scholarly journals LITHUANIAN EXPORTERS IN THE FINANCIAL CRISIS

Ekonomika ◽  
2016 ◽  
Vol 95 (2) ◽  
pp. 118-138
Author(s):  
Camilla Jensen ◽  
Aušryte Rasteniene
Keyword(s):  
Financial Crisis ◽  
Survey Data ◽  
Open Economy ◽  
Cross Sections ◽  
Primary Objective ◽  
Local Market ◽  
Export Behavior ◽  
Enterprise Surveys ◽  
Enterprise Survey ◽  
The Impact

Using Enterprise Survey data covering the period 2001–2011, the paper investigates the export behavior of Lithuanian firms and changes herein before, during and after the financial crisis. The primary objective is to investigate if there are changes in export behavior such as frequency, intensity, value and structure, hence focus lies on the results obtained with the standard enterprise survey data that is annual and collected before and after the crisis. The findings show that in a quantitative perspective the financial crisis has only a marginal impact on the long run exporting behavior of Lithuanian firms. There are no significant changes in number of exporters and exported percentage and only a small but negative effect on exported value when using simple ANOVA (F-test) analysis or more advanced regression analysis for repeated cross sections and panel data. The impact of the crisis falls more on the qualitative aspects of exporters from Lithuania. Generally do exporters, though affected by the crisis, outperform local market oriented firms in and over the crisis on factors such as productivity, sales growth and quality. Complementary evidence from the more ad-hoc and short-term focused financial crisis surveys corroborates the findings from the standard enterprise surveys. In every aspect investigated did exporters perform at least as well and often much better than firms catering solely to the local market. The financial crisis survey data reveals that exporters had higher capacity utilization, lower levels of indebtedness and recovered generally faster than other firms from the crisis. For the methodology, we conclude with this paper that the usage of repeated cross sections from the Standard enterprise surveys is the best way to investigate our research questions. This owes to the large drop in number of observations in the panel dataset published by the World Bank, making those results overtly vulnerable to outliers in the sample and unobservable attrition factors. The financial crisis survey data is mainuly useful towards understanding short run adjustments and financial aspects of the crisis, while structural aspects and exporting behavior is better covered with the standard surveys. The main methodology problem of using less than population data (making it sensitive to survey sampling routines) to investigate exporting behavior in general concerns the enormous skewedness that exists within the population of exporting firms. This owes to the phenomena that in most countries a handful of (multinational and locally owned) firms account for more than 50% of total exports. This is also increasingly true for a country such as Lithuania as the transition towards a market and open economy has progressed.

Le vote économique en contexte de crise financière : l'élection provinciale de 2008 au Québec

2011 ◽  
Vol 44 (3) ◽  
pp. 529-551 ◽  
Author(s):  
Éric Bélanger ◽  
François Gélineau
Keyword(s):  
Financial Crisis ◽  
Survey Data ◽  
Economic Crisis ◽  
Economic Voting ◽  
Vote Choice ◽  
Economic Conditions ◽  
The Impact ◽  
Enquête D’Opinion

Résumé.En déclenchant une élection provinciale anticipée à l'automne 2008 en pleine crise financière, le premier ministre du Québec, Jean Charest, fit le pari que la population réélirait son gouvernement en raison de sa compétence à gérer la «tempête économique» qui s'annonçait. Cet article cherche à déterminer le poids de la variable économique dans les choix électoraux lors de ce scrutin en exploitant les données d'une enquête d'opinion menée en décembre 2008. Ces données permettent notamment de vérifier à quel point le «vote économique» lors de cette élection en fut un de nature traditionnelle, c'est-à-dire s'appuyant sur les évaluations rétrospectives de l'économie de la part des votants, ou plutôt un de nature prospective, reposant sur les perceptions de la compétence des partis à gérer la crise économique annoncée. Nous analysons également l'effet particulier exercé sur le vote par l'enjeu des pertes de la Caisse de dépôt et placement du Québec.Abstract.By calling an early election in the fall of 2008 in the midst of a financial crisis, Quebec Premier Jean Charest hoped that the population would re-elect his government on the basis of its competence at dealing with the upcoming “economic storm.” This article attempts to determine the actual influence that the economy had on Quebeckers' vote choice in that election, with the use of survey data collected in December 2008. The data allows us to verify whether “economic voting” in that election was of a traditional nature, that is based on retrospective assessments of economic conditions, or was more prospective in nature, that is based on perceptions of the parties' competence at managing the economic crisis that would soon follow. The impact on the vote of the issue of the Caisse de dépôt et placement du Québec's losses is also analyzed.

