openness (TRO), industrialization (IND), foreign direct investment (FDI), and human development (HDI) in China on a quarterly scale by scale basis for the period 1990 to 2019 using the tools of wavelet, i.e., wavelet correlation, wavelet coherence and scale by scale Granger causality test. The main findings uncover that IND, TRO, GDP, and BIO positively drive the HDI at low and medium frequencies, while FDI negatively impacts HDI during the sample period. Additionally, there is a bidirectional relationship between GDP and HDI at different time and frequency domains. Specifically, we discover that the positive co-movement is more robust in the aftermath of the global financial crisis, particularly for HDI, BIO, GDP, and TRO at medium frequencies throughout the period under research. Our empirical insights have significant implications for achieving human development sustainability in China.

scholarly journals Financial cycle − A critical analysis of the methodology for its identification

2021 ◽  
Vol 10 (3) ◽  
pp. 99-116
Author(s):  
Łukasz Kurowski
Keyword(s):  
Economic Policy ◽  
Critical Analysis ◽  
Global Financial Crisis ◽  
Critical Perspective ◽  
Financial Cycle ◽  
Economic Justification ◽  
The Business Cycle ◽  
The Global Financial Crisis

Abstract While the legitimacy of the concept of the financial cycle (as distinct from the business cycle) in research and economic policy after the experience of the global financial crisis raises no concerns, the methodology for its application has become a subject of discussion. The purpose of this article is to indicate which research methods dominate in identifying a financial cycle and which methodological traps accompany them. The low level of critical perspective on the methods used to identify cycles often results in conclusions that have no economic justification and may result in erroneous decisions in economic policy and central bank practice. The case study carried out in the article confirms that the key elements in identifying a financial cycle are part of a long-term series covering at least two lengths of the financial cycle. In addition, because the results may be sensitive to the type of filter used, it is important not to rely on a single variable but rather to build indexes that take into account a number of them (including those obtained using filtration methods).

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