Economic Crisis and Popular Protest in Iceland, January 2009: The Role of Perceived Economic Loss and Political Attitudes in Protest Participation and Support*

2015 ◽  
Vol 20 (2) ◽  
pp. 231-252 ◽  
Author(s):  
Jón Gunnar Bernburg

The recent wave of protest associated with the global financial crisis provides opportunity to examine the link between economic crisis and collective action in the context of affluent democratic society. I study the mobilization of individual citizens in one of the first of these protests occurring in Iceland in January 2009. Using a survey representing the adult population of the Reykjavík area (N = 610), I examine the role of perceived economic loss and political attitudes in protest behavior (controlling for biographical availability). I find that perceived financial loss predicts both protest participation and support, but only if individuals believe their losses to be greater than the losses of others. Moreover, political attitudes congruent with the political opportunities emerging in the crisis (and the resulting collective action framing)—that is, having a left-wing political attitude and belief in extensive corruption— predict protest participation and support.

Author(s):  
Irene Spagna

This chapter analyzes the growth of OTC derivatives before the global financial crisis of 2008 and the role of credit default swaps, in particular, in the near collapse of the global economy. It begins by exploring the basic characteristics of derivatives used as risk management instruments by investors to hedge against or exploit the volatility of asset prices. The analysis further reveals that the pre-crisis period was characterized by a broad-based consensus favoring deregulated markets and globally designed private rules. While not always unanimously supported, permissive public regulatory choices were often encouraged by interest group lobbying, the market-friendly views of many domestic authorities, and concerns about regulatory uncertainty and international competitiveness.


2021 ◽  
Author(s):  
Наталия Александровна Иванова

Актуальность исследования для экономики усиливается такими явлениями, как влияние мирового финансового кризиса, усложнение отраслевой и территориальной структуры производства, усиление интеграции всех сфер общественной жизни, возрастание значения экологических, социальных и политических факторов развития общества, повышение трансакционных издержек принятия решений в сфере управления. Изучение литературы о территориях дает основание определить понятие региональной системы России как элемент, подсистему некоторой иерархической системы, в роли которой выступает национальная экономика. Процессы глобализации коренным образом изменяют роль регионов в национальной экономике. Регион постепенно становится не только отдельным экономическим агентом, но также вступает в мировые конкурентные процессы. Положение территориально-организованных систем оказывается зависимым не только от макроэкономических условий или возможностей самих регионов, но также от расстановки конкурентных сил, механизмов взаимодействия регионов с другими субъектами. В этой связи возникает необходимость системных исследований с целью выработки комплекса мер, которые будут способствовать повышению конкурентоспособности экономики в целом, ее регионов в частности. Существующий инструментарий региональной экономики является уже недостаточным для анализа такого рода проблем, а традиционный конкурентный анализ не рассматривает регионы в качестве субъектов конкуренции. Требуется расширение и применение новых теоретических подходов к анализу региональных экономических систем и эффективности их развития, формированию целостной концепции развития территориальной организации хозяйства, что обусловило актуальность данного исследования. The relevance of the study for the economy is enhanced by such phenomena as the impact of the global financial crisis, the complication of the sectoral and territorial structure of production, the strengthening of integration of all spheres of public life, the increasing importance of environmental, social and political factors in the development of society, the increase in transaction costs of decision-making in the field of management. The study of the literature on territories gives grounds to define the concept of the regional system of Russia as an element, a subsystem of some hierarchical system, in the role of which the national economy acts. The processes of globalization are fundamentally changing the role of regions in the national economy. The region is gradually becoming not only a separate economic agent, but also enters into global competitive processes. The position of geographically organized systems turns out to depend not only on the macroeconomic conditions or the capabilities of the regions themselves, but also on the alignment of competitive forces, the mechanisms of interaction of regions with other entities. In this regard, there is a need for systematic research in order to develop a set of measures that will contribute to improving the competitiveness of the economy as a whole, its regions in particular. The existing tools of the regional economy are no longer sufficient to analyze such problems, and traditional competitive analysis does not consider regions as subjects of competition. It requires the expansion and application of new theoretical approaches to the analysis of regional economic systems and the effectiveness of their development, the formation of an integral concept of the development of the territorial organization of the economy, which determined the relevance of this study.


