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1
Yang, Bo, Minhaj Ali, Shujahat Haider Hashmi, and Mohsin Shabir. "Income Inequality and CO2 Emissions in Developing Countries: The Moderating Role of Financial Instability." Sustainability 12, no. 17 (August 21, 2020): 6810. http://dx.doi.org/10.3390/su12176810.
Повний текст джерелаАнотація:
This paper studies the effects of income inequality and financial instability on CO2 emissions in the presence of fossil fuel energy, economic development, industrialization, and trade openness. Moreover, the present study is the first to examine the moderating role of financial instability between income inequality and CO2 emissions. We utilized panel data of forty-seven developing countries for the period 1980–2016 by utilizing the stochastic impacts by regression on population, affluence, and technology (STIRPAT) model. The empirical outcomes in all models indicate that income inequality and industrialization significantly reduce environmental degradation, while fossil fuel, trade openness, and economic growth decrease the quality of the environment. However, financial instability (without interaction term) shows no significant link to environmental quality, whereas (with interaction term) it shows a significant negative effect on CO2 emissions. In addition, the result of the interaction variable reveals that an increase in inequality, ceteris paribus, in combination with the rise in financial instability, is expected to increase pollution. Furthermore, there exists a bidirectional causal association among income inequality, financial instability, fossil fuel, trade openness, industrialization, economic growth, and the interaction variable with CO2 emissions.
2
Skott, Peter. "Increasing Inequality and Financial Instability." Review of Radical Political Economics 45, no. 4 (May 8, 2013): 478–88. http://dx.doi.org/10.1177/0486613412475188.
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Thioune, Thierno. "Financial Instability and Inequality Dynamics in the WAEMU." Econometric Research in Finance 2, no. 1 (April 24, 2017): 43–62. http://dx.doi.org/10.33119/erfin.2017.2.1.3.
Повний текст джерелаАнотація:
This article assesses the effect of financial instability on income inequality and vice versa. The methodology used in this article is based on two approaches: theconstruction of the synthetic index of financial instability (SIFI) and the panel vector autoregressive (PVAR) approach. The results obtained help to explain that the disparity of income in a West African Economic and Monetary Union (WAEMU) country in each year negatively influences the stability of the financial sector the following year. Functions of impulse responses show that a shock to financial stability has a negative effect on itself and leads to a stable situation after seven periods. A rise in income inequality in WAEMU countries tends to mitigate financial instability at first, before boosting a higher level of instability. Following this increase, inequality will decline, but at a very slow pace.
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Roe, Mark J., and Jordan I. Siegel. "Political instability: Effects on financial development, roots in the severity of economic inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. http://dx.doi.org/10.1016/j.jce.2011.02.001.
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KONDRATEV, Vladimir. "The Future of Financial Capitalism." Perspectives and prospects. E-journal, no. 2/3 (25/26) (2021): 160–77. http://dx.doi.org/10.32726/2411-3417-2021-2-3-160-177.
Повний текст джерелаАнотація:
The financial capitalism has largely determined the direction of economic and social development in the last four decades. Addressing key aspects of financial capitalism, the author reviews its impacts on macroeconomic and social indicators, and its potential for transformation. Finance-dominated capitalism and financialization of all aspects of social life can stifle economic growth, favor capital at the expense of labor and the state, undermine democracy, increase inequality and cause economic and social instability. Politically, financial capitalism is underpinned by the imperative of neoliberalism. This flawed model of development and the deregulation of the financial system have inevitably led to crisis Instead of deregulation, today’s capitalism needs regulation to coordinate and guide the market economy to ensure broader and longer term interests.
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Akyüz, Yılmaz. "Inequality, financialisation and stagnation." Economic and Labour Relations Review 29, no. 4 (November 15, 2018): 428–45. http://dx.doi.org/10.1177/1035304618812572.
