Academic literature on the topic 'Financial crises – Government policy – Europe'
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Journal articles on the topic "Financial crises – Government policy – Europe"
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Dakić, Milojica. "Global Financial Crisis – Policy Response." Journal of Central Banking Theory and Practice 3, no. 1 (January 1, 2014): 9–26. http://dx.doi.org/10.2478/jcbtp-2014-0002.
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Abstract Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.
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Schnabl, Gunther. "Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis." Asian Economic Papers 14, no. 1 (January 2015): 124–50. http://dx.doi.org/10.1162/asep_a_00327.
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Japan experienced a boom-and-bust cycle in the real estate and stock markets almost 20 years earlier than Europe. Since the bursting of the Japanese bubble economy, the country has fallen into a deep recession and has experimented with crisis therapies in the form of unconventional monetary expansion, Keynesian fiscal stimulus, and recapitalization of financial institutions. Japan reached a low interest rate environment in the mid 1990s and has accumulated an exceptionally high level of public debt during more than two decades of economic stagnation. This paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. It is argued that in both Japan and Europe the consequences of expansionary monetary and fiscal policies include the hysteresis of a low-interest rate and high government debt environment, the erosion of the allocation and signaling functions of the interest rate, the gradual quasi-nationalization of financial institutions, as well as gradual real income losses. The economic policy implication for Europe and Japan is the timely exit from crisis therapies in the form of excessively expansionary monetary and fiscal policies.
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Panico, Carlo, and Francesco Purificato. "European Policy Reactions to the Financial Crisis." STUDI ECONOMICI, no. 100 (October 2010): 191–218. http://dx.doi.org/10.3280/ste2010-100011.
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The paper examines how economic policy have been carried out in Europe during the recent financial crisis. It focuses on the changes introduced in the operational procedures of monetary policy in the euro area in 2007 and 2008, pointing out that the objective of the authorities has been to respond to the liquidity needs of the monetary financial institutions, avoiding to loose control over M3. The paper argues that the interventions of the Eurosystem have produced satisfactory results and underlines the problems generated by the fall in productive activity and the need to face them with fiscal policies instruments. The inefficient forms of coordination between monetary and fiscal policies and the management of the government debt in some euro area countries are seen as the main sources of preoccupation for the evolution of the crisis.
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Chen, Hsiao-Yin, Cheng-Few Lee, Tzu Tai, and Kehluh Wang. "Fiscal and Monetary Policies in Reaction to the Financial Tsunami by the Taiwanese Government." Review of Pacific Basin Financial Markets and Policies 14, no. 01 (March 2011): 153–69. http://dx.doi.org/10.1142/s0219091511002172.
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The main purpose of this paper is to investigate the impact of the 2007 financial tsunami on the Taiwanese financial market. We find that, although significant for banks, security firms, and insurance companies, the effect was relatively lower if compared with that in Europe and the United States. In addition, we present fiscal and monetary policies issued by the Taiwanese government in reaction to the global financial crisis. These policy measures focused on stabilizing the financial market, reducing the level of unemployment, and creating more lending opportunities in support of Taiwanese companies. We also discuss the policy measures of the US government and other Asian countries in relation to the global financial crisis. Finally, we provide some suggestions to improve financial supervision and enhance financial reforms in Taiwan.
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Veggeland, Noralv. "European Capitalism Developments." Journal of Economics and Technology Research 1, no. 1 (March 11, 2020): p25. http://dx.doi.org/10.22158/jetr.v1n1p25.
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In Europe, where the financial crisis was transformed into national debt crises in several countries, the current phase of the denial cycle marked by an official policy approach predicated on the assumption that normal restored through a mix of austerity, privatization and less state involvement came through (anti-Keynes). The other view is this. Governmental investments – and financial decision-making to regulate the effective demand in national economies is based on the basic principles introduced by John Maynard Keynes in his ‘General Theory of Employment, Interest and Money (1936), The solution of the temporary crisis of the democratic capitalism might be linked to Keynes by his successors the neo-Keynesians. However, the representative democracy has become weak and fragmented, and under control of international powerful multinationals. The citizens not any longer look upon their national government as their representatives but as representatives for interest of foreign states and international organizations. Poor public politics and policies are what come out of it.
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Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (December 15, 2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.
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The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.
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Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (December 15, 2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.
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The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.
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Frigerio, Marco, and Daniela Vandone. "A firm-level analysis of development banks in Europe." Vierteljahrshefte zur Wirtschaftsforschung 89, no. 3 (July 1, 2020): 61–77. http://dx.doi.org/10.3790/vjh.89.3.61.
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Summary: We perform a cross-country firm-level analysis of all development banks headquartered in Europe. The goal is to investigate their financial profile and efficiency characteristics and to shed light on some crucial issues, which may underline their capacity to raise external sources of finance in addition to capital contributions from shareholder governments (e. g. their capital generation and cost efficiency, the quality of their loan portfolio, the composition of their sources of finance). A financial statement analysis of their accounting features is cogent in the light of the relevance attributed by European policy makers to the economic and financial sustainability of development banks, given the key role they have been called to play in the European economy since the 2008 crises. Indeed, although development banks have goals that go beyond profitability, they need to combine their socio-economic goals with conditions of efficiency and profitability, in order to “stand on their own feet” and secure a reasonable level of financial strength and stability. We first map all development banks headquartered in Europe. We then collect financial information within the reference period 2008 – 2018 for the whole population of development banks. We also split the sample according to size, in order to assess their dimensional heterogeneity. This study provides policymakers with quantitative information on the economic and financial profile of contemporary promotional financial institutions, which may be valuable in the current debate on their role and relevance in Europe.
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UKHNAL, Nataliia. "The specifics of fiscal policy under the conditions of pandemic shock." Naukovi pratsi NDFI 2021, no. 2 (November 15, 2021): 96–113. http://dx.doi.org/10.33763/npndfi2021.02.096.
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The development the conceptual principles of fiscal policy is impossible without understanding the consequences of the global epidemiological crisis and assessing the actions of governments aimed at minimizing existing problems and preventing a potential negative impact on the national economy. The article evaluates the peculiarities of the formation of anti-crisis fiscal and monetary measures, to which more than 10% of world GDP is directed , in the context of global pandemic recession and challenges caused by the lack of preparedness in healthcare facilities and systems. The peculiarity is revealed that in the developed countries there is a wide fiscal space in comparison with the developing countries. The purpose of the article is to show the features of socio-economic processes and main measures of financial policy aimed at minimizing the negative consequences of the pandemic shocks. The scientific novelty is to identify ways to strengthen the resilience of the financial system and government support for entrepreneurship in Eastern Europe and the Caucasus in the context of necessary measures and restrictions related with the COVID-19 pandemic. The tools of budget, tax and social support, creation of stabilization packages, liquidity programs for commercial banks, mobilization of financial resources through the creation of funds, in particular through international cooperation, are considered on the example of the Eastern Partnership countries. It is substantiated the necessity of using by the national governments of anti-crisis measures of fiscal policy and the creation of mechanisms for emergency mobilization of financial resources and material resources to increase competitiveness and long-term demand, providing compliance with the priorities of environmental safety and objectives of social justice. Given climate change and environmental degradation, further search is needed to increase the resilience of the economy and society to future shocks.
