The South African Labour Market: Long-term Structural Problems Exacerbated by the Global Financial Crisis

2015 ◽  
pp. 185-233
Author(s):  
Sadrine Cazes ◽  
Sher Verick
Keyword(s):  
Financial Crisis ◽  
Labour Market ◽  
South African ◽  
Global Financial Crisis ◽  
The South ◽  
Structural Problems ◽  
The Global Financial Crisis

scholarly journals Comparing The South African Stock Markets Response To Two Periods Of Distinct Instability The 1997-98 East Asian And Russian Crisis And The Recent Global Financial Crisis

2014 ◽  
Vol 13 (3) ◽  
pp. 427 ◽  
Author(s):  
Anmar Pretorius ◽  
Jesse De Beer
Keyword(s):  
Financial Crisis ◽  
South African ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
East Asian ◽  
Volatility Spillover ◽  
The South ◽  
Share Prices ◽  
Export Destination ◽  
The Global Financial Crisis

This paper compares the South African stock markets response to two periods of distinct instability, namely the East Asian and Russian crisis of 1997-98 and the global financial crisis of 2007-09. Considering share prices, the Johannesburg Securities Exchange (JSE) was more severely affected by the earlier crisis, when the domestic fundamentals were weaker. The low levels of foreign reserves were the main cause of concern. The paper further empirically investigates volatility spillover between the JSE and various developed and emerging stock markets during the two crisis periods, employing twelve separate bi-variate GARCH models. The main contributors to volatility spillover during the East Asian and Russian crisis were Mexico, Thailand, Brazil, and Germany predominantly emerging markets. During the second crisis period, Germany, US, Brazil, and UK played the dominant parts predominantly developed markets. The importance of Germany in both periods can be attributed to the countrys role as main export destination of South African goods in Europe.

scholarly journals ADJUSTMENT SPEED OF DEBT MATURITY: EVIDENCE FROM FINANCIAL CRISES IN EAST ASIA

2021 ◽  
Vol 24 (1) ◽  
pp. 71-92
Author(s):  
Hasan Tekin ◽  
Ali Yavuz Polat
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
East Asian ◽  
Debt Maturity ◽  
Least Square ◽  
Exogenous Shocks ◽  
Adjustment Speed ◽  
The Global Financial Crisis ◽  
Debt Holders

We investigate the change in adjustment speed of debt maturity for East Asian firms between 1990 and 2017 by including two exogenous shocks: the Asian Financial Crisis 1997-1998 (AFC) and the Global Financial Crisis 2007-2009 (GFC). We employ the least square dummy variable correction and find that East Asian firms have a slower adjustment of long-term debt over time. Besides, the decrease in adjustment speed of long-term debt after the GFC is more compared to the decrease after the AFC. Further analysis shows the optimal debt maturity differs across countries and industries. Another important implication of our results is that firms in high governance countries are more likely to close the gap between the actual and target debt maturity in time. Overall, debt holders and investors should consider financial uncertainties.

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