After The Global Crisis, Is It Globalization or Globalonelization?

2015 ◽  
pp. 287-307
Author(s):  
Ayfer Gedikli ◽  
Seyfettin Erdoğan ◽  
Durmuş Çağrı Yıldırım
Keyword(s):  
Emerging Economies ◽  
Financial Crises ◽  
Local Governments ◽  
World Wide ◽  
Global Financial Crisis ◽  
Economic Consequences ◽  
Global Crisis ◽  
The World ◽  
The Global Financial Crisis

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.

scholarly journals Business, as usual: the policy priorities of the World Bank's discourses on youth unemployment, and the global financial crisis

2013 ◽  
Vol 29 (1) ◽  
pp. 64-78 ◽  
Author(s):  
Ross Fergusson ◽  
Nicola Yeates
Keyword(s):  
World Bank ◽  
Global Financial Crisis ◽  
Criminal Activity ◽  
Youth Unemployment ◽  
The World ◽  
Wage Regulation ◽  
The Global Financial Crisis ◽  
Business As Usual ◽  
The Unemployed

This article undertakes a detailed analysis of the formative role of the World Bank in the framing of youth unemployment. It charts the World Bank's emergence as a powerful political actor in this policy field and identifies the ideational content of its policy discourses on the causes of youth unemployment and responses to it. Four principal themes are identified: skills deficits; wage regulation; the “demographication” of explanations for burgeoning youth unemployment; and connections between youth unemployment, criminal activity and social disorder. The discussion highlights significant evidence of neo-liberal continuity and reinvention in World Bank discourses as its normative and ideational frameworks are extended to new terrains of analysis in ways that infer links between youth unemployment and individual deficits of the unemployed.

scholarly journals The Role of Evaluation in Spending Review

2018 ◽  
Vol 32 (3) ◽  
Author(s):  
Marc Robinson
Keyword(s):  
Performance Indicators ◽  
Global Financial Crisis ◽  
Information Base ◽  
The World ◽  
Fiscal Space ◽  
Design Selection ◽  
And Performance ◽  
The Global Financial Crisis

Abstract The role of spending review is to identify savings options which enable governments either to find fiscal space for priority new spending, or to cut aggregate spending. Following the surge in the use of spending review by governments around the world following the global financial crisis in 2008, many governments are now seeking to institutionalize spending review as a permanent part of the budget preparation process. The effectiveness of spending review is critically dependent upon the quality of its information base – that is the expenditure analysis and performance indicators which can assist in the search for savings options. Evaluation is an essential part of this information base. However, ensuring that the potential of evaluation to inform spending review is realized will require considerable reflection on the design, selection and conduct of evaluations. Résumé:L’objectif des exercices de révision budgétaire est d’identifier des moyens d’économiser afin que les gouvernements puissent trouver une disponibilité fiscale pour de nouvelles dépenses, ou pour couper les dépenses globales. Suite à l’intérêt pour les exercices de révision budgétaire, au niveau mondial, suivant à la crise financière de 2008, de nombreux gouvernements cherchent à institutionnaliser de façon permanente ces exercice dans le processus de préparation des budgets. L’efficacité des révisions budgétaire repose de façon critique sur la qualité de l’information à laquelle elle a accès – c’est-à-dire l’analyse des dépenses et les indicateurs de performance qui peuvent informer sur les sources potentielles d’économie. L’évaluation est une composante importante de cette information. Toutefois, s’assurer que l’évaluation puissent informer les exercices de révision budgétaire implique une réflexion importante sur la façon dont elles sont conçues, orientées et réalisées. 

Financial crises and the limits of reforms

2021 ◽  
pp. 1-20
Author(s):  
Eileen Keller
Keyword(s):  
Financial Crises ◽  
Global Financial Crisis ◽  
Learning Approach ◽  
Main Argument ◽  
Financial Systems ◽  
Theoretical Approaches ◽  
The Social ◽  
The Global Financial Crisis

The introductory chapter presents the main themes of the book. It illustrates the recurrence of financial crises and discusses the contours and limits of the financial sector reforms implemented in response to the global financial crisis from 2007 to 2009. It spells out the specificities of banking and outlines the implications of the crisis for the future role of banks in so-called bank-based financial systems. The chapter spells out the empirical puzzle and discusses the shortcomings of existing theoretical approaches in accounting for it. The social learning approach and the methodology of the research on which the book builds are presented. The chapter summarizes the book’s main argument and closes with a short chapter outline.

