scholarly journals Jobless recoveries after financial crises (and the key role of the extensive margin of employment)

2019 ◽  
Vol LVII (4) ◽  
pp. 17
Author(s):  
Françoise Delmez
2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Tobias Föll

Abstract The Great Recession has drawn attention to the importance of macro-financial linkages. In this paper I explore the joint role of imperfections in labor and financial markets for the cyclical adjustment of the labor market. I show that jobless recoveries emerge when, upon exiting a recession, firms are faced with deteriorating credit conditions. On the financial side, collateral requirements affect the cost of borrowing for firms. On the employment side, hiring frictions and wage rigidity increase the need for credit, making the binding collateral constraint more relevant. In a general equilibrium business cycle model with search and matching frictions, I illustrate that tightening credit conditions calibrated from data negatively affect employment adjustments during recovery periods. Wage rigidity substantially amplifies this mechanism, generating empirically plausible fluctuations in employment and output.


Author(s):  
Ayfer Gedikli ◽  
Seyfettin Erdoğan ◽  
Durmuş Çağrı Yıldırım

Since the rise of globalization which has abolished the role of nation-state gradually, the world has been increasingly dealing with world-wide pandemics and multi-regional financial crises. The nature of the Global Financial Crisis has made it clear that financially integrated and globalized markets which are poorly regulated with lax supervision, can pose significant risks, with disastrous economic consequences. Did global unfairness and loose monetary policy or lack of common fiscal policy deepen the crisis? Is globalization responsible from the loss of power of local governments on their economies? Finally, can “deglobalization” be an alternative solution for the emerging economies? The answers of these questions are even more crucial after the “FED tapering”. In this context, this chapter discusses the future of financial globalization with respect to its effects on the emerging economies during the global crisis.


Author(s):  
Oliver H. Burckhardt ◽  
Kathleen M. Hargiss ◽  
Caroline Howard

A study about the role of leadership and technology in successful and sustainable airline management was conducted to further the knowledge concerning the effects these factors have on the sustainability of airline business. The goal of the study was to identify suitable leadership approaches, core and enabling technologies that are of importance for airline executives in the context of the global nature of the industry and its challenging, competitive environment. Conducting interviews with former executives from Continental Airlines and Lufthansa German Airlines and with C-level managers from airlines unaffiliated with these carriers provided insights concerning adequate methods to lead airlines that experience operational, organizational, or financial crises. One of the findings of the study, which was conducted by evaluating successful crisis management programs of Lufthansa and Continental Airlines, is the need to integrate both core and enabling technologies with a leadership approach that allows organizations to outperform their competitors and, more importantly, maintain their leading position.


Author(s):  
Mohammad Hashim Kamali ◽  
Tariq Ramadan

This book is presented in two parts, consisting of a total of twenty-three chapters. Part One occupies seven chapters, which begin with a conceptual analysis of wasaṭiyyah, its meaning, definition, scope, and manifestations. This is followed by a review of the source evidence in the Qur’an and hadith, and then a round-up of modern opinion on wasaṭiyyah. The hallmarks of wasaṭiyyah and those of extremism, identification of wasaṭiyyah, its manifestations, and institutional developments on wasaṭiyyah are also discussed under Part One. Part Two looks into the various manifestations of wasaÏiyyah in the context, for instance, of religiosity, moderation and justice, environmental degradation, and financial crises the world has experienced in recent years. Other chapters that follow address subjects such as moderation in jihÉd, the moderating role of disagreement (ikhtilÉf), how wasaÏiyyah can be manifested with regard to women’s rights, the moderating influence of Sufism, wasaÏiyyah and globalization, and moderation in personal character and lifestyle. Two other chapters that appear toward the end bear the titles respectively of “Islam Between Antiquity and the Modern World” and “Reconciling the Concerns of Continuity and Change.” The former looks at Islam’s historical profile, how it played out its role of moderation in its relations with the outside world, whereas the latter looks into the ways Islam can moderate itself from within through the instrumentalities, for instance, of tajdid and islah (renewal and reform), respectively. In almost every chapter, the book explores Islamic principles and doctrines on a number of selected themes that seek to contextualize Islamic teachings with contemporary realities through the lenses of wasaṭiyyah. Part One thus focuses on a conceptual analysis of wasaṭiyyah and its understanding from a perusal of the Islamic text and doctrine, whereas Part Two presents a selected cluster of themes related to wasaṭiyyah and their application to contemporary issues.


2020 ◽  
Vol 68 (5) ◽  
pp. 932-947 ◽  
Author(s):  
Aris Komporozos-Athanasiou ◽  
Marianna Fotaki

This article proposes an alternative sociological framework for dealing with the imaginary constitution of financial crises. Theorisation of financial crises is often limited by dualistic juxtaposition of the rational and irrational, moral and immoral, calculative and intuitive, thus neglecting the imaginary structuring of such dyads in the construction of financial and fiscal realities. To address this lacuna, we introduce ideas from philosopher Cornelius Castoriadis, and develop a framework that unpicks the often-suppressed, mediating and generative role of imagination in finance. On the one hand, we show how dominant forms of imagination enable the financialisation of contemporary societies, serving to sustain existing debt practices and lender–debtor relationships. On the other hand, we propose a re-animated ‘sociological imagination’ that offers potential avenues for establishing alternative social visions of the future that will enable re-thinking of the nature of debt, money and financial institutions.


2011 ◽  
Vol 16 (4) ◽  
pp. 423-437 ◽  
Author(s):  
Paul Barnes

This paper examines the financial crisis of 2007–9 in the UK and US in terms of the financial instability hypothesis (FIH), a theory of boom, bust and financial crises. It is shown that in a similar way to the crises of 1866 and 1987 (Barnes, 2007) the FIH provides an important depiction of the 2007–9 crisis and how it came about. However, it does not recognize: (1) the role of accounting information and how it may contribute to boom and bust and be used to change perceptions and mislead; and (2) the likelihood of fraud and financial swindles, all features of the 2007–9 crisis.


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