GLOBAL ECONOMIC CRISIS: A VIEW FROM SOUTH AFRICA

Journal of World-Systems Research ◽

10.5195/jwsr.1999.138 ◽

1999 ◽

pp. 412-455 ◽

Cited By ~ 3

Author(s):

Patrick Bond

Keyword(s):

Economic Crisis ◽

Financial Stability ◽

Structural Adjustment ◽

Hedge Fund ◽

Debt Relief ◽

Japanese Economy ◽

Financial Contagion ◽

Facility Conditions ◽

Global Economic Crisis

Any analysis of the erratic unfolding of global economic crisis is bound to be hotly contested. This is particularly so in mid-1999, amid claims from Washington that the past two years' dangers of financial meltdown and deflation were averted and finally extinguished through a combination of policy measures and good fortune: slightly looser Federal Reserve monetary policy adopted in September 1998, in the immediate wake of the successful public-private bailout of the Long Term Capital Management hedge fund; a new $90 billion International Monetary Fund (IMF) insurance scheme announced the following month; the convening of key countries in a Forum on Financial Stability; the lack of financial contagion (contrary to expectations) in the wake of Brazil's January 1999 currency meltdown; the long-awaited revival (however infirm) of the Japanese economy; new plans for somewhat more transparent budgetary and exchange rate systems in emerging markets; and a decision at the G-8 Cologne meeting in June 1999 to sell 10% of the IMF's gold to fund partial debt relief for the poorest Third World countries. Indeed many observers were surprised at IMF Managing Director Michel Camdessus's success at turning the debt relief strategy into a vehicle for tougher "Enhanced Structural Adjustment Facility" conditions, just months after the IMF was criticised to the point of ridicule for its East Asian, Russian and Brazilian mishaps (effectively, granting $200 billion in bad loans over 15 months, in exchange for the application of inappropriate austerity measures).

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The Limits of Social Europe: EU Law and the Ordoliberal Agenda

German Law Journal ◽

10.1017/s2071832200001954 ◽

2013 ◽

Vol 14 (5) ◽

pp. 613-649 ◽

Cited By ~ 8

Author(s):

Gareth Dale ◽

Nadine El-Enany

Keyword(s):

Economic Crisis ◽

Eu Law ◽

Centrifugal Forces ◽

Political Union ◽

Privileged Access ◽

Global Economic Crisis ◽

The Eu ◽

Social Europe

Since the global economic crisis began in 2007, the EU's response has been an attempt to muddle through, but it is generally recognized that more far-reaching changes to its structures are inevitable in the long term. One possible trajectory is towards disintegration; another is towards an increasingly “multi-speed” Europe—possibly accompanied by a splintering of the Eurozone whereby one or more smaller countries depart. A third possibility is closer union. Many would agree with the proposition that if destructive centrifugal forces are to be kept at bay, the next step for the EU must be political union, including a fiscal and transfer union—one that requires countries of the developed core supporting their brethren struggling at the periphery. Through this fraternal process, the EU will be able to achieve a new constitutional moment, a moment of refoundation in which its “social” soul is rediscovered. No longer will corporate lobbies be granted privileged access to the offices of Brussels. Powerful and democratically accountable institutions will be constructed, and geared around one of the EU's defining values: Solidarity.

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Analysis of Minsky moment in the system of currency board in Bosnia and Herzegovina

Megatrend revija ◽

10.5937/megrev2101063v ◽

2021 ◽

Vol 18 (2) ◽

pp. 63-78

Author(s):

Jelena Vitomir ◽

Đorđe Lazić ◽

Novo Plakalović

Keyword(s):

Economic Crisis ◽

Bosnia And Herzegovina ◽

Financial Stability ◽

Financial System ◽

Currency Board ◽

Vector Autoregression Model ◽

Monetary System ◽

Global Economic Crisis ◽

The Will ◽

The Common

In the past decade the world faced the consequences of the global economic crisis proclaimed in 2008. The common case for everyone was a financial crisis in which every country bore the burden of the crisis in its own way, and in each country generators of the crisis appeared in different segments. In the 1980s American economist Hyman P. Minsky wrote about this topic, explaining the characteristics of financial crises in rigid financial systems. The aim of this paper is to understand the causes and the consequences of the crisis through creation, growth and bursting of the credit bubble in separate market segments in Bosnia and Herzegovina through the system of currency board. Through the application of vector autoregression model (VAR) the responses to shocks, recorded on the side of demand for loans which were generated in the capital markets and in the construction sector, and the credit shock of demand, which formed, developed and then exploded after the proclamation of the global economic crisis in Bosnia and Herzegovina, were analyzed. Interpretation of the results through the light of hypothesis of Minsky moment is corroborated by an additional fact that a rigid monetary system like currency board did not provide the necessary mechanisms for the maintenance of financial stability. Stability of the financial system of Bosnia and Herzegovina was saved exclusively by the will of parent banks from abroad whose daughters participate in the financial system of Bosnia and Herzegovina.

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Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 3, 2009

Policy Papers ◽

10.5089/9781498335997.007 ◽

2009 ◽

Vol 09 ◽

Author(s):

Keyword(s):

Economic Crisis ◽

Financial Stability ◽

Strong Support ◽

International Community ◽

Board Meeting ◽

Executive Board ◽

Work Program ◽

Global Economic Crisis

Against the backdrop of a global economic crisis, the IMFC has underscored the Fund’s central role in responding to its membership’s needs and restoring prosperity and financial stability. The Fund has acted with alacrity—by overhauling its lending framework; mobilizing strong support and firm pledges toward a tripling of its resources; and continuing to strengthen the quality of its surveillance. The work program is heavy, reflecting the responsibilities assigned to the Fund by the international community and the needs of our membership.