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Cevik, Serhan. "Policy coordination in fiscal federalism: drawing lessons from the Dubai debt crisis." International Journal of Emerging Markets 14, no. 5 (December 2, 2019): 899–915. http://dx.doi.org/10.1108/ijoem-09-2018-0479.
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Purpose With the global financial crisis, the United Arab Emirates (UAE) experienced its own unraveling of macro-financial imbalances and thus presents an interesting case to analyze the underlying fragilities in federal governments. The purpose of this paper is to investigate the evolution of fiscal policy in the UAE at consolidated and subnational levels in the run-up and after the crisis, and provide pertinent insights about the importance of policy coordination in other federal fiscal systems – and monetary unions, as brought to light by the recent developments in Europe. Design/methodology/approach In measuring the cyclicality of fiscal balances at the consolidated and emirate level in the UAE, this paper uses the non-hydrocarbon primary budget balance, excluding interest spending and hydrocarbon revenues, investment income of the sovereign wealth fund, scaled by non-hydrocarbon GDP. The cyclically adjusted primary balance is estimated by deducting cyclical components from the actual balance. It is important to correct for cyclical changes because the budget balance tends to vary endogenously according the state of the economy – deteriorating during a bust and improving in a boom. Furthermore, since hydrocarbon revenues are dependent on the erratic behavior of hydrocarbon prices, the cyclically adjusted non-hydrocarbon primary balance is computed, using the elasticity of non-hydrocarbon revenues and primary expenditures relative to non-hydrocarbon GDP, to assess whether fiscal policy exacerbates economic fluctuations in the UAE at the aggregate and emirate levels. Findings The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth. Originality/value The lack of fiscal policy coordination among subnational governments complicates macro-economic management at the federal level. Since the UAE has a pegged exchange rate regime and consequently a limited scope to use monetary policy, the burden of macro-economic stabilization falls on fiscal policy. Accordingly, this paper shows that procyclical fiscal policies prior to the crisis reinforced the “financial accelerator” effect, exacerbated the economic cycle, and thereby contributed to the build-up of economic and financial vulnerabilities in the UAE.
Dissertations / Theses on the topic "Financial crises – Government policy – Europe"
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Chan, Siu-fun Cynthia, and 陳笑芬. "Asian crisis: Indonesia and Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31951855.
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Singla, Akheil. "Financial Crises & Financial Derivatives: Government Use of Interest Rate Swaps From 2003 - 2012." The Ohio State University, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=osu1437058804.
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VIDAL, Guillem. "The political consequences of the Great Recession in Southern Europe crisis and representation in Spain." Doctoral thesis, European University Institute, 2019. http://hdl.handle.net/1814/63265.
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Defence date: 13 June 2019Examining Board: Prof. Hanspeter Kriesi, European University Institute (Supervisor); Prof. Elias Dinas, European University Institute; Prof. Eva Anduiza, Universitat Autònoma de Barcelona; Prof. Kenneth M. Roberts, Duke University
The Great Recession constituted a breaking point in several aspects of the cultural, economic and political life of southern European countries (i.e. Greece, Italy, Portugal and Spain). This dissertation aims to shed light on the political consequences of the economic crisis in this region —with a specific focus on Spain as a paradigmatic case— by analysing different aspects of the political transformations that took place during the period of crisis. The underlying argument is that, albeit some relevant differences, the four countries experienced a common pattern: the incapacity of national politics to offer differentiated recipes to the deteriorating economic situation triggered a widespread crisis of representation that introduced new issues in the political agenda and drove the political transformations in these countries. The combination of a political and economic crisis at the national and European levels opened new political spaces that new parties capitalised by appealing to the need for democratic renewal and opposition to austerity politics. Furthermore, as illustrated by the Spanish case, and in particular the Catalan experience, the political crisis had far-reaching consequences beyond economic grievances, leading to the activation of different types of conflicts. Overall, the findings suggest that the transformations in the structure of political conflict in southern Europe in the aftermath of the Great Recession are not the by-product of a growing cultural divide —as is the case in several other continental and north-European countries—, but instead respond to the loss of credibility in the political system. Methodologically, the dissertation relies on an original dataset of media content as well as on several sources of survey data to test the empirical validity of the claims.
Chapter 2 'From Boom to Bust : A Comparative Analysis of Greece and Spain under Austerity' of the PhD thesis draws upon an earlier version published as chapter 'From boom to bust : a comparative analysis of Greece and Spain under austerity' (2018) in the book Living under austerity : Greek society in crisis.
Chapter 3 'Old versus new politics: The political spaces in Southern Europe in times of crisis' of the PhD thesis draws upon an earlier version published as an article 'Old versus new politics : the political spaces in Southern Europe in times of crises' (2018) in the journal 'Party politics'
Chapter 4 'Out with the Old: Restructuring Spanish Politics' of the PhD thesis draws upon an earlier version published as an article 'Challenging business as usual? : the rise of new parties in Spain in times of crisis' (2017) in the journal 'West European politics'
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Mzekwa-Khiva, Nomonde Lindelani. "Evaluation of debt management policy implementation towards revenue management in government leased properties." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020633.
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The study sought to evaluate debt management policy implementation towards revenue management in government leased properties of the Eastern Cape Provincial Treasury at the Transkei Development and Reserve Fund. Secondly, the study aimed at developing a tool for assisting policy-makers and officials involved in debt management and revenue collection. In order to address the research problem, a case study involving randomly selected 27 employees from the Eastern Cape Provincial Treasury and housing ward committee members was adopted. Self-administered questionnaires and interviews were the two data collection techniques utilised. All participants were involved in the study during tea and lunch breaks at the workplace; this constituted the employees’ natural environment. Both quantitative and qualitative designs were utilised in analysing data. Descriptive statistical analysis using excel was utilised to summarise the responses, analyse the demographic profiles of participants and their responses. The results were thus presented in the form of bar charts. Responses which could not be analysed using statistics were analysed qualitatively thus the advantages inherent in the two approaches were exploited. The evidence from the study suggests that government operational employees are aware of their roles and responsibilities as they relate to debt management and debt collection policy. The development of debt management policy promotes rental collection, improve property profitability and ensure the maintenance is in place to improve attractiveness of the government properties.
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Ashraf, Ali. "Empirical Examination of Quantitative Easing in Monetary Policy and Earning Management of Financial Markets and Institutions." ScholarWorks@UNO, 2013. http://scholarworks.uno.edu/td/1605.
