scholarly journals Vom Krisenmanagement zur neuen Konsolidierungsagenda der EU

2011 ◽  
Vol 41 (163) ◽  
pp. 173-194 ◽  
Author(s):  
Hans-Jürgen Bieling
Keyword(s):  
Debt Crisis ◽  
Subprime Crisis ◽  
Financial Assets ◽  
Economic Interests ◽  
The Past ◽  
The Us ◽  
Political Economic ◽  
Emergency Fund ◽  
Market Capitalism ◽  
Economic And Financial Crisis

Over the past years the economic crisis has been sensibly displaced. Starting as a subprime crisis in the US, it soon unfolded as a global economic and financial crisis. European countries confronted the crisis with banking rescue packages, economic stimulus programmes, automatic stabilisers and a common emergency fund for endangered states of the Eurozone. Consequently, not only private, but also public debt increased. The crisis therefore evolved towards a fiscal crisis and moved into the political system. Against this background, the article investigates the articulation of political economic interests and initiatives in the European management of the debt crisis. It argues that the emergence of a new austerity oriented fiscal consolidation agenda reflects a strengthened position of creditors and owners of financial assets. However, given the unequal – European and domestic – distribution of the adjustment burden, the revitalisation of European financial market capitalism remains characterised by intensified social struggles.

EU facing the crisis: social and employment policies in times of tight budgets

2012 ◽  
Vol 18 (3) ◽  
pp. 255-271 ◽  
Author(s):  
Hans-Jürgen Bieling
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Subprime Crisis ◽  
Employment Policies ◽  
Reform Agenda ◽  
The Past ◽  
The Us ◽  
The Eu ◽  
Economic And Financial Crisis ◽  
Governance Reforms

Over the past years the centre of the economic crisis has repeatedly shifted. Starting as a subprime crisis in the US, it soon unfolded as a global economic and financial crisis in order then to become a sovereign debt crisis, euro crisis and, eventually, also a social and democratic crisis. Against the background of the general political and economic conditions within the EU, this article traces the shifts of the political terrain. It focuses above all on the transition from a rather costly crisis management (bank rescues, economic stimulus programmes and automatic stabilizers) towards a new agenda of austerity policies. Structurally, this agenda can be seen as the reaction to significant increases in public debt. In addition, it has been promoted politically and institutionalized through successive European economic governance reforms. These reforms have also had a serious impact on domestic social and employment policies. In some countries dependent on external credits this is already evident, while in other countries the deregulatory aspects of the radicalized reform agenda have only just started to unfold.

The 1987 Stock Exchange Crash in Historical Perspective

2021 ◽  
pp. 165-183
Author(s):  
Laure Quennouëlle-Corre
Keyword(s):  
Financial Crises ◽  
Historical Perspective ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Central Banks ◽  
Subprime Crisis ◽  
The Us ◽  
The World ◽  
Global Stock Markets ◽  
Global Stock

This chapter aims to explore the different facets of the collective memory of the 1987 Crash in the US, which represented an unprecedented collapse of prices on the global stock markets. The 22.3% fall of the Dow Jones on Black Monday (19 October 1987) represents the biggest single-day stock market collapse in history—even greater than that of 24 October 1929. The crash spread to other major financial markets over the world, but was quickly resolved thanks to the central banks’ intervention on the capital markets. In the context of Reaganomics, the crash can be seen as the first financial crisis of the second globalization wave in the strictest sense of the term ‘financial’, without taking into consideration the banking crises of the 1970s and the debt crisis in the early 1980s. However, unlike other financial crises, memories of this market break remained either vague or inexistent in public opinion, or fragmented and partial for economists and historians—until the subprime crisis. Since then, the 1987 warning and the potential dangers of uncontrolled markets were brought to light. The final lesson to be learned from this example of an evolving memory is about using the past.

