scholarly journals After the Financial Crisis: The Evolution of the Global Income Distribution Between 2008 and 2013

2020 ◽  
Author(s):  
Branko Milanovic
Keyword(s):  
Financial Crisis ◽  
Income Distribution ◽  
Household Income ◽  
Global Financial Crisis ◽  
Income Growth ◽  
Global Inequality ◽  
Working Paper ◽  
Income Data ◽  
The Global Financial Crisis ◽  
China’S Growth

Using the newly created, and in terms of coverage and detail, the most complete household income data from more than 130 countries, the paper analyzes the changes in the global income distribution between 2008 and 2013. This was the period of the global financial crisis and recovery. It is shown that global inequality continued to decline, largely due to China’s growth that explains one-half of global Gini decrease between 2008 and 2013. Income growth of the global top 1 percent slowed significantly. The slowdown is present even after survey data are corrected for the likely underestimation of highest incomes. The paper ends with a discussion of the effects of the financial crisis in the light of an even more serious looming crisis caused by the 2019-20 pandemic. (Stone Center on Socio-Economic Inequality Working Paper)

Origins of China’s Growth Model

2017 ◽  
Author(s):  
Yukon Huang
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Economic Incentives ◽  
Reform Initiatives ◽  
Reform Agenda ◽  
False Sense ◽  
Vested Interests ◽  
The Global Financial Crisis ◽  
Double Digit ◽  
China’S Growth

Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.

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.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

Mobilising resiliency in times of economic hardship: Emerging themes in migrant worker remittance payments

2014 ◽  
Vol 7 (2) ◽  
pp. 159-167
Author(s):  
Kevin Garlan
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Migrant Worker ◽  
Economic Hardship ◽  
Priority Areas ◽  
Mobile Payments ◽  
Payment Methods ◽  
The Future ◽  
Emerging Themes ◽  
The Global Financial Crisis

This paper analyses the nexus of the global financial crisis and the remittance markets of Mexico and India, along with introducing new and emerging payment technologies that will help facilitate the growth of remittances worldwide. Overall resiliency is found in most markets but some are impacted differently by economic hardship. With that we also explore the area of emerging payment methods and how they can help nations weather this economic strife. Mobile payments are highlighted as one of the priority areas for the future of transferring monetary funds, and we assess their ability to further facilitate global remittances.

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