scholarly journals Analyzing the Global Risks for the Financial Crisis after the Great Depression Using Comparative Hybrid Hesitant Fuzzy Decision-Making Models: Policy Recommendations for Sustainable Economic Growth

2018 ◽  
Vol 10 (9) ◽  
pp. 3126 ◽  
Author(s):  
Hasan Dinçer ◽  
Serhat Yüksel ◽  
Seçil Şenel
Keyword(s):  
Economic Growth ◽  
Great Depression ◽  
Latin American ◽  
Debt Crisis ◽  
Fuzzy Topsis ◽  
Fuzzy Decision Making ◽  
Global Risk ◽  
Fuzzy Vikor ◽  
The Great Depression ◽  
Sustainable Economic Growth

The aim of this study is to analyze the effects of global risks on financial crises. For this purpose, five different outstanding crises after the Great Depression of 1929 are taken into the consideration. Additionally, four different dimensions are selected regarding global risk by considering the Global Risk Report. Moreover, the hesitant fuzzy DEMATEL, the hesitant fuzzy VIKOR, and the hesitant fuzzy TOPSIS methodologies are used to reach this objective. We concluded that, with respect to global risks, the industry-based dimension has the highest importance in comparison to other dimensions. In addition, we also identified that the 2010 European debt crisis and the 1982 Latin American debt crisis were the most influenced crises in terms of global risk. The main reason for this is that the macroeconomic problems such as high inflation and unemployment had negative impacts on the industries of these countries. Another important point is that the results of the hesitant fuzzy VIKOR and hesitant fuzzy TOPSIS models are quite different, but they are the most similar when the experts do not reach the consensus. This situation shows that this analysis is quite appropriate with respect to the hesitant approach. While considering these aspects, we recommended that countries should firstly focus on the solutions related to industry level problems in order to minimize the global risk. Owing to this issue, it can be more possible to reach sustainable economic growth in the world.

Direct Foreign Investment and Economic Development in Latin America: Perspectives for the Future

1989 ◽  
Vol 21 (1-2) ◽  
pp. 221-239 ◽  
Author(s):  
Eva Paus
Keyword(s):  
Economic Growth ◽  
Latin American ◽  
Foreign Investment ◽  
Debt Crisis ◽  
Direct Foreign Investment ◽  
Bank Lending ◽  
Economic Growth And Development ◽  
International Bank ◽  
The Future ◽  
Latin American Countries

Since 1982, most Latin American countries have witnessed slow economic growth and a persistent net transfer of funds to the rest of the world as a result of sharply reduced inflows of private international bank lending and large debt payment obligations. Against this background direct foreign investment (DFI) has received increasing attention as one important element in overcoming the present stagnation-cum-debt crisis as well as in contributing to renewed economic growth. This article explores the possible contributions of DFI to the future economic growth and development of the region.1

To Raise the Golden Anchor? Financial Crises and Uncertainty During the Great Depression

1999 ◽  
Vol 59 (3) ◽  
pp. 624-658 ◽  
Author(s):  
J. Peter Ferderer ◽  
David A. Zalewski
Keyword(s):  
Economic Growth ◽  
Interest Rate ◽  
Great Depression ◽  
Interwar Period ◽  
Gold Standard ◽  
Financial Crises ◽  
Capital Flight ◽  
The Great Depression ◽  
Interest Rate Volatility

This study examines the interplay between financial crises, uncertainty, and economic growth during the interwar period. Comparing the experiences of ten countries, we provide evidence that reductions in the credibility of a country's commitment to the gold standard generated capital flight and higher interest rate volatility. This volatility, in turn, was inversely correlated with economic growth. These results suggest that financial crises helped propagate the Great Depression, in part, by increasing uncertainty.

Learning about Growth and Democracy

2020 ◽  
Vol 114 (4) ◽  
pp. 1195-1212
Author(s):  
SCOTT F. ABRAMSON ◽  
SERGIO MONTERO
Keyword(s):  
Economic Growth ◽  
Twentieth Century ◽  
Economic Development ◽  
Great Depression ◽  
The Great Depression ◽  
The World ◽  
Past Experiences

We develop and estimate a model of learning that accounts for the observed correlation between economic development and democracy and for the clustering of democratization events. In our model, countries’ own and neighbors’ past experiences shape elites’ beliefs about the effects of democracy on economic growth and their likelihood of retaining power. These beliefs influence the choice to transition into or out of democracy. We show that learning is crucial to explaining observed transitions since the mid-twentieth century. Moreover, our model predicts reversals to authoritarianism if the world experienced a growth shock the size of the Great Depression.

WHY ECONOMIC GROWTH IS NEVER SUSTAINABLE

2011 ◽  
Vol 2 ◽  
Author(s):  
Ivars Brīvers
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Sustainable Development ◽  
Steady State ◽  
Great Depression ◽  
Costs And Benefits ◽  
Global Crisis ◽  
The Great Depression ◽  
The People ◽  
State Economy

The first decade of the XXI century clearly shows that the notion of the people concerning the values and goals in economy should be revised. As a result of global crisis economic theory may experience essential changes, as it was during the Great Depression in the XX century. The aim of the paper is to show the necessity of reconsidering the goals in economy. The hypothesis is that growth economy has become non-sustainable and it should be substituted by an economy of a different design – steady-state economy. The paper contains a review and analysis of various ideas about the problem, focusing mainly on the interpretation of the notion of sustainable development and the costs and benefits of economic growth; the way, how we measure things in economy and about the widespread illusions about the possibility of perpetual economic growth. The conclusion is that any growth, including economic growth is never sustainable.