Повний текст джерелаАнотація:
The failure of exceptional monetary measures pursued in response to the financial crisis in advanced economies to achieve a strong recovery has created a widespread concern that these economies suffer from a chronic demand gap and face the prospect of stagnation. This article reviews and discusses the alternative views on the causes of the slowdown in accumulation and growth and the policies implemented and proposed to deal with it. It is argued that growing inequality, notably the secular decline in the share of wages, and financialisation are the main factors. Neither spending booms driven by financial bubbles, nor exporting unemployment through trade provides sustainable solutions. It is necessary to rebalance capital and labour, restrain finance and assign a greater role to the public sector in aggregate demand management and income and wealth distribution. However, the dominant neoliberal ideology rules out such socially progressive and economically effective solutions. Consequently, stagnation is likely to remain the new normal in the years to come with governments attempting to reignite growth by creating credit and asset bubbles and/or trying to export unemployment through beggar-thy-neighbour macroeconomic, labour market, trade and exchange rate policies, thereby generating financial and economic instability and tensions in international economic relations with significant repercussions for emerging and developing economies. JEL Codes: E25, E44, F40, F43
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Vidal, Gregorio. "Recession, Financial Instability, Social Inequality and the Health Crisis." Review of Political Economy 33, no. 4 (July 14, 2021): 711–24. http://dx.doi.org/10.1080/09538259.2021.1943933.
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Cardaci, Alberto. "Inequality, household debt and financial instability: An agent-based perspective." Journal of Economic Behavior & Organization 149 (May 2018): 434–58. http://dx.doi.org/10.1016/j.jebo.2018.01.010.
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Dołęgowski, Tomasz, Serhii Hushko, and Volodymyr Kulishov. "PROBLEMS OF INSTABILITY OF THE WORLD ECONOMY UNDER GLOBALIZATION." SOCIETY. INTEGRATION. EDUCATION. Proceedings of the International Scientific Conference 4 (May 26, 2017): 213. http://dx.doi.org/10.17770/sie2017vol4.2280.
Повний текст джерелаАнотація:
We examine the main trends of world economic development. The characteristic feature of the modern world is the acceleration of globalization development, caused by the achievements of scientific and technological progress. The increase in possibilities of global problem solving is accompanied by their exacerbation and degree of openness of public systems in conditions of modern globalization. We consider the interaction of international economic agents, the formation of interconnections, the inevitability of transition to a new and more progressive model of economic development – metaeconomy and the problems which are potentially able to cause negative consequences of the financial sector redistribution. There is a growth of social inequality in the world, resulting in increasing income disparities, which intensifies the migration process and thereby creates new problems as a result of the coexistence of people belonging to different civilizations, cultures and value systems.
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Dimitrijević, Bojan, and Milenko Dželetović. "The war in Ukraine and changes in the global economic system." Socioloski pregled 56, no. 3 (2022): 763–96. http://dx.doi.org/10.5937/socpreg56-40104.
Повний текст джерелаАнотація:
The US years-long irresponsible policy with the excessive printing of dollars, reinforced by the COVID-19 crisis and the war in Ukraine, has led to a large public debt and increasing inflation in the US, which significantly threatens the position of the dollar as the world's reserve currency. The latest challenge to the dollar came from Russia, China and the BRICS countries. The paper analyzes the consequences of the war in Ukraine, the sanctions-based war between Russia and the West, the position of the dollar as the world's reserve currency and the weaknesses of the international financial-monetary system leading to financial instability, frequent crises and growing inequality. A special emphasis has been placed on possible reforms of global finances and alternative proposals for a new reserve currency and more efficient work of global economic institutions (IMF) with the aim of achieving greater equality and faster economic growth.
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Malakhova, T. S. "TRANSFORMATION OF FOREIGN ECONOMIC RELATIONS OF THE CENTER AND THE PERIPHERY IN THE EUROPEAN UNION." International Trade and Trade Policy, no. 2 (July 6, 2018): 58–72. http://dx.doi.org/10.21686/2410-7395-2018-2-58-72.
Повний текст джерелаАнотація:
In modern conditions, the external economic relations between countries of the vanguard and periphery are becoming increasingly controversial and ambiguous. Undoubtedly, the problem of inequality between the mentioned groups of countries has been always acute, and many schools of economics have been working on a solution of this question. This problem has escalated after the first wave of the global economic crisis (2008–2009). Despite everything, countries of the vanguard continue to promote principles of the neoliberal model through international organizations and financial institutions, which turned out to be unviable due to numerous reasons. The article deals with economic and trade relations between countries of the vanguard and periphery within the European Union, problems and controversies of their interaction and provides with a prediction of further development of the integration group. It may definitely be said that the liberalization of the external economic relations between partners has led to the increase of inequality among them, deepening of structural problems in countries of the periphery and to the stifling of their social and economic development. On that basis, the reasons of transformation of the European Union in context of the modern global instability have been outlined, as well as two groups of country outsiders in this association. The article shows that countries of the South and Central and Eastern Europe have found themselves in a financial bondage to the core countries and that their further membership in the EU will lead to even more harmful consequences and to a deep transformation of the whole EU.