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In the first chapter, I analyze the impact of changes in aggregate holding in special asset purchase programs by Federal Reserve Systems (FED) as an alternate monetary policy at aggregate level. Later, to complement the analysis of monetary impact at aggregate level, I also analyze the impact of monetary actions at bank stock level with a set of 186 banks. First, for the overall sample period, expected monetary shock has positive effect on bank stock return; however, unexpected shock component has otherwise negative impact. Second, during both conventional and QE regime, monetary shocks are not significant in explaining weekly stock returns; however change in FED’s total asset holding in special programs is significant during the QE regime and such findings are more robust for the “large” banks when compared to “medium” and “small” banks.
The second chapter presents the second essay that is one of the early studies to analyze whether either the changes in accounting standard or the changes in prudential regulatory regimes may affect the bank earning management in terms of Loan Loss Provisioning (LLP) systematically. Results suggest that, in general, bank managers use LLP as a tool for earning management for income smoothing and also for capital management once LLP is allowed to be a part of Tier-I capital requirement. Both changes in prudential regulation from pro-cyclic to a dynamic regime and convergence of accounting standard from rule-based to principle-based standards have significant negative fixed effects separately and jointly once included.
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Lombo, Nomachule. "Assessment of government spending austerity measures in on-site school support for curriculum delivery: a case of Idutywa Education District." Thesis, University of Fort Hare, 2016. http://hdl.handle.net/10353/2038.
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The view of on-site school support for curriculum delivery is shared by most countries and its effects have been felt by schools. There is fear that the Austerity Measures will negate the outcomes of the action taken by the teams that visit the schools. The reviewed literature is more biased towards the Austerity Measures in the whole government sector rather than in a department or an institution like the Education District in Idutywa. Even though the effects of Austerity Measures have been researched all over the world based on a specific country, there is deficiency of such literature done in the institution like the department of Education Districts. The researcher intends contributing to the filling of this gap by this study. The researcher therefore carried out a focused study of the effect of Department’s Austerity Measures on on-site school curriculum support in Idutywa Education District. It is also imperative to know how the teachers are affected by these departmental Austerity Measures, hence the interviews were carried out with the school personnel in addition to the District Professional staff. The District is characterised by poor performance in both Annual National Assessment (ANA) and the final National Senior Certificate results. The findings revealed that the implementation of AM have contributed to, amongst other things, the following issues: The inadequate on-site school support for curriculum delivery; The shortage of resources that includes teachers and vehicles; and ultimately the learner underperformance The researcher expect that the recommendation made will be embraced and be factored through, during the planning process of the Eastern Cape Department of Basic Education in order to improve learner performance.
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Balima, Weneyam Hippolyte. "Essays on economic policies and economy of financial markets in developing and emerging countries." Thesis, Université Clermont Auvergne (2017-2020), 2017. http://www.theses.fr/2017CLFAD024/document.
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Cette thèse s'intéresse aux questions d'accès aux marchés financiers dans les économies émergentes et en développement. La première partie donne un aperçu général des conséquences macroéconomiques de l'un des régimes de politique monétaire le plus favorable au marché - le ciblage d'inflation - en utilisant le cadre d'analyse de la méta-analyse. La deuxième partie analyse le risque et la stabilité des marchés obligataires des États. La troisième et dernière partie examine les effets disciplinaires résultant de la participation aux marchés obligataires souverains. Plusieurs résultats émergent. Au chapitre 1, les résultats indiquent que la littérature sur les effets macroéconomiques du ciblage d'inflation est sujette à des biais de publication. Après avoir purgé ces biais, le véritable effet du ciblage d'inflation reste statistiquement et économiquement significatif à la fois sur le niveau de l'inflation et la volatilité de la croissance économique, mais ne l’est pas sur la volatilité de l'inflation ou le taux de croissance économique réel. Aussi, les caractéristiques des études déterminent l’hétérogénéité des résultats de l'impact du ciblage d’inflation dans les études primaires. Le chapitre 2 montre que l'adoption d'un régime de ciblage d'inflation réduit le risque souverain dans les pays émergents. Cependant, cet effet varie systématiquement en fonction du cycle économique, de la politique budgétaire suivie, du niveau de développement et de la durée dans le ciblage. Le chapitre 3 montre que les envois de fonds des migrants, contrairement aux flux d'aide au développement, permettent de réduire le risque souverain. Cette réduction est plus marquée dans un pays avec un système financier moins développé, un degré d'ouverture commerciale élevé, un espace budgétaire faible et sans effet dans les pays dépendants des envois de fonds. Le chapitre 4 montre que les pays ayant des contrats d’échange sur risque de crédit sur leurs dettes sont plus sujets à des crises de dette. Il constate également que cet effet reste sensible aux caractéristiques structurelles des pays. Le chapitre 5 montre que la participation aux marchés obligataires de long terme (domestiques et internationaux) encourage les gouvernements des pays en développement à accroître leurs recettes fiscales intérieures. Il révèle également que l'effet favorable dépend du niveau des recettes de seigneuriage, d’endettement, du régime de change, du niveau de développement économique, du degré d’ouverture financière, et du développement financier. Le chapitre 6 montre que la présence de marchés obligataires domestiques, de long terme et liquides réduit considérablement le degré de dollarisation financière dans les pays en développement. Cet effet est plus important dans les pays avec un régime monétaire de ciblage d’inflation ou de change flottant, et à règles budgétaires. Enfin, il constate que la présence de marchés obligataires domestiques réduit la dollarisation financière à travers la baisse du niveau et de la variabilité de l'inflation, de la variabilité du taux de change nominal, et des revenus de seigneuriageThis thesis focuses on some critical issues of the access to international financial markets in developing and emerging market economies. The first part provides a general overview of the macroeconomic consequences of one of the most market-friendly monetary policy regime—inflation targeting—using a meta-regression analysis framework. The second part analyses government bond market risk and stability. The last part investigates the disciplining effects of government bond market participation—bond vigilantes. In Chapter 1, the results indicate that the literature of the macroeconomic effects of inflation targeting adoption is subject to publication bias. After purging the publication bias, the true effect of inflation targeting appears to be statistically and economically meaningful both on the level of inflation and the volatility of economic growth, but not statistically significant on inflation volatility or real GDP growth. Third, differences in the impact of inflation targeting found in primary studies can be explained by differences in studies characteristics including the sample characteristics, the empirical identification strategies, the choice of the control variables, inflation targeting implementation parameters, as well as the study period and some parameters related to the publication process. Chapter 2 shows that the adoption of inflation targeting regime reduces sovereign debt risk in emerging countries. However, this relative advantage of inflation targeting—compared to money or exchange rate targeting—varies systematically depending on the business cycle, the fiscal policy stance, the level of development, and the duration of countries’ experience with inflation targeting. Chapter 3 shows that remittances inflows significantly reduce bond spreads, whereas development aid does not. It also highlights that the effect of remittances on spreads arises in a regimes of lower developed financial system, higher degree of trade openness, lower fiscal space, and exclusively in non-remittances dependent regimes. Chapter 4 indicates that countries with credit default swaps contracts on their debts have a higher probability of experiencing a debt crisis, compared to countries without credit default swaps contracts. It also finds that the impact of credit default swaps initiation is sensitive to several structural characteristics including the level of economic development, the country creditworthiness at the timing of credit default swaps introduction, the public sector transparency, the central bank independence; and to the duration of countries’ experiences with credit default swaps transactions. Chapter 5 shows that bond markets participation encourages government in developing countries to increase their domestic tax revenue mobilization. Finally, it finds that bond markets participation improves the mobilization of internal taxes, compared to tax on international trade, and reduces their instability. Chapter 6 shows that the presence of domestic bond markets significantly reduces financial dollarization in domestic bond markets countries. This effect is larger for inflation targeting countries compared to non-inflation targeting countries, is apparent exclusively in a non-pegged exchange rate regime, and is larger when there is a fiscal rule that constrains the conduct of fiscal policy. Finally, it finds that the induced drop in inflation rate and its variability, nominal exchange rate variability, and seigniorage revenue are potential transmission mechanisms through which the presence of domestic bond markets reduces financial dollarization in domestic bond markets countries
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Kazi, Irfan Akbar. "Essais sur la crise financière, la contagion et la transmission de la politique monétaire." Thesis, Paris 10, 2013. http://www.theses.fr/2013PA100040.
