Artykuły w czasopismach na temat „Financial crises”
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Ovcharov, A. "Financial Crises and Financial Contagion in Latin America". World Economy and International Relations 67, nr 2 (2023): 104–13. http://dx.doi.org/10.20542/0131-2227-2023-67-2-104-113.
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The article deals with modern financial crises and features of their spread in Latin America. The classification of crises and ways of their identification are presented. The interconnectedness of modern financial crises is emphasized, which leads to the emergence of double and triple crises. Such crises have been repeatedly recorded in Argentina, Mexico, Uruguay and other countries. Over a period of more than fifty years, Latin America experienced 165 financial crises, with the largest share of them occurring in currency crises. The article proposes the indicator “crisis burden on the countries of Latin America” – its calculation for the period 1970–2019 showed that the region is characterized by alternating growth and decrease in the burden from banking and currency crises with a relatively stable load from debt crises. The maximum intensity of financial crises was observed in the 1970–1980, and then it decreased, although there were isolated spikes. The interconnectedness of crises is analyzed in the context of the effects of financial contagion – the transmission of shocks through different channels from one country or region to another country or region. Two main approaches explaining the mechanisms of transmission of crises between countries have been allocated. The results of studies indicating the direction and extent of financial contagion in Latin America were discussed. In particular, it is shown that contagion in the crisis periods of 1990–2000 spread both within the region and from the United States through trade and financial channels. The article presents the results of its own empirical study, which also confirmed the existence of contagion in this region. For the calculations, daily data on the stock indices of 8 Latin American countries over a long period of time were used. With the help of econometric tests for shifts in correlations (Forbes-Rigobon test and coskewness test), it was found that the recipients of contagion that spread through the stock market channels from the United States during the global financial crisis of 2007–2009 were countries such as Argentina, Brazil, Colombia and Mexico. During the crisis caused by the spread of COVID‑19, only Mexico was susceptible to contagion. This made it possible to draw a conclusion about the resilience of Latin American economies to the pandemic shock and the effectiveness of restrictive government measures.
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Gorton, Gary. "Financial Crises". Annual Review of Financial Economics 10, nr 1 (listopad 2018): 43–58. http://dx.doi.org/10.1146/annurev-financial-110217-022552.
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Financial crises are runs on short-term debt. Whatever its form, short-term debt is an inherent feature of a market economy. A run is an information event in which holders of short-term debt no longer want to lend to banks because they receive information leading them to suspect the value of the backing for the debt, so they run. When runs are system-wide they threaten the solvency of the entire financial system, which then requires either public or private intervention to remedy. Runs, which most likely follow credit booms, are integral parts of movements in the macroeconomy.
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Aldcroft, Derek H., i Michael Bordo. "Financial Crises." Economic History Review 47, nr 4 (listopad 1994): 840. http://dx.doi.org/10.2307/2597748.
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Rustamov, E. "Financial Crises: Sources, Manifestations, Consequences". Voprosy Ekonomiki, nr 4 (20.04.2012): 46–66. http://dx.doi.org/10.32609/0042-8736-2012-4-46-66.
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Building on the empirical studies and financial crises theories, a general framework describing the mechanisms of crisis formation and transmission is developed. Factors of crisis formation include external and internal imbalances, shocks, deficiencies of economic policies and changes in the economic agents behavior (in particular, as concerns price bubbles formation and burst). Channels of crisis transmission include direct links between financial organizations; "negative loss spirals" arising from massive asset sales; increase in uncertainty. The framework is employed to the analysis of several crisis episodes in 1990s and 2000s (Mexican, Asian, Russian and Argentine crises). The channels of crisis transmission to the real economy are also considered. The approaches to measuring both short- and long-term impact of crises on fiscal stability and economic growth are discussed.
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Vasina, E. V. "THE GLOBAL FINANCIAL CRISES AND THEIR TYPES". MGIMO Review of International Relations, nr 4(43) (28.08.2015): 271–77. http://dx.doi.org/10.24833/2071-8160-2015-4-43-271-277.
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In this study the author reveals the essence of the financial crisis and examines the various types of financial crises. By studying the literature on financial crises, the author of the studypays attention to three specific areas: the definition of the crisis, the manifestations of the crisis and the types of financial crises. The article notes that the term "financial crisis" is widely used in a variety of situations in which some financial assets suddenly lose most of their nominal value, but it does not necessarily lead to changes in the real economy. The financial crisis is a crisis that is systematically covers financial markets and institutions of the financial sector, international finance, money circulation and credit, state, municipal and corporate finance. Financial crises have common elements, but they come in different forms. Financial crises are generally multidimensional events and are difficult to characterize using a single indicator. The author considers the following types of financial crises: a banking crisis, a currency crisis, speculative bubbles and international financial crises. Banking crisis is a situation when a bank faces with a sudden outflow of depositors' funds. A currency crisis is a situation when the exchange rate, which is pegged to the currency of another country, is on the verge of collapse, causing committed speculation. A speculative bubble is in the case of large, sustainable overpricing of any asset class. Financial crises are reflected in a sharp rise in interest rates, a collapse in exchange rates, massive withdrawal of deposits from banks and credit crunch, currency and debt crisis.
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Sudarsan, P. K. "UNDERSTANDING FINANCIAL CRISIS: A THEORETICAL ANALYSIS". Ushus - Journal of Business Management 2, nr 1 (1.01.2003): 1–10. http://dx.doi.org/10.12725/ujbm.2.1.
