scholarly journals DID THE 2008 GLOBAL FINANCIAL CRISIS AFFECT THE BANKING CREDITS? A CASE OF REGIONS OF TURKEY

2020 ◽  
pp. 74-82
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Annual Data ◽  
2008 Financial Crisis ◽  
Dummy Variable ◽  
The Us ◽  
The World ◽  
The 2008 Financial Crisis ◽  
One Year

In 2008 the world faced a global crisis which is started from the US; thus it is named as a “US Great Recession. In this paper, we investigate whether the 2008 financial crisis has an effect on Turkish banking credits in regional case. For this aim we use Non-specialized Loans Deposit which is collected from The Banks Association of Turkey as an annual data. The period of the paper is 2004-2014. The selected regions are 11 NUTS1 regions; thus we have panel data with 121 observations. We use two dummy variable; first dummy values are 1 for 2008 and 0 for other years, a second dummy variable is 1 for 2008 and successor years; 0 for other years. The first dummy shows if the crisis affects only one year, the second dummy shows if the crisis affects crisis year and successor years.

scholarly journals Threats to Contemporary Economic Order

2020 ◽  
pp. 69-76
Author(s):  
Janusz Klisiński
Keyword(s):  
Financial Crisis ◽  
Liberal Democracy ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
Economic Order ◽  
The Us ◽  
The World ◽  
Us Dollar ◽  
The 2008 Financial Crisis

The biggest threats to contemporary economic order were chronologically the bipolarity of the world after 1945, in which one of the poles despised money and the other based its prosperity on money. An attempt to create a unipolar world already dominated by the US dollar, practically was hardly acceptable. The US showed its strength when Japan in 1995 became a pretender to be No. 1 in the global economy. Also in 2008, American banks triggered a global financial crisis by creating bubbles of toxic real estate loans. The 2008 financial crisis also started a crisis of liberal democracy. China was much more powerful than Japan as the next pretender to become No. 1 in the global economy. About it can be seen as the beginning of a global conflict between the United States and China. In addition, the coronavirus pandemic has stopped globalization and is causing a global crisis.

Gridlock, Crisis, and Obama

2018 ◽  
Author(s):  
John L. Campbell
Keyword(s):  
Health Care ◽  
African American ◽  
Financial Crisis ◽  
Great Recession ◽  
Political Polarization ◽  
2008 Financial Crisis ◽  
Executive Orders ◽  
National Health Care ◽  
American President ◽  
The 2008 Financial Crisis

Chapter 7 explains that the financial crisis and Barack Obama’s presidency pushed political polarization into extreme political gridlock in Washington. Americans became disgusted. The 2008 financial crisis exacerbated America’s economic woes and made people angry. The fact that Obama was America’s first African American president made things worse. So did his moves to handle the financial crisis and Great Recession, and reform the national health care system. Trump tapped the public’s anger, turning it to his electoral advantage. He promised that because as a billionaire he wasn’t beholden to anyone, he would unify the country and cut through the gridlock by “draining the swamp” in Washington. And if Congress didn’t cooperate, he said that he would move unilaterally by issuing executive orders that would get the job done. It worked and he was elected president.

Malaysia–US Bilateral Relations in the Aftermath of the 2008 Global Financial Crisis

2016 ◽  
pp. 285-298
Author(s):  
Mas Juliana Mukhtaruddin
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
External Trade ◽  
Department Of State ◽  
Bilateral Relations ◽  
Advanced Economies ◽  
The Us ◽  
The World ◽  
Tangible Evidence ◽  
Visible Effect

Malaysia–United States relations are enormously significant. From the perspective of the US Department of State, Malaysia is a significant player at both the regional and international levels. The world financial crisis that began in the US at the end of 2007 moderately affected the Malaysian economy. While the US was at the center of the crisis, Malaysia felt its effects as one of Asia's export-reliant economies. Regarding the implications of the crisis, some tangible evidence has been evaluated. The fourth quarter of 2008 was devastating for the world's advanced economies, including the US, and Malaysia's external trade-related sectors were severely struck. The primary reason for this visible effect was a disruption in the trade demand. Against this background, this paper examines the aftermath of the world financial crisis on the relations between Kuala Lumpur and Washington, particularly on the political and economic bilateral ties.

scholarly journals The Effect of the 2008 Global Financial Crisis on the Efficiency of Large U.S. Commercial Banks

2019 ◽  
Vol 12 (2) ◽  
pp. 11-27
Author(s):  
Seyed Mehdian ◽  
Rasoul Rezvanian ◽  
Ovidiu Stoica
Keyword(s):  
Financial Crisis ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
The United States ◽  
Commercial Banking ◽  
Scale Efficiency ◽  
Mortgage Loans ◽  
2008 Financial Crisis ◽  
Efficiency Measures ◽  
The 2008 Financial Crisis

AbstractThe 2008 financial crisis, originated by securitization of sub-prime mortgage loans, had a huge impact on U.S. financial institutions and markets. We hypothesize that due to this crisis, the commercial banking industry has changed their portfolio structures and risk-taking behavior. To shed light on the response of U.S. banks to the 2008 financial crisis, we use the non-parametric approach to measure and compare the overall efficiency of large U.S. banks pre- and post-2008 financial crisis. We then decompose the overall measure of efficiency into allocative, overall technical, pure technical, and scale efficiency measures to better understand the sources of banking inefficiencies. The results indicate that large U.S. banks indeed changed their portfolios structure, and the efficiency of large commercial banks in the United States declined substantially during the financial crisis. Although it has been recovering since then, it still has not reached to the pre-crisis efficiency level.