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Tsui, Sit, Erebus Wong, Lau Kin Chi, and Wen Tiejun. "The Tyranny of Monopoly-Finance Capital: A Chinese Perspective." Monthly Review 68, no. 9 (February 4, 2017): 29. http://dx.doi.org/10.14452/mr-068-09-2017-02_4.
Повний текст джерелаАнотація:
Since the 1980s, economic growth in the core capitalist countries has been driven by an enormous expansion of financial capital, accompanied by steady deindustrialization. In recent years, the monopoly power of this financial capital has displayed increasingly tyrannical characteristics: it depends for its continued growth on ever-increasing indebtedness and dependence in developing nations, widening the divide between rich and poor and ultimately fostering state violence that serves to suppress popular resistance.… [Today,] military and monetary strength work together to profit from inequality and instability in emerging economies.Click here to purchase a PDF version of this article at the Monthly Review website.
13
Rahim, Nurhazrina Mat, Norli Ali, and Mohd Fairuz Adnan. "Students' Financial Literacy: Digital Financial Literacy Perspective." 13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 13, no. 1 (June 16, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.1(9).
Повний текст джерелаАнотація:
Financial instability and a lack of financial literacy are commonly blamed for the growth in bankruptcy and social concerns among the younger generation. Between 2017 and October 2021, 36,173 Malaysians aged 18 to 44 were declared bankrupt, according to the latest numbers from the Malaysian Department of Insolvency. Furthermore, Selangor had the highest number of instances (25 per cent) (MdI, 2021). This problem offers a substantial obstacle to achieving the Sustainable Development Goals (SDGs), which aim to reduce inequality and promote social and economic inclusion for all citizens. Additionally, due to the recent outbreak of Pandemic COVID-19, financial transactions have shifted from physical to electronic. This circumstance creates an additional risk since it has resulted in the ease of conducting financial transactions. Thus, it is vital for students to have a solid understanding and awareness of online transactions, commonly referred to as digital financial literacy (DFL), to practice sound financial management. Financial literacy deficiencies (both fundamental and digital) would pose a substantial threat to individual financial management. As a result, assessing current university students' financial literacy is crucial. Most of these students will confront financial challenges such as budgeting for study-related costs using the scholarship or pocket money they earned. This research aims to determine the degree of financial literacy (both basic and digital) among Selangor university students. Keywords: Financial literacy, Financial confidence, Digital financial literacy, Digital financial knowledge, Students
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Mizuno, Kosuke. "The East Asian Economy Post-rebalancing: Domestic Demand-led Growth, Social Security, and Inequality." IKAT : The Indonesian Journal of Southeast Asian Studies 1, no. 1 (July 31, 2017): 47. http://dx.doi.org/10.22146/ikat.v1i1.27468.
Повний текст джерелаАнотація:
East Asian, including ASEAN (Association of Southeast Asian Nations), countries have pursued the export-oriented development strategies, attracting foreign direct investment and promoting export-driven growth. However, after the Lehman shock, these countries adopted rebalancing policies from export-driven growth to domestic demand-driven growth. Chinese measures to promote domestic demand since 2008 had succeeded in boosting the economy until 2011 with domestic investments and increase in consumption. Chinese economic growth until 2011–2012 made possible an international commodity boom that resulted in the economic development of Malaysia and Indonesia. However, since 2012, the Chinese economy has been suffering from excess capacity and bad loans, hence ending the international commodity boom. ASEAN countries promptly started rebalancing by cutting back on their reliance on exports and increasing domestic investment and consumption, with variation among the countries. ASEAN countries pursued inclusive policies such as education, medical care, and social security. These policies promoted consumption and investment, helping grow the middle class. However, technological progress, globalization, and market-oriented reforms have also been the driving inequality in many Asian countries in the last two decades, and these forces have changed income distribution through three channels, namely, capital, skill, and spatial bias. Inequality created by conventional development strategies in this region has become the basis for conflicts among the region’s different economic strata. Inequality has had the effect of depressing investment—and thus growth—by fueling economic, financial, and political instability.
