Effects of the 2008–09 Economic Crisis on Labor Markets in Mexico

It is widely acknowledged that Korea will not be secure against future economic crisis without structural reform of finance, enterprise and labor markets. Real reform requires a transfer of authority from the government to market-based institutions, forcing banks to take full responsibility for the loans they authorize. Before the crisis, the government implicitly insured depositors' bank loans made to the large conglomerates, leaving banks little incentive to develop the necessary skills in credit analysis and loan monitoring. The insured agents did not take proper care to manage their risks. Moral hazard or will increased government control over the financial sector weaken market discipline?

Download Full-text

The Greek Economic Crisis, Labor Markets and Policies

Vierteljahrshefte zur Wirtschaftsforschung ◽

10.3790/vjh.84.3.129 ◽

2015 ◽

Vol 84 (3) ◽

pp. 129-143

Author(s):

Vasiliki Bozani, ◽

Nick Drydakis

Keyword(s):

Labor Markets ◽

Economic Crisis

Download Full-text

The Challenge of Trade Adjustment in Greece

Beyond Austerity ◽

10.7551/mitpress/9780262035835.003.0003 ◽

2017 ◽

Cited By ~ 4

Author(s):

Costas Arkolakis ◽

Aristos Doxiadis ◽

Galenianos Manolis

Keyword(s):

Gross Domestic Product ◽

Labor Markets ◽

Economic Crisis ◽

Firm Size ◽

Trade Deficit ◽

Business Environment ◽

Economic Environment ◽

Past Performance ◽

Firm Size Distribution ◽

Economic Imbalances

Greece's trade deficit declined by 10 percent of gross domestic product (GDP) between 2007 and 2012, removing one of the great economic imbalances of the pre-crisis years. However, this reduction was achieved exclusively through import compression while exports fell over that period, thereby worsening the economic crisis. This chapter studies Greece's export underperformance in comparison to Ireland, Portugal and Spain as well as Greece's own pre-crisis experience. The main findings are that (1) given past performance, Greece's exports should have increased by 25 percent, rather than drop by 5 percent between 2007 and 2012; (2) labor markets have adjusted to the new economic environment; (3) product markets did not adjust, hindering the recovery of competitiveness; (4) export underperformance is responsible for a third of the decline in GDP since 2007. The chapter concludes that the business environment and firm size distribution in Greece are also hindering the necessary adjustment.

Download Full-text

Mental representation of economic crisis in Italian and Swiss samples 1The authors would like to thank Maurizio Mistri for his help in the construction of items. This research was supported by a grant from the Italian Murst (ex 40%).

Swiss Journal of Psychology ◽

10.1024//1421-0185.60.1.11 ◽

2001 ◽

Vol 60 (1) ◽

pp. 11-14 ◽

Cited By ~ 10

Author(s):

Lucia Savadori ◽

Eraldo Nicotra ◽

Rino Rumiati ◽

Roberto Tamborini

Keyword(s):

Economic Crisis ◽

Mental Representation ◽

Mental Representations ◽

Social Contexts ◽

Raw Material ◽

National Context ◽

Cluster Procedure ◽

Total N ◽

Two Samples ◽

Important Symptom

The content and structure of mental representation of economic crises were studied and the flexibility of the structure in different social contexts was tested. Italian and Swiss samples (Total N = 98) were compared with respect to their judgments as to how a series of concrete examples of events representing abstract indicators were relevant symptoms of economic crisis. Mental representations were derived using a cluster procedure. Results showed that the relevance of the indicators varied as a function of national context. The growth of unemployment was judged to be by far the most important symptom of an economic crisis but the Swiss sample judged bankruptcies as more symptomatic than Italians who considered inflation, raw material prices and external accounts to be more relevant. A different clustering structure was found for the two samples: the locations of unemployment and gross domestic production indicators were the main differences in representations.

Download Full-text