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

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

Cases on Small Business Economics and Development During Economic Crises - Advances in Business Strategy and Competitive Advantage ◽

Advancing SME Sustainability

10.4018/978-1-7998-7657-1.ch008 ◽

2021 ◽

pp. 159-178

Author(s):

Meng Kui Hu ◽

Daisy Mui Hung Kee

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Policy Changes ◽

Business Environments ◽

Business Operations ◽

New Business ◽

Spanish Flu ◽

The world has been struck by multiple crises that crippled the socio-economy of nations in the past. The impact of these crises was so significant that they initiated numerous policy changes worldwide. The radical crises in this context refer to the Spanish flu, the Asian financial crisis, the global financial crisis, and the current COVID-19 pandemic. Due to their small capital structure with limited resources and fragile nature, SMEs were severely impacted by these crises. Many SMEs were forced to close down their business operations. Somehow, the remaining SMEs managed to persist and survive through the crises. Moving forward, SMEs can better prepare for future crises by understanding and learning from the predicaments of these past crises. Consequently, SMEs must also be adaptive to new business environments and responding promptly to crises by realigning their strategies to achieve business sustainability in the long term.

Assessing The Impact Of The Global Financial Crisis On GCC Countries

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v8i2.682 ◽

2010 ◽

Vol 8 (2) ◽

Cited By ~ 4

Author(s):

Hisham H. Abdelbaki

Keyword(s):

Financial Crisis ◽

Interest Rates ◽

Global Financial Crisis ◽

The United States ◽

Font Size ◽

Negative Effects ◽

Gcc Countries ◽

The World ◽

No doubt, the international financial crisis that started in the United States of America will cast its effects on all countries of the world, developed and developing. Yet these effects vary from one country to another for several reasons. The GCC countries would not escape these negative effects of this severe crisis. The negative effects of the crisis on gulf countries come from many aspects: first, decrease in price of oil on whose revenues the development programs in these countries depend; second, decrease in the value of US$ and the subsequent decrease in the assets owned by these countries in US$; third, a case of economic stagnation will prevail in the world with effects starting to appear. It is obvious that this would be reflected on the real sector in the economies causing a series of negative effects through decrease of the world demand for exports of GCC countries of oil, petrochemicals and aluminum.  Lastly, increased inflation rates with decreased interest rates will result in a decrease in real interest with an accompanying decrease in incentives for saving and consequently investment and economic development. The main aim of the research is to assess the economic effects of the global financial crisis on GCC countries. The paper results are that the big reserves of foreign currencies achieved by the GCC countries in the past few years have helped increase their ability to bear the effects of the financial effects on one hand and their ability to adopt expansionary policies through pumping liquidity to absorb the regressive effects of the crisis on the other. The paper recommends the necessity of taking precautionary procedures for the effects which will result from the expansionary policies effective in GCC countries.

PENGARUH PENANAMAN MODAL ASING TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA

Media Ekonomi ◽

10.25105/me.v24i1.3789 ◽

2016 ◽

Vol 24 (1) ◽

pp. 63

Author(s):

Fajar Bimantoro ◽

Mona Adriana S

Keyword(s):

Economic Growth ◽

Foreign Direct Investment ◽

Financial Crisis ◽

Direct Investment ◽

Global Financial Crisis ◽

Consumer Price Index ◽

Impulse Response Function ◽

Short Term ◽

The present study aimed to analyze the relationship between the level of foreign direct investment to Indonesia's economic growth in the period 1991-2014.Fokus of the present study was to analyze the short-term relationship between foreign direct investment and economic growth Indonesia. In addition, along with the financial crisis 2008 global bit much negative of Indonesia affected by the global economic slowdown due to the crisis. This prompted the present study was to also perform forecasting of the impact of global financial crisis on foreign direct investment and relation to economic growth. To answer these questions, this research chose VAR Vector Auto Regression or as a method to answer the research questions. Gross Domestic Product (GDP), Consumer Price Index, BI rate, and the Exchange Rate, the variables used in this research. The estimation results of the VAR indicate that direct investment from abroad did not have an impact on economic growth in the long term but has a strong bond in the short term against the growth of economics. This indicates that foreign investment into Indonesia increasingly quality in promoting economic growth. In addition, the results of forecasting using impulse response function indicates there will be the tendency of a decrease in the level of foreign direct investment and economic growth in Indonesia.

