scholarly journals Using Economic Experiments to Improve Contingent Capital Bonds

2018 ◽  
pp. 1-6
Author(s):  
Douglas Davis ◽  
Edward S. Prescott
Keyword(s):  
Financial Distress ◽  
Financial Crises ◽  
European Countries ◽  
Financial Security ◽  
Economic Experiments ◽  
Market Prices ◽  
Contingent Capital ◽  
New Type ◽  
Alternative Designs

This Commentary describes experiments conducted to study alternative designs for a new type of financial security, CoCo bonds, that is being used in some European countries to manage the risk of financial crises. CoCo bonds are bank-issued debt that converts to equity when a trigger is breached. The conversion into equity serves to recapitalize a bank during financial distress, precisely when it is hardest to raise capital. The types of trigger used for all CoCos issued thus far are defined in terms of book capital. The experiments we conducted explore the effects of using triggers that are based on market prices.

scholarly journals Plea Bargaining Changing Nordic Criminal Procedure: Sweden and Finland as Examples

2021 ◽  
pp. 255-269
Author(s):  
Laura Ervo
Keyword(s):  
Conflict Resolution ◽  
Procedural Justice ◽  
Plea Bargaining ◽  
Legal Culture ◽  
European Countries ◽  
Court Culture ◽  
Criminal Proceedings ◽  
System A ◽  
Northern European ◽  
New Type

AbstractA plea bargaining system is a novelty and originally a legal transplant in Northern European countries. It exists—in some form—for instance in Finland, Norway and Denmark, whereas in Sweden only the system of crown witnesses is likely to be introduced. In this chapter plea bargaining is put into the East-Nordic—Finnish and Swedish—contexts. How does plea bargaining fit into the East-Nordic court culture? Which ingredients does the contemporary legal culture consist of? In which way is court culture changing due to the new values in the society? Or are the amendments made primarily to reduce the costs of the state? Fairness, procedural justice, conflict resolution, negotiated law, pragmatically acceptable compromise, procedural truth, court service, communication and interaction are examples of the topics that are currently discussed in Finland and Sweden. At the same time, the use of written proceedings and proceedings in the absence of an accused are increasing. Is the plea bargaining system a step towards a more effective and economic criminal procedural system or is it mirroring new type of thinking concerning criminal proceedings? In this chapter, these elements are discussed. Finland is used as a main example. The Finnish situation is also compared with Sweden.

scholarly journals Precautionary behaviours of individuals with multimorbidity during the COVID-19 pandemic

2022 ◽  
Author(s):  
Alice Delerue Matos ◽  
Andreia Fonseca de Paiva ◽  
Cláudia Cunha ◽  
Gina Voss
Keyword(s):  
Public Health ◽  
Intensive Care ◽  
Intensive Care Units ◽  
Financial Distress ◽  
Severe Case ◽  
European Countries ◽  
Older Individuals ◽  
Awareness Campaigns ◽  
Preventive Actions ◽  
Protective Behaviours

AbstractStudies show that older individuals with multimorbidity are more susceptible to develop a more severe case of COVID-19 when infected by the virus. These individuals are more likely to be admitted to Intensive Care Units and to die from COVID-19-related conditions than younger individuals or those without multimorbidity. This research aimed to assess whether there are differences in terms of precautionary behaviours between individuals aged 50 + with multimorbidity and their counterparts without multimorbidity residing in 25 European countries plus Israel. We used data from the SHARE-COVID19 questionnaire on the socio-demographic and economic characteristics, multimorbidity, and precautionary behaviours of individuals. SHARE wave 8 and 7 databases were also used to fully identify individuals with multimorbidity. Our results showed that individuals with multimorbidity were more likely to exhibit precautionary behaviours than their counterparts without multimorbidity when gender, age, education, financial distress and countries were included as controls. Additionally, we found that women, more educated individuals and those experiencing more financial distress adopt more protective behaviours than their counterparts. Our results also indicate that the prevalence of precautionary behaviours is higher in Spain and Italy and lower in Denmark, Finland and Sweden. To guarantee the adoption of preventive actions against COVID-19, public health messaging and actions must continue to be disseminated among middle and older aged persons with multimorbidity, and more awareness campaigns should be targeted at men and less educated individuals but also at persons experiencing less financial distress, particularly in countries where people engaged in fewer precautionary behaviours.