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Depuis les quarante dernières années, toutes les régions du monde ont été traversées par des événements majeurs d’instabilité économique et financière. L’un des traits caractéristiques de ces manifestations est qu’elles ont non seulement eu un impact sur la santé économique financière et sociale de leur pays d’origine, mais aussi sur les économies étrangères. Cette thèse retrace l’évolution de la crise financière mondiale, démontre comment la plupart des pays de l’OCDE ont été affectés par la contagion, et met en lumière le rôle de la politique monétaire dans la propagation de la crise. Elle se compose en six essais. Le premier chapitre s’attache à étudier les corrélations dynamiques entre différents actifs et certaines variables économiques et financières durant la bulle internet de 2000 et la crise financière mondiale. Dans le deuxième essai, nous nous intéressons aux changements de transmission internationale des chocs de politique monétaire américaine. Le troisième essai adopte une approche plus économique. Nous y étudions la synchronisation des cycles, la composante stochastique de la volatilité de l’inflation, du produit et des taux d’intérêts. Dans le 4ème essai, nous abordons l’existence d’un éventuel «shift-contagion» lors de la crise financière mondiale et lors de la crise de la dette souveraine en Europe. Le cinquième essai aborde la dynamique intra-journalière ainsi que la transmission de volatilité entre Allemagne, France, et Royaume-Uni lors de la crise financière mondiale. Enfin le dernier cherche à analyser la volatilité de 12 marchés d’actionDepuis les quarante dernières années, toutes les régions du monde ont été traversées par des événements majeurs d’instabilité économique et financière. L’un des traits caractéristiques de ces manifestations est qu’elles ont non seulement eu un impact sur la santé économique financière et sociale de leur pays d’origine, mais aussi sur les économies étrangères. Cette thèse retrace l’évolution de la crise financière mondiale, démontre comment la plupart des pays de l’OCDE ont été affectés par la contagion, et met en lumière le rôle de la politique monétaire dans la propagation de la crise. Elle se compose en six essais. Le premier chapitre s’attache à étudier les corrélations dynamiques entre différents actifs et certaines variables économiques et financières durant la bulle internet de 2000 et la crise financière mondiale. Dans le deuxième essai, nous nous intéressons aux changements de transmission internationale des chocs de politique monétaire américaine. Le troisième essai adopte une approche plus économique. Nous y étudions la synchronisation des cycles, la composante stochastique de la volatilité de l’inflation, du produit et des taux d’intérêts. Dans le 4ème essai, nous abordons l’existence d’un éventuel «shift-contagion» lors de la crise financière mondiale et lors de la crise de la dette souveraine en Europe. Le cinquième essai aborde la dynamique intra-journalière ainsi que la transmission de volatilité entre Allemagne, France, et Royaume-Uni lors de la crise financière mondiale. Enfin le dernier cherche à analyser la volatilité de 12 marchés d’action
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Maier-Knapp, Naila. "EU Actorness with and within Southeast Asia in light of Non-traditional Security Challenges." Thesis, University of Canterbury. National Centre for Research on Europe, 2013. http://hdl.handle.net/10092/8015.
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Nearly four decades of the Association of Southeast Asian Nations (ASEAN)-European Union (EU) relationship have witnessed the importance of ideas and identity alongside the economic interests in shaping the behaviour of the two sides. The study takes interest in understanding the EU’s actorness and the EU as a normative actor with and within Southeast Asia through a reflectivist lens. The thesis is an attempt to provide a new perspective on a relationship commonly assessed from an economic angle. It outlines the opportunity of non-traditional security (NTS) challenges to enhance EU actorness and normative influence in Southeast Asia.
Against this backdrop, the study explores the dialogue and cooperative initiatives of two regions, which attach relatively little salience to each other. The study employs a NTS lens and draws upon the case of the Asian Financial Crisis of 1997-98, the haze in relation to forest governance, the Bali bombings of 2002 and the political conflict in Aceh. The study assumes that these NTS issues can stimulate processes of threat convergence as well as threat ‘othering’. It argues that these processes enhance European engagement in Southeast Asia and contribute to shaping regional stability in Southeast Asia. Furthermore, NTS crises present situations, where norms can become unstable, contested and substituted. This allows us to better examine the EU as a normative actor.
To establish an understanding of the EU’s actorness and the EU as a normative actor, the empirical evidence will focus on the threat perceptions, motivations of action and activities of the EU and its member states. For the purpose of differentiating the EU as a normative actor, the study will also include the discussion of the normative objectives and behaviours of the EU and its member states and apply a reflectivist theoretical framework.
Hypothetically, NTS crises trigger external assistance and normative influence and thus, they offer an opportunity to establish a more nuanced picture of the EU in the region. At the same time, the study acknowledges that there are a variety of constraints and variables that complicate the EU’s actorness. The thesis seeks to identify and discuss these. So far, scholarly publications have failed to apply the NTS perspective systematically. This thesis provides the first monograph-length treatment of the EU in Southeast Asia through a NTS and reflectivist lens.
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BAYRAM, Ismail Emre. "Once bitten, twice shy : financial crises, policy learning and mortgage markets in advanced capitalist economies." Doctoral thesis, 2014. http://hdl.handle.net/1814/32127.
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Defence date: 30 April 2014Examining Board: Professor Sven Steinmo, European University Institute (Supervisor) Professor Pepper Culpepper, European University Institute Professor Peter Englund, Stockholm School of Economics Professor Gunnar Trumbull, Harvard Business School.