scholarly journals Kako se nositi s ekonomskom depresijom: iskustvene i teorijske lekcije Velike depresije

2016 ◽  
Vol 10 (4) ◽  
pp. 1005
Author(s):  
Ognjen Radonjić
Keyword(s):  
Great Depression ◽  
Euro Area ◽  
Debt Crisis ◽  
Free Market ◽  
Conventional Wisdom ◽  
Economic Policies ◽  
The Great Depression

The purpose of this paper is to explain not only why the Euro Area debt crisis does not subside, but also, why it deepens. We believe that the experience of the Great Depression can help economic theorists and officials to look at the problem from a different perspective since it is apparent that the economic orthodoxy and economic policies supported by its conventional wisdom do not provide desired results. Roosevelt’s fiscal activism and Keynes’ revolutionary theory deliver an answer to the question of why is, in crisis periods, vigorous reaction of economic authorities needed and why the free market is not able by itself to find way out of the fog, which, as time passes, becomes more and more dense.

Globalization and Labor: Reflections on Contemporary Latin America

2007 ◽  
Vol 72 (1) ◽  
pp. 164-172 ◽  
Author(s):  
Eric Hershberg
Keyword(s):  
Latin America ◽  
Latin American ◽  
Structural Adjustment ◽  
Debt Crisis ◽  
Past Century ◽  
Quarter Century ◽  
The Great Depression ◽  
Structural Adjustment Programs ◽  
The World ◽  
The Many

As the editors note in their introduction to this special issue of the journal, for more than 500 years, indeed since the conquest, Latin-American economies and societies have been profoundly affected by developments in the world system. Over the past century alone, watershed moments such as the Great Depression of the 1930s and the oil shocks and international debt crisis of the 1970s and 80s, have rocked Latin-American economies, transforming development paradigms and with them the circumstances of the many millions who inhabit the region. Today, a quarter century has passed since Latin-American economies embarked, unevenly yet largely irreversibly, on the path of market-oriented reform. Designed to stimulate growth through insertion into global markets, structural adjustment programs swept Latin America in the wake of the debt crisis and were followed by a panoply of measures that sought an enduring restructuring of economies in the region. The pursuit of these so-called Washington Consensus policies did away with the inward-oriented strategies that had shaped development in the region throughout the postwar period. However reluctantly, Latin America staked its future on a renewed engagement with the world economy, and became a player in the highly contested processes of globalization that are reshaping societies and economies around much of the planet.

An Overview of Current Capital Investments in Latin American Port Infrastructure

2021 ◽  
Vol 1 (1) ◽  
Author(s):  
Luiz Eduardo Teixeira Brandão
Keyword(s):  
Economic Growth ◽  
Latin American ◽  
Infrastructure Development ◽  
Capital Investments ◽  
Risk And Uncertainty ◽  
Managerial Flexibility ◽  
Host Government ◽  
Sustainable Economic Growth ◽  
Port Infrastructure

Port infrastructure development is an important requirement for sustainable economic growth as it allows for the increment of trade, which benefits the countries involved. As occurs with most infrastructure projects, however, this investment requires significant amounts of capital with long term returns under conditions or risk and uncertainty, which frequently cannot be afforded by the host government. To address these challenges, Public Private Partnerships (PPPs) agreements have been widely used to meet the port infrastructure needs in many countries. In this article, we analyze the case of port infrastructure development in Latin America and show that the incorporation of managerial flexibility may help increase the value and reduce the risk in this class of projects. We discuss several port projects in the region and discuss in detail the case of the Terminal Portuario Multipropósito de Salaverry to show how uncertainty can be mitigated by incorporating managerial flexibility into the bid documents and contracts.

Always Protectionist? Latin American Tariffs from Independence to Great Depression

2004 ◽  
Vol 36 (2) ◽  
pp. 205-232 ◽  
Author(s):  
JOHN H. COATSWORTH ◽  
JEFFREY G. WILLIAMSON
Keyword(s):  
Latin America ◽  
Great Depression ◽  
Latin American ◽  
Trading Partner ◽  
Strategic Responses ◽  
State Revenue ◽  
The Great Depression ◽  
American Policy ◽  
Surprising Fact ◽  
Better Than

This article reports a fact that has not been well appreciated: tariffs in Latin America were the world's highest long before the Great Depression. This is a surprising fact, given that Latin America is believed to have exploited globalisation forces better than most regions before the 1920s, and given that the 1930s have always been viewed as the critical decade when Latin American policy became so anti-global. The explanation does not lie with imagined output gains from protection in these young republics, but rather with state revenue needs, strategic responses to trading partner tariffs and a need to compensate globalisation's losers.

scholarly journals Money Doctors and Latin American Central Banks at the Onset of the Great Depression

2021 ◽  
pp. 1-35
Author(s):  
Juan Flores Zendejas
Keyword(s):  
Latin America ◽  
Private Sector ◽  
Great Depression ◽  
Latin American ◽  
Interwar Period ◽  
Central Banks ◽  
The Great Depression ◽  
Monetary Regime ◽  
Capital Outflows ◽  
New Institutions

Abstract Many of today's central banks in Latin America were established in the interwar period. During the 1920s, most of them were designed under the influence of money doctors. The main mandate of these new institutions was to cope with inflation and provide exchange stability. This article analyses how these central banks responded to the onset of the Great Depression. I show that, in accordance with the requirements of the monetary regime, central banks initially acted to prevent capital outflows and to protect their gold reserves. This led to a credit drop to the private sector. Additional credit was made available once governments decided to intervene more actively in the economy, thereby disregarding the advice of money doctors. The central banks that were founded in the 1930s, and the reforms introduced to those already operating, were conceived to face the effects of the crisis.

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