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Abdullah Yusof, Selamah. "Ethnic disparity in financial fragility in Malaysia." International Journal of Social Economics 46, no. 1 (January 14, 2019): 31–46. http://dx.doi.org/10.1108/ijse-12-2017-0585.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to investigate the extent of financial fragility and its disparity across ethnic groups in Malaysia. Disparities related to income and wealth are major concerns as they breed conflict and social instability. The study also compares the level of financial fragility of Malaysians with their neighboring Asian counterparts. Design/methodology/approach This study uses the World Values Survey to construct two financial fragility measures. Descriptive analysis is used to compare the level of financial fragility of Malaysia with other Asian countries. Ordinary least squares and generalized ordered logit regressions are applied to determine the existence of ethnic disparity in financial fragility in Malaysia. Findings There exist ethnic differences in financial vulnerability in Malaysia where Malay and Indian are in a more financially fragile situation compared to Chinese. Other socio-economic factors and character trait also impact financial fragility. Compared to neighboring countries, the level of financial fragility in Malaysia is low. Nevertheless, over 40 percent of the Malaysians are just getting by in terms of their expenditure relative to income. They may be at risk to financial shocks without adequate savings or funds. Social implications Ethnic disparity in financial vulnerability added to the inequality in income and wealth can pose a serious threat to Malaysia which attempts to achieve long-lasting social harmony and sustainable development. Originality/value This is the first study that attempts to compare the level of individual financial fragility across Asian countries. It also makes use of a larger scale survey and a more representative sample to examine ethnic disparity in financial fragility in Malaysia. In addition, character trait is included in the analysis to provide a better understanding of human behavior in affecting financial outcomes.
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Parsaulian, Baginda. "FINANCIAL INCLUSION DAN STABILITAS KEUANGAN DI INDONESIA." JEMBA : Jurnal Ekonomi Pembangunan, Manajemen dan bisnis, Akuntansi 2, no. 1 (March 29, 2022): 9–17. http://dx.doi.org/10.52300/jemba.v2i1.4213.
Повний текст джерелаАнотація:
The financial sector has an important role in the economy of a country in the current era of globalization. Financial Technology (Fintech) has changed the financial system to be easier and faster where in the transaction process no longer uses physical money (currency) and demand deposits (demand deposits) or bank accounts, but a number of funds that have been transferred and recognized as balances in the application certain and can be used to carry out financial transactions the same as using physical money (currency) but it is easier and more practical to use a cellular phone and the application.
Financial inclusion implemented by the government focuses on increasing financial access for people who have not yet enjoyed the services of formal financial institutions due to barriers to accessing them. Financial inclusion in practice can have both positive and negative impacts. As a positive impact, financial inclusion besides being able to overcome income inequality also has the potential to improve financial stability, this is because the poor's access to savings from formal financial institutions can increase the capacity of households to manage financial vulnerabilities caused by the adverse effects of the crisis, diversify the funding base from institutions. that can reduce shocks during global crises, increase economic resilience by accelerating growth, facilitating diversification, and reducing poverty. The negative impact of financial inclusion is caused by a decrease in credit standards due to financial institutions trying to reach the lower class of the unbankable in the form of a decrease in loan requirements, this can increase the risk of a bank's reputation due to improving financial services facilities in several countries which lower the standard for establishing a financial institution for the region. rural areas, and can cause instability due to immature and sufficient regulation from microfinance institutions.
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Parsaulian, Baginda. "Financial Inclusion dan Stabilitas Keuangan Di Indonesia." Ekopem: Jurnal Ekonomi Pembangunan 4, no. 1 (April 16, 2022): 31–41. http://dx.doi.org/10.32938/jep.v7i1.2388.
Повний текст джерелаАнотація:
The financial sector has an important role in the economy of a country in the current era of globalization. Financial Technology (Fintech) has changed the financial system to be easier and faster where in the transaction process no longer uses physical money (currency) and demand deposits (demand deposits) or bank accounts, but a number of funds that have been transferred and recognized as balances in the application certain and can be used to carry out financial transactions the same as using physical money (currency) but it is easier and more practical to use a cellular phone and the application.
