scholarly journals CRISE FINANCEIRA E REESTRUTURACIÓN DAS CAIXAS DE AFORRO EN ESPAÑA,2003-2013

2017 ◽  
Vol 26 (1) ◽  
pp. 5-16
Author(s):  
Antonio Antonio CALVO BERNARDINO ◽  
Irene MARTÍN DE VIDALES CARRASCO
Keyword(s):  
Financial Crisis ◽  
National Level ◽  
Structural Level ◽  
Financial Systems ◽  
Recent Financial Crisis

A crise financeira recente provocou unha importante transformación dossistemas financeiros nacionais, en especial, no que se refire ao protagonismo dalgúnsgrupos institucionais tradicionalmente importantes. É o caso do sector das caixas deaforros en España, o cal viuse afectado de forma moi significativa, e por enriba doacontecido noutros grupos institucionais, polas tempestades financeiras dos últimos anos.Coñecer os cambios que se produciron neste importante sector do noso país, tanto a nivelestrutural como de operativa e de presenza no territorio nacional, e tratar de buscar o seuparalelismo cos doutros países nos que estas entidades teñen unha maior relevancia sonos obxectivos perseguidos por este traballo.The recent financial crisis has caused an important transformation of thenational financial systems and especially in those that refer to the prominence of sometraditionally important institutional groups. This is the case of the saving banks sector inSpain which has been affected in a very significant way and because of what has occurredin other institutional groups by the financial storms in the last few years. This essay isaimed at understanding the changes that have been produced in this important sector ofour country, both in a structural level and an operational one, and at the national level,and trying to draw a parallel between those in other countries in which these entities havea major relevance.

IMPROVING MANAGING THE CREDIT RISK IN CONDITIONS SLOWING ECONOMIC GROWTH

2015 ◽  
Vol 1 (1) ◽  
pp. 17-29
Author(s):  
Dariusz Prokopowicz
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Credit Risk ◽  
Economic Downturn ◽  
Financial Systems ◽  
Financial Products ◽  
Increased Risk ◽  
Business Entities ◽  
Recent Financial Crisis ◽  
Lending Institutions

The recent financial crisis in 2008 has made a significant contribution to the growing importance of the analysis of processes of credit risk management and forced to take measures to improve the process. Sources of the financial crisis is now largely associated with the activities of mainly US investment banks that sold derivatives on the basis of income from high-risk mortgages. Increased risk recorded in the banking business, as a rule, also a derivative of the economic downturn in the sectors of bank customers, including non-financial business entities. In such a situation, banks are limited to provide customers with a more risky loan pro-active financial products. Given the global nature of financial markets and the importance of investment banking in the financial systems and the necessary actions to improve the tools for identifying, quantifying and managing banking risks, especially credit and lending institutions to protect themselves from potential sources of risk. The present analysis showed that the anti-crisis measures are mainly focused on the introduction of additional restrictions in the provision of financial products that may not be enough and may even be harmful, helping to reduce the economic growth of individual countries. Measures are also needed to strengthen supervisory agencies in the financial systems, including transnational supervision.

European Welfare State Constitutions after the Financial Crisis

2020 ◽  
Keyword(s):  
Financial Crisis ◽  
Structural Changes ◽  
Social Protection ◽  
Welfare States ◽  
Constitutional Review ◽  
State Constitutions ◽  
Social Law ◽  
European Welfare State ◽  
One Step ◽  
Recent Financial Crisis

At a time when Europe is in the grip of a new crisis, it is especially useful to look back at the experiences of the European welfare states’ constitutions during the most recent financial crisis. This book provides unique insights by analysing social protection reforms undertaken in nine European countries, from both a social law and a constitutional law perspective. It highlights the mixture of short-term cuts in benefits and of structural changes in social protection schemes. The crisis might have helped to further the partial and temporary implementation of reforms, but it certainly cannot spare us from the debates and political compromises that are unavoidable in order to reform social protection thoughtfully and thoroughly. Moreover, the book records the outcome of relevant constitutional review proceedings and thereby demonstrates that, even if corrections remained restricted to relatively few cases, social rights matter. The financial crisis advanced their protection one step further, but left many questions open. One lesson is of paramount importance, also for helping us overcome the current pandemic crisis: we need a substantial and commonly accepted agreement in the Europe Union on how to balance the economy and social protection in the future.

Adapting the European System of Financial Supervision (ESFS) to the EEA Two-Pillar Structure – A Workable Solution?