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Financial crises and their sub set banking crises have become worldwide phenomena in recent years. Understanding of financial crises assumes importance because the success of policy prescriptions to cure these crises depends to a large extent on the proper diagnosis of these crises. The objective of this paper is to provide a theoretical analysis to understand the financial crisis in a better way. The poper conjectures three stages in the financial crisis: confidence crisis, currency crisis and financial crisis. Paper shows that confidence crisis leads to the currency crisis and currency crisis in turn advances into the financial crisis. The paper also highlights the two-way linkage between currency crisis and financial crisis and its implications on policy suggestions. The two-way linkage between the currency crisis and financial crisis makes the policy prescriptions difficult. IMF policy to cure the East Asian crisis failed initially mainly because of this reason. The theoretical analysis reveals that a judicious mix of different policies would be the best remedy for the financial crisis of the type occurred in East Asia, though this would take some time to show positive results.
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Chang, Roberto. "Financial crises and political crises". Journal of Monetary Economics 54, nr 8 (listopad 2007): 2409–20. http://dx.doi.org/10.1016/j.jmoneco.2007.03.001.
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Ruzgar, Nursel Selver, i Clare Chua-Chow. "Behavior of Banks’ Stock Market Prices during Long-Term Crises". International Journal of Financial Studies 11, nr 1 (6.02.2023): 31. http://dx.doi.org/10.3390/ijfs11010031.
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Countries are drastically impacted by financial and fiscal crises. Financial crises have the worst impact on not only society, but also the economy. The Canadian economy underwent financial crises and recessions several times during the last century. In this paper, daily closing stock prices of five large Canadian banks were studied during the last five crisis periods. It is aimed to determine the most effective or dominant index prices on the daily closing stock price of the banks during the crisis periods. The five periods were selected from secondary data from January 1975 to December 2020 by using the graphs and the crises in the literature. Multiple linear regression was performed to analyze the impact of price indexes during crisis periods. Findings show that “price index—financials” had a positive impact on the daily closing price of banks during the last five economic crises in Canada. Since the banks have different investment tools in their portfolio, the impacts of price indexes on the daily closing prices depend on these portfolios, which ultimately could have led to the economic crises.
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Ovcharov, A. O. "Financial crises and financial contagion in Japan". Japanese Studies in Russia, nr 1 (11.04.2023): 59–79. http://dx.doi.org/10.55105/2500-2872-2023-1-59-79.
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The article analyzes the features of the financial crises in Japan in the context of using theoretical and practical approaches to financial contagion. A brief overview of the three significant financial crises observed in the period 1990–2009 is made with the identification of their causes, nature, and consequences. A strong impact on the Japanese economy was exerted by the banking crisis of 1997–2001, which became one of the most noticeable events of the “lost decade”. Its lessons allowed the Japanese government to overcome with minimal losses the global financial crisis of 2007–2009, which negatively affected not so much the credit and stock markets as the real sector of the Japanese economy and its foreign trade.It is productive to consider the spread of crises from the standpoint of the theory and methodology of financial contagion. It is a process of transmission of negative shocks that can lead to the disruption of fundamental links between countries and markets, thereby contributing to the growth of crises and instability. The article shows that Japan can act as both a transmitter and a recipient of infection. Examples of studies that examine the channels and direction of financial contagion in Japan are given. Its important feature is that the main channel for the transmission of shocks in a given country are trade relations, and not the financial ones. Taking this circumstance into account explains the effectiveness of the policy of supporting the real sector of the economy pursued by the Japanese government during the global financial crisis of 2007–2009.In order to illustrate the methodology of financial contagion, the article conducted an empirical study of the country and cross-industry effects of infection in the Japanese economy during the COVID-19 period. A specific infection detection tool (statistical tests) and an extensive empirical database were used. As a result, the country effects were confirmed only partially – Japan was the recipient of the financial contagion that came from China, but only weakly transferred it to other countries. Cross-industry infection spread more actively (it was recorded by more than a half of the tests). At the same time, uneven transmission of shocks between sectors was detected; possible causes of high or low susceptibility to infection in different sectors were discussed.
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Ovcharov, A. O. "Financial Crises and Financial Contagion in Japan". Russian Japanology Review 6, nr 2 (12.01.2024): 32–60. http://dx.doi.org/10.55105/2658-6444-2023-2-32-60.
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The article analyzes the features of the financial crises in Japan in the context of using theoretical and practical approaches to financial contagion. A brief overview is made with the identification of the causes, nature, and consequences in relation to the three significant financial crises observed in the period 1990– 2009. A strong impact on the Japanese economy was exerted by the banking crisis of 1997–2001, which became one of the most noticeable events of the “lost decade.” Its lessons allowed the Japanese government to overcome the global financial crisis of 2007–2009 with minimal losses, which negatively affected not so much the credit and stock markets as the real sector of the Japanese economy and its foreign trade. From a scientific standpoint, the spread of crises is productively considered from the standpoint of the theory and methodology of financial contagion. It is a process of transmission of negative shocks that can lead to the disruption of fundamental links between countries and markets, thereby contributing to the growth of crises and instability. The article shows that Japan can act as both a transmitter and a recipient of infection. Examples of studies that examine the channels and direction of financial contagion in Japan are given. An important feature has been identified, which is that the main channel for the transmission of shocks in a given country is trade relations, and not financial ones. Taking this circumstance into account explains the effectiveness of the policy of supporting the real sector of the economy pursued by the Japanese government during the global financial crisis of 2007–2009.In order to illustrate the methodology of financial contagion, the article conducted an empirical study of the country and cross-industry effects of infection in the Japanese economy during the COVID-19 period. A specific infection detection tool (statistical tests) and an extensive empirical base were used. As a result, the country effects were confirmed only partially – Japan was the recipient of the financial contagion that came from China, but weakly transferred it to other countries. Cross-industry infection spread more actively (it was recorded by more than half of the tests). At the same time, uneven transmission of shocks between sectors was detected; possible causes of high or low susceptibility to infection in different sectors were discussed.
