scholarly journals The Serbian economy ten years after the global economic crisis

2020 ◽  
Vol 65 (225) ◽  
pp. 33-71
Author(s):  
Milica Uvalic ◽  
Bozidar Cerovic ◽  
Jasna Atanasijevic
Keyword(s):  
Economic Growth ◽  
Development Strategy ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Policy Responses ◽  
Development Level ◽  
Global Economic Crisis ◽  
The Global Financial Crisis ◽  
Delayed Transition

The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most important economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian government. It examines the background to Serbia?s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy responses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challenges to accelerating Serbia?s economic growth and identifies the main elements of a new long-term development strategy.

scholarly journals The Financial Crisis in the 2000s: Further Effects Regarding Lending, Regulation and Efficiency

2021 ◽  
Vol 15 (2) ◽  
pp. 155-175
Author(s):  
Benedikt FRANK
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Economy ◽  
Best Practice ◽  
Global Financial Crisis ◽  
Central Element ◽  
Bank Profitability ◽  
Global Economic Crisis ◽  
Underlying Causes ◽  
The Global Financial Crisis

The global financial crisis starting in 2007 was a central element of the new millennium and had a major impact on the global economy. This paper deals with the underlying causes and fundamental conditions as well as research and insights on the financial crisis in the area of liabilities and future lending, effects of regulations and bank resilience, as well as the changes in the banking industry in relation to the determinants of profitability. With three hypotheses developed on the basis of existing literature, that is critically evaluated and appraised, the paper aims to explore the global economic crisis from perspectives and origins beyond the often analysed triggers. The focus is on the pivotal point of the economic crisis: the banks and their international interconnectedness regarding lending, durability, and efficiency. Among other things, the findings revealed that the effect of the external funding shock on banks' domestic lending is significant, strong regulation, characterized as one-size-fits-all international best practice, is not always the blueprint for bank resilience and that efficiency has been a determining factor in bank profitability. Furthermore, no paradigm shift took place after the global economic crisis, and banks still seem to have to be rescued by the state in the event of bankruptcy due to their size.

Is the Taiwanese Government in a Debt Crisis?

2014 ◽  
Vol 06 (03) ◽  
pp. 67-80
Author(s):  
Chien-Hsun CHEN
Keyword(s):  
Economic Growth ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Future Generations ◽  
Budget Deficits ◽  
Negative Effect ◽  
The Global Financial Crisis ◽  
Bail Out ◽  
Taiwanese Government

The global financial crisis prompted the Taiwanese government to pursue demand-driven measures to bail out the economy, a painstaking task to balance the budget. The sustained budget deficits could reduce national savings and further impose a substantial negative effect on long-term economic growth. The growing government debt is a conundrum, which will be a tax burden for future generations if not dealt with decisively.

Inequality amid Stagnation

2018 ◽  
Author(s):  
Andrea Brandolini ◽  
Romina Gambacorta ◽  
Alfonso Rosolia
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Turning Point ◽  
Global Financial Crisis ◽  
Real Income ◽  
Income Growth ◽  
Macroeconomic Performance ◽  
Major Turning Point ◽  
The Global Financial Crisis

This chapter describes how inequality and real incomes evolved in Italy from the 1980s through the double-dip recession it experienced after the Global Financial Crisis. It brings out how the crisis Italy experienced in the early 1990s marked a major turning point, with inequality increasing and economic growth subsequently low. The labour market and tax–transfer reforms implemented in the following years are also discussed. The severe impact of the economic Crisis and very limited recovery seen to date reinforce pre-existing cleavages across the generations and geographically. Substantially improved macroeconomic performance is seen as central to the restoration of significant real income growth for ordinary households.

R&D DYNAMICS AND FIRM GROWTH: THE IMPORTANCE OF R&D PERSISTENCY IN THE ECONOMIC CRISIS

2019 ◽  
Vol 23 (05) ◽  
pp. 1950049
Author(s):  
HAYOUNG PARK ◽  
TAEWON KANG ◽  
JEONG-DONG LEE
Keyword(s):  
Economic Crisis ◽  
Firm Growth ◽  
Global Financial Crisis ◽  
Firm Level ◽  
Level Data ◽  
The Global Financial Crisis ◽  
The Impact ◽  
D Investment ◽  
High Uncertainty

There has been a lot of interest in R&D dynamics, including the persistency and volatility of R&D investment. However, there is a lack of empirical evidence supporting the impact of R&D dynamics on firm growth in the context of an economic crisis. This study examines the effects of R&D dynamics on firm growth during and after the global financial crisis of 2008–2009. Based on firm-level data, we construct a balanced panel for 1,137 firms in the global petrochemical industry. Our findings indicate that firms with R&D persistency show higher growth during and after the crisis, regardless of firm size. R&D persistency has a higher impact on firm growth in large firms than in smaller ones. In addition, R&D persistency has greater influence than the level of R&D investment. Firms should pursue non-cyclical and consistent R&D strategies with a long-term perspective, especially in high uncertainty conditions.

scholarly journals INFLUENCE OF THE GLOBAL FINANCIAL CRISIS ON THE SEPARATIST ASPIRATIONS OF CATALONIA FROM THE PERSPECTIVE OF SPANISH INTERNAL LAW