A New Database for Financial Crises in European Countries: ECB/ESRB EU Crises Database

2017 ◽  
Author(s):  
Marco Lo Duca ◽  
Anne Koban ◽  
Marisa Basten ◽  
Elias Bengtsson ◽  
Benjamin Klaus ◽  
...  
Keyword(s):  
Financial Crises ◽  
European Countries

scholarly journals Financial crises and the attainment of the SDGs: an adjusted multidimensional poverty approach

2019 ◽  
Vol 15 (6) ◽  
pp. 1683-1698 ◽  
Author(s):  
Andreas Antoniades ◽  
Indra Widiarto ◽  
Alexander S. Antonarakis
Keyword(s):  
Low Income ◽  
Financial Distress ◽  
Financial Crises ◽  
Multidimensional Poverty ◽  
Low Income Countries ◽  
Domino Effect ◽  
Average Decrease ◽  
Poverty Indicators ◽  
The Impact ◽  
Dynamic Linkages

AbstractThis paper analyses the impact of financial crises on the Sustainable Development Goal of eradicating poverty. To do so, we develop an adjusted Multidimensional Poverty Framework (MPF) that includes 15 indicators that span across key poverty aspects related to income, basic needs, health, education and the environment. We then use an econometric model that allows us to examine the impact of financial crises on these indicators in 150 countries over the period 1980–2015. Our analysis produces new estimates on the impact of financial crises on poverty’s multiple social, economic and environmental aspects and equally important captures dynamic linkages between these aspects. Thus, we offer a better understanding of the potential impact of current debt dynamics on Multidimensional Poverty and demonstrate the need to move beyond the boundaries of SDG1, if we are to meet the target of eradicating poverty. Our results indicate that the current financial distress experienced by many low-income countries may reverse the progress that has been made hitherto in reducing poverty. We find that financial crises are associated with an approximately 10% increase of extreme poor in low-income countries. The impact is even stronger in some other poverty aspects. For instance, crises are associated with an average decrease of government spending in education by 17.72% in low-income countries. The dynamic linkages between most of the Multidimensional Poverty indicators, warn of a negative domino effect on a number of SDGs related to poverty, if there is a financial crisis shock. To pre-empt such a domino effect, the specific SDG target 17.4 on attaining long-term debt sustainability through coordinated policies plays a key role and requires urgent attention by the international community.

Financial Distress with Family Farm Transfer in Six European Countries

EuroChoices ◽  
2004 ◽  
Vol 3 (2) ◽  
pp. 18-23 ◽  
Author(s):  
Karei Bommei ◽  
Hennie Veen ◽  
Gabe Venema
Keyword(s):  
Financial Distress ◽  
European Countries ◽  
Family Farm ◽  
Farm Transfer

scholarly journals International Mobility of the Wealthy in an Age of Growing Inequality

Norteamérica ◽  
2018 ◽  
Vol 14 (1) ◽  
Author(s):  
Andrés Solimano
Keyword(s):  
Financial Crises ◽  
Global Economy ◽  
Home Country ◽  
Financial Security ◽  
International Mobility ◽  
Educational Facilities ◽  
Citizenship Rights ◽  
Property Prices ◽  
Weak Property ◽  
Migration Analysis

The global economy and society are affected by the rising inequality in income and wealth along with an increasing frequency and severity of financial crises, tendencies for protectionism, and fragmented globalization. A largely unexplored topic in migration analysis is the international mobility of the wealthy and their assets, looking for countries that offer financial security, lower taxation, good educational facilities, safe cities, and other amenities. This mobility is largely motivated by [an] increasing concentration of wealth and incomes toward the top 1 or 0.1 percent in several economies and the search for diversification of newly created wealth. Some economies that are home of the wealthy are affected by political instability insecurity and weak property rights, prompting them to leave. Outflows of the wealthy and their assets have various consequences on both home and receiving nations such as a reduction of reduce tax revenues in the home country, an increase in property prices in the receiving nations, and is creating as well as the creation of a whole (legal) industry granting passports, residence, and citizenship oriented to the wealthy. This paper provides an overview of these trends backed by available empirical information. Main substantive topics include (a) identifying the main motivations of for the international mobility of the wealthy including “pulling” and “pushing” factors; (b) similarities and differences between the migration of wealthy individuals and the mobility of their assets (offshore wealth) towards low-tax jurisdictions and fiscal paradises; (d) the emergence of a “market” for passports, residence permits, and citizenship rights catered to the very wealthy.