Financial inclusion implemented by the government focuses on increasing financial access for people who have not yet enjoyed the services of formal financial institutions due to barriers to accessing them. Financial inclusion in practice can have both positive and negative impacts. As a positive impact, financial inclusion besides being able to overcome income inequality also has the potential to improve financial stability, this is because the poor's access to savings from formal financial institutions can increase the capacity of households to manage financial vulnerabilities caused by the adverse effects of the crisis, diversify the funding base from institutions. that can reduce shocks during global crises, increase economic resilience by accelerating growth, facilitating diversification, and reducing poverty. The negative impact of financial inclusion is caused by a decrease in credit standards due to financial institutions trying to reach the lower class of the unbankable in the form of a decrease in loan requirements, this can increase the risk of a bank's reputation due to improving financial services facilities in several countries which lower the standard for establishing a financial institution for the region. rural areas, and can cause instability due to immature and sufficient regulation from microfinance institutions.
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D'Orazio, Paola. "Income inequality, consumer debt, and prudential regulation: An agent-based approach to study the emergence of crises and financial instability." Economic Modelling 82 (November 2019): 308–31. http://dx.doi.org/10.1016/j.econmod.2019.01.015.
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Muellbauer, John. "Housing, debt and the economy: a tale of two countries." National Institute Economic Review 245 (August 2018): R20—R33. http://dx.doi.org/10.1177/002795011824500112.
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In housing affordability levels and volatility, there could hardly be a greater contrast than between the UK and Germany. Differences in history, institutions and policies are explored in this paper. Residential housing supply has been far more expansionary in Germany and mortgage credit more tightly regulated. A sensibly regulated rental market and stable German house prices have combined to leave the rental sector with over half of tenures. Policy failures in the UK have resulted in widening intergenerational inequality, increased social exclusion, adversely affected productivity and growth and raised the risk of financial instability. Policy lessons are drawn for the UK, which go far beyond the remit of the immediately responsible Ministry of Housing, Communities and Local Government.
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Arykbaev, Ravil Karimovich, Elena Igorevna Kozyrenko, Marina Aleksandrovna Shulimova, and Elena Nicolaevna Derbeneva. "Personal income tax: social aspect." Vestnik of Astrakhan State Technical University. Series: Economics 2022, no. 4 (December 30, 2022): 19–32. http://dx.doi.org/10.24143/2073-5537-2022-4-19-32.
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In modern conditions that are characterized by financial and economic instability the problem of ensuring the balance of funds coming to budgets of all levels is quite acute. One of the key sources of income of the Russian consolidated budget are the tax payments, among which the personal income tax (PIT) plays an important role. In-come tax in Russia has a fairly long history of formation. Its economic content and implemented functions indicate the high importance of income taxation for the life of society, economic and budgetary systems. There have been studied the current trends in development of taxation of personal income in Russia. It has been stated that in modern conditions there appear more challenges from the world economy and currency market, which may result in personal income tax administration becoming more complicated in Russia. Due to the impact of coronavirus pandemic, imposing the economic sanctions and the general unfavourable macroeconomic situation there have been highlighted the increasing PIT arrears, decreasing tax revenues, a low share of PIT in the consolidated budget and GDP of the Russian Federation. Economic and financial potential of PIT is underutilized in Russia. There has been proposed an approach to changing the tax tools including tax mechanisms that form the level of well-being and development of citizens using a progressive scale of taxation. It is recommended to provide for a change in the PIT depending on the level of citizens’ income and their proximity to the subsistence minimum. This approach will contribute to solving the problems of social inequality, redistributing excess incomes in favor of the least affluent segments of the population, improving the effectiveness of Russia’s social policy in the medium term, and increasing budget revenues
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Evans, Martin, and Susan Harkness. "Elderly people in Vietnam: social protection, informal support and poverty." Benefits: A Journal of Poverty and Social Justice 16, no. 3 (October 2008): 245–53. http://dx.doi.org/10.51952/pdnz6644.
