Efekt zarażania - od upadku Lehman Brothers do greckiego kryzysu

2011 ◽  
pp. 21-23
Author(s):  
Sławomir Wyciślak
Keyword(s):  
Lehman Brothers

W artykule uporządkowano wiedzę dotyczącą pojęcia zarażania, które wykorzystuje się w czasopiśmiennictwie ekonomicznym. Stwierdzono, że do zarażania dochodzi wtedy, gdy następuje znaczne nasilenie powiązań między podmiotami ekonomicznymi, prowadzące do zwielokrotnienia pierwotnego szoku. Warunki, w jakich następuje zarażanie, zachodzą wtedy, gdy podmioty ekonomiczne mają te same aktywa. Rozprzestrzenianie się kryzysu finansowego, od upadku Lehman Brothers do kryzysu zadłużenia, opisano, wykorzystując pojęcie zarażania i mechanizmy jego przenoszenia. (abstrakt oryginalny)

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 

Bank Behaviour and Risks in Chaps Following the Collapse of Lehman Brothers

2012 ◽  
Author(s):  
Evangelos Benos ◽  
Rodney Garratt ◽  
Peter Zimmerman
Keyword(s):  
Lehman Brothers

scholarly journals Thieves, Fools, Fraudsters, and Gamblers? The Ambivalence of Moral Criticism in the Credit Crunch of 2008

2015 ◽  
Vol 56 (1) ◽  
pp. 93-118 ◽  
Author(s):  
Sascha Münnich
Keyword(s):  
Market Model ◽  
Credit Crunch ◽  
Public Attention ◽  
Moral Criticism ◽  
Cultural Legitimacy ◽  
Lehman Brothers ◽  
Public Debates ◽  
Client Relations ◽  
Financial Capitalism

AbstractThis article examines public debates on the legitimacy of banking profits in the 2008 credit crunch. A content analysis of 957 newspaper articles published in Germany and the UK in the early weeks after the Lehman Brothers collapse examines critical statements directed at illegitimate forms of financial profit in order to identify the cultural legitimacy of financial capitalism. The conceptual framework provided by the French sociology of justification points to the role of shared orders of value as a normative reference for public discourses. In both national debates, four important boundaries for legitimate profits were drawn that concerned the problems of ownership, risk-management capacities of traders, fraudulent client relations, and speculative gambling. The meaning of this classical moral criticism of banks was transformed in the context of the 2008 crisis: a line between “normal” and “excessive” financial profits was drawn, defining an area of legitimate profit-seeking that hewed to the basic assumptions of the market model. Economic theory was used as a scheme of public economic morality. The seemingly harsh critical debate effectively reproduced a legitimate image of a functioning financial market, deflecting public attention away from the structural ambivalences of financial profit-seeking and granting legitimacy to the institutional status quo of financial capitalism.

scholarly journals ECONOMIC CRISES IN THE TWENTY-FIRST CENTURY AND THE IMPACT ON STATE SECURITY

2020 ◽  
Vol 1 (17(67)) ◽  
pp. 6-14
Author(s):  
Grzegorz Zając
Keyword(s):  
World Economy ◽  
Negative Impact ◽  
First Century ◽  
Economic Crises ◽  
State Security ◽  
The Us ◽  
Lehman Brothers ◽  
The World ◽  
Greek Government ◽  
The Impact

The economic crises of the 21st century have severely damaged the world economy. The first big crisis began in 2008 with the bankruptcy of one of the largest banks in the US, the Lehman Brothers Bank. The next crisis mainly affected Europe and was associated with the disclosure by the Greek government in 2009 of the dire state of public finances and huge monetary embezzlement. This crisis had a negative impact on many European countries belonging to the euro zone, as well as on many other countries outside this area, indirectly reducing investment or limiting international trade. Another crisis is related to the coronavirus pandemic announced at the beginning of 2020. At that time, most countries in the world have made a "lockdown" of the economy for many weeks. Various sectors of the economy were restricted or completely shut down almost overnight, seriously affecting societies

Are Short Sellers Informed? Evidence from the Bond Market

2012 ◽  
Vol 88 (2) ◽  
pp. 611-639 ◽  
Author(s):  
Ambrus Kecskés ◽  
Sattar A. Mansi ◽  
Andrew (Jianzhong Zhang
Keyword(s):  
Natural Experiment ◽  
Equity Market ◽  
Bond Market ◽  
Data Availability ◽  
Publicly Traded ◽  
Yield Spreads ◽  
Short Sellers ◽  
Bond Yield ◽  
Lehman Brothers ◽  
Short Interest

ABSTRACT We examine whether short sellers in the equity market provide valuable information to investors in the bond market. Using a sample of publicly traded bond data covering the period from 1988 to 2011, we find that firms with high short interest have lower credit ratings and are more likely to have their ratings downgraded. We also find that firms with highly shorted stocks are associated with higher bond yield spreads (about 24 basis points). Evidence of causality from short interest spikes and a natural experiment based on the SEC's Regulation SHO pilot program confirms our findings. Overall, our results suggest that equity short sellers provide predictive information to creditors in the bond market. JEL Classifications: G12; G14. Data Availability:  Data are publicly available from the sources identified in the study with the exception of the bond data from Lehman Brothers, which is a proprietary dataset.

Networks from Below

2017 ◽  
Author(s):  
Michael R. Cohen
Keyword(s):  
The South ◽  
Economic Networks ◽  
Local Economies ◽  
Cotton Industry ◽  
Rural Farmers ◽  
Ethnic Network ◽  
Lehman Brothers ◽  
The Difference

The fifth chapter analyzes the bottom tier of an ethnic network that brought credit from global financiers to the merchants and farmers of the Gulf South, exploring how the Southern firms with which Lehman Brothers worked dispersed this global investment throughout local economies. In some instances, Lehman Brothers’ customers sold directly to rural farmers and plantation owners, providing them with the credit necessary to purchase farming needs, foodstuffs, and personal goods. But in other instances, firms with which Lehman Brothers worked extended credit to smaller shopkeepers, who could then stock their own shelves at the start of the season, sell goods to their customers on credit, and, if all went well, be repaid by their customers after the harvest. For these smaller businesses, this line of credit was the difference between success and failure, particularly when the vicissitudes of the economy necessitated leniency from creditors. While this leniency was risky for lenders, trust-based economic networks mitigated risk. In this way, Jewish merchants created an ethnic niche in the cotton industry, securing global investment, funneling it to the South, and dispersing it throughout local economies.

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