scholarly journals Causes and Consequences of the World Financial Crisis 2008: A Historical Perspective

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Adis Maksic ◽  
◽  
Selma Delalic ◽  
Adem Olovčić
Keyword(s):  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Historical Context ◽  
Global Market ◽  
Financial Policies ◽  
The West ◽  
The World ◽  
Economic Ideology

Abstract: This paper situates the 2008 Global Financial Crisis into the wider historical context to argue that the roots of the crisis can be traced back to the dominant economic ideology in the West during the 1970s. It shows that the corresponding financial policies, implemented by the powerful western economies during the four decades that preceded the crisis, created an institutional framework that fostered financial irresponsibility and made the crisis all but inevitable. The paper also explores the ideas that led to the stabilization of the global market as well as the role of China in charting the way ahead. Ultimately, the discussion highlights the inherent tendency of neoliberal economic ideology to create market instabilities whose consequences for the global economy can be devastating.

scholarly journals Is Eurozone accumulating an historic lag toward Asia in the COVID-19 context?

2021 ◽  
pp. 89-102
Author(s):  
J. Sapir ◽  
Keyword(s):  
Financial Crisis ◽  
Southeast Asia ◽  
Global Economy ◽  
Statistical Data ◽  
Global Financial Crisis ◽  
Breaking Point ◽  
Growth Pole ◽  
The Pacific ◽  
The World

The COVID-19 epidemic is affecting the global economy since early 2020. This pandemy has hit countries and shaken the global economy as it has not actually recovered from the financial crisis of the years 2008-2010. The process of economic de-globalization accelerated in recent years. It began to manifest openly with the 2008-2010 crisis. In fact, it is from this crisis that we can date a breaking point in the various statistical data. This does not mean that the tendencies towards this de-globalization did not exist before 2007. However, it took this global financial crisis, which was a crisis of globalization both in its causes and in its unfolding, for these trends to manifest themselves openly. The COVID-19 epidemic therefore broke out in a context that was then marked by fundamental changes. It has hit different countries very unevenly and will also unevenly affect post-COVID-19 recovery trajectories. The COVID-19 could then accelerate significantly trends, which were already perceptible before the pandemy. It will play the role of both revealing and accelerating changes that had been noticeable for ten years now. The shift of the world growth pole from the Atlantic zone (USA-Europe) to the Pacific zone, and more particularly Southeast Asia, seems irreversible today.

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.

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 Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

2012 ◽  
Vol 4 (3) ◽  
pp. 30-55 ◽  
Author(s):  
Laura Alfaro ◽  
Maggie Xiaoyang Chen
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Foreign Ownership ◽  
Differential Response ◽  
Crisis Period ◽  
The World ◽  
The Global Financial Crisis ◽  
Better Than

We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world responded to the crisis relative to local establishments. We find that, first, multinational subsidiaries fared on average better than local counterfactuals with similar economic characteristics. Second, among multinational subsidiaries, establishments sharing stronger vertical production and financial linkages with parents exhibited greater resilience. Finally, in contrast to the crisis period, the effect of foreign ownership and linkages on establishment performance was insignificant in noncrisis years. (JEL F23, G01, L22, M16)

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 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.

scholarly journals ECONOMIC GROWTH IN THE LARGE AND SMALL-SCALE ECONOMIES AND THE ROLE OF RESOURCES IN CONVERSION OF ENERGY-ORIENTED TO INNOVATION-DRIVEN ECONOMY

Ekonomika ◽  
2009 ◽  
Vol 88 ◽  
pp. 52-65 ◽  
Author(s):  
Natalia Kuznetsova
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Global Financial Crisis ◽  
Historical Context ◽  
International Comparisons ◽  
Scale Economies ◽  
Small Scale ◽  
Investigation Methods ◽  
The World

The article deals with the economic growth in different scale economies, namely, resource-abundant and resource–driven countries and chances for the conversion of the latter into the knowledge-based mode of development. The paper deals with two problems 1) economic growth in different groups of the small-scale countries of the world economy through the estimate of the historical context ; 2) dynamics of the assessment in small and large transit economies.The goal of the article is to promote the idea of the resource-rich economies which find themselves at different stages of overcoming transitivity from the curse to the blessing type of economic growth. The hypothesis of the article is that sustainable economic development and continuous economic growth in transit economies could be achieved by means of the formation of the rent capitalism model in the large resource-rich countries. The methods used in the article are analysissynthesis, historical and logical methods of investigation, methods of international comparisons. The main conclusion of the article is that due to the formation of rent capitalism model growing gigantic countries play a predominant role in the world economy and in the global financial markets gaining the role of the savior during the expansion of the global financial crisis.