Do nations learn from their financial crises? In addressing this question, this dissertation explores whether politicians, supervisors and bankers change their preferences towards financial markets when they recognize they have made significant mistakes in the recent past. It also asks whether such recognition of failure leads to a process of change in rules, policies and institutions, in different national contexts. In addressing this broader theoretical question, the dissertation focuses on the mortgage credit markets in advanced capitalist economies. Challenging the conventional approaches in political science and financial economics, it shows that the longitudinal and cross-sectional variations in mortgage credit markets can best be explained with reference to nations' different experiences of financial crisis. Borrowing insights from learning theory in political economy and public policy analysis, it argues specifically that those nations (i) that had severe financial crises in their recent past and (ii) that have coordinative institutions and elites, are more likely to draw lessons from their mistakes, and to change their policies, in order to avoid similar asset bubbles and financial crises in the future. This dissertation adopts a multi-method approach in examining the role of learning in the evolution of mortgage credit markets. A significant part traces the history of mortgage credit and financial crises in three countries, from a comparative perspective. Stressing a comparison between two institutionally similar countries, Sweden and Denmark, the dissertation shows how differences in the severity of crises may yield opposite outcomes in elite perceptions toward financial stability, and how they explain the differences in policy and market outcomes. On the other hand, comparing Sweden to Britain -two countries with similar crisis history but with different institutions- it stresses the positive role of coordinative institutions and coherent elites in translating the crisis experience into actual policy and institutional change. In addition to the comparative-historical analysis, the econometric parts of dissertation show that the inferences drawn from three cases can be generalized to a sample of 19 OECD countries. The results indicate that the countries with a negative experience of financial crisis in the early 1990s are more likely to have smaller mortgage markets in comparison to other countries, and that this effect is stronger in countries with coordinative economic and policy institutions.
Books on the topic "Financial crises – Government policy – Europe"
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L, Whitley Baron, ed. European response to the financial crisis. Hauppauge, NY: Nova Science Publishers, 2009.
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Europe's crisis, Europe's future. Washington, D.C: Brookings Institution Press, 2014.
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Saving Europe: How national politics nearly destroyed the euro. Washington, D.C: Brookings Institution Press, 2012.
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Rogers, Chris. The IMF and European economies: Crisis and conditionality. Houndmills, Basingstoke: Palgrave Macmillan, 2012.
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Social policy and the Eurocrisis: Quo vadis Social Europe. New York, NY: Palgrave Macmillan, 2015.
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Europe entrapped. Cambridge: Polity, 2015.
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Igniting innovation: Rethinking the role of government in emerging Europe and Central Asia. Washington, DC: International Bank for Reconstruction and Development, 2011.
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Financial structures and regulation: a comparison of crises in the UK, USA and Italy. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan, 2012.
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The Eurozone crisis: Destabilizing the global economy : hearing before the Subcommittee on Europe and Eurasia of the Committee on Foreign Affairs, House of Representatives, One Hundred Twelfth Congress, first session, October 27, 2011. Washington: U.S. G.P.O., 2011.
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Consolidation in the European financial industry. Houndmills, Basingstoke: Palgrave Macmillan, 2010.
Find full textBook chapters on the topic "Financial crises – Government policy – Europe"
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Árvai, Zsófia, and János Vincze. "Models of Financial Crises and the ‘Boom’ of Financial Crises in Transition Countries." In Banking and Monetary Policy in Eastern Europe, 89–103. London: Palgrave Macmillan UK, 2002. http://dx.doi.org/10.1057/9781403907684_5.
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Maxfield, Sylvia. "3. Effects of International Portfolio Flows on Government Policy Choice." In Capital Flows and Financial Crises, edited by Miles Kahler, 69–92. Ithaca, NY: Cornell University Press, 2019. http://dx.doi.org/10.7591/9781501731402-006.
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Stratigaki, Maria. "A ‘Wicked Problem’ for the Municipality of Athens. The ‘Refugee Crisis’ from an Insider’s Perspective." In IMISCOE Research Series, 283–97. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-11574-5_14.
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AbstractIn late 2014, the city of Athens began to receive large numbers of refugees and migrants from the Aegean islands, mainly ‘transit’ refugees who wanted to travel to Northern Europe. The political and socioeconomic situation in the country was difficult, as the effects of the economic crisis (2010) were still being felt. Squeezed between different and constantly changing legal frameworks, different levels of public governance and facing xenophobic reactions from local residents, the authorities of Athens had to face a new ‘wicked problem’ and find urgent solutions and innovative policies. This chapter discusses the main policies developed by the Municipality of Athens to provide basic goods and services for the survival and dignity of the large number of migrants and refugees, as well as to transform administrative structures and review policy priorities. Three important aspects of the ‘wicked problem’ are highlighted: (a) the clear political responses against xenophobic reactions (b) the innovation of the institutional and financial framework by ‘deviating’ from administrative rigidities, and (c) the coordination of the ‘Babel’ of multiple policy actors involved in addressing the ‘refugee crisis’ beyond the established public sector. The lack of a coherent national strategy forced the city government to find innovative solutions, raise funding from multiple sources and mobilise new social actors and policy networks. The case of the Municipality of Athens has highlighted that policy innovation, administrative reform, and institutional change under conditions of humanitarian emergency can be facilitated by mobilising untapped human and institutional forces and resources.
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Griffith-Jones, Stephany, and Bettina De Souza Guilherme. "Introduction." In Financial Crisis Management and Democracy, 1–7. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-54895-7_1.
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AbstractThis book is the result of the first 3 years of the comparative and multidisciplinary Jean Monnet Network, “Crisis-Equity-Democracy for Europe and Latin America”, of senior academics and policy advisors from four European and three Latin American countries, including experts on the European Union and Latin American regionalism. The rationale of the project and the common link is that both Europe and Latin America can learn from their respective experiences on “crisis”, its management and the distributive and democratic implications at national and regional level. The main purposes of the joint research can be summarised as to (1) locate in the current global financial system as one of the very major causes of the financial and debt crises in the EU and Latin America; (2) demonstrate the impact of the paradigm change on global and EU economic governance; (3) analyse key systemic aspects of the global crisis, i.e. climate change, macro-financial instability and the weakening of democracy and their inter-connections; (4) map and evaluate how both regions and individual countries within both regions have tried to manage these crises; (5) discuss the economic, political and social effects of these crises on both regions and individual countries; (6) finally, to make policy suggestions on how to transition from finance capitalism to a more sustainable real capitalism, on how both regions can better manage/govern/respond to such systemic pressures and on how they can increase their cooperation.
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Firdaus, Nur, and Atika Zahra Rahmayanti. "Should Climate Actions Stay Amidst the Covid-19 Pandemic? A Crisis Management Governance Perspective." In Environment & Policy, 355–78. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-15904-6_19.