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Csiszárik-Kocsir, Ágnes, János Varga i Mónika Garai-Fodor. "Knowledge About Past and Present Financial Crises in Relation to Financial Education". Pénzügyi Szemle = Public Finance Quarterly 66, nr 2 (2021): 211–31. http://dx.doi.org/10.35551/pfq_2021_2_3.
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The crises of the past provide us aplenty of additional information to the understand the crises of the present. The crises in the past and the present have gone through very typical developmental phases in terms of their unfolding, which has already been highlighted in several studies. For this reason, it is important to know their development and operation, thus reducing the probability of future crises. It is also important to be able to distinguish the bubble from the crisis, which only occurs when the bubble bursts. However, when this happens, the effects directly or indirectly reach everyone. The level and the development of financial literacy has been a challenge not only in Hungary but also worldwide for many years. In this process, we try to understand the financial markets and to describe the tools, but how important is to discussing previous crises? In this study, we try to shed light on the knowledge of past and present crises and the related circumstances, paying a close attention on their effects in a connection of the previous financial studies with the results of a questionnaire survey conducted in 2020, basing it on extensive literature research. Our goal is to show the shortcomings of financial education, what is so important in identifying and managing crisis areas that are constantly present in the economy.
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Honningdal Grytten, Ola. "Banking crises and financial instability: Empirical and historical lessons". Banks and Bank Systems 16, nr 4 (21.12.2021): 179–92. http://dx.doi.org/10.21511/bbs.16(4).2021.15.
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The paper examines the importance of financial instability for the development of four Norwegian banking crises. The crises are the Post First World War Crisis during the early 1920s, the mid 1920s Monetary Crisis, the Great Depression in the 1930s, and the Scandinavian Banking Crisis of 1987–1993. The paper first offers a description of the financial instability hypothesis applied by Minsky and Kindleberger, and in a recent dynamic financial crisis model. Financial instability is defined as a lack of financial markets and institutions that provide capital and liquidity at a sustainable level under stress. Financial instability basically evolves during times of overheating, overspending and extended credit granting. This is most common during significant booms. The process has devastating effects after markets have turned into a state of negative development.The paper tests the validity of the financial instability hypothesis using a quantitative structural time series model. It reveals upheaval of 10 financial and macroeconomic indicators prior to all the four crises, resulting in a state of economic overheating and asset bubble creation. This is basically explained by huge growth in debts. The overheating caused the following banking crises. Finally, the paper discusses the four crises qualitatively. Again, the conclusion is that a significant increase in money supply and debt caused overheating, asset bubbles, and thereafter, financial and banking crises, which in turn spread to other markets and industries and caused huge slumps in the real economy.
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Kindleberger, Charles P., i R. Glenn Hubbard. "Financial Markets and Financial Crises". Southern Economic Journal 59, nr 1 (lipiec 1992): 127. http://dx.doi.org/10.2307/1060402.
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Carlson, John A., i R. Glenn Hubbard. "Financial Markets and Financial Crises." Journal of Money, Credit and Banking 26, nr 1 (luty 1994): 165. http://dx.doi.org/10.2307/2078040.
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Mshvidobadze, T. I. "Financial crisis probability measurement model". Economic Bulletin of Dnipro University of Technology 81 (marzec 2023): 62–67. http://dx.doi.org/10.33271/ebdut/81.062.
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Methods. The research used the method of analysis and synthesis – to clarify the nature of modern financial crises, the method of grouping – to determine the types of financial crises, general and specific – to differentiate between different types of financial crises, econometric methods – to quantify the level of systemic risk in the financial sector that leads to the financial crisis. Results. Excessive credit growth, the main cause of financial crises, is reflected in the insufficient capitalization of the financial sector. The paper briefly reviews the theoretical and empirical studies on the developments in these markets around the financial crisis. Market-based measures of systemic risk, such as SRISK, which stands for systemic risk, allow monitoring of how such vulnerabilities emerge and progress in real time. Novelty. This paper presents a quantitative assessment of the level of systemic risk in the financial sector that leads to a financial crisis. The model builds on the theory that deleveraging will have a price impact and the greater the magnitude of the deleveraging, the more dangerous the adjustment. In its most extreme case, the real economy has restricted access to credit as the financial sector experiences a fire sale, thus endogenously generating a financial crisis. Practical value. In an econometric framework, the relationship between SRISK and severity of financial crisis for different developed countries is given. The paper focuses on financial crises characterized by disruptions in credit supply, the lower tail of which may be related to various factors. A report on the probability of a financial crisis is provided in real-time from an indication of excessive credit growth. The study shows the important role of the cross-border external effect of financial noncapitalization.
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Linsmeier, Thomas J. "Financial Reporting and Financial Crises: The Case for Measuring Financial Instruments at Fair Value in the Financial Statements". Accounting Horizons 25, nr 2 (1.06.2011): 409–17. http://dx.doi.org/10.2308/acch-10024.
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SYNOPSIS The Financial Accounting Standards Board (FASB) (2010) proposes that all financial instruments be measured at fair value in the financial statements. This commentary provides one Board member's reasoning for supporting this proposal, which is based on (1) evidence that the amortized cost model failed to provide timely information about the deteriorating financial condition of failed banks in the current financial crisis, (2) lessons learned from prior financial crises affecting financial institutions in the United States and Japan, and (3) research evidence indicating that fair value measures are most highly correlated with banks' exposures to interest rate and credit risk—two key risk exposures that have led to bank failures in the three most recent financial crises.
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Changhong, Nie. "International Financial Crises". Chinese Economy 32, nr 1 (styczeń 1999): 46–51. http://dx.doi.org/10.2753/ces1097-1475320146.
