Notes from the Editors, October 2019

2019 ◽  
pp. 63-68
Author(s):  
The Editors
Keyword(s):  
Financial Crisis ◽  
World Economy ◽  
Economic Situation ◽  
The World ◽  
Financial Crisis Of 2008

buy this issue If there is one thing that is clear about the economic situation in the mature capitalist economies, as we write these notes in mid–August 2019, it is that the financial world is increasingly running scared and looking for safe havens, worrying about the storm clouds ahead. There is now little doubt that the world economy is on the verge of a recession after a long sluggish recovery from the Great Financial Crisis of 2007–09. In itself this should not give occasion to surprise. In this instance, however, there lurks a bigger fear, the possibility of a financial Armageddon on the level of the Great Financial Crisis of 2008—or worse.

Unraveling the Financial Crisis of 2008

2009 ◽  
Vol 42 (02) ◽  
pp. 271-275 ◽  
Author(s):  
Michael Comiskey ◽  
Pawan Madhogarhia
Keyword(s):  
Financial Crisis ◽  
World Economy ◽  
Tidal Wave ◽  
The World ◽  
Financial Crisis Of 2008

In the fall of 2008, the world economy experienced a “once-in-a-century credit tsunami” (Greenspan 2008, 1). Centered in the market for homes and mortgages, the mechanisms that unleashed this financial tidal wave are many and complex. Indeed, an inadequate grasp of modern finance on the part of “the most sophisticated investors” and regulators “in the world” was itself a contributing factor (Greenspan 2008, 3).

scholarly journals Colonial Past and Constitutional Momentum: The Case of Iceland

2013 ◽  
Vol 8 (2) ◽  
Author(s):  
Ágúst Þór Árnason
Keyword(s):  
Financial Crisis ◽  
World Wide ◽  
Economic Life ◽  
The World ◽  
Financial Crisis Of 2008 ◽  
The Republic

In June 2010, nearly two years after the world-wide financial crisis of 2008 hit Iceland, the Icelandic Parliament passed an act on a Constitutional Assembly. Even if no one has succeeded to show any direct connections between the financial crisis and the provisions and the function of the constitution of 1944, loud voices did claim that Icelanders were fortunately faced with a “constitutional moment” and, subsequently, an opportunity to change the nation’s political as well as economic life; something people were ethically obligated to make use of. With no better justified or defined reasons for such an all-inclusive revision, however, it is a worth-while undertaking to take a closer look at the notion of a constitutional moment, and see if that can help us to understand why the Republic of Iceland should abolish its founding constitution without a preceding thorough analysis of its functional failures.

scholarly journals The Impact of Domestic and Foreign Environment on China’s EconomicDevelopment

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Mengya Cao
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
World Economy ◽  
Industrial Structure ◽  
Negative Impact ◽  
Economic Losses ◽  
The World ◽  
World Economic ◽  
Short Time ◽  
The Impact

In recent years, the financial crisis has affected the economies of all countries in the world. At that time, it seriously restricted the development of the world economy. From a modern perspective, the difficult period of the world economic crisis caused by the financial crisis has passed, but the negative impact of the economic crisis can not be eliminated in a short time. Dispersed, the crisis has brought both opportunities and challenges to the country as well as heavy economic losses. Under the background of economic globalization, only by making a scientific and effective analysis of the world economic situation and keeping up with the trend of the world economy, can we effectively promote the domestic economic development and industrial structure, and enable our economy to develop healthily and substantially.

scholarly journals Origins and Resolution of Financial Crises: Lessons from the Current and Northern European Crises

2009 ◽  
Vol 8 (3) ◽  
pp. 178-220 ◽  
Author(s):  
Finn Østrup ◽  
Lars Oxelheim ◽  
Clas Wihlborg
Keyword(s):  
Financial Crisis ◽  
Housing Market ◽  
Political Institutions ◽  
Financial Crises ◽  
World Economy ◽  
Credit Crunch ◽  
Original Strain ◽  
Northern European ◽  
The World ◽  
The U.S

Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with its contagion within the system is caused by failures of legal, regulatory, and political institutions.

The Global Financial Networks

2018 ◽  
Author(s):  
Dariusz Wójcik
Keyword(s):  
Public Finance ◽  
Financial Crisis ◽  
World Economy ◽  
Global Financial Crisis ◽  
Global Network ◽  
Financial Networks ◽  
Business Services ◽  
Dynamic Framework ◽  
The Core ◽  
The World

The chapter outlines the concept of the global financial networks, defined as networks of the financial and business services firms, and their activities linking financial centres, offshore jurisdictions, and the rest of the world. It is a concept that helps to map finance, place it on the map of the world economy, and analyse the latter in a dynamic framework accounting for the forces of globalization and financialization. At the core of the global financial networks lies the global network of securities centres, focused on the creation, distribution, and circulation of securities, which contributed to the recent global financial crisis. Major trends reshaping the global financial networks include the rise of regulation and public finance, technologies connecting investors, borrowers and lenders with each other, and a potential geo-financial shift towards Asia.

