The Pandemic Exposes an Ailing US Governance Model

2020 ◽  
Vol 119 (820) ◽  
pp. 310-316
Author(s):  
Alasdair Roberts
Keyword(s):  
Financial Crisis ◽  
Developing World ◽  
Global Financial Crisis ◽  
Political Polarization ◽  
Washington Consensus ◽  
The Past ◽  
Governance Model ◽  
Governance Challenges ◽  
The Global Financial Crisis ◽  
Current Governance

Since the 1990s and Bill Clinton’s embrace of key parts of Ronald Reagan’s legacy, mainstream US governance has been guided by a bipartisan consensus around a formula of shrinking the federal government’s responsibilities and deregulating the economy. Hailed as the ultimate solution to the age-old problem of governing well, the formula was exported to the developing world as the Washington Consensus. Yet growing political polarization weakened the consensus, and in a series of three major crises over the past two decades—9/11, the global financial crisis, and the COVID-19 pandemic—US policymakers opted for pragmatism rather than adherence to the old formula, which appears increasingly inadequate to cope with current governance challenges.

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.

scholarly journals Does the Forty Year’s Success Myth of the Korea Shipbuilding Industry Come to an End?

2017 ◽  
Vol 3 (2) ◽  
pp. 151
Author(s):  
Hong-Yul Jeong
Keyword(s):  
Financial Crisis ◽  
National Economy ◽  
Global Financial Crisis ◽  
Ripple Effect ◽  
Shipbuilding Industry ◽  
The Past ◽  
The Global Financial Crisis ◽  
Key Industries ◽  
Offshore Plants ◽  
Future Plans

<p><em>Shipbuilding industry, having a great ripple effect on national economy, has been fostered by some countries as the national key industries. Korea also has supported shipbuilding industry as one of the industries politically fostered by the state. Accordingly, the shipbuilding industry of Korea has started to developed since 1970’s, reaching the world’s top position in 2000</em><em>’</em><em>s with reference to all the relevant indices.</em></p><p><em>However, after the global financial crisis in 2008, the shipbuilding industries of Korea focused on offshore plants, resulting in huge deficit and being outranked by China.</em></p><p><em>In this article, the past growing procedure of Korea’s shipbuilding industry was briefly reviewed, and the future plans for regaining the past glories as the shipbuilding power were sought.</em><em></em></p>

Assessing Reserve Adequacy

Policy Papers ◽  
2011 ◽  
Vol 2011 (8) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Upward Trend ◽  
Perceived Needs ◽  
The Past ◽  
Adequate Level ◽  
The Global Financial Crisis

The dramatic increase in reserves holdings over the past decade has resumed since the global financial crisis, even at an accelerated pace. While the crisis has heightened perceptions of the importance of holding adequate reserves, there is little consensus on what constitutes an adequate level from a precautionary perspective: traditional metrics are narrowly-based and often provide conflicting signals; while newer approaches tend to be hostage to stylized modeling assumptions and calibrations. As a result, assessments tend to rely on comparisons with peers, probably amplifying the upward trend as perceived needs rise in line with actual holdings.

scholarly journals Fiscal Challenges After the Global Financial Crisis: A Survey of Key Issues

2014 ◽  
Vol 05 (02) ◽  
pp. 1450004 ◽  
Author(s):  
Augusto Lopez-Claros
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Planning Horizon ◽  
Fiscal Policies ◽  
The Past ◽  
Fiscal Management ◽  
Fiscal Planning ◽  
Key Issues ◽  
The Global Financial Crisis

The global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today that are likely to complicate the implementation of sustainable fiscal policies in the coming years. Population ageing and climate change are factors that are likely to contribute to rising fiscal pressures and the crisis has highlighted the risks and vulnerabilities stemming from reduced fiscal space. This paper argues that heightened fiscal challenges can only be dealt successfully by adopting a long-term fiscal planning horizon. The paper analyzes a range of available policy tools that countries have used in the past to improve fiscal management.

scholarly journals INTRODUCTION OF FINTECH COMPANIES AND THEIR IMPACT ON THE FINANCIAL MARKET

2020 ◽  
Vol 8 (6) ◽  
pp. 157-159
Author(s):  
E. Galchenkova ◽  
P. Chupsa
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Market ◽  
Global Financial Crisis ◽  
Rapid Development ◽  
Policy Instruments ◽  
Urgent Problem ◽  
The Past ◽  
The Global Financial Crisis ◽  
Financial Technology

Over the past decade, financial technology has shown rapid development. There was a lot of discussion about what constitutes the field of financial technology and whether such technologies can replace the traditional financial market in the future. The global financial crisis of 2008 showed that the classic monetary policy instruments are not effective. Due to the fact that financial technologies are developing rapidly, the number of relevant and modern research on this topic is limited. So, the study of this issue is an urgent problem.

scholarly journals Are Auditors at Fault for the Collapse of Financial Institutions in Lithuania?

2016 ◽  
Vol 9 (2) ◽  
pp. 171-197
Author(s):  
Julija Kiršienė ◽  
Gabrielė Misevičiūtė
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Global Financial Crisis ◽  
Case Analysis ◽  
Audit Market ◽  
The Third ◽  
The Past ◽  
Public Role ◽  
The Global Financial Crisis ◽  
Audit Reports

Abstract The experience of the global financial crisis revealed that while many financial institutions were allowed to take excessive risks, the auditors failed in their duties to reasonably evaluate those risks as well as to inform the investing public about them. The issues of statutory auditors' liability and their public role are particularly relevant in Lithuania, considering the fact that over just the past few years the third and the fourth largest banks in Lithuania turned out to be insolvent. Analysis of legal actions against auditors of these banks highlighted certain shortcomings in the audit market and auditors' liability regulation, related to the quality and transparency of audit reports, auditors' accountability and independence requirements, and insurance of auditors’ liability. In the first part of the paper the case analysis of Ernst & Young Baltic’s responsibility for Snoras bankruptcy as well as Deloitte’s responsibility for Ūkio bankas’ insolvency, and discussion of the cases, are presented. The second part of the paper deals with the changes in regulation of the audit market in Lithuania and Europe, and issues left outside the reform.

2011 Triennial Surveillance Review and Review of the 2007 Decision - Concept

Policy Papers ◽  
2011 ◽  
Vol 2011 (9) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Recent Experience ◽  
Reform Agenda ◽  
The Past ◽  
Run Up ◽  
The Global Financial Crisis ◽  
The Imf

Over the past three years, the IMF has worked to assist members in addressing the repercussions of the global financial crisis while also tackling gaps in its surveillance framework that the crisis laid bare. This reform agenda has drawn extensively from the recommendations of the 2008 Triennial Surveillance Review (TSR), as well as subsequent IMF and IEO reviews of the Fund's performance in the run-up to the crisis. This TSR provides an opportunity to take stock of the steps taken and to assess recent experience with surveillance.

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