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GREENWOOD, ROBIN, SAMUEL G. HANSON, ANDREI SHLEIFER i JAKOB AHM SØRENSEN. "Predictable Financial Crises". Journal of Finance 77, nr 2 (10.03.2022): 863–921. http://dx.doi.org/10.1111/jofi.13105.
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Allen, Franklin, i Douglas Gale. "Optimal Financial Crises". Journal of Finance 53, nr 4 (sierpień 1998): 1245–84. http://dx.doi.org/10.1111/0022-1082.00052.
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Schich, Sebastian, i Byoung-Hwan Kim. "Systemic Financial Crises". OECD Journal: Financial Market Trends 2010, nr 2 (18.03.2011): 1–34. http://dx.doi.org/10.1787/fmt-2010-5kgk9qpnblxw.
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Zharikov, M. "Financial Crises’ Optimization". Review of Business and Economics Studies 8, nr 1 (25.04.2020): 6–19. http://dx.doi.org/10.26794/2308-944x-2020-8-1-6-19.
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This paper is about events where one or more banks face difficulty ruling over their short-term liabilities and perhaps fail. it is natural to think of these events as occurring where some agents have some benefits from creating the risk of these kinds of events, and perhaps do not bear all the societal costs. it is natural to think of these as inefficient outcomes, such as a straightforward way of thinking about that is coming from implicit bank guarantees, for example. What is surprising is that they may happen. This article is about challenging this view. The goal is to try to persuade the reader that there may be some, not just private values but judiciary values to set up a financial system that is subject to these kinds of events where multiple banks will fail at the same time and face difficulty ruling over their debt. In that sense, this article is not trying to convince someone that financial crises may have some efficiency problems. So, it leads very naturally to the question that has been studied already. And this article is going to try to contribute to the understanding of why individual banks per se find an optimal to finance themselves in a fragile way where they are subject to these inefficient terminations. And more generally, why might there be an optimal to have a system that is subject to these kinds of shocks? it is that kind of a question that is under discussion here in this article.
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Boin, Arjen. "On Financial Crises". British Journal of Management 15, nr 2 (czerwiec 2004): 191–95. http://dx.doi.org/10.1111/j.1467-8551.2004.00414.x.
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Huang, Haizhou, i Chenggang Xu. "Financial Institutions, Financial Contagion, and Financial Crises". IMF Working Papers 00, nr 92 (2000): 1. http://dx.doi.org/10.5089/9781451851588.001.
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Chaturvedi, Anurag, i Archana Singh. "Examining Systemic Risk using Google PageRank Algorithm: An Application to Indian Non-Bank Financial Companies (NBFCs) Crisis". International Journal of Mathematical, Engineering and Management Sciences 7, nr 4 (17.07.2022): 575–88. http://dx.doi.org/10.33889/ijmems.2022.7.4.037.
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In the recent financial crises, attention has shifted towards "too-central-to-fail" to recognize the sources of systemic risk. The NBFC Crisis of 2018-19 adversely affected other financial institutions and the real economy of India. The NBFCs crisis highlighted the role of smaller institutions in perpetuating and amplifying the crisis. Thus, the present study models the interconnection of NBFCs with the rest of financial institutions using a complex Granger-causality network based on returns data. The PageRank algorithm identifies the central and important nodes and ranks financial institutions in pre-crisis and crisis periods. The financial institutions are also ranked based on the maximum percentage loss suffered during the crises. Using non-parametric rank-based regression, the PageRank ranking of financial institutions in the pre-crises period (explanatory variable) is regressed with the ranking of financial institutions based on maximum percentage loss suffered by them during the crises period (dependent variable) along with Leverage and Size as control variables. We found that PageRank from pre-crisis can significantly identify most financial institutions that suffered loss during NBFCs crises even in the presence of control variables.
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Amri, Puspa, Eric M. P. Chiu, Greg Richey i Thomas D. Willett. "Do financial crises discipline future credit growth?" Journal of Financial Economic Policy 9, nr 3 (7.08.2017): 284–301. http://dx.doi.org/10.1108/jfep-03-2017-0020.
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Purpose The purpose of this paper is to test whether financial crises themselves provide some degree of ex post discipline. In other words, is there learning from the mistakes associated with crises? The authors test this hypothesis on credit growth, a frequent contributor to banking crises. Design/methodology/approach The study uses statistical tests (comparison of means) on a sample of 72 banking crises, the onset of which occurred between 1980 and 2008. Tests for significance of the difference are conducted using Kolmogorov–Smirnov equality in distribution tests. Findings The results show that real credit growth fell substantially (relative to average) by about 8 per cent points from pre- to post-crisis periods, and that average banking regulation and supervision strengthens after a crisis. Originality/value This paper provides empirical support for the proposition that while financial markets may fail to give sufficient warning signals before a financial crisis, they may discipline governments to undertake reforms in the aftermath of a crisis.
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Dang, Tri Vi, Gary Gorton i Bengt Holmström. "The Information View of Financial Crises". Annual Review of Financial Economics 12, nr 1 (1.11.2020): 39–65. http://dx.doi.org/10.1146/annurev-financial-110118-123041.
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Short-term debt that can serve as a medium of exchange is designed to be information insensitive. No one should be tempted to acquire private information to gain an informational advantage in trading that could destabilize the value of the debt. Short-term debt minimizes the incentive to acquire information among all securities of equal value backed by the same underlying asset. Moreover, backing short-term debt with debt (i.e., using debt as collateral) minimizes information sensitivity across all types of collateral with equal value. These features are consistent with financial crises occurring periodically. In the information view adopted here, a financial crisis can occur when the collateral backing the short-term debt is thought to have lost enough value to raise doubts among the traders that some may acquire private information. In a crisis, there is a shift from information-insensitive to information-sensitive debt.