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This article explores social protection in Vietnam. Vietnam is one of the best-performing countries in terms of combining rapid economic growth, rapidly falling poverty and a commitment to social protection. It is keen not to repeat the mistakes of increased inequality and rural instability that have plagued its neighbour China and deserves more coverage by, and attention from, European policy analysts. This article summarises research on elderly people undertaken for the United Nations Development Programme in Hanoi using data from the Vietnam Household Living Standards Survey. We show that social protection for elderly people in Vietnam is currently patchy, with state transfers tending to reinforce patterns of inequality. These transfers are currently disproportionately captured by those who already relatively well off: those in formal sector employment, the better educated, those living in urban areas and state employees. Those people most likely to be poor, including the minority ethnic population, are among the least likely to be in receipt of state support. Elderly people in this group are largely dependent on income from their own labour and from familial transfers. While the government is committed to extending the coverage of social protection, progress towards a universal and comprehensive system is likely to be slow, given current financial and information constraints and existing commitments to paying the pensions of old cadres now reaching retirement.
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Luzyanin, S. G. "Bound by One Belt." Outlines of global transformations: politics, economics, law 9, no. 6 (July 24, 2018): 41–59. http://dx.doi.org/10.23932/2542-0240-2016-9-6-41-59.
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The article contains an information about the alignment of the Silk Road Economic Belt with the Shanghai Cooperation Organization and Russian integration projects the main of which is the Eurasian Economic Union. Complex Chinese initiative has many different aspects and dimensions relating to trade, investment, transport infrastructural, cultural and humanitarian issues. The author considers the problem of alignment in many aspects including the current state of Russian academic expertise and the possible ways of using the project in order to improve socioeconomic situation in the Russian territories in the Central Asia, Siberia and the Far East. The author stresses the security concerns, which seemed to be underestimated by China on the early stages of the program implementation. In this context, the author pays special attention to the threats of international terrorism, the rais ing instability in the states-participants, transnational crime and drug market. The author concludes that the project will not bring positive consequences unless Chinese authorities will closely cooperate with Russia and the regional organizations it associated with. As a result, it is possible to reach a partner cooperation between the states (although different in their economic potential), under which China will benefit effective using of its resources and overcome the current economic isolation of the Сentral Asian states. From the other hand, Russia will get a chance to improve the situation of economic inequality between its internal regions. Russian military and political power may guarantee successful assimilation of Chinese financial investments.
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Карпунина, Евгения Константиновна, and Татьяна Григорьевна Соболевская. "ECONOMIC SECURITY OF RUSSIAN REGIONS AND NEW DIGITAL HORIZONS." Вестник Тверского государственного университета. Серия: Экономика и управление, no. 4(52) (December 23, 2020): 136–48. http://dx.doi.org/10.26456/2219-1453/2020.4.136-148.
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Целью исследования является разработка методологического подхода к идентификации рисков экономической безопасности региона, возникающих в условиях цифровизации, их оценке и выбору инструментария нивелирования. Авторы обосновали, что в условиях цифровизации появляется спектр новых рисков, влияющих на состояние каждого структурного компонента экономической безопасности региона. Авторы систематизировали данные риски в соответствии со структурными особенностями экономической безопасности (риск утечки информации и сбоев, риск недопроизводства ВРП, риск потери доходов бюджета региона, риск сбоя финансовой системы, риск усиления неравенства, риск роста безработицы, риск социальной нестабильности, риск цифрового отставания), предложили подход к их оценке. Научной новизной исследования является предложенная авторами модель риск-ориентированного управления экономической безопасностью региона на основе идентификации рисков, оценка которых возможна через индикаторы экономической безопасности и их пороговые значения, а также рисков, сложно поддающихся оценке (с помощью применения статистических методов). The purpose of the study is to develop a methodological approach to identifying the risks of economic security in the region that arise in the context of digitalization, their assessment and selection of leveling tools. The authors proved that in the conditions of digitalization, a range of new risks appears that affect the state of each structural component of the region's economic security. The authors have classified these risks according to the structural peculiarities of economic security (risk of leaks and failures, the risk of underproduction of GRP, the risk of loss of budget revenues of the region, the risk of failure of the financial system, the risk of inequality, risk of unemployment, the risk of social instability risk of digital gap), suggested an approach to their evaluation. The scientific novelty of the research is the model of risk-based management of economic security of the region proposed by the authors, based on the identification of risks that can be assessed through indicators of economic security and their threshold values, as well as risks that are difficult to assess (using the statistical method).
