The Financial Crisis in the 2000s: Further Effects Regarding Lending, Regulation and Efficiency

The global financial crisis starting in 2007 was a central element of the new millennium and had a major impact on the global economy. This paper deals with the underlying causes and fundamental conditions as well as research and insights on the financial crisis in the area of liabilities and future lending, effects of regulations and bank resilience, as well as the changes in the banking industry in relation to the determinants of profitability. With three hypotheses developed on the basis of existing literature, that is critically evaluated and appraised, the paper aims to explore the global economic crisis from perspectives and origins beyond the often analysed triggers. The focus is on the pivotal point of the economic crisis: the banks and their international interconnectedness regarding lending, durability, and efficiency. Among other things, the findings revealed that the effect of the external funding shock on banks' domestic lending is significant, strong regulation, characterized as one-size-fits-all international best practice, is not always the blueprint for bank resilience and that efficiency has been a determining factor in bank profitability. Furthermore, no paradigm shift took place after the global economic crisis, and banks still seem to have to be rescued by the state in the event of bankruptcy due to their size.

ANALYSIS OF THE STATE OF THE RUSSIAN FINANCIAL MARKET IN THE CONTEXT OF A PANDEMIC

Scientific approaches to the interpretation of the concept of "financial market" and its sig-nificance in the redistribution of capital are considered. The analysis of the state of the Russian financial market in the context of the pandemic and the global economic crisis is carried out, the main segments and features of their interaction are considered. The as-sessment of the credit and currency mar-kets, the securities market and the gold mar-ket as the main indicators of the state of the country's economic system is given. The dynamics of changes in the key interest rate is shown, its impact on changes in all segments of the financial market in the con-text of a pandemic is shown.

The Recent Evolution of Global Tourism: Study Case - Switzerland

Among other negative economic and health outcomes, the global tourism industry is one of the most affected areas by the recent pandemic. A recent estimation shows that USD 1.3 trillion were lost in revenues, in 2020 only – which represents more than 11 times the loss suffered during the 2009 global economic crisis. It is by far the most the worst year in tourism history. As a direct consequence, many jobs are at risk, especially in small and medium-sized enterprises, in countries where tourism is the main economic component, the situation is quite dramatic. In this paper, we will analyse what happened in world large regions in the sector, what the perspectives to recovery are, and what are the rebound expectations and consumer confidence. We will also investigate the specificity of the tourism situation in Switzerland, where since the beginnings of the pandemic, the big cities and tourist locations have suffered greatly from the absence of foreign tourists. The cities close to the airports showed the strongest decreases in attendance. In contrast, those which are traditionally very touristy were only slightly affected by the decline in the number of foreign visitors.

Challenges and Threats to Russian Society in the Context of the Pandemic: Problems and Directions of Ensuring Social Security

In the context of the COVID-pandemic and the global economic crisis, qualitatively new global and national social challenges and threats are being formed. The scientific analysis of their state, destructive influence on political, economic and social processes in society, allows to formulate the directions and mechanisms of ensuring social security of the Russian society.

Pengaruh Implementasi Good Corporate Governance terhadap Kinerja Perusahaan Perbankan Umum Go Public pada Masa Krisis Ekonomi Global di Indonesia

<p class="pre" align="justify"><em>This research uses normality test, classic assumption test and multiple regression analysis method which aims to see the effect of the implementation of Good Corporate Governance (with indicators of the board of commissioners, audit committee and institutional ownership) on open public banking with indicators of Non Performance Loan (NPL), Loan to Deposit Ratio (LDR) and Capital Risk (CAR) during the global economic crisis in Indonesia. Research samples from publicly listed banking companies on the Indonesia Stock Exchange (IDX) and must have the research criteria. It is known that there are 45 banking companies that are active until the end of 2019 on the Indonesia Stock Exchange (IDX), but according to the research criteria there are only 25 banking companies with 2-year observation, year2018-2019, so the number of observation samples used is 50 samples. Based on the results of the research, it is realized that the implementation of Good Corporate Governance (GCG) has no effect on banking performance with financial performance measures, namely Non Performance Loans (NPL) and Loan to Deposit Ratio (LDR) in go public banks during the global economic crisis in Indonesia, but the results Hypothesis testing shows that the implementation of Good Corporate Governance (GCG) has a positive effect on the Capital Risk (CAR) variable in publicly traded commercial banks so that it is accepted because the implementation of Good Corporate Governance (GCG) will increase the supervision of the implementation of capital adequacy regulations set by the gover</em><em>nment.</em><em></em></p>