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Koroleva, Nonna Sh. "FINANCIAL CRISES AND MECHANISMS FOR THEIR PREVENTION". EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 4/9, nr 145 (2024): 31–36. http://dx.doi.org/10.36871/ek.up.p.r.2024.04.09.005.
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This study is aimed at analyzing financial crises and developing mechanisms for their prevention. The work examines the causes of global financial crises, including systemic risks and market imperfections. Particular attention is paid to historical examples, such as the Great Depression, the Asian financial crisis and the 2008 global crisis, in order to identify common factors and the specific features of each case. Based on the analysis, recommendations are proposed to improve financial stability through regulation, monitoring and innovative financial instruments that help prevent future crises.
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Ismail, Mohd Nazari. "WHY A FINANCIAL CRISIS WILL ALWAYS BE AROUND THE CORNER". TAFHIM : IKIM Journal of Islam and the Contemporary World 3, nr 1 (29.09.2015): 103–41. http://dx.doi.org/10.56389/tafhim.vol3no1.5.
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This article seeks to explain the nature and main cause of financial crises. It starts by defining what a financial crisis is and then explains the roam types that have occurred over the centuries namely, currency crisis, banking crisis, and market crashes. The history of the financial industry is then explained to show that financial crisis is a recent phenomenon in relation to mankind which has been in existence for over two million years. What is highlighted is the fact that prior to the existence of financial industry, humanity has never experienced any financial crisis. They only began to occur when financial industry became established in the sixteenth century. The article then relates in detail some of the most famous financial crises that have occurred since then. They include the Tulip Mania case, the South Sea Corporation panic and the Great Depression. This article concludes by arguing that financial crises at their core, are outcomes of over-lending and over-borrowing, which are, thus, integral to the financial industry itself, and that the problems of financial crises are not going to go away as long as the financial industry remains legally as part of our life.
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Lu, Yao. "Predicting Models of Financial Crises". Advances in Economics, Management and Political Sciences 92, nr 1 (20.06.2024): 381–87. http://dx.doi.org/10.54254/2754-1169/92/20230491.
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This study used data from 1870 to 2008 to test the role of logistic regression models in predicting financial crises. This article first dealt with missing values in the data and removed time trends. Then, logistic regression models were used to predict and explore the occurrence of financial crises. During the exploration process, this article adopted principal component analysis and the method of eliminating multicollinearity interference for model optimization, and ultimately found that the area under the curve (AUC) in logistic regression was the highest, at 0.86. This indicates that logistic regression models provide more reliable predictions for financial crises. Based on the results, we further speculate that the total asset value and GDP are very important factors determining whether a financial crisis will occur. While there is room for improvement, the conclusion for this study still provides valuable insights into the connection between financial crises and specific banking factors.
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Mahdi, Zainab A., i Ibrahim F. Muhsin. "The Financial Crisis Affecting the Construction Sector". Journal of Engineering 30, nr 07 (1.07.2024): 109–24. http://dx.doi.org/10.31026/j.eng.2024.07.07.
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Today's world is witnessing continuous development, particularly in the construction sector, which is meeting the rising population and their need for essential facilities; this is one of the reasons why construction is witnessing such development. Different crises significantly affect this sector, including the financial crisis in different countries. This paper identifies the financial crises, their categories, and the reasons for appearing them. Inflation, currency exchange fluctuations, and the drop in global oil prices are the most important reasons for the emergence of external financial crises, especially in Iraq, which considers oil an important economic resource for its budget. The unexpected global financial events led to an economic collapse that affected the construction sector. Many large projects in Iraq have been put on hold as a result of these conditions due to the country's lack of resources to address these crises. This paper aims to study and identify potential crises and potential responses and mitigation strategies for each crisis stage.
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Razaq Mohammad, Ayoop, i Hamdya Shaker Moslem. "The External Financial Crises and Their Role in The Economic Growth Fluctuations in Iraq During the Period (2004-2021)". Journal of Economics and Administrative Sciences 30, nr 140 (30.04.2024): 382–403. http://dx.doi.org/10.33095/gjefvt85.
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Financial crises are a concerning and essential phenomenon due to their severe and dangerous negative impact on global stability. These crises have also spread to developing and advanced countries due to their financial and economic openness. The adverse effects of financial crises have had repercussions on global oil prices, which in turn affected economic growth in Iraq, given its dependence on the oil sector. The main objective of the research was to examine the impact of the global financial crisis on economic growth in Iraq. The research utilized deductive methodology and descriptive analysis as the appropriate approach to achieve the research goal and understand the effect of global financial crises on economic growth. The research begins with the hypothesis that the economic growth in Iraq is affected by global financial crises through oil prices in international markets. The researcher utilizes specific indicators of the Iraqi economy, including oil prices, public revenues, public expenditures, and public debt, to demonstrate the impact of global financial crises on these indicators and how this impact reflects on economic growth in Iraq, represented by the gross domestic product (GDP). The research findings highlight several impacts on the Iraqi economy due to various financial crises. These include the 2009 mortgage crisis, which decreased crude oil prices in the global market due to the global economic recession. Additionally, the financial crisis since the second half of 2014 was caused by a decline in crude oil prices due to sluggish global economic growth. Furthermore, the COVID-19 crisis at the end of 2019 had significant financial consequences, accompanied by decreased oil prices. It is evident that the Iraqi economy is directly and unexpectedly affected by financial crises through the oil markets, as the country heavily relies on oil revenues, which constitute a large proportion of the GDP. Paper: Research paper
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Østrup, Finn, Lars Oxelheim i Clas Wihlborg. "Origins and Resolution of Financial Crises: Lessons from the Current and Northern European Crises". Asian Economic Papers 8, nr 3 (październik 2009): 178–220. http://dx.doi.org/10.1162/asep.2009.8.3.178.