2019 ◽  
Vol 7 (1) ◽  
pp. 57
Author(s):  
Michał Zbigniew Dankowski
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Legal System ◽  
Central Government ◽  
Global Financial Crisis ◽  
Constitutional Court ◽  
Nationalist Movement ◽  
Global Economic Crisis ◽  
The Global Financial Crisis

The Catalan Crisis of 2017-2018 has shown significant misunderstandings in the internal legal system of Spain. Many issues of the legal system were differently understood by the central government and by the autonomous authorities in Barcelona. It concerned such as important issues like the institution of referendum, which was interpreted differently by politicians from Madrid and the Constitutional Court and otherwise by those from Barcelona. The genesis of the constitutional crisis itself is rooted in the global economic crisis that began in the second half of the last decade, as it was then that the Catalan nationalist movement radicalized.

scholarly journals Zadłużenie gospodarstw domowych a dynamika wydatków konsumpcyjnych w krajach OECD po wybuchu kryzysu finansowego

2017 ◽  
pp. 145-158
Author(s):  
Piotr Bolibok
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Disposable Income ◽  
Household Debt ◽  
Rate Of Growth ◽  
The Global Financial Crisis ◽  
The Impact

The paper aims at empirical evaluation of the impact of household debt on the dynamics of consumption spending since the beginning of the global financial crisis. The research employed linear regression analysis of the rate of growth of household spending against the rate of growth of disposable income, the level of indebtedness and long-term interest rates in the OECD member states between 2008-2014. The results obtained indicate that household indebtedness was one of the factors influencing the dynamics of consumption demand and thus the processes of economic growth in the OECD states after the beginning of the global financial crisis. Variations in the relation of total debt to net disposable income and in the level of long-term interest rates were both negatively related to the changes in consumption spending. This impact turned out to be markedly stronger when total household debt of a given country was exceeding 85% of GDP, which is consistent with the results of previous investigations on the in&uence of the indebtedness of household sector on the dynamics of economic growth

Russian low carbon development strategy

2020 ◽  
pp. 51-74
Author(s):  
I. A. Bashmakov
Keyword(s):  
Economic Growth ◽  
Development Strategy ◽  
Low Carbon ◽  
Security Risk ◽  
Ghg Emission ◽  
Emission Mitigation ◽  
Russian Economy ◽  
The Russian Federation ◽  
Scenario Projections

The article presents the key results of scenario projections that underpinned the Strategy for long-term low carbon economic development of the Russian Federation to 2050, including analysis of potential Russia’s GHG emission mitigation commitments to 2050 and assessment of relevant costs, benefits, and implications for Russia’s GDP. Low carbon transformation of the Russian economy is presented as a potential driver for economic growth that offers trillions-of-dollars-worth market niches for low carbon products by mid-21st century. Transition to low carbon economic growth is irreversible. Lagging behind in this technological race entails a security risk and technological backwardness hazards.

Financial Sustainability and Infrastructure Finance

2018 ◽  
Author(s):  
Felipe Carvalho de Rezende
Keyword(s):  
Financial Institutions ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial Sustainability ◽  
Infrastructure Finance ◽  
Strategic Role ◽  
Development Banks ◽  
The Global Financial Crisis ◽  
Capital Development

Among the lessons that can be drawn from the global financial crisis is that private financial institutions have failed to promote the capital development of the affected economies, and to dampen financial fragility. This chapter analyses the macroeconomic role that development banks can play in this context, not only providing long-term funding necessary to promote economic development, but also fostering financial stability. The chapter discusses, in particular, the need for public financial institutions to provide support for infrastructure and sustainable development projects. It concludes that development banks play a strategic role by funding infrastructure projects in particular, and outlines the lessons for enhancing their role as catalysts for mitigating risks associated with such projects.

Effect of economic indicators, biomass energy on human development in China

2021 ◽  
pp. 0958305X2110220
Author(s):  
Ngo Thai Hung
Keyword(s):  
Human Development ◽  
Global Financial Crisis ◽  
Trade Openness ◽  
Biomass Energy ◽  
Wavelet Coherence ◽  
Causality Test ◽  
Frequency Domains ◽  
Bidirectional Relationship ◽  
The Global Financial Crisis

Previous studies ignored the distinction between short, medium, and long term by decomposing macroeconomic variables and human development index at different time scales. We re-visit the causal association between biomass energy (BIO), economic growth (GDP), trade openness (TRO), industrialization (IND), foreign direct investment (FDI), and human development (HDI) in China on a quarterly scale by scale basis for the period 1990 to 2019 using the tools of wavelet, i.e., wavelet correlation, wavelet coherence and scale by scale Granger causality test. The main findings uncover that IND, TRO, GDP, and BIO positively drive the HDI at low and medium frequencies, while FDI negatively impacts HDI during the sample period. Additionally, there is a bidirectional relationship between GDP and HDI at different time and frequency domains. Specifically, we discover that the positive co-movement is more robust in the aftermath of the global financial crisis, particularly for HDI, BIO, GDP, and TRO at medium frequencies throughout the period under research. Our empirical insights have significant implications for achieving human development sustainability in China.

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