Location Data Extraction and Retention

2019 ◽  
pp. 157-187
Author(s):  
Rowan Wilken
Keyword(s):  
Case Studies ◽  
Data Extraction ◽  
Surveillance Program ◽  
Economic Interests ◽  
Locative Media ◽  
Location Data ◽  
The Us ◽  
Political Economic ◽  
Corporate State ◽  
Geocoded Data

This chapter examines two separate case studies that pertain to the acquisition and retention of various forms of geocoded data extracted from locative media devices and associated infrastructure at scale, and where the political economic interests of governments and corporations are in tension. The first of these case studies examines the controversies that flowed from revelations that Google had been gathering Wi-Fi data as part of its international Street View operations. The second focuses on the US National Security Agency (NSA) and its far-reaching surveillance program, as revealed through the Edward Snowden papers. The chapter concludes by reflecting on the impacts of corporate and corporate-state data extraction and retention, and the legacies of the two specific cases under examination.

scholarly journals EU Stock Markets vs. Germany, UK and US: Analysis of Dynamic Comovements Using Time-Varying DCCA Correlation Coefficients

2020 ◽  
Vol 13 (5) ◽  
pp. 91
Author(s):  
Oussama Tilfani ◽  
Paulo Ferreira ◽  
Andreia Dionisio ◽  
My Youssef El Boukfaoui
Keyword(s):  
Stock Markets ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Correlation Coefficients ◽  
Subprime Crisis ◽  
The European Union ◽  
Sliding Windows ◽  
Cross Correlation Analysis ◽  
The Us ◽  
The Uk

For this paper, we dynamically analysed the comovements between three major stock markets—Germany, the UK, and the US—and the countries of the European Union, divided into two groups: Eurozone and non-Eurozone. Correlation coefficients based on a detrended cross-correlation analysis (DCCA) were used, and the respective temporal variation was evaluated. Given the objective of performing a dynamic analysis, sliding windows were used in an attempt to represent short and long-term analyses. Critical moments in financial markets worldwide were also taken into account, namely the subprime debt crisis, the sovereign debt crisis, and Brexit. The results suggest that Germany and other Eurozone countries generally share high levels of comovements, although the Brexit decision reduced those connections. The subprime crisis also increases comovements among markets.

Monetary Policy, Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB in the Wake of the Global Financial Crisis

ORDO ◽  
2020 ◽  
Vol 71 (1) ◽  
pp. 180-210
Author(s):  
Gunther Schnabl ◽  
Nils Sonnenberg
Keyword(s):  
Economic Theory ◽  
Euro Area ◽  
Federal Reserve ◽  
Financial Stability ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Subprime Crisis ◽  
The Us ◽  
The Impact

Abstract The paper discusses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It reviews the financial market stabilization measures of the Federal Reserve System and the Eurosystem in response to the US subprime crisis and the European financial and debt crisis. It shows that stabilization measures both in the US and the euro area are based on Keynesian thinking, whereas longer-term consequences of financial stabilization measures tend to be neglected. It is argued that the Federal Reserve System’s crisis measures were more directed towards stabilizing the banking system, whereas the European Central Bank first and foremost focused on debt sustainability of euro area crisis countries. In both cases, household credit growth remained under control despite renewed monetary expansion, while new imbalances emerged in the banking and corporate sector as suggested by Austrian economic theory.

Oil volatility index and Chinese stock markets during financial crisis: a time-varying perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Panayiotis Tzeremes
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Subprime Crisis ◽  
Content Type ◽  
Volatility Index ◽  
The Us ◽  
Three Stages ◽  
The Global Financial Crisis

Purpose This study aims to examine the interconnection among the oil volatility index (OVX) and the Chinese stock markets (CSM) during the financial crisis over the period June 1, 2007 to June 26, 2012. Design/methodology/approach Applying the time-varying Granger causality test, this paper conducts an exhaustive analysis of the OVX and the CSMs during the financial crisis. In particular, the financial crisis is classified in three stages, namely, the US subprime crisis, the global financial crisis and the sovereign debt crisis. Findings Briefly, the findings indicate almost a neutral relationship between the OVX and the CSMs during the entire financial crisis, the US subprime crisis and the global financial crisis. Finally, this paper has found a positive relationship between the OVX and the CSMs during the sovereign debt crisis. Practical implications This outcome clearly suggests that Chinese investors have to disregard uncertain information. In addition, policymakers can ameliorate the willingness of market investors in the CSM and further deepen the market-oriented reform of China’s domestic oil prices. Originality/value The innovative combination of these two strands, the OVX and the three stages of the financial crisis, is empirically examined in the study and this paper finds a non-linear linkage between the OVX and CSMs.