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Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with its contagion within the system is caused by failures of legal, regulatory, and political institutions.
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Rahi, Mohamed Ghali, i Sadiq Toma Rahi Faraj. "The Impact of Financial Crisis in Iraq on Iraqi Banking Performance: Analytical Study". Webology 19, nr 1 (20.01.2022): 2397–413. http://dx.doi.org/10.14704/web/v19i1/web19162.
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Financial crises are factors and indicators reflected in banking performance in general, and it is known that the Iraqi economy is a rent economy with distinction. It is undoubtedly suffering from the financial crises associated with the world oil market, meager prices, as 98% of Iraq's budget revenues depend on oil revenues. This research Aims to Find out the reflection of the financial crises on the Iraqi banking performance (2008-2019). It studied the causes of the financial crisis in Iraq and provoked the financial crisis on the performance of the Iraqi banking system and to know the effects of crises related to fluctuations in oil prices. They are reflected in the budget deficit and indebtedness and reflect the indicators of banking performance represented by bank credit, bank deposits, banking investment. The results show the presence of a Knowledge gap on the interpretation of the nature of the relationship between the variables of the study represented by the independent variable financial crisis and its indicators (oil prices, budget deficit, indebtedness) and variable subordinate banking performance and indicators (bank credit, bank investment, bank deposits). So we should pay attention to indicators of the financial crisis and study the causes of crises that can protect the banking system from falling into crises and financial problems to improve services provided to customers and thus improve banking performance. Show Search results that Effect Indicators of the financial crisis in Iraq (public debt' oil revenues) was significant on bank credit while not proving the significance of the budget deficit on bank credit. Also, Results show moan Effect Crisis indicators (public debt, budget deficit) significantly impact banking investment. However, the significance of oil revenues on banking investment has not been proven. The results also show the effects of the indicators of the oil revenue crisis were significant on bank deposits. At the same time, the significance of the crisis indicators has not been proven Budget deficit, indebtedness on bank deposits.
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Moyo, Clement, i Pierre Le Roux. "Financial liberalisation, financial development and financial crises in SADC countries". Journal of Financial Economic Policy 12, nr 4 (17.04.2020): 477–94. http://dx.doi.org/10.1108/jfep-07-2018-0102.
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Purpose The impact of financial reforms and financial development on an economy has received considerable attention over the recent past. This paper aims to investigate whether financial liberalisation and financial development increase the likelihood financial crises in Southern African development community (SADC) countries. Design/methodology/approach Due to the binary nature of the dependent variable, the logit model is used for the analysis using data for the period 1990 to 2015. Findings The results showed that financial liberalisation captured by real interest rates reduces the likelihood of financial crises. Furthermore, regulatory quality strengthens this reductive effect of financial liberalisation on the probability of financial crises. On the other hand, financial development represented by bank credit increases the incidence of financial crises. The results also suggest that financial liberalisation may increase the likelihood of financial crises indirectly through financial development. Research limitations/implications The study recommends that a sound regulatory and supervisory framework be established as well as institutional quality raised to curb the effect of financial development on the incidence of financial crises. Originality/value There is scant evidence on the role that financial liberalisation and financial development play in the incidence of financial crises in the SADC. This study incorporates the effect of institutional quality in the analysis which has been neglected by most studies on financial reforms in SADC countries. A number of recent studies in SADC countries conclude that financial development resulting from financial reforms, may hinder economic growth. Therefore, this study sheds light on this negative relationship.
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Ying, Jingyi. "Causes and Consequences of the 2008 Financial Crisis: A Critical Review". Advances in Economics, Management and Political Sciences 25, nr 1 (13.09.2023): 75–80. http://dx.doi.org/10.54254/2754-1169/25/20230479.
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The analysis of the financial crisis is crucial for the growth of the world economy, particularly given the complicated economic environment that COVID-19 is currently experiencing and the war in Ukraine. This paper will discuss the most significant financial crisis that happened in 2008, which was brought on by the financial authorities' shoddy implementation and upkeep of their policies. The collapse of several major banks and financial institutions, high unemployment, government bailouts, the collapse of the real estate market, regulatory reforms, and economic recession were the main consequences of the crisis. It is essential to research and examine the factors that led to the financial crisis of 2008 and its consequences. First, research of this kind enables us to comprehend the underlying causes of the financial catastrophe. Secondly, financial crisis research helps to identify early warning signs of impending crises. Third, the study of financial crises can provide valuable insights into the behavior of financial markets and financial institutions. Fourth, research on financial crises can help inform public policy debates. Finally, research on financial crises can help improve transparency and accountability in the financial sector. Such research can inform public policy, promote transparency and accountability, and help ensure a more stable and sustainable global economy.
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Mendoza, Enrique G., i Vincenzo Quadrini. "Financial globalization, financial crises and contagion". Journal of Monetary Economics 57, nr 1 (styczeń 2010): 24–39. http://dx.doi.org/10.1016/j.jmoneco.2009.10.009.
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Vermeulen, Robert, Marco Hoeberichts, Bořek Vašíček, Diana Žigraiová, Kateřina Šmídková i Jakob de Haan. "Financial Stress Indices and Financial Crises". Open Economies Review 26, nr 3 (7.05.2015): 383–406. http://dx.doi.org/10.1007/s11079-015-9348-x.
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Lipscy, Phillip Y. "Democracy and Financial Crisis". International Organization 72, nr 4 (2018): 937–68. http://dx.doi.org/10.1017/s0020818318000279.