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The Serbian economy ten years after the global economic crisis

Economic Annals ◽

10.2298/eka2025033u ◽

2020 ◽

Vol 65 (225) ◽

pp. 33-71

Author(s):

Milica Uvalic ◽

Bozidar Cerovic ◽

Jasna Atanasijevic

Keyword(s):

Economic Growth ◽

Development Strategy ◽

Economic Crisis ◽

Global Financial Crisis ◽

Policy Responses ◽

Development Level ◽

Global Economic Crisis ◽

The Global Financial Crisis ◽

Delayed Transition

The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most important economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian government. It examines the background to Serbia?s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy responses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challenges to accelerating Serbia?s economic growth and identifies the main elements of a new long-term development strategy.

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Temporal trends in respirable dust and respirable quartz concentrations within the European industrial minerals sector over a 15-year period (2002–2016)

Occupational and Environmental Medicine ◽

10.1136/oemed-2019-106074 ◽

2020 ◽

Vol 77 (4) ◽

pp. 268-275 ◽

Cited By ~ 2

Author(s):

Hicham Zilaout ◽

Remko Houba ◽

Hans Kromhout

Keyword(s):

Economic Crisis ◽

Temporal Trends ◽

Personal Exposure ◽

Respirable Dust ◽

Industrial Minerals ◽

Time Period ◽

Global Economic Crisis ◽

Exposure Levels ◽

First Time

ObjectivesSince 2000 the European Industrial Minerals Association’s Dust Monitoring Programme (IMA-DMP) has systematically collected respirable dust and respirable quartz measurements from 35 companies producing industrial minerals. The IMA-DMP initiative allowed for estimating overall temporal trends in exposure concentrations for the years 2002–2016 and for presenting these trends by type of mineral produced, by jobs performed and by time of enrolment into the DMP.MethodsApproximately 32 000 personal exposure measurements were collected during 29 sampling campaigns during a 15-year period (2002–2016). Temporal trends in respirable dust and respirable quartz concentrations were studied by using linear mixed effects models.ResultsConcentrations varied widely (up to three to four orders of magnitude). However, overall decreases in exposure levels were shown for the European minerals industry over the 15-year period. Statistically significant overall downward temporal trends of −9.0% and −3.9% per year were observed for respirable dust and respirable quartz, respectively. When analyses were stratified by time period, no downward trends (and even slight increasing concentrations) were observed between 2008 and 2012, most likely attributable to the recent global economic crisis. After this time period, downward trends became visible again.ConclusionsConsistent and statistically significant downward trends were found for both exposure to respirable dust and respirable quartz. These downward trends became less or even reversed during the years of the global economic crisis. To our knowledge, this is the first time that analyses of long-term temporal trends point at an effect of a global economic crisis on personal exposure concentrations of workers from sites across Europe.

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The Global Economic Crisis: Long-Term Unemployment in the OECD

SSRN Electronic Journal ◽

10.2139/ssrn.1955397 ◽

2011 ◽

Author(s):

P. N. Raja Junankar

Keyword(s):

Economic Crisis ◽

Global Economic Crisis

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Impact of Global Economic Crisis on China’s Energy Consumption during 2008~2010

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.616-618.1578 ◽

2012 ◽

Vol 616-618 ◽

pp. 1578-1584

Author(s):

Fang Yi Li ◽

Wei Dong Liu

Keyword(s):

Energy Efficiency ◽

Energy Consumption ◽

Economic Crisis ◽

Structural Adjustment ◽

Central Government ◽

Decomposition Analysis ◽

Raw Material ◽

Structural Decomposition Analysis ◽

Global Economic Crisis ◽

The Impact

As a driving force of economic growth, China’s export was affected by global economic crisis during 2008~2010. This paper aims to assess the impact of economic crisis on China’s energy consumption during the crisis. Contributions of energy efficiency, domestic final use, exports and imports to energy consumption change were clarified using methodology involves structural decomposition analysis based on input-output price model. In 2009, exports of energy-related and raw material sectors were seriously impacted by economic crisis, with energy use dramatically decreased. However, economic stimulus plan implemented by central government provided a great boost to energy consumption growth. According to the study, quantity and structural adjustment of export is one of the important ways to reduce energy consumption in a short time. But in a long term, consumption control and energy efficiency improvement are unsubstitutable.

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Employment Relations in Japan: Recent Changes under Global Competition and Recession

Journal of Industrial Relations ◽

10.1177/0022185610365647 ◽

2010 ◽

Vol 52 (3) ◽

pp. 387-401 ◽

Cited By ~ 10

Author(s):

Hiromasa Suzuki

Keyword(s):

Economic Crisis ◽

Democratic Party ◽

Japanese Economy ◽

Global Competition ◽

Employment Relations ◽

Large Firms ◽

Recent Developments ◽

Atypical Employment ◽

First Time

This article reviews the recent developments of employment relations in Japan. The period 2008—9 has been rich in dramatic changes. First, there was the financial and economic crisis of 2008 which dealt a serious blow to the fragile Japanese economy. Second, in September 2009, a new government led by the Democratic Party of Japan was elected for the first time since 1955. The traditional Japanese employment relations system with long-term employment still applies to core workers in large firms, but their share has been diminishing in favour of the continual growth of atypical employment or non-regular employees.

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