The Impact of the Global Financial Crisis on Central Banking

The Oxford Handbook of the Economics of Central Banking ◽

10.1093/oxfordhb/9780190626198.013.6 ◽

2019 ◽

pp. 170-192

Author(s):

Alex Cukierman

Keyword(s):

Financial Crisis ◽

Interest Rates ◽

Financial Stability ◽

Inflation Targeting ◽

Global Financial Crisis ◽

The United States ◽

Central Banking ◽

The Impact ◽

Regulatory Reforms

This chapter describes the impacts of the global financial crisis on monetary policy and institutions. It argues that during the crisis, financial stability took precedence over traditional inflation targeting and discusses the emergence of unconventional policy instruments such as quantitative easing (QE), forex market interventions, negative interest rates, and forward guidance. It describes the interaction between the zero lower bound (ZLB) and QE, and proposals, such as raising the inflation target, to alleviate the ZLB constraint. The chapter discusses the consequences of the relative passivity of fiscal policies, “helicopter money,” and 100 percent reserve requirement. The crisis triggered regulatory reforms in which central banks’ objectives were expanded to encompass macroprudential regulation. The chapter evaluates recent regulatory reforms in the United States, the euro area, and the United Kingdom. It presents data on new net credit formation during the crisis and discusses implications for exit policies.

The impact on chinese economic growth and energy consumption of the Global Financial Crisis: An input–output analysis

Energy ◽

10.1016/j.energy.2009.12.035 ◽

2010 ◽

Vol 35 (4) ◽

pp. 1805-1812 ◽

Cited By ~ 65

Author(s):

Chaoqing Yuan ◽

Sifeng Liu ◽

Naiming Xie

Keyword(s):

Economic Growth ◽

Energy Consumption ◽

Financial Crisis ◽

Global Financial Crisis ◽

Input Output ◽

Output Analysis ◽

Input Output Analysis ◽

The Impact of the Global Financial Crisis, Does It Sustain?

International Journal of Economics and Finance ◽

10.5539/ijef.v8n10p82 ◽

2016 ◽

Vol 8 (10) ◽

pp. 82 ◽

Cited By ~ 1

Author(s):

Bashar Al-Zu'bi ◽

Hussein Salameh ◽

Qasim Mousa Abu Eid

Keyword(s):

Financial Crisis ◽

Stock Market ◽

Global Financial Crisis ◽

Stock Market Index ◽

The World ◽

The Usa ◽

Short And Long Term ◽

This paper studies the short and long term relationship between S&P500 USA stock market index and the stock market indices of 30 countries around the world over the period June 2010-April 2015. We implement OLS regression and use error correction model to examine the short and long term relationship between the variables. Empirically, we find that there is a relationship on the short and long term between S&P500 and the indices of 27 countries from East Asia, Europe, Latin America, Middle East as well as the countries of Australia and Canada. These results conclude that the global financial crisis of 2007-2008 significantly and lengthy increased the already high level of co-movement between the USA financial market and the observed stock market for 27 countries around the world. The findings from our research are important; however, we believe that further research based on our findings is necessary.