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AbstractIt has been more than 5 years since the Paris Agreement was ratified, while the progress to limit the increase in global temperature to well below 2 °C above preindustrial levels is questionable. Addressing climate change cannot be separated from economic and political issues, leading to an emergence of global discourses about the appropriate means for a sustainable transformation. Although the green economy has received criticisms, such a concept is a “popular” vision to balance economic, social well-being, and ecological goals. However, the Covid-19 pandemic, which has no clear ending period, significantly impacts the economy and threatens climate actions. This chapter aims to analyze the fate of climate actions in Indonesia. We employ a crisis management framework to provide insights about governing climate change under the Covid-19 pandemic while seizing the opportunities to achieve the climate target. Unlike previous crises, the Covid-19 pandemic should be treated differently in which the government needs to identify the big picture of the problem. In this regard, the role of leadership played by the President is critical to determine what actions can be possibly taken and measure the potential impacts of delaying the actions. As a result, creative and strategic steps are necessary, aligning with the recovery policies. In terms of potential opportunities, promoting a circular economy would accelerate the government’s commitment to low-carbon development. Moreover, optimizing blended finance to mobilize public and philanthropic funds can support green movements, aligning with the proliferation of green financial markets. Thus, the Covid-19 crisis has become a moment to seize the opportunity for redesigning climate policies, including financing mechanisms and improving the governance in climate adaptation and mitigation.
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Kaša, Rita, and Inta Mieriņa. "Introduction." In IMISCOE Research Series, 1–10. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-12092-4_1.
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Abstract This volume contributes to research on migration from Latvia, a country in Central Eastern Europe (CEE), following the fall of the Iron Curtain in 1991. The experience of independent Latvia with borders opening up to the world and more specifically to the West has turned out to be both a rewarding and wounding experience for communities in the country. On the rewarding side, individuals have gained liberty – an ability to travel the world freely, to see and live in the countries which were beyond the closed doors of the Soviet Union just some decades ago. This freedom, however, has also brought the sense of cost to the society – people are going abroad as if dissolving into other worlds, away from their small homeland. The context of decreasing birth rates and ageing in the country seems to amplify a feeling of loss which is supported by hard evidence. Research shows a worrying 17% decline in Latvia’s population between 2000 and 2013. One third of this is due to declining birth rates and two-thirds is caused by emigration (Hazans 2016). This situation has turned out to be hurtful experience for communities in Latvia causing a heightened sense of grief especially during the Great Recession which shook the country at the end of the first decade of the twenty-first century. By 2013 the feeling of crises even larger than the economic downturn came to a head in Latvian society, pushing the government for the first time in the history of independent Latvia to recognise the migration of the country’s nationals and to acknowledge diaspora politics as an important item on the national policy agenda.
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Tsakatika, Myrto. "Greece: From Coalitions as a ‘State of Exception’ to the New Normal?" In Coalition Governance in Western Europe, 284–323. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198868484.003.0009.
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Coalition government has been exceptional in Greece since the consolidation of democracy in 1974 but in the aftermath of the global financial crisis its occurrence has become more frequent. Most Greek government coalitions are surplus connected coalitions assembled to address an economic or national crisis and do not involve formal coalition agreements. Their formation takes place after a brief bargaining phase strictly circumscribed by precise constitutional rules under the aegis of the president of the republic. Greek coalitions are governed primarily by ad hoc fora of party leaders that make key decisions and resolve inter-coalitional conflict. The prime minister and key ministers dominate policy arguments, albeit taking into account the wishes of party leaders. The termination of coalitions is by and large due to party leaders’ strategic considerations, though the importance of policy disagreement among the partners is becoming a more significant consideration. While the post-crisis overhaul of the Greek party system has not greatly affected the main characteristics of the coalition life cycle, there is evidence that greater experience with coalition government may be leading to some tentative institutionalization of power-sharing practices and greater acceptance of such practices among political elites.
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Wessels, Wolfgang. "The European Council." In Oxford Principles Of European Union Law: The European Union Legal Order: Volume I. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780199533770.003.0018.
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The European Council is an intriguing institution to study. From the early summits onwards, the heads of state or government prepared and concluded many history-making decisions that shaped the Union’s constitutional and geographic architecture. Since its creation in 1974, the European Council has regularly exercised major functions of system- and policy-making. In this institution, national leaders have agreed on treaty revisions, on accession agreements, and have also acted as the ultimate decision-makers on a state-like agenda of public policies. The European Council’s activities, agreements, and acts have thus dealt with the most contested issues of Europe’s history from the 1970s onwards. Since 2008, the ‘Union’s highest executive leaders’ have once more increased the institution’s authority, using it to react to global financial crises and stabilize the eurozone, as well as to deal with the refugee waves and the Brexit.
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Bezena, Ivan. "MODERN MECHANISMS OF ANTI-CRISIS REGIONAL MANAGEMENT OF EDUCATION IN THE CONDITIONS OF REFORM." In Development of scientific, technological and innovation space in Ukraine and EU countries. Publishing House “Baltija Publishing”, 2021. http://dx.doi.org/10.30525/978-9934-26-151-0-22.
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This study is devoted to a generalized analysis of modern public processes for the formation of new mechanisms of crisis management and the regional management reform practice in the field of education, which are gradually carried out in the context of general reform and new strategies. The special relevance of modern education management practices is noted, among which are formation of new management concepts in the conditions of emergencies and crisis; redistribution of areas of responsibility between the region and territorial communities; revival of partnership interaction of public authorities with civil society institutions; implementation of state policy through new contexts of forming a network of educational institutions, resource provision and budgeting; strategy for the development of the educational sphere through the implementation of investment infrastructure projects; expanding the scope of educational services in accordance with community requests, etc. European experience in active decentralization, which will stimulate sustainable community development, successful overcoming of crises and building a strategy for regional development shows the development of a systematic vision of the local situation in education and other social spheres that prevent socio-economic crises; active and effective communicative action “state-community”, which is aimed at deep democracy, sustainable development, unity, transparency of public institutions; humancenteredness on the basis of social democracy, involvement of citizens in various government procedures in communities; impact on the sustainable development of local democracy and financial self-sufficiency of the community; sustainable development of the public sector of the community, improving the quality of life / activities / human education. The basis of public activity of the authorities is a consistent communicative action that will promote the in-depth development of mutual trust, openness and efficiency. The subject of the study was the management vertical of the region and education management. The research methodology can be outlined as follows: understanding and worldview, which outline the operating environment of self-discipline analysis, forecasting, modeling, diagnosis and work with information, models, algorithms, cognitive, practical and evaluative, which complement each other in real life. The purpose of the study: to systematically generalize modern management processes of public authorities in anti-crisis strategies and new relevant mechanisms of organizational activities of public institutions of Dnipropetrovsk region, which are aimed at sustainable development of society and man, soft overcoming of growth problems through mechanisms of organizational and managerial overcoming of educational crises. areas in the region. The study found that the systematic activities of public institutions in the region, models of involvement of public institutions contribute to sustainable community development and form effective resilience to crises, restore confidence in government by citizens, improve the quality of local infrastructure projects in education, strengthen positive social trends – economic indicators of the community.
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Campbell, Gareth. "Government Policy during the British Railway Mania and the 1847 Commercial Crisis." In British Financial Crises since 1825, 58–75. Oxford University Press, 2014. http://dx.doi.org/10.1093/acprof:oso/9780199688661.003.0004.
Full textConference papers on the topic "Financial crises – Government policy – Europe"
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Kayani, Farrukh, and Zhongxiu Zhao. "Chinese Rationale for Free Trade Agreements." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00387.
