scholarly journals Saving Planet Capital – the Logical Bailout of the Financial Market

2020 ◽  
Vol 36 (2) ◽  
pp. 195-222
Author(s):  
Marta Olesik Marta Olesik
Keyword(s):  
Economic Development ◽  
Financial Crisis ◽  
Financial Market ◽  
Recent History ◽  
Too Big To Fail ◽  
Survival Mechanism ◽  
Economic Paradigm

When analyzing the neoliberal model of the market in terms of the transcendental conditions it creates, researchers concentrate on two distinct categories - competition and debt. Together, they constitute a form of reason specific to the economic development which occurred in our recent history. The aim of this text is to show how the financial crisis of 2007-2008 affected these two iterations of the neoliberal economic paradigm, with the bailout procedure simultaneously breaching the rules of competition and debt and then slyly re-purposing them in order to justify the situation. This re-purposing is the eponymous logical bailout which depended on a brand new transcendental form which the market has taken on. This form is introduced in a nutshell by the formula “too big to fail”. The essay shows that this slogan helped introduce an understanding of the market in terms of an environment – an intricate and inherently fragile network whose preservation is necessary for the survival of the species inhabiting it. This transcendental shift will be discussed as a survival mechanism which allowed the neoliberal paradigm to avoid demise despite its complete fiasco.

Deconstructing the Discourse on University Social Responsibility

2018 ◽  
Author(s):  
Anamika Srivastava
Keyword(s):  
Economic Development ◽  
Social Responsibility ◽  
Knowledge Economy ◽  
Teaching And Research ◽  
Economic Paradigm ◽  
International Discourse

With the rise of knowledge economy, the economic development is dependent upon the production, appropriation, profitization, and distribution of knowledge. When knowledge becomes capital, its dissemination in the society out of benevolence of the universities becomes uncertain. It is because the linkages between the economy and the universities’ core activities of teaching and research have become strong as never before, their linkages with the community and society at large have become blurred. By unravelling the national and international discourse on university social responsibility and related constructs, this chapter shows the importance of university-society linkages in the current economic paradigm, reinstituted not just through a few departments and clinical programmes of the universities but also through their core activities of teaching and research.

scholarly journals Corporate debt maturity and economic development

2019 ◽  
Vol 15 (5) ◽  
pp. 669-687 ◽  
Author(s):  
Celia Álvarez-Botas ◽  
Víctor M. González-Méndez
Keyword(s):  
Developing Countries ◽  
Economic Development ◽  
Financial Crisis ◽  
Firm Size ◽  
Debt Maturity ◽  
Corporate Debt ◽  
Content Type ◽  
Country Level ◽  
The Relationship ◽  
Bank Concentration

Purpose The purpose of this paper is to analyse the effect of economic development on the influence of country-level determinants on corporate debt maturity, bearing in mind firm size and the period of financial crisis. Design/methodology/approach The authors employ panel data estimation with fixed effects to examine the role of economic development in influencing the relationship between country-level determinants on corporate debt maturity. The paper uses a sample of 30,727 listed firms, belonging to 39 countries, over the period 2005–2012. Findings Corporate debt maturity increases with the efficiency of the legal system and bank concentration and decreases with the weight of banks in the economy. However, the importance of these country determinants is greater in developing than in developed countries. The authors also show that firm size in developed and developing countries influences country determinants of corporate debt maturity. Finally, the results reveal that the financial crisis has affected the debt maturity of firms differently in developed and developing countries, with the effect of bank concentration lengthening debt maturity, this effect being more pronounced in developing countries. Practical implications The findings provide useful insights to guide policy decisions providing access to long-term financing, as corporate debt maturity depends on economic development, institutional environment, banking structure and firm size. Originality/value This study incorporates economic development in explaining the relationship between country-level determinants and corporate debt maturity.

scholarly journals Sugar Prices vs. Financial Market Uncertainty in the Time of Crisis: Does COVID-19 Induce Structural Changes in the Relationship?

