The global financial crisis and its effects on the international monetary funds

ABSTRACT This paper aims to analyze the innovations introduced in the functions of the International Monetary Fund in the context of the 2008 economic and financial crisis. This promoted an action that aimed to strengthen the surveillance function through the adoption of the Integrated Surveillance. Thus, alongside the traditional conditionality based on an a posteriori implementation of adequate economic policies, a criterion of ex ante conditionality in the precautionary branches was also introduced or based on the economic characteristics of the country to be financed. Concerning traditional conditionality, it will be asked whether the IMF has adopted a less extensive approach than its role.

EVOLUTION OF COHESION POLICY. MISSION AND GOVERNANCE

Cohesion policy is the major investment vehicle and the most reforming EU budgetary chapter. Its landmark reforms mark key integration processes in the European Union. The present policy paper provides reflections of the dynamics of the main development trends in cohesion policy as determined by global phenomena, namely the economic and financial crisis and the current COVID-19 pandemic. They severely hit the entire EU, inevitably also affecting cohesion policy. The article shows that governance and the mission of cohesion policy has been adjusted to their aftermaths. Reforms introduced new measures and reinforced policy’s centralized European profile. Thus, evolution of cohesion policy is an illustration of its transformation from the merely redistributive tool with limited budgetary resources into the full-fledged development policy aimed at safeguarding that EU’s visions and goals will be pursued. The paper concludes that a new architecture poses the major challenge for cohesion policy after 2020 as its responsibilities and ever tightening governance continues while its budgets shrinks.

Analysis Of Factors That Contribute To Unemployment Among Graduates at Kluang, Malaysia

In the current situation, unemployment in Malaysia, in particular youth unemployment, has increased due to certain unbalance in the labor market, aggravated by the current economic and financial crisis. For example, many other young graduates are currently unemployed, referring to research in a career which also normally doesn't really demand a graduate degree. The above dilemma is debatable, and the explanation behind it is that the level of education could not help to address the rate of unemployment, but could further increase the prevalent social problem. Human resources, especially young people, are perhaps the country's most valuable asset. The solution to the problem of youth unemployment is therefore a matter of great concern. It requires the development of modern employment policies that are in line with economic realities. Sampling methods are being used to select a sample from the general population. For the data analysis, the researcher used the Statistical Package for the Social Science (SPSS) tool. the data that are showed the dependent variable which is an effect of unemployment or reliability test has an excellent reliability value is 0.702. While the independent variables of reliability test of factors of unemployment has a good reliability which is 0.730. Hence, the questionnaire that have been constructed are valid.

Determinants of Financial Sustainability for Microfinance Institutions: Lessons for Islamic Microfinance Banks in Nigeria

Islamic microfinance institutions play a major role in the provision of financial services to the poor and underprivileged through non-interest, equity-based products and services. To achieve these critical objectives, however, they need to be financially sustainable, which is threatened by the current economic and financial crisis caused by the Covid-19 pandemic. The objective of this paper is to review the determinants of financial sustainability of microfinance institutions with a view to drawing lessons for Islamic microfinance banks in Nigeria. The paper utilized the literature review methodology to synthesize research findings in the area. The review revealed that the major determinants of financial sustainability of microfinance institutions are the capital structure, asset size, and financial innovation. Others are good risk management and corporate governance frameworks. The paper thus recommended that Islamic microfinance institutions in Nigeria should maintain a robust capital structure that relies more on equity, a lean but diversified Board, and utilize more technology-based services. Most importantly, they should emphasize profit and loss sharing principles in their operations.

Discipline, not punish

After the economic and financial crisis, the Commission was given strong powers to intervene in the national budgets of eurozone members. In this first of two chapters on budgetary surveillance, I explain how partisan politics came to neutralize the Commission, which never applied the sanctions written in the treaties. With their “smart reading of the rules,” Juncker and Moscovici succeeded in imposing a politically contextualized reinterpretation of the Stability and Growth Pact, without however challenging the institutions. Their political work, however, would have been impossible without the complicity of conservative and social-democrat actors in the Council and in the Commission.