2019 ◽  
Vol 16 (5) ◽  
pp. 557-591
Author(s):  
Andri Fannar Bergþórsson
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
National Level ◽  
Financial Supervision ◽  
Member States ◽  
Eu Member States ◽  
European System ◽  
Pillar Structure ◽  
The Global Financial Crisis ◽  
The Eu

In response to the global financial crisis, the European System of Financial Supervision (ESFS) was created in 2010. Supranational bodies were established for different financial sectors to act as supervisors of sorts for national-level supervisors in EU Member States. This article focuses on how the system was adapted to three EFTA States that are not part of the EU but form the internal market along with EU Member States through the EEA Agreement – Iceland, Norway and Lichtenstein (EEA EFTA States). The aim is to clarify how ESFS has been incorporated into the EEA agreement and to discuss whether this a workable solution for the EEA EFTA States that have not transferred their sovereignty by name in the same manner as the EU Member States. One issue is whether the adaptation has gone beyond the limits of the two-pillar structure, as all initiative and work stem from the EU supranational bodies and not the EFTA pillar.

Austerity and fragmentation: Dynamics of Europeanization of media discourses in Greece and Italy

2020 ◽  
Vol 45 (s1) ◽  
pp. 864-892
Author(s):  
Cristiano Bee ◽  
Stavroula Chrona
Keyword(s):  
Financial Crisis ◽  
Qualitative Analysis ◽  
National Level ◽  
Emergency Situation ◽  
Media Representations ◽  
Euro Crisis ◽  
Public Spheres ◽  
Fragmentation Dynamics ◽  
Communication Practices ◽  
Media Discourses

AbstractThis article investigates media representations of the European financial crisis in Greece and Italy. We study the Euro crisis as an ‘emergency situation’ with domino effects, where media played a central role in shaping communication practices at the national level as well as between the two countries. Drawing upon vertical and horizontal dynamics of Europeanization, we map the convergences and divergences in media discourses that surround the period 2011–2015. In doing so, we elaborate a qualitative analysis of newspaper articles focusing, in particular, on the themes of austerity and the fragmentation of Europe. Our argument suggests that national public spheres in times of transnational crisis become increasingly nationalized; yet under certain circumstances such as when the supranational infrastructure is the target of blame, they converge, opening the path toward a transnational discursive dialogue.

scholarly journals Assessing the sustainable nature of housing-related taxation receipts: the case of Ireland

2016 ◽  
Vol 9 (2) ◽  
pp. 193-214 ◽  
Author(s):  
Diarmaid Addison Smyth ◽  
Kieran McQuinn
Keyword(s):  
Financial Crisis ◽  
Housing Market ◽  
Extended Period ◽  
Market Regulation ◽  
Content Type ◽  
Public Finances ◽  
Financial Market Regulation ◽  
The Public ◽  
Recent Financial Crisis ◽  
Run Up

Purpose The Irish fiscal position was significantly affected by the recent financial crisis. Budgetary surpluses quickly gave way to significant deficits post 2007, culminating into a lengthy excessive deficit procedure and entry into a formal EU/IMF assistance programme in 2010. Much of the deterioration in the public finances was caused by a sharp decline in property-related taxes because the Irish housing market rapidly contracted. In this paper, the authors quantify the extent to which disequilibria in the housing market can affect the tax take, finding significant implications over an extended period. Design/methodology/approach The authors attempt to quantify the extent of housing-related tax windfall gains and losses in Ireland over a 30-year period as a result of disequilibrium in the housing market. This involves a three-step modelling approach where we relate property-dependent taxes to the housing market while estimating equilibrium in the latter before solving for the tax take consistent with that equilibrium. In so doing, the authors find that the fiscal position compatible with equilibrium in the housing market has at times diverged greatly from actual outturns. Findings This paper confirms the significant role played by the housing market in influencing both the tax-take and the overall fiscal position. The authors find that there have been a number of instances where excesses in the housing market have spilled over into fiscal aggregates, notably in the housing bubble period between 2003 and 2008. However, with the on-going adjustments in the housing market, it would appear that prices and volumes have overcorrected in recent years. Overall, much greater emphasis should be given to the role of the housing market in forecasting key taxation aggregates. Originality/value The recent crisis highlighted how domestic policy mistakes (both in terms of budgetary planning and financial market regulation) can greatly amplify economic shocks. Irish budgetary policy in the run up to the financial crisis of 2008/2009 was clearly based on unsustainable levels of housing-related tax receipts. This paper highlights the need for a much more granular approach in framing tax forecasts and in assessing the public finances by more explicitly factoring in housing market developments.

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