Ten years after the global crisis: Risks and prospects

2019 ◽  
pp. 37-53 ◽  
Author(s):  
M. V. Ershov
Keyword(s):  
Economic Development ◽  
Financial Crisis ◽  
World Economy ◽  
Global Financial Crisis ◽  
Global Crisis ◽  
The World ◽  
The Global Financial Crisis

The article analyzes the situation in the world and in Russia 10 years after the global financial crisis. It is shown that with the observed growth of the world economy, global risks, on the contrary, have not diminished, but increased, which creates the threat of new failures. The measures that can be taken by Russian regulators to neutralize external risks and stimulate the economic development of the country are considered.

scholarly journals Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

2012 ◽  
Vol 4 (3) ◽  
pp. 30-55 ◽  
Author(s):  
Laura Alfaro ◽  
Maggie Xiaoyang Chen
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Foreign Ownership ◽  
Differential Response ◽  
Crisis Period ◽  
The World ◽  
The Global Financial Crisis ◽  
Better Than

We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world responded to the crisis relative to local establishments. We find that, first, multinational subsidiaries fared on average better than local counterfactuals with similar economic characteristics. Second, among multinational subsidiaries, establishments sharing stronger vertical production and financial linkages with parents exhibited greater resilience. Finally, in contrast to the crisis period, the effect of foreign ownership and linkages on establishment performance was insignificant in noncrisis years. (JEL F23, G01, L22, M16)

scholarly journals EFFECTS OF THE GLOBAL FINANCIAL CRISIS IN THE BANKING SYSTEM OF KOSOVO

2012 ◽  
Vol 2 (2) ◽  
pp. 30-38
Author(s):  
Myrvete Badivuku-Pantina ◽  
◽  
Anera Alishani ◽  
Keyword(s):  
Financial Crisis ◽  
Stock Prices ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Banking System ◽  
Mortgage Market ◽  
Western Balkans ◽  
The World ◽  
The Government ◽  
The Global Financial Crisis

Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences, often disastrous for countries and the globe, and as such allowed the crisis to be repeated. Effects of the 2007 financial crisis, which originally started in the USA’s mortgage market and which was quickly spread all over the world, even to this date it still continues to have effect on real economies of many states, e.g. Greece. The spread of the crisis was primarily due to globalization and commercial trades among countries. Because of the dependence of economies on one another it was created the domino effect and all the countries were affected from the crisis. As a result, the crisis seems to have revealed the disadvantages of globalization. Finances of the world were shocked and rapid fluctuations were reflected in the stock prices. Kosovo, as a new and small country in the Western Balkans is not much globalized and open which was beneficial in preventing it from being affected from the global financial crisis. Its economy has slightly felt the effect of the crisis because the banking system in Kosovo is not much open to the international financial markets as they operate mostly with their clients’ deposits. The purpose of this research is to assess the implications of the global financial crisis in the banking system of Kosovo, and also to identify the measures that the Central Bank and the Government should undertake in order to protect the economy from external implications.

scholarly journals Financial Frictions and Macroeconomy During Financial Crises: A Bayesian DSGE Assessment

2021 ◽  
Vol 24 (2) ◽  
pp. 62-99
Author(s):  
Eric Martial Etoundi Atenga ◽  
Maman Hassan Abdo ◽  
Mbodja Mougoué
Keyword(s):  
Financial Crisis ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Financial Frictions ◽  
Variance Decomposition ◽  
Macroeconomic Fluctuations ◽  
Financial Shocks ◽  
Empirical Estimates ◽  
The Global Financial Crisis

The recent global financial crisis and the Eurozone sovereign default have rekindled the debate on the interactions between the real sector and the financial sphere. The present paper provides an assessment of the role of financial frictions on business cycles in Canada, the Euro Area, the U.K., and the U.S. during these recent financial crises using an extension of the DSGE methodology described by Merola (2015). The main goal is to examine whether and the extent to which those crises enhanced the contribution of financial frictions in driving macroeconomic fluctuations. The models’ properties are examined with posteriors distributions, variance decomposition, and historical decomposition. Posteriors distributions show that the role of real shocks in driving macroeconomic fluctuations decrease with the incorporation of financial frictions in the core DSGE model. Variance decomposition shows that financial frictions and financial shocks affect the business cycle through investment. The empirical estimates also suggest that the contribution of financial frictions and financial shocks in driving investment increases during the global financial crisis.

scholarly journals Asia-Pacific growth Robert A. Buckle: before and after the Global Financial Crisis

2009 ◽  
Vol 5 (4) ◽  
Author(s):  
Robert A Buckle
Keyword(s):  
Financial Crisis ◽  
Emerging Economies ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Economic Transformation ◽  
Asia Pacific ◽  
International Financial Crises ◽  
Before And After ◽  
The Global Financial Crisis ◽  
Modern Era

The modern era of globalisation has been associated with significant economic transformation around the world, but also an increasing frequency of financial crises. According to Eichengreen and Bordo (2002) there were 39 national or international financial crises between 1945 and 1973. Their frequency increased to 139 between 1973 and 1997, culminating in the Asian financial crisis. These crises occurred predominantly, but not exclusively, in emerging economies.

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 

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