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Kuznetsov, A. V. "Disintegration of the World Trade System: Reasons and Consequences." Finance: Theory and Practice 23, no. 5 (October 24, 2019): 50–61. http://dx.doi.org/10.26794/2587-5671-2019-23-5-50-61.
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The article presents the study results of the world trade stagnation issues associated with the WTO systemic crisis. The aim of the article is to summarize the main reasons for the world trade system disintegration and to identify feasible directions for the world economic order transformation. The G20 trade-restricting measures were analyzed based on the statistical databases of the WTO and the non-governmental organization Global Trade Alert (GTA). The views of leading domestic and foreign experts on the consequences of liberalization of the world trade in goods and services were summarized. The author systematized the reasons for the world trade system disintegration, including: the US anti-globalization policy aimed at containing the PRC; counteracting unipolar globalization by the Southeast Asian nations; developed countries’ rejecting the growing participation of developing countries in redistributing global resources; inefficiency of international organizations in solving problems of global imbalances, inequality and instability of the global financial system. Structuring disintegration processes revealed its main trends: protectionism, regionalism, trans-regionalism. There were shown mechanisms to keep the US in the European Union due to companies providing professional services to European business. The author evaluated Russia and China’s competitive advantages in the production chains of the new technological structure. The areas of cooperation between Russia and the BRICS countries for realizing export potential in agriculture, aviation and nuclear industries were determined. The prospects for trade and economic relations in Eurasia are discussed in terms of changing the economic paradigm and shifting the regulation of the global economy problems to the regional level.
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Davis, Ann E. "The New Triffin Dilemma." Review of Radical Political Economics 50, no. 4 (November 3, 2018): 691–98. http://dx.doi.org/10.1177/0486613418767613.
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According to Pozsar, there is a new kind of “Triffin Dilemma.” Due to rising inequality, a shrinking numbers of large banks, and a ceiling on Federal Deposit Insurance Corporation (FDIC) insured deposits, there is a shortage of “safe assets.” The private supply of safe assets has occurred through the system of shadow banks, and is based on repos, or Treasury Bonds. But the supply of US Treasury bonds is limited by the ceiling on public debt, and is constrained by neoliberal theories of limits to the size of government. As a result, there is a presumed shortage of safe assets, just when the levels of inequality have increased the order of magnitude of assets under management which are in need of protection. There are also large accumulations of cash pools by large multinational corporations, often held overseas to evade taxes. The private provision of safe assets tends to reduce liquidity and increase costs of information, potentially leading to financial instability. Possible resolutions of this issue include (1) progressive taxes to reduce the size of the cash pools, (2) an increase in the ceiling for insured deposits, and (3) increasing support by the Fed for the role of “market maker of last resort.” This paper concludes with the implications of each alternative. JEL Classification: B5, E44, G01, P1
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Yeganeh, Hamid. "A critical examination of the social impacts of large multinational corporations in the age of globalization." critical perspectives on international business 16, no. 3 (October 21, 2019): 193–208. http://dx.doi.org/10.1108/cpoib-01-2019-0001.
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Purpose This paper aims to offer a critical examination of the social impacts of large multinational corporations (MNCs) in the age of globalization. Design/methodology/approach The study adopts a multidisciplinary approach and relies on various scholarly resources in several disciplines including international business, international economics, sociology and international relations. The analysis is organized around eight major areas and constituencies of MNCs including the global scene, workers, competitors, entrepreneurs, government and tax payers, social justice, nations/states and natural environment. Findings Giant MNCs have benefited from favorable conditions in the past three decades and currently dominate the global scene. In general, the rising corporate profits come not to the benefit, but to the detriment of workers. Large MNCs benefit from their immense resources to develop sophisticated competitive advantages against smaller rivals. They impede small entrepreneurs from scaling up their operations and increasing their market shares. Furthermore, large MNCs often take advantage of their power to shape national and international policies in ways that enable them to enhance their profitability. Overall, large MNCs aggravate the rising economic inequality in different ways, thus contributing to social and financial instability. Furthermore, large MNCs erode state sovereignty and enormously contribute to environmental degradation. Originality/value While most international business studies focus on the concept of corporate social responsibility or sustainable development, the originality of this paper resides in adopting an alternative perspective and offering a multidisciplinary and critical examination of the social impacts of large MNCs.