2018 ◽  
pp. 28-35
Author(s):  
ELGUJA MEKVABISHVILI

The global financial crisis has brought a new impulse to the discussion of the problem of economic crisis. Economists have divided into two groups - one group believes the main reason for the crisis is the failure of economic theory. The second group thinks that economists have not been charged in the formation of economic crisis. The most problematic aspect of the economic crisis is their prediction. Mainstream neoclassical economic theory completely excludes the possibility of predicting crises. In the analysis of this issue, we use the concepts: “point prediction”, “prediction corridor”, “stationary regime” of economy functioning, and N. Kondratiev’s Great Cycles Conjunction Theory. There is possible to define the “prediction’s corridors” within the stationary regimes of economy functioning. In these periods the economy is characterized with high quality of volatility. By observing the main economic indicators in these periods, we think, it is possible to predict the approximate date of the economic crisis.


2010 ◽  
Vol 230 (5) ◽  
Author(s):  
Sandra Eickmeier

SummaryThe paper assesses the transmission of US supply, demand and monetary policy shocks between 1976 and 2008 based on a factor-augmented vector autoregressive model (FAVAR) which is applied to a newly constructed set of more than 200 German time series. The study not only assesses the transmission of US shocks to German GDP via impulse response analysis but also to a large number of variables capturing the various transmission channels. The inclusion not only of aggregate trade variables but also of variables covering trade with different partner countries/regions helps analyzing more deeply the trade channel, e. g. the role of direct trade versus trade with third countries. Another focus lies on the transmission of US shocks to specific industries such as the car and the machinery industries which were particularly severely affected by the global financial crisis. Finally, the role of US shocks for the most recent downturn in Germany is assessed based on a historical decomposition.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Taslima Akther ◽  
Fengju Xu

Purpose This study aims to investigate the factors that enhance the credibility of and confidence in audit value. Design/methodology/approach Data were collected from 254 institutional investors through a questionnaire survey and were analyzed using partial least squares structural equation modelling (PLS-SEM). Findings The findings reveal that the two influential predictors of enhanced credibility and confidence are perceived auditor independence and improved auditor communication. Factors related to auditor–client affiliation, such as restrictions on providing non-audit services, mandatory auditor rotation and the presence of effective audit committees, are identified as creating the perceived independence. Improved auditor communication is linked with improving the audit report and ensuring audit education, thus creating more sophisticated users who better understand the scope and purpose of an audit. Furthermore, independent audit oversight acts as a moderator in the relationship between perceived auditor independence, improved auditor communication and enhanced credibility. Enhanced credibility can lead to greater confidence in audit value. Originality/value In the wake of the global financial crisis and loss of confidence in the role of auditors, this study investigates the factors that can enhance the credibility of and confidence in audit value, especially in a non-Anglo-American setting. This study is unique in terms of methodological development, as it uses a higher-order Type II reflective–formative model using PLS-SEM.


Author(s):  
Ayfer Gedikli ◽  
Seyfettin Erdoğan ◽  
Durmuş Çağrı Yıldırım

Since the rise of globalization which has abolished the role of nation-state gradually, the world has been increasingly dealing with world-wide pandemics and multi-regional financial crises. The nature of the Global Financial Crisis has made it clear that financially integrated and globalized markets which are poorly regulated with lax supervision, can pose significant risks, with disastrous economic consequences. Did global unfairness and loose monetary policy or lack of common fiscal policy deepen the crisis? Is globalization responsible from the loss of power of local governments on their economies? Finally, can “deglobalization” be an alternative solution for the emerging economies? The answers of these questions are even more crucial after the “FED tapering”. In this context, this chapter discusses the future of financial globalization with respect to its effects on the emerging economies during the global crisis.


2012 ◽  
Vol 17 (4) ◽  
pp. 830-860 ◽  
Author(s):  
Sandra Eickmeier ◽  
Boris Hofmann

This paper applies a factor-augmented vector autoregressive model to U.S. data with the aim of analyzing monetary transmission via private sector balance sheets, credit risk spreads, and house prices and of exploring the role of monetary policy in the housing and credit boom prior to the global financial crisis. We find that monetary policy shocks have a persistent effect on house prices, real estate wealth, and private sector debt and a strong short-lived effect on risk spreads in money and mortgage markets. Moreover, the results suggest that monetary policy contributed considerably to the unsustainable precrisis developments in housing and credit markets. Although monetary policy shocks contributed discernibly at a late stage of the boom, feedback effects of other (macroeconomic and financial) shocks via lower policy rates kicked in earlier and appear to have been considerable.


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