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AbstractExisting scholarship attributes various political and economic advantages to democratic governance. These advantages may make more democratic countries prone to financial crises. Democracy is characterized by constraints on executive authority, accountability through free and fair elections, protections for civil liberties, and large winning coalitions. These characteristics bring important benefits, but they can also have unintended consequences that increase the likelihood of financial instability and crises. Using data covering the past two centuries, I demonstrate a strong relationship between democracy and financial crisis onset: on average, democracies are about twice as likely to experience a crisis as autocracies. This is an empirical regularity that is robust across a wide range of model specifications and time periods.
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Blanton, Robert, Shannon Blanton i Dursun Peksen. "The Gendered Consequences of Financial Crises: A Cross-National Analysis". Politics & Gender 15, nr 4 (24.10.2018): 941–70. http://dx.doi.org/10.1017/s1743923x18000545.
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What effects do financial crises have on women's well-being? While much research has addressed various socio-economic and political consequences of financial crises, the gendered impact of financial crises are empirically underexplored. Moreover, extant literature has mainly focused on specific crises or countries with little attempt at determining possible common effects and patterns across the world. To provide broader insight into the gendered consequences of financial crises, we examined the degree to which five types of financial crises—banking crises, currency crises, domestic sovereign debt crises, external sovereign debt crises, and inflation crises—affect women's health and educational outcomes as well as their participation in the formal economy and politics. We also examined the persistence of these effects in the postcrisis years. The results from a panel of 68 countries for the years 1980 to 2010 indicate that financial crises undermine women's participation in the formal workforce, their presence in politics, their educational attainment, and their health outcomes. We also found significant lingering effects of financial crises: the deleterious gendered effects of crises persist even seven years after the end of a crisis.
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Toporowski, Jan. "The financial peculiarity of Greece : some lessons for a theory of financial crisis". Économie appliquée 63, nr 4 (2010): 35–48. http://dx.doi.org/10.3406/ecoap.2010.1959.
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L’article développe une approche critique des théories des crises financières et de leur capacité à éclairer la crise actuelle en Grèce. Il suggère que ces crises diffèrent selon le degré d’intégration à la finance globale, degré qui varie en fonction de la spécialisation internationale des économies et de leur place dans la division du travail et qui génère des structures différentes de leur endettement. Les gouvernements ont réagi en jouant sur l ’inertie institutionnelle et le refinancement des banques par des moyens multilatéraux ou étatiques. De ce fait la crise bancaire s’est transformée en crise de l’Etat. La seule théorie pertinente est alors la théorie luxemburgiste de l’Etat, «refinanceur en dernier ressort», au dépens de l’économie réelle.
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Huikari, Sanna, Jouko Miettunen i Marko Korhonen. "Economic crises and suicides between 1970 and 2011: time trend study in 21 developed countries". Journal of Epidemiology and Community Health 73, nr 4 (28.01.2019): 311–16. http://dx.doi.org/10.1136/jech-2018-210781.
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BackgroundExisting research on the relationship between economic recessions and suicides has almost completely concentrated on the most recent global financial crisis (2008). We provide the most comprehensive explanation to date of how different types of economic/financial crises since 1970 have affected suicides in developed countries.MethodsNegative binomial regressions were used to estimate what the suicide rates would have been during and 1 year after each crisis began in 21 Organisation for Economic Co-operation and Development countries from 1970 to 2011 if the suicide rates had followed the pre-crisis trends.ResultsWe found that every economic/financial crisis since 1970, except the European Exchange Rate Mechanism crisis in 1992, led to excess suicides in developed countries. Among males, the excess suicide rate (per 100 000 persons) varied from 1.1 (95% CI 0.7 to 1.5) to 9.5 (7.6 to 11.2) and, among females, from 0 to 2.4 (1.9 to 2.9). For both sexes, suicides increased mostly due to stock market crashes and banking crises. In terms of actual numbers, the post-1969 economic/financial crises caused >60 000 excess suicides in the 21 developed countries. The Asian financial crisis in 1997 was the most damaging crisis when assessed based on excess suicides.ConclusionsEvidence indicates that, when considered in terms of effects on suicide mortality, the most recent global financial crisis is not particularly severe compared with previous global economic/financial crises. The distinct types of crises (ie, banking, currency and inflation crises, and stock market crashes) have different effects on suicide.
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Hemachandra, WM. "Financial Crises and Impacts of Recent Financial Crises on Sri Lanka". Staff Studies 41, nr 1 (21.09.2012): 1. http://dx.doi.org/10.4038/ss.v41i1.4682.
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Devereux, Michael B., i Changhua Yu. "International Financial Integration and Crisis Contagion". Review of Economic Studies 87, nr 3 (9.10.2019): 1174–212. http://dx.doi.org/10.1093/restud/rdz054.
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Abstract International financial integration helps to diversify risk but also may spread crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with collateral-constrained borrowing using a global solution method. Borrowing constraints bind occasionally, depending upon the state of the economy and levels of inherited debt. We examine different degrees of international financial integration, moving from financial autarky, to bond and equity market integration. Financial integration leads to a significant increase in global leverage, substantially escalates the probability of crises for any one country, and dramatically increases the degree of “contagion” across countries. Outside of crises, the impact of financial integration on macroeconomic aggregates is relatively small. But the impact of a crisis with integrated international financial markets is much less severe than that under financial market autarky. Thus, a trade-off emerges between the probability of crises and the severity of crises. Using a large cross-country database of financial crises in developing and developed economies over a forty-year period, we find evidence in support of the model.
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Barrell, Ray, i Dilruba Karim. "BANKING CONCENTRATION AND FINANCIAL CRISES". National Institute Economic Review 254 (listopad 2020): R28—R40. http://dx.doi.org/10.1017/nie.2020.39.