scholarly journals A bibliometric analysis of the Journal of Economic and Financial Sciences (2007-2016)

2016 ◽  
Vol 9 (3) ◽  
pp. 951-974
Author(s):  
Nicolaas Strydom ◽  
Gideon Els
Keyword(s):  
Financial Markets ◽  
Financial Reporting ◽  
Financial Distress ◽  
Financial Crises ◽  
Income Tax ◽  
Tax Compliance ◽  
Research Trends ◽  
The Body ◽  
Main Research ◽  
Tourism Studies

The Journal of Economic and Financial Sciences (JEF) reaches its tenth year of publishing in 2016. This paper explores the manuscript characteristics, authorship dynamics and main research trends of the journal’s first decade by analysing 245 published academic papers that appeared in the journal between 2007 and 2016. Using the principles of bibliometrics, the body of literature is analysed, with a number of trends emerging. The analysis explores, inter alia, the geographic distribution of contributing institutions, the degree of collaboration, and the main topics that were focused on in the journal’s first decade. The analysis shows that the majority of papers were written by more than one author, with contributing institutions spread out across South Africa. Furthermore, the analysis shows that the journal focussed mainly on matters of Economics (more specifically development economics, economic geography, economic growth and economic impact of certain events), Taxation (more specifically income tax matters, research on various Tax Acts, and tax compliance) and Finance (more specifically, research on financial crises, financial development, financial distress, financial performance, financial markets, and financial reporting/statements), while also making contributions to the fields of education, economic sociology, tourism studies and others.

ENTERPRISE’S FINANCIAL SECURITY IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

2021 ◽  
pp. 202-222
Author(s):  
Tetiana Korniienko ◽  
◽  
Nataliia Gvozdej
Keyword(s):  
Financial Institutions ◽  
Open Economy ◽  
Financial Crises ◽  
Small Open Economy ◽  
Banking System ◽  
Financial Resources ◽  
Financial Security ◽  
Real Sector ◽  
Internal Instability ◽  
Financial Interests

The financial system of Ukraine as a country with a small open economy is especially affected by global turbulence. A significant imbalance of global financial resources, their significant gap from the real sector of the economy leads to the formation of permanent financial crises, which gives rise to internal instability of the financial sector of the economy, lack of confidence in the banking system and a decrease in demand for final products, which entails a decrease in the level of financial security of enterprises. In such conditions, ensuring the financial security of enterprises becomes important not only for the formation of financial security of the state, but also for protecting the financial interests of their owners, and other stakeholders – managers, employees, counterparties, banks and other financial institutions.

Global Crisis and Financial Distress Likelihood of SMEs

2018 ◽  
pp. 81-99
Author(s):  
Andrea Quintiliani
Keyword(s):  
Panel Data ◽  
Financial Distress ◽  
Global Financial Crisis ◽  
Small And Medium Enterprises ◽  
European Countries ◽  
Financial Instruments ◽  
Global Crisis ◽  
Ex Post ◽  
The Global Financial Crisis ◽  
Medium Enterprises

In the aftermath of the global financial crisis, this chapter sheds light on the determinants of the financial distress costs between Italian and German small and medium enterprises (SMEs). The authors propose an innovative formulation of the expected costs originated by financial distress expressed as the product of the expected financial distress likelihood times the total amount of the financial distress costs if insolvency does occur. The model is estimated using panel data methodology on samples from two European countries (Italy and Germany). The results indicate that the amount of ex-post costs depends on derivative financial instruments, intangible assets, and relation with local banks (small local banks rather than large banking groups).

Sign in / Sign up

Export Citation Format

Share Document