How does real earnings management respond to the 2007-2008 financial crisis?

2020 ◽  
Vol 32 (4) ◽  
pp. 495-517
Author(s):  
Zhigang Li ◽  
Yuan-Teng Hsu ◽  
Xiang Gao
Keyword(s):  
Financial Crisis ◽  
Earnings Management ◽  
Global Financial Crisis ◽  
Probit Model ◽  
Real Earnings Management ◽  
Share Repurchases ◽  
2008 Financial Crisis ◽  
Event Window ◽  
Content Type ◽  
Dummy Variable

Purpose This paper aims to investigate the dynamics of repurchase-based earnings management vis-à-vis other real activities manipulations during the 2007–2008 financial crisis. Design/methodology/approach This paper adopts a Probit model to regress alternate real earnings management (REM) methods on a dummy variable indicating whether a firm falls in the crisis event window or not, during our 15-year sample period. This paper also detects switches made by suspected firms from repurchasing to other REM tools such as reducing discretionary expenditures. Findings This paper provides solid evidence indicating that firms suspected of earnings management have the tendency to decrease accretive share repurchases after the onset of the crisis. Conversely, the above pattern is neither observed in non-suspect firms nor over non-crisis periods. A further investigation documents that firms that switch REM during crisis can be characterized by less cash holding, smaller size, more severe liquidity shortage and/or tighter financial constraint. Originality/value This paper contributes to the literature on understanding the respective and interactive implications of both share repurchases and global financial crisis on firms’ REM activities.

scholarly journals Analysis of the Distribution of Exchange-Rates near the 2008 Global Financial Crisis

2020 ◽  
Vol 9 (4) ◽  
pp. 187
Author(s):  
Doobae Jun ◽  
Jinsu Kim ◽  
Gwangil Kim
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Exchange Rates ◽  
Global Financial Crisis ◽  
2008 Financial Crisis ◽  
Early Indicator ◽  
Exceptional Value ◽  
The 2008 Financial Crisis

We search for indicators that might have predicted the 2008 financial crisis, by analyzing the standardized normalized distribution of exchange-rates. We find that this distribution was close to normal during the crisis, but had an exceptionally high kurtosis in the second quarter of 2006, indicating the beginning of long-term USD weakness. Somewhat nearer to the crisis, we can also see suggestive fluctuations in some exchange-rates. Further, we analyze stock-market indices across the crisis, and show that they responded more sensitively than exchange-rates, and that the distribution of stock-market indices also has an exceptional value of kurtosis at Q2 2006, suggesting that the kurtosis of the distribution of exchange-rates might have provided as an early indicator of the crisis.

scholarly journals ECONOMIC CRISIS AND POLANYI’S DOUBLE MOVEMENT

2016 ◽  
Vol 4 ◽  
pp. 079-087
Author(s):  
Özgür Üşenmez ◽  
Levent Duman
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Great Recession ◽  
Structural Features ◽  
2008 Financial Crisis ◽  
Market Economies ◽  
Double Movement ◽  
The 2008 Financial Crisis

As experts discuss the causes and results of the 2008 financial crisis and ensuing Great Recession, economists of various strands, led mainly by Keynesians, are slowly beginning to question the supposed wisdom of unfettered markets. Since Keynesian-liberal disputes revolve around the symptoms of the crisis, rather than the historical and structural features of market economies, we consider a fresh approach about Polanyi’s ideas on market, and his concept of double movement in regards to the effects of neo-liberalism on societies, as a timely intervention to these debates.

scholarly journals A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries

ECONOMICS ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 85-105
Author(s):  
Mythili Kolluru ◽  
Denis Hyams-Ssekasi ◽  
K.V.Ch.Madhu Sudhana Rao
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Developmental Model ◽  
Eu Countries ◽  
The Great Recession ◽  
Global Recession ◽  
Recovery Strategies ◽  
The World ◽  
The Global Financial Crisis

Abstract The Global financial crisis of 2008-2009 severely impacted the developed economies of the world. It occurred at a time when most countries had started gaining economic growth, stability, and vibrance. Each country experienced a jolt to its economy, causing financial fragility, shocks, tragedy, and struggle. Attempts have been made to understand the root causes, economic instability, and the lessons learned from the great recession. Given the current situation of the COVID-19 pandemic, this research paper seeks to examine the global recession, its effect on the economy and finances. Our research is based on the qualitative analysis of comparing the impact of the global financial crisis and strategic recovery recession plans of the top five GDP countries in the European Union-particularly Germany, the UK, France, Spain, and Italy to draw some similarities between a recession and COVID-19 pandemic in terms of the economy. The findings indicate that the great recession had a devastating impact on the entire economy, and the world can learn valuable lessons. It notes that out of the selected five EU countries, Germany was the first to recover and bounce back by 2011, but Italy and Spain were severely hit and took longer to recover only partially. The recession recovery strategies demonstrate some similarities in economic and employment measures and differences concerning tax reforms and financial support packages initiated by all five countries. There needs to be a mechanism in which each country must prepare for untimely recessions. Thus, a developmental model has been created to enable countries to be more prepared when faced with recessions in the future years.

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