Agriculture ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 93
Author(s):  
Pavel Kotyza ◽  
Katarzyna Czech ◽  
Michał Wielechowski ◽  
Luboš Smutka ◽  
Petr Procházka
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Market ◽  
Structural Breaks ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Market Uncertainty ◽  
Volatility Index ◽  
The Global Financial Crisis ◽  
The Relationship

Securitization of the agricultural commodity market has accelerated since the beginning of the 21st century, particularly in the times of financial market uncertainty and crisis. Sugar belongs to the group of important agricultural commodities. The global financial crisis and the COVID-19 pandemic has caused a substantial increase in the stock market volatility. Moreover, the novel coronavirus hit both the sugar market’s supply and demand side, resulting in sugar stock changes. The paper aims to assess potential structural changes in the relationship between sugar prices and the financial market uncertainty in a crisis time. In more detail, using sequential Bai–Perron tests for structural breaks, we check whether the global financial crisis and the COVID-19 pandemic have induced structural breaks in that relationship. Sugar prices are represented by the S&P GSCI Sugar Index, while the S&P 500 option-implied volatility index (VIX) is used to show stock market uncertainty. To investigate the changes in the relationship between sugar prices and stock market uncertainty, a regression model with a sequential Bai–Perron test for structural breaks is applied for the daily data from 2000–2020. We reveal the existence of two structural breaks in the analysed relationship. The first breakpoint was linked to the global financial crisis outbreak, and the second occurred in December 2011. Surprisingly, the COVID-19 pandemic has not induced the statistically significant structural change. Based on the regression model with Bai–Perron structural changes, we show that from 2000 until the beginning of the global financial crisis, the relationship between the sugar prices and the financial market uncertainty was insignificant. The global financial crisis led to a structural change in the relationship. Since August 2008, we observe a significant and negative relationship between the S&P GSCI Sugar Index and the S&P 500 option-implied volatility index (VIX). Sensitivity analysis conducted for the different financial market uncertainty measures, i.e., the S&P 500 Realized Volatility Index confirms our findings.

scholarly journals Information economy: management of educational, innovation, and research determinants

2019 ◽  
pp. 126-141 ◽  
Author(s):  
Serhiy Shkarlet ◽  
Nataliia Kholiavko ◽  
Maksym Dubyna
Keyword(s):  
Economic Development ◽  
Educational Innovation ◽  
Structural Components ◽  
Government Control ◽  
Information Economy ◽  
Research And Innovation ◽  
Development Level ◽  
Economic Paradigm ◽  
The Government ◽  
Smart Specialization

A global trend of economic development is the transition to the formation of a new economic paradigm – the information economy. Ability to generate knowledge and innovation is a prerequisite for improving the competitiveness of the country and its regions; as well, it determines the pace of their social and economic development. In this context, the need to determine the levels of the development of the information economy and its structural components (educational, research and innovation) in the regions of the country is actualized. The purpose of the article is to develop and test a methodological toolkit for assessing the development of the information economy in terms of its structural components, that will allow for the formation of regional clusters by the intensity of educational, innovation and research components, and to identify priority vectors for stimulating the development of the information economy at the macro- and meso-economic levels. When developing methodological tools, the authors proceeded from existing methodological approaches in the world, the possibility of adapting them to national specifics, as well as the potential of statistical bases. In order to cluster the regions of Ukraine by the development level of educational, innovation and research components of the information economy, the k-means algorithm is used. The conducted cluster analysis showed that processes of the formation of the information economy in Ukraine are developing unevenly and are in the stage of formation. More regions of the state fall into the cluster of problematic regions with low levels of the development of educational, innovation and research components; leadership in the development level of the information economy is demonstrated by Kharkiv region, assigned to the cluster of regions with the intensive development of the information economy; in addition, a cluster of perspective regions with the level of the moderate development of the information economy is highlighted. The research made it possible to find out the main problems and identify areas of regional imbalances in the development of the information economy, including in terms of its structural components. In conclusions, the authors proposed directions to improve the approaches to the government control of the processes of the information economy evolvement, based on specific features of the regions, their smart specialization, actual capacities and the achieved level of the development of the information economy components.

Astronomy for Development – A story from South Africa

2019 ◽  
Vol 15 (S367) ◽  
pp. 168-175
Author(s):  
Carolina J. Ödman
Keyword(s):  
South Africa ◽  
Economic Development ◽  
Capacity Building ◽  
Research Community ◽  
Recent History ◽  
History Of Astronomy ◽  
Bright Future ◽  
Socio Economic Development ◽  
History Of

AbstractIn this article we describe the recent history of astronomy in South Africa from the perspective of development. We describe how all major astronomy initiatives have carried a component of development with them, be it capacity building or socio-economic development. We highlight some activities and conclude that South Africa’s coherent and ambitious strategy has led to substantial changes in the astronomy research community in South Africa and that the young astronomers now starting their careers are taking possession of a bright future.

Sign in / Sign up

Export Citation Format

Share Document