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Policymakers need to know if the structure of competition and the degree of banking market concentration change the incidence of financial crises. Previous studies have not always come to clear conclusions. We use a new dataset of 19 countries where we include capital adequacy and house price growth as factors affecting crisis incidence, and we find a positive role for bank concentration in reducing incidence. In addition, we look at New Industrial Economics indicators of market structure and find that increased market power also reduces crisis incidence. We conclude that attempts to increase competition in banking, although welcome for welfare reasons, should be accompanied by increases in capital standards.
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Velasco, Andrés. "Financial crises and balance of payments crises". Journal of Development Economics 27, nr 1-2 (październik 1987): 263–83. http://dx.doi.org/10.1016/0304-3878(87)90018-6.
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McGrath, Liam F. "Insuring Against Past Perils: The Politics of Post-Currency Crisis Foreign Exchange Reserve Accumulation". Political Science Research and Methods 5, nr 3 (18.02.2016): 427–46. http://dx.doi.org/10.1017/psrm.2016.9.
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In the aftermath of financial crises, governments can use economic policy to minimize the risk of future recurrence. Yet not all do so. To explain this divergence in responses I develop a theory of economic policy choice after financial crises. I argue that past financial crises provide information to future governments about the political costs of financial crises. This subsequently informs the need to use economic policy to insure against such crises. Focusing on the accumulation of foreign exchange reserves after currency crises, I find that when past currency crises led to political changes future governments accumulate higher levels of reserves to prevent another crisis from occurring. This effect is stronger when political change occurred in situations where governments would not expect to be held accountable, and when reserve sales were shown to be effective in preventing political change. The theory and empirical results provide an answer as to why countries experiencing a similar form of financial crisis can, nevertheless, vary in their attempts to prevent future recurrence.
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Ahdieh, Robert B. "Crisis and Coordination: Regulatory Design in Financial Crises". Proceedings of the ASIL Annual Meeting 104 (2010): 286–89. http://dx.doi.org/10.5305/procannmeetasil.104.0286.
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Lombera, Dante Iván Agatón, Diego Andrés Cardoso López, Jesús Antonio López Cabrera i José Antonio Nuñez Mora. "Market Reactions to U.S. Financial Indices: A Comparison of the GFC versus the COVID-19 Pandemic Crisis". Economies 12, nr 7 (27.06.2024): 165. http://dx.doi.org/10.3390/economies12070165.
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This study delves into the impacts of the 2008 global financial crisis (GFC) and the COVID-19 health crisis on U.S. financial indices, exploring the intricate relationship between economic shocks and these indices during downturns. Using Markov switching regression models and control variables, including GDP, consumer sentiment, industrial production, and the ratio of inventories-to-sale, it quantifies the effects of these crises on the CBOE Volatility Index (VIX), Standard & Poor’s 500 (S&P 500), and the Dow Jones Industrial Average (DJIA) from Q1 2000 to Q2 2023, covering crucial moments of both crises and stable periods (dichotomous variables). Results reveal that the 2008 crisis significantly heightened financial volatility and depreciated the valuation of S&P 500 and DJIA indicators, while the COVID-19 crisis had a diverse impact on market dynamics, particularly negatively affecting specific sectors. This study underscores the importance of consumer confidence and inventory management in mitigating financial volatility and emphasises the need for robust policy measures to address economic shocks, enhance financial stability, and alleviate future crises, especially during endogenous crises such as financial downturns. This research sheds light on the nuanced impact of crises on financial markets and the broader economy, revealing the intricate dynamics shaping market behaviour during turbulent times.
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Reinhart, Carmen M., i Kenneth S. Rogoff. "Recovery from Financial Crises: Evidence from 100 Episodes". American Economic Review 104, nr 5 (1.05.2014): 50–55. http://dx.doi.org/10.1257/aer.104.5.50.
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We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onset of crisis, only Germany and the United States (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Post-war business cycles are not the relevant comparator for the recent crises in advanced economies.
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Padovani, Emanuele, Silvia Iacuzzi, Susana Jorge i Liliana Pimentel. "Municipal financial vulnerability in pandemic crises: a framework for analysis". Journal of Public Budgeting, Accounting & Financial Management 33, nr 4 (2.04.2021): 387–408. http://dx.doi.org/10.1108/jpbafm-07-2020-0129.
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PurposeThis paper explores how global pandemic crises affect the financial vulnerability of municipalities.Design/methodology/approachThis paper is developed from the relevant literature an analytical framework to examine municipal financial vulnerability before a global pandemic crisis and in its immediate aftermath by mapping and systematizing its dimensions and sources. To illustrate how it can be used and evaluate its robustness and flexibility, such a tool was applied to Portugal and Italy, two countries that particularly suffered from the Covid-19 crisis.FindingsThe application of the analytical framework has shown how financially vulnerable municipalities are to global pandemic crises. Financial vulnerability relates to issues ranging from institutional design to internal financial conditions and the perception of the capacity to cope with a crisis. Results further reveal that vulnerability has an inherent contingent nature in time and space and can lead to paradoxical outcomes.Research limitations/implicationsThis paper provides a tool that can be useful for both academic and public policy purposes, to further appreciate municipal financial vulnerability, especially during crises.Practical implicationsMunicipalities can use the framework to better manage their financial vulnerability, strengthening their anticipatory and copying capacities, while oversight authorities can use it to help municipalities become less financially vulnerable or, at least, more aware of their financial vulnerability.Originality/valueMunicipal financial vulnerability to global shocks has not been explored extensively. Also, the Covid-19 pandemic is different from previous global crises as it affected society overnight with the implementation of lockdown and social distancing measures.