scholarly journals Competition of the world leading currencies: Features of the current stage

2021 ◽  
Vol 20 (11) ◽  
pp. 2074-2088
Author(s):  
Vladimir K. BURLACHKOV
Keyword(s):  
Financial Markets ◽  
Foreign Exchange ◽  
Global Economy ◽  
Foreign Exchange Market ◽  
Global Market ◽  
Leading Role ◽  
The World ◽  
Current Stage ◽  
The U.S

Subject. The article analyzes the competition of the world leading currencies in the global economy, specifics of the current stage, trends in the role of particular currencies in the global market. Objectives. The purpose is to review the current positions of the U.S. Dollar, Euro and Yuan in the global financial markets, assess prospects for maintaining the leading role of the U.S. Dollar, development trends in the position of Euro and Yuan. Methods. I applied the content analysis of available sources, provide a historical overview of issues under consideration, scrutinized the estimates of financial analysts. Results. The paper unveils reasons for increased competition of the leading currencies (U.S. Dollar, Euro, Yuan) in the global foreign exchange market, which include an increase in the scale of payment transactions in the global financial and commodity markets. It also reveals trends in the use of particular currencies in foreign trade and financial transactions, evaluates prospects for the use of specific world currencies in the global economy. Conclusions. At present, U.S. Dollar maintains its leading positions. However, in the future, an increase in the use of Euro- and Yuan-denominated transactions should be expected in the commodity and financial markets due to enlarged presence of Chinese companies in the global economy. Further development of European integration can ensure the expansion of the single European currency in the global financial market. The share of Yuan in foreign exchange reserves of central banks tends to increase. Private investors' demand for Yuan is also expected to grow.

Part II Economic Regulation, 10 Regulating Multinational Banks

2021 ◽  
Author(s):  
Rogge Ebbe
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Multinational Enterprise ◽  
Regulatory Regime ◽  
Economic Regulation ◽  
Future Evolution ◽  
Multinational Banks

This chapter explores multinational banks (MNBs). Between 2007 and 2009, the global economy experienced the global financial crisis, one of the most significant economic shocks in history, bringing into sharp relief the role of MNBs in its creation. While the MNB, as one type of multinational enterprise (MNE), is subject to the other rules and regulations discussed in this book, several important properties and characteristics show the additional rules and regulations applicable only to MNBs. In addition, the contribution of MNBs to the financial crisis raised doubts concerning the efficacy of existing regulatory rules, and the shortcomings of MNB corporate governance, leading to a reappraisal of both. The chapter tells the story of the crisis, including the role of the MNBs, outlines the regulatory regime as it stood before the crisis, and how the crisis has subsequently impacted on regulatory changes and MNB corporate governance. It concludes with an appraisal of the social and political effects of the crisis and of the future evolution of MNB regulation.

scholarly journals Threats to Contemporary Economic Order

2020 ◽  
pp. 69-76
Author(s):  
Janusz Klisiński
Keyword(s):  
Financial Crisis ◽  
Liberal Democracy ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
Economic Order ◽  
The Us ◽  
The World ◽  
Us Dollar ◽  
The 2008 Financial Crisis

The biggest threats to contemporary economic order were chronologically the bipolarity of the world after 1945, in which one of the poles despised money and the other based its prosperity on money. An attempt to create a unipolar world already dominated by the US dollar, practically was hardly acceptable. The US showed its strength when Japan in 1995 became a pretender to be No. 1 in the global economy. Also in 2008, American banks triggered a global financial crisis by creating bubbles of toxic real estate loans. The 2008 financial crisis also started a crisis of liberal democracy. China was much more powerful than Japan as the next pretender to become No. 1 in the global economy. About it can be seen as the beginning of a global conflict between the United States and China. In addition, the coronavirus pandemic has stopped globalization and is causing a global crisis.

Sign in / Sign up

Export Citation Format

Share Document