Economic and financial crisis based on Troika’s intervention and potentially avoidable hospitalizations: an ecological study in Portugal

Background Hospitalisations for Ambulatory Care Sensitive Conditions (ACSC) cause harm to users and to health systems, as these events are potentially avoidable. In 2009, Portugal was hit by an economic and financial crisis and in 2011 it resorted to foreign assistance (“Memorandum of Understanding” (2011–2014)). The aim of this study was to analyse the association between the Troika intervention and hospitalisations for ACSC. Methods We analysed inpatient data of all public NHS hospitals of mainland Portugal from 2007 to 2016, and identified hospitalisations for ACSC (pneumonia, chronic obstructive pulmonary disease, hearth failure, hypertensive heart disease, urinary tract infections, diabetes), according to the AHRQ methodology. Rates of hospitalisations for ACSC, the rate of enrollment in the employment center and average monthly earnings were compared among the pre-crisis, crisis and post-crisis periods to see if there were differences. A Spearman’s correlation between socioeconomic variables and hospitalisations was performed. Results Among 8,160,762 admissions, 892,759 (10.94%) were classified as ACSC hospitalizations, for which 40% corresponded to pneumonia. The rates of total hospitalisations and hospitalisations for ACSC increased between 2007 and 2016, with the central and northern regions of the country presenting the highest rates. No correlations between socioeconomic variables and hospitalisation rates were found. Conclusions During the period of economic and financial crisis based on Troika’s intervention, there was an increase in potentially preventable hospitalisations in Portugal, with disparities between the municipalities. The high use of resources from ACSC hospitalisations and the consequences of the measures taken during the crisis are factors that health management must take into account.

Warlord Politics and Economic Clientelism in Lebanon

Since October 2019, Lebanon has been going through a deep economic and financial crisis that drove the country to a political meltdown. Facing a severe recession, high inflation and unemployment, nationwide protests in the aftermath of the Beirut explosion in August 2020 have led to the resignation of Hassan Diab’s cabinet – the second government to resign within the span of a few months. This article studies the interplay of the political, economic, and social factors that led to the current economic and political crisis. We show how warlord politics, and a corporate consociational system have misguided incentives and policies and consolidated a rentier economy that inevitably led to the current situation.

Activation of Innovative Development in the Conditions of the DEST World

The article proves that at the present time when countries are joining forces to recover, prosper and overcome the global economic and financial crisis associated with COVID- 19, scientists and practitioners are focusing on updating the development of innovative entrepreneurship. It will lead to economic recovery, job creation, and in the long run, it will lead to a reduction in poverty. It will lead to the solution of crucial social problems. Ensuring the increase in sufficient activity of economic entities in presentday conditions of operation requires a timely review of the needs of the external and internal environment and the search for ways to meet them. The purpose of the article is to identify the key parameters of the activation of innovative development in the context of the DEST World

The Fed’s Legitimacy Problem

Chapter 4 explains how the Fed’s inventions in 2008–2009 and 2020 strained the Federal Reserve’s legitimacy as an apolitical central bank serving the public good. The Fed’s actions punctured its preferred reputation for technocratic expertise. Instead, the Fed’s failure to adequately regulate banks prior to 2008 and its lopsided assistance to Wall Street and big business while neglecting families and Main Street America revealed a damaging pattern of mistakes and favoritism. The general public’s confidence and approval of the Fed’s performance declined, a populist backlash formed, and lawmakers started to take aim at the Bank’s prerogatives and widening scope of responsibilities. The Fed’s activism starting in 2020 appears to be inching it closer to being perceived as a partisan tool. The cumulative threat to the Fed is enormous: its ability to respond as a trusted last resort in the face of economic and financial crisis is eroding and may become a drag on its ability to act.

COVID-19 AND EUROPEAN UNION – THE ANSWER TO THE HEALTH CRISIS AS A WAY FOR RESUMING THE PROCESS OF EUROPEAN INTEGRATION

The essay starts from a comparison in the European Union between the economic and financial crisis of 2009 and the health crisis of 2020, due to the Covid-19 pandemic. In particular, the scarce capacity of Member States and European institutions to carry out the recovery of the economic European condition and transformation of the European government system after the 2009 crisis, despite the indications of the Commission's Blueprint (of 2012) and of the Report of the five presidents (of 2015). On the other hand, in the face of the health crisis, the reaction of the European institutions seemed more decisive with the creation of various instruments to combat the economic consequences of the Covid-19 pandemic. These include in particular the Recovery fund - Next Generation EU, linked to the 2021-2027 MFF. The reaction to the pandemic shows the possibilities of the European Union to create a community of States in solidarity and with its own identity also in the international scenario. However, it is by no means certain that this idea can prevail over the one that sees the European Union as simply a free trade organization between the Member States. The decisions that will be taken in the Conference on the future of Europe between 2021 and 2022 appear to be decided to define the evolution of the European Union.