Global Financial Crisis: Dynamics of Liquidity Risk in Emerging Asia

2019 ◽  
Vol 18 (3) ◽  
pp. 339-362 ◽  
Author(s):  
Suraj Kumar ◽  
Krishna Prasanna
Keyword(s):  
Financial Crisis ◽  
Cross Sections ◽  
Regional Integration ◽  
Global Financial Crisis ◽  
Jel Classification ◽  
Dynamic Impact ◽  
Developed Markets ◽  
Regional Factors ◽  
The Global Financial Crisis ◽  
The Impact

This study investigates the dynamic impact of global and regional liquidity along with volatility on the liquidity of emerging Asian equity markets. Further, we empirically disentangle the effects of volatility and liquidity. We find that the external liquidity factors have a higher impact on domestic liquidity as compared to volatility. The impact of global volatility shocks was witnessed only during the Global Financial Crisis. Global factors have a higher influence on developed markets such as Japan and Singapore, while regional factors have a higher influence on emerging markets. These results indicate that liquidity serves as the channel of regional integration in Asia. The findings of this study provide useful insights to cross-sections of stakeholders in the investment industry. JEL Classification: G15, F21, F36

Materialism and Green Purchase Intention: A Study of Urban Vietnamese Consumers

2017 ◽  
pp. 89-106 ◽  
Author(s):  
Mai Nguyen Thi Tuyet ◽  
Hung Nguyen Vu ◽  
Linh Nguyen Hoang ◽  
Minh Nguyen Hoang
Keyword(s):  
Conceptual Framework ◽  
Survey Data ◽  
Purchase Intention ◽  
Behavioral Control ◽  
Subjective Norm ◽  
Perceived Behavioral Control ◽  
Policy Makers ◽  
Tpb Model ◽  
Research Findings ◽  
The Impact

This study focuses on examining the impact of three components of materialism on green purchase intention for urban consumers in Vietnam, an emerging economy. An extended Theory of Planned Behavior (TPB) is applied as the conceptual framework for this study. The hypotheses are empirically tested using survey data obtained from consumers in Hanoi, the capital of Vietnam. The regression results show support for most of our hypotheses. The findings indicate that two out of three facets of materialism are significant predictors of green purchase intention. Specifically, success is found to be negatively related to purchase intention, while happiness is related positively to the intention. All three antecedents in the TPB model, including attitude towards green purchase, subjective norm, and perceived behavioral control are also found to have positive impacts on purchase intention. The research findings are discussed and implications for managers and policy makers are provided.

The Determinants of Merger Withdrawals’ Abnormal Returns in The Australian Market

2015 ◽  
pp. 89-110 ◽  
Author(s):  
Thuy Nguyen Thu ◽  
Giang Dao Thi Thu ◽  
Hoang Truong Huy
Keyword(s):  
Financial Crisis ◽  
Event Study ◽  
Abnormal Returns ◽  
Market Response ◽  
Crisis Period ◽  
Valuation Effects ◽  
Event Study Method ◽  
Private And Public ◽  
Method Of Payment ◽  
The Impact

This paper examines the abnormal returns in merger withdrawals in Australia, especially distinguishing the market response between private and public targets. We also study the determinants of those abnormal returns, including the method of payment and the impact of financial crisis periods. Using the event study method, we document that in the Australian context, the announced withdrawal of mergers involving private targets creates significantly negative valuation effects in comparison with the valuation effects in withdrawal of mergers involving public targets. We also find that a financial crisis period strongly affects abnormal returns of merger withdrawals. However, the method of payment does not have any impact on the abnormal returns.

The long-run stability of a small, open economy under crawling peg regime

2002 ◽  
Vol 52 (1) ◽  
pp. 57-78
Author(s):  
S. Çiftçioğlu
Keyword(s):  
Exchange Rate ◽  
Open Economy ◽  
Risk Premium ◽  
Small Open Economy ◽  
Exchange Rate Policy ◽  
Price Stability ◽  
Output Stability ◽  
Long Run ◽  
The Exchange Rate ◽  
The Impact

The paper analyses the long-run (steady-state) output and price stability of a small, open economy which adopts a “crawling-peg” type of exchange-rate regime in the presence of various kinds of random shocks. Analytical and simulation results suggest that with the exception of money demand shocks, an exchange rate policy which involves a relatively higher rate of indexation of the exchange rate to price level is likely to lead to the worsening of price stability for all types of shocks. On the other hand, the impact of adopting such a policy on output stability depends on the type of the shock; for policy shocks to the exchange rate and shocks to output demand, output stability is worsened whereas for the shocks to risk premium of domestic assets, supply price of domestic output and the wage rate, better output stability is achieved in the long run.

The efficiency of application of virtual cross-sections method and hypotheses MELS in problems of wave signal propagation in elastic waveguides with rough surfaces

2016 ◽  
pp. 3564-3575 ◽  
Author(s):  
Ara Sergey Avetisyan
Keyword(s):  
Half Space ◽  
Cross Sections ◽  
Classical Method ◽  
Signal Propagation ◽  
Elastic Half Space ◽  
Layered Systems ◽  
Surface Layers ◽  
Inhomogeneous Surface ◽  
Wave Signal ◽  
The Impact

The efficiency of virtual cross sections method and MELS (Magneto Elastic Layered Systems) hypotheses application is shown on model problem about distribution of wave field in thin surface layers of waveguide when plane wave signal is propagating in it. The impact of surface non-smoothness on characteristics of propagation of high-frequency horizontally polarized wave signal in isotropic elastic half-space is studied. It is shown that the non-smoothness leads to strong distortion of the wave signal over the waveguide thickness and along wave signal propagation direction as well.  Numerical comparative analysis of change in amplitude and phase characteristics of obtained wave fields against roughness of weakly inhomogeneous surface of homogeneous elastic half-space surface is done by classical method and by proposed approach for different kind of non-smoothness.

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.

Sign in / Sign up

Export Citation Format

Share Document