South Africa: from apartheid to xenophobia

How to explain the violent xenophobic attacks in South Africa in recent years? Two militant South African activists, Leonard Gentle and Noor Nieftagodien, interviewed here, analyse the race/class bases for the anti-foreigner violence in terms of the echoes/reverberations of apartheid and the rise of neoliberalism. They argue that remnants of apartheid have endured through the reproduction of racial and tribal categories, which has contributed to the entrenchment of exclusionary nationalist politics and the fragmentation of black unity. South Africa’s specific history of capitalist development, the African National Congress’s embraces of neoliberalism, on the one hand, and rainbowism, on the other, have produced the underlying conditions of precarity and desperation that resulted in the normalisation of xenophobia. The unions, too, have failed to recognise the new shape of the ‘working class’. Gentle and Nieftagodien outline the need to contend with the broader social conditions, the global economic crisis, neoliberalism and the deep inequalities it engenders in order to counteract the rising tide of xenophobia and build working-class unity.

‘Jews to Madagascar’: Poland in the face of ethnical problems in the 1930s

The idea of deporting the Jewish population of Europe was part of a modern anti-Semitism. Poland was no exception in this regard. Under the influence of other countries implementing anti-Jewish laws, also Polish anti-Semitism became more radical. After 1935, such postulates were openly expressed as the policy of the Polish government has changed its character – from state to national. Additionally, due to the global economic crisis the idea began to be taken far more seriously not just in national Catholic circles. The resettlement of Jews was seen as the way to reduce unemployment and to ‘Polonise’ Polish cities, as masses of poor peasants could replaced the Jewish workers as far as trade and craftsmanship were concerned. The authors of immigration plans for European Jews suggested evacuating them most willingly to uncivilised countries – including Madagascar (a French colony) – due to the fact that their lands were either not used at all or only used to an insufficient and inadequate extent. In Poland, the idea was first adopted in 1926 as a solution to the problem of overpopulation in rural areas. However, the conditions on the island did not allow settlement and soon the idea fell through. Yet it came back a decade later as a proposal of deporting exclusively Polish Jews. At the time, the project was taken much more seriously and in 1937 the Polish government commissioned a task force to examine the possibility of settling in Madagascar and to evaluate the island’s potential, in particular its climate and labour conditions. But the reports of the commission members were full of contradictions and the French were showing growing caution on the matter.

A Tale of Two Professions: The Impact of SOX and the Global Economic Crisis on Public Accounting and Law Firms’ Performance

We examine the impact of the Sarbanes–Oxley Act of 2002 (SOX) and the global economic crisis of 2008 on revenue generation patterns of public accounting and law firms. Using a sample of firm-year observations from both industries, we show that since the enactment of SOX, public accounting firms have significantly increased leveraging of partner time and decreased charge-out rates to boost their revenue per partner. While law firms also exhibit an increase in revenue per partner in the post-SOX era, their increase is rooted in higher average charge-out rates and lower leveraging. During the crisis, the public accounting industry was insulated by the relatively inelastic nature of its services. By contrast, law firms suffered a decline in demand for their services, which reduced their revenue generation by reducing their charge-out rates. We also consider cross-sectional variations within each industry and find significant differences across firms in the impact of SOX and the economic crisis. Notably, large firms in both industries were more significantly impacted by SOX and the Big 4 accounting firms were adversely impacted during the crisis. Our study sheds light on the revenue generation and human resource consequences of two significant macroeconomic events for two professional service industries that serve as watchdogs in our capital markets.