scholarly journals Mind the rent gap: Blackstone, housing investment and the reordering of urban rent surfaces

Urban Studies ◽  
2021 ◽  
pp. 004209802110264
Author(s):  
Brett Christophers
Keyword(s):  
Investment Strategy ◽  
Economic Conditions ◽  
Housing Investment ◽  
The Past ◽  
The Us ◽  
Investment Firm ◽  
Opening And Closing ◽  
Political Economic ◽  
Us Cities ◽  
Compare And Contrast

Recent years have seen a burst of new writing on the opening and closing of urban rent gaps. Such studies generally consider individual cases. Rarely does the opportunity arise to readily compare and contrast rent gaps across multiple cities and territories, least of all within the context of a single developer or investor portfolio. Such an opportunity has arisen in the past decade, however, as the US investment firm Blackstone has pursued a multi-territory housing-investment strategy specifically of identifying and closing rent gaps, which it styles ‘buy it, fix it, sell it’. This article examines that strategy and the varying nature of its implementation in Danish, German, Swedish and US cities. It argues that the rent gap is a paradoxical phenomenon: vast gaps, promising vast profits, frequently open up and frequently remain open for long periods before being closed – if they are closed at all. A primary reason is that successful and profitable closure requires not just favourable local political-economic conditions but a singularly well-funded, determined and aggressive investor – an investor, that is, such as Blackstone.

Racial Exclusion and the Political Economy of the Subprime Crisis

2009 ◽  
Vol 17 (2) ◽  
pp. 149-179 ◽  
Author(s):  
Gary Dymski
Keyword(s):  
Global Economy ◽  
Credit Markets ◽  
Racial Minorities ◽  
Subprime Crisis ◽  
Subprime Lending ◽  
Racial Exclusion ◽  
The Us ◽  
History Of ◽  
Political Economic ◽  
Strategic Transformation

AbstractThis paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative.

Advances In Asthma Care

2003 ◽  
Vol 1 (1) ◽  
pp. 87-90 ◽  
Author(s):  
Chris Garvey
Keyword(s):  
Healthcare Costs ◽  
Professional Organizations ◽  
Current Status ◽  
Asthma Care ◽  
Advanced Level ◽  
Clinical Criteria ◽  
Asthma Knowledge ◽  
The Past ◽  
The Us ◽  
Examination Process

Asthma rates in the US have risen during the past 25 years, as have asthma-related morbidity and healthcare costs. Professional organizations involved in asthma care have identified the need to assure that an advanced level of asthma knowledge and skill is available to patients with asthma, their families, and insurers. This need led to development of the certification for asthma educators. The Certified Asthma Educator (AE-C) must meet specific clinical criteria and pass a standardized examination designed to evaluate knowledge and skill for providing competent asthma education and coordination. The development and current status of the Certified Asthma Educator examination process and content are discussed, as are goals of the certification

BP Global Energy Outlook 2030

2013 ◽  
pp. 109-128 ◽  
Author(s):  
C. Rühl
Keyword(s):  
Emerging Economies ◽  
Energy Demand ◽  
Fossil Fuels ◽  
Net Energy ◽  
Global Energy ◽  
The Past ◽  
Market Shares ◽  
The Us ◽  
Almost All ◽  
Oil Gas

This paper presents the highlights of the third annual edition of the BP Energy Outlook, which sets out BP’s view of the most likely developments in global energy markets to 2030, based on up-to-date analysis and taking into account developments of the past year. The Outlook’s overall expectation for growth in global energy demand is to be 36% higher in 2030 than in 2011 and almost all the growth coming from emerging economies. It also reflects shifting expectations of the pattern of supply, with unconventional sources — shale gas and tight oil together with heavy oil and biofuels — playing an increasingly important role and, in particular, transforming the energy balance of the US. While the fuel mix is evolving, fossil fuels will continue to be dominant. Oil, gas and coal are expected to converge on market shares of around 26—28% each by 2030, and non-fossil fuels — nuclear, hydro and renewables — on a share of around 6—7% each. By 2030, increasing production and moderating demand will result in the US being 99% self-sufficient in net energy. Meanwhile, with continuing steep economic growth, major emerging economies such as China and India will become increasingly reliant on energy imports. These shifts will have major impacts on trade balances.

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