scholarly journals Assumptions of the Global Economic Crisis and Its Inception in the Spring of 2020 Due to the COVID-19 Pandemic

2020 ◽  
Vol 15 (2) ◽  
pp. 191-212
Author(s):  
Alexey Portanskiy ◽  
◽  
Yulia Sudakova ◽  
Alexander Larionov ◽  
◽  
...  
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
International Organizations ◽  
Global Economy ◽  
World Economy ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
International System ◽  
The World ◽  
Global Economic Crisis

Analytical agencies, as well as international organizations, have identified significant threats to the development of the world economy, increasing the likelihood of a new global financial crisis in late 2020–early 2021. The main challenges to the system come from trade wars that could lead to a crisis in the international system of trade regulation, a decrease in the effectiveness of public policy instruments, and a deterioration in the dynamics of global economic growth. An important factor leading to a slowdown in the global economy in 2020 will also be the coronavirus pandemic, although it is difficult, in the first half of 2020, to assess its final impact. The combination of these negative factors, coupled with the unresolved problems of the 2008 global financial crisis, significantly increases the likelihood of a new global economic crisis which could surpass the Great Depression of the 1930s. This study systematizes the main forecasts by international organizations and analytical agencies for the growth of the world economy and considers various theoretical concepts to identify the symptoms of the impending crisis. Ultimately, this article offers options for reducing the negative impact of the crisis on Russia. In connection with the coronavirus pandemic, preliminary estimates have been made of the likely damage to the world economy and the prospects for its recovery.

scholarly journals Economics of the Financial Crisis: Any Lessons for the Pandemic Downturn and Beyond?

2021 ◽  
Vol 15 (1) ◽  
pp. 100-121
Author(s):  
Hamid Elyassi
Keyword(s):  
Financial Crisis ◽  
World Economy ◽  
Free Market ◽  
Supply Side ◽  
Domestic Economy ◽  
Past Performance ◽  
Political Liberalization ◽  
The Third ◽  
The World ◽  
Global Economic Growth

The world economy entered the third decade of this century with uncertainties and challenges of COVID-19 pandemic before it had fully recovered from the lingering aftereffects of the financial crisis. The financial crisis ended a period of overall global economic growth and price stability during which globalization and its principles of trade, economic and political liberalization were widely held as the emerging international economic and political order. In domestic economy, most countries favored supply-side economics and monetary policy in a free-market setting. This paper appeals to economic logic and empirical evidence to critically study external and internal economic processes and policies particularly of major world economies to identify what caused the unanticipated onset of the banking crash and why the ensuing persistent downturn defied remedial measures. It concludes that major trading powers departed from their declared commitment to free trade and its basic rules with no effective institutional safeguards and deterrents. Internally, absence of efficient monitoring and supervision of workings of nominal and real sectors allowed anomalies to develop within the market economy unnoticed. As regards inefficacy of policies against several years of stagnation, the paper discusses asymmetric performance of monetary tools and problematic application of fiscal policy to suggest revisiting supply-side and Keynesian approaches against their past performance and forge an eclectic kit of analytical and policy tools alongside the necessary organizational reforms.

MECHANISMS OF STRUCTURAL REFORMING OF CHINA’ ECONOMY IN THE CONTEXT OF DEVELOPMENT OF THE TRADE CONFLICT WITH THE USA

2019 ◽  
pp. 31-44
Author(s):  
Evgeniy N. Smirnov
Keyword(s):  
Financial Crisis ◽  
World Economy ◽  
System Analysis ◽  
Global Financial Crisis ◽  
Raw Materials ◽  
Problem Analysis ◽  
The World ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Relationship Of

The world economy recovers from global financial crisis slowly and unevenly that calls a question about efficiency and advantage of economic globalization for the countries of the world. Developing countries recovered from global financial crisis of 2008–2009 comparative quickly, and it was promoted in many respects by the high prices of raw materials and low levels of debt of these countries. NowChinatakes leader positions in the international capital flow and world trade. Globalization had significant effect on scales of the involvement of the country into world economic communications that became one of the reasons of overheating of national economy. The economy ofChina, besides the increasing overheating potential, begins to be under pressure from the trade conflict initiated by theUSA. In these conditions problems of structural reforming ofChina’ economy, on that depend competitive positions of the country in the world economy depend, become aggravated. In modern Sinology, the problems of trade conflicts between countries are studied very fragmentally. Approaches of the author are based on the results previously obtained by Russian scientists Y. M. Galenovich, A. P. Mozias, M. L. Titarenko, and theoretical developments of leading research centers. Historical approach, comparative, system analysis and synthesis, prognostic and problem analysis were used as instrumental scientific methods in the research presented in the article. The author's ideas are based on the hypothesis of the relationship of «overheating», appearing in the economies with the growth of economic contradictions and conflicts between them.

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