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Nada, Cosmin, Eunice Macedo, Elsa Guedes Teixeira, and Helena C. Araújo. "Growing up in a never-ending crisis." Profesorado, Revista de Currículum y Formación del Profesorado 26, no. 3 (November 26, 2022): 125–49. http://dx.doi.org/10.30827/profesorado.v26i3.22833.
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Over the past two decades, young people have faced increasing social and economic instability. Before the world had fully recovered from the tremendous effects of the global financial crisis of 2007-08, it was hit by the COVID-19 pandemic. With the effects of such crises being felt unevenly, what are the implications of these challenging times for the educational and professional aspirations of young people in vulnerable situations? To investigate, this paper draws on the lived experiences of young people (15-24 years old) in Portugal, ranging from early leavers from education and training to students currently enrolled both in mainstream schools and other educational institutions. The qualitative data used are drawn from two distinct research projects. By combining these two data sets, we have expanded our understanding of the impact of these crises on young people’s aspirations and educational trajectories. The findings indicate that, within the framework of successive economic, political and social crises, pre-existing situations of social vulnerability tend to intensify and may lead to disengagement from school, and even dropping out. Often, the need to help support their families leads many young people to enter a competitive and highly precarious labour market. This article renders visible the impact that structural and systemic factors – intrinsically linked to issues of inequality and social injustice – can have on the educational aspirations and trajectories of young people in a society in which ‘being in crisis’ has somehow become the new norm.
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Michie, Jonathan, Philip B. Whyman, and Ruth Yeoman. "Call for papers for a special issue on economic policy in an era of crises and uncertainty – tackling global inequality and financial instability, building forward post-covid, and securing net zero." International Review of Applied Economics 36, no. 1 (January 2, 2022): 147–48. http://dx.doi.org/10.1080/02692171.2022.2014166.
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Loginov, Dmitry. "Non-Material Resources of the Population in the New Adaptation Cycle." Obshchestvennye nauki i sovremennost, no. 6 (2021): 40. http://dx.doi.org/10.31857/s086904990017876-5.
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The period of epidemiological instability created by the new coronavirus infection and implementation of countermeasures has made a complex of adaptational tasks actual for various groups of Russian population. As the experience of socio-economic adaptation of the past decades shows, the variety and success of implementing behaviour models in high degree depends on the level of non-material resource potential development.The materials of the representative sociological survey conducted by ISAP RANEPA in 2020 shows the structure and differentiation of non-material resource potential of the Russian population in the acute phase of the epidemiological crisis. The author considers this very period to be the beginning of a new adaptive cycle which demands various social groups to mobilize the accumulated abilities to build successful models of behaviour in an unstable external environment. According to the results of the survey, the population is significantly differentiated by the level of available non-material resources: the integral index created on the basis of indicators of education, health and social connections demonstrates that the resource-availability lower than average characterizes 35,6% of the population, while 36,6% have the average level and 27,8% are highly provided with resources. The different level of non-material resources development leads not only to differentiation by professional status, but also to inequality in capacity to adapt to a crisis situation. It is reflected both in the greater stability in employment of the group with high non-material resources and in their more stable financial situation. Meanwhile, the problem of underuse of accumulated individual resources and barriers to achieving sufficient financial and social statuses even for representatives of well-off resource groups remains actual.
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Ferronato, Navarro, Rodolfo Pasinetti, Daysi Valencia Vargas, Iris Jabneel Calle Mendoza, Edith Gabriela Guisbert Lizarazu, Marcelo Antonio Gorritty Portillo, Fabio Conti, and Vincenzo Torretta. "Circular Economy, International Cooperation, and Solid Waste Management: A Development Project in La Paz (Bolivia)." Sustainability 14, no. 3 (January 26, 2022): 1412. http://dx.doi.org/10.3390/su14031412.
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This paper introduces the preliminary results of a development project focused on waste recycling and recovery in La Paz (Bolivia). The aim is to share best practices and to present real-world challenges when implementing appropriate waste management systems in developing countries. Environmental pollution, social inequality, lack of resources, and economic discrepancies are challenges still present in the 21st century, and a global call-for-action is needed to support sustainable development. The project “LaPazRecicla”, financed by the Italian Agency for Development Cooperation, provides perspectives that are potentially useful for policy-makers, waste management practitioners, and circular economy visionaries. The article aims to present the effective contribution of the practical actions to the local municipality, and