Financial Crises and Key Economic Sectors of China and India: A Comparative Review of 1991-2010

SHS Web of Conferences ◽

10.1051/shsconf/20185604002 ◽

2018 ◽

Vol 56 ◽

pp. 04002

Author(s):

Muhammad Umar Draz ◽

Fayyaz Ahmad

Keyword(s):

Economic Growth ◽

Financial Crisis ◽

Financial Crises ◽

Global Financial Crisis ◽

Economic Sectors ◽

China And India ◽

Comparative Review ◽

Key Sectors ◽

Economic growth of emerging Asian economies like China and India has been a topic of interest for researchers. However, most of the existing studies have focused on economic growth trends of China and India. The aim of this paper is to identify the core sectors of both economies and analyse the impact of the Asian financial crisis of 1997 and the global financial crisis of 2008 on the performance of those sectors. We also intend to explore the impact of the aforementioned financial crises on the overall economic growth of both nations. Our review consists of five years’ average and critical analysis of the existing studies to identify the key sectors of economy and to analyse the impact of financial crises. The results indicate that industry and service sectors are the highest contributors in the GDP of China and India respectively. We also found heterogeneous impact of financial crises on the key sectors of both nations’ economy.

China's Economic Policy in the Time of the Global Financial Crisis: Which Way Out?

Journal of Current Chinese Affairs ◽

10.1177/186810260903800308 ◽

2009 ◽

Vol 38 (3) ◽

pp. 165-181 ◽

Cited By ~ 6

Author(s):

Margot Schüller ◽

Yun Schüler-Zhou

Keyword(s):

Economic Growth ◽

Financial Crisis ◽

Global Financial Crisis ◽

Developed Countries ◽

Chinese Economy ◽

Chinese Government ◽

Current Crisis ◽

The Government ◽

This contribution analyses the impact of the global financial crisis on the Chinese economy and the policies implemented by the Chinese government to cope with it. We argue, first, that China has not been able to decouple its economic performance from that of the U.S. and other developed countries. Second, although economic growth in the second quarter of 2009 showed that the stimulus package is working, the current development does not seem to be sustainable. In order to avoid another round of overheating, the government needs to adjust its stimulus policy. Third, the current crisis offers opportunities to conduct necessary structural adjustments in favour of more market-based and innovative industries, more investment by private companies and a stronger role of private consumption in economic growth. Fourth, with the external demand from the OECD countries declining, Chinese export companies need to further diversify their international markets and reorient their production and sales strategies to some extent towards the domestic market.

The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries

International Review of Financial Analysis ◽

10.1016/j.irfa.2021.101865 ◽

2021 ◽

pp. 101865

Author(s):

Deni Wahidin ◽

Alexandr Akimov ◽

Eduardo Roca

Keyword(s):

Economic Growth ◽

Developing Countries ◽

Financial Crisis ◽

Global Financial Crisis ◽

Bond Market ◽

Market Development ◽

Before And After ◽

Conclusion

Banks, Exchanges, and Regulators ◽

10.1093/oso/9780199553730.003.0020 ◽

2020 ◽

pp. 601-609

Author(s):

Ranald C. Michie

Keyword(s):

Financial Crisis ◽

Interest Rates ◽

Global Financial Crisis ◽

Low Cost ◽

Financial System ◽

Central Banks ◽

Financial Instruments ◽

The Stability ◽

The Global Financial Crisis

The Global Financial Crisis that took place in 2007–9 was the product of both long-term trends and a specific set of circumstances. In particular, the thirty years preceding that crisis had witnessed a refashioning of the global financial system, which was, itself, a reaction to that which had emerged after the Second World War. Over those thirty years competitive markets gradually replaced governments and central banks in determining the volume and direction of international financial flows. The interaction within and between economies took place on a daily basis through the markets for short-term credit, long-term loans, foreign exchange, securities, and a growing array of ever more complex financial instruments that allowed risks to be hedged whether in terms of interest rates, currencies, exposure to counterparties, or other variables. This was a period of great innovation as new financial instruments were created in order to match the needs of lenders for high returns, certainty, and stability and those of borrowers for low cost finance and flexibility in terms of the amount, currency, and timing of repayment. Nevertheless, governments remained heavily involved through the role played by regulators and central banks, generating confidence in the stability of the new financial system. That confidence was destroyed by the Global Financial Crisis of 2008 and had not been rebuilt by 2020.