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In East Asia economic regionalism and Free Trade Agreements (FTAs) are proliferating at tremendous pace despite being the latecomer as compared to Americas and Europe. Proliferation of FTAs in East Asia started to spread after the Asian financial crisis of 1997. The East Asian economies were dissatisfied with the way the IMF handled the crisis, particularly in Thailand and Indonesia. Presently, about over 100 FTAs are at various stages of development in East Asia. China is also actively engaged in FTAs like the other East Asian neighboring countries for achieving multiple objectives. In this paper we analyzed the detailed reasons that why China is pursuing FTAs? Furthermore, it is said that FTAs may jeopardize the multilateral trading system. As FTAs undermine the WTO policy of maintaining a liberal, non discriminatory and multilateral trading system by supporting the government interventions and prudential controls. Thus we would also explore that whether FTAs are building or stumbling blocks?
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Ulusoy, Ahmet, and Mehmet Ela. "The Macroeconomic Effects of European Debt Crisis and Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01363.
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European sovereign debt crisis is the period that because of low interest rates, government and private debt increased substantially and also financial crisis transform private debt to high sovereign debt. In this period, low interest rates made government borrowing cost cheap and so sovereign debt increased considerably. In same period, private sector consumption and debt rose and this induced the housing bubbles. The expansionary fiscal policy against the effects of global financial crisis and bail-outs given to banks which are problematic made the sovereign debt highest and debt burden unsustainable for some countries. European sovereign debt crisis affect the world globally with the financial and economic links. Countries implemented fiscal and monetary policies against the recession and unemployment. In this respect, it is worthwhile researching the European sovereign debt crisis which is multifaceted and complex and offering suggestions for Turkey. Turkey must maintain the strong fiscal position and increased country resilience against crisis. And Turkey must also maintain banking regulation and supervision which are intended to steady financial sector.
The aim of this paper is analyzing the development of European sovereign debt crisis and its effects; and also emphasizing the actions Turkey can take and offering suggestions for Turkey.
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Radulovic, Ana. "FINANCIAL CRISES AND STRUCTURAL CHARACTERISTICS OF THE ECONOMY." In 6th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eraz.2020.99.
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Economic structures are a major cause of long-term growth or stagnation. Different economic structures have different ranges of structural learning, innovation, and different effects on income distribution, which are key determinants of economic performance. Through theory about economic structures it is explained why institutions work differently in space and time. This paper shows using a case study in the United States, that the source of recent financial crises rests on the structural characteristics of the economy. Constant deindustrialization is increasing inequality, and a debt-intensive credit boom has emerged to offset the deflationary effects of this structural change. The strong application of the austerity system in Europe and other parts of the world, even after the evidence points to less frugal policies, illustrates the theory of power it has over public policy. The economic structure should be put at the center of analysis, to better understand the economic changes, income disparities and differences in the dynamics of political economy through time and space. This paper provides a critical overview of the rapidly developing comparative studies of institutions and economic performance, with an emphasis on its analytical and political implications. The paper tries to identify some conceptual gaps in the literature on economic growth policy. Emphasis is placed on the contrasting experiences of East Asia and Latin America. This paper argues that the future investments in this field should be based on rigorous conceptual difference between the rules of the game and the game, and between the political and institutional, embedded in the concept of management. It also emphasizes the importance of a serious understanding of the endogenous and distributive nature of institutions and steps beyond the narrow approach of property law relations in management and development. By providing insights from the political channels through which institutions affect economic performance, this paper aims to contribute to the consolidation of theoretically based, empirically based and relevant to policy research on political and institutional foundations of growth and prosperity.
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Mitrović, Đorđe, and Sabina Taškar Beloglavec. "SIMPLE TOURISM SECTOR DEVELOPMENT INDEX: CRISES VALUES." In Tourism in Southern and Eastern Europe 2021: ToSEE – Smart, Experience, Excellence & ToFEEL – Feelings, Excitement, Education, Leisure. University of Rijeka, Faculty of Tourism and Hospitality Management, 2021. http://dx.doi.org/10.20867/tosee.06.32.
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Purpose – The paper aims to construct a simple tourism sector development index reacting to crises occurrences. Methodology – Paper is two-folded, theoretical background with literature overview and empirical part based on the DEA method. Instead of using a vast number of different individual indicators measuring countries’ tourism performance, it is more appropriate to use one composite index to depict complex tourism development issues in a particular country. The composite index proposed in this paper TSDI, was developed using DEA encompassing tourism soundness and macroeconomic data. Findings – We are especially interested in index values in the 2019 COVID-19 pandemic crises relatively to the previous and following year. Therefore, the data time series include the annual data of selected truisms soundness factors from 2016 to 2020. The paper has three hypotheses dealing with simple tourism sector development index (TSDI) values during crises and the correlation of this calculated index to The Travel & Tourism Competitiveness Index (TTCI) and The Global Competitiveness Index (GCI). Contribution – The paper may offer some basic policy recommendations for policymakers as it may be applied as a relatively simple tool for professionals to assess future crises or economic shocks implications on the tourism sector. The TDSI proposed in this paper can point at the differences in countries’ responses to crises shock that could be influenced by government policies aimed at tourism sector development. TDSI is, due to its simplicity, a good tool for practitioners to use in monitoring and placing recommendations for improvements.
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Cagno, Enrico, and Andrea Trianni. "Energy Efficiency in Industrial Operations: An Evaluation of Benefits and Cost of the Most Effective Interventions Within the Italian Industrial Sector." In ASME 2010 4th International Conference on Energy Sustainability. ASMEDC, 2010. http://dx.doi.org/10.1115/es2010-90410.
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The attention towards the topic of reducing the energy expenditures has dramatically grown in recent crisis times that have forced firms to reduce them. This reduction in energy expenditures of a firm can be pursued through a wise energy procurement (we can call it “administrative energy efficiency”), thus with a reduction in the specific cost of energy (both electricity and other energy sources). But, the highest effective saving — for the whole system — would come from a direct reduction of the consumption, thus increasing the so-called “operational energy efficiency”, the unique true energy efficiency, implying the effort of the whole firm, since it requires a lower and wiser use of energy, and new and more efficient technologies. It is quite diffused the perception that governments are now taking measures to reach a common and more efficient environmental and energetic policy, but the effort is still not sufficient. The attention has obviously been paid towards the industrial sector, that covers about 30% of the consumption, second just after transportation: since now several actions have been taken to achieve the energy performance of buildings, but very few in the operations. Furthermore, it should be clear that to be really effective in this field governments should focus their attention on Small & Medium Enterprises (SMEs), usually less efficient than Large Enterprises (LEs), since SMEs represent the vast majority of the total number of industries and cover a consistent share of the energy consumption of a whole domestic industrial sector. This paper aims at providing an overview of the most effective interventions for reducing energy consumption in industrial operations that have been successfully implemented in a large number of case studies investigated in North America and Europe. The paper provides different scenarios according to the implementation of those interventions, characterized all by being Best Available Technologies and Practices, showing the impact on the energy consumption for a set of Italian industrial districts. The final results show that, under certain assumptions, the financial support of the most effective interventions eventually provided by governments’ energy efficiency policies, would lead to a widespread increase of the overall energy efficiency of a district with strong benefits for the whole industrial system.
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George, Jeff, and David Massingham. "Moving Towards a Sustainable UK in an Environment of Austerity: Can We Wait Until the Midnight Hour?" In 19th Annual North American Waste-to-Energy Conference. ASMEDC, 2011. http://dx.doi.org/10.1115/nawtec19-5410.
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The UK coalition government, elected in May 2010, has set out its stall to be, in the words of Prime Minister, David Cameron, “the greenest government ever”. To that end it has embarked on an ambitious programme of policy initiatives to address climate change and the wider sustainability agenda. These include: • Initiating a fundamental review of waste policy with a view to adopting a zero waste to landfill and increasing Energy from Waste (EfW) as a solution for residual wastes; • Leading calls within the European Union for an increase in pan-Europe greenhouse gas reduction and renewable energy targets for 2020, that, if adopted would have a profound and immediate impact on domestic targets; and • An electricity market reform package that will see the introduction of a floor price for carbon (in effect, a carbon tax) and new financial support mechanisms for the development of renewable energy.
Reports on the topic "Financial crises – Government policy – Europe"
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Quak, Evert-jan, and Jodie Thorpe. Supporting Small Food Businesses to Build Resilience During Crises. Institute of Development Studies, August 2022. http://dx.doi.org/10.19088/ids.2022.049.
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Small food businesses are vital to delivering affordable, nutritious food to low-income communities. Yet food systems are under threat from multiple stressors. During the Covid-19 pandemic, government support was directed at maintaining business activity, so understanding how this affected small food businesses offers insights for future policy design. Most policies aligned primarily with the short-term financial needs of larger businesses, leaving a gap for timely support for small enterprises. The recurrent nature of shocks means that such businesses also require longer-term agility to respond to shocks. Interventions to build this capacity can be integrated into nutrition programming.
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Bourrier, Mathilde, Michael Deml, and Farnaz Mahdavian. Comparative report of the COVID-19 Pandemic Responses in Norway, Sweden, Germany, Switzerland and the United Kingdom. University of Stavanger, November 2022. http://dx.doi.org/10.31265/usps.254.
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The purpose of this report is to compare the risk communication strategies and public health mitigation measures implemented by Germany, Norway, Sweden, Switzerland, and the United Kingdom (UK) in 2020 in response to the COVID-19 pandemic based on publicly available documents. The report compares the country responses both in relation to one another and to the recommendations and guidance of the World Health Organization where available. The comparative report is an output of Work Package 1 from the research project PAN-FIGHT (Fighting pandemics with enhanced risk communication: Messages, compliance and vulnerability during the COVID-19 outbreak), which is financially supported by the Norwegian Research Council's extraordinary programme for corona research. PAN-FIGHT adopts a comparative approach which follows a “most different systems” variation as a logic of comparison guiding the research (Przeworski & Teune, 1970). The countries in this study include two EU member States (Sweden, Germany), one which was engaged in an exit process from the EU membership (the UK), and two non-European Union states, but both members of the European Free Trade Association (EFTA): Norway and Switzerland. Furthermore, Germany and Switzerland govern by the Continental European Federal administrative model, with a relatively weak central bureaucracy and strong subnational, decentralised institutions. Norway and Sweden adhere to the Scandinavian model—a unitary but fairly decentralised system with power bestowed to the local authorities. The United Kingdom applies the Anglo-Saxon model, characterized by New Public Management (NPM) and decentralised managerial practices (Einhorn & Logue, 2003; Kuhlmann & Wollmann, 2014; Petridou et al., 2019). In total, PAN-FIGHT is comprised of 5 Work Packages (WPs), which are research-, recommendation-, and practice-oriented. The WPs seek to respond to the following research questions and accomplish the following: WP1: What are the characteristics of governmental and public health authorities’ risk communication strategies in five European countries, both in comparison to each other and in relation to the official strategies proposed by WHO? WP2: To what extent and how does the general public’s understanding, induced by national risk communication, vary across five countries, in relation to factors such as social capital, age, gender, socio-economic status and household composition? WP3: Based on data generated in WP1 and WP2, what is the significance of being male or female in terms of individual susceptibility to risk communication and subsequent vulnerability during the COVID-19 outbreak? WP4: Based on insight and knowledge generated in WPs 1 and 2, what recommendations can we offer national and local governments and health institutions on enhancing their risk communication strategies to curb pandemic outbreaks? WP5: Enhance health risk communication strategies across five European countries based upon the knowledge and recommendations generated by WPs 1-4. Pre-pandemic preparedness characteristics All five countries had pandemic plans developed prior to 2020, which generally were specific to influenza pandemics but not to coronaviruses. All plans had been updated following the H1N1 pandemic (2009-2010). During the SARS (2003) and MERS (2012) outbreaks, both of which are coronaviruses, all five countries experienced few cases, with notably smaller impacts than the H1N1 epidemic (2009-2010). The UK had conducted several exercises (Exercise Cygnet in 2016, Exercise Cygnus in 2016, and Exercise Iris in 2018) to check their preparedness plans; the reports from these exercises concluded that there were gaps in preparedness for epidemic outbreaks. Germany also simulated an influenza pandemic exercise in 2007 called LÜKEX 07, to train cross-state and cross-department crisis management (Bundesanstalt Technisches Hilfswerk, 2007). In 2017 within the context of the G20, Germany ran a health emergency simulation exercise with WHO and World Bank representatives to prepare for potential future pandemics (Federal Ministry of Health et al., 2017). Prior to COVID-19, only the UK had expert groups, notably the Scientific Advisory Group for Emergencies (SAGE), that was tasked with providing advice during emergencies. It had been used in previous emergency events (not exclusively limited to health). In contrast, none of the other countries had a similar expert advisory group in place prior to the pandemic. COVID-19 waves in 2020 All five countries experienced two waves of infection in 2020. The first wave occurred during the first half of the year and peaked after March 2020. The second wave arrived during the final quarter. Norway consistently had the lowest number of SARS-CoV-2 infections per million. Germany’s counts were neither the lowest nor the highest. Sweden, Switzerland and the UK alternated in having the highest numbers per million throughout 2020. Implementation of measures to control the spread of infection In Germany, Switzerland and the UK, health policy is the responsibility of regional states, (Länders, cantons and nations, respectively). However, there was a strong initial centralized response in all five countries to mitigate the spread of infection. Later on, country responses varied in the degree to which they were centralized or decentralized. Risk communication In all countries, a large variety of communication channels were used (press briefings, websites, social media, interviews). Digital communication channels were used extensively. Artificial intelligence was used, for example chatbots and decision support systems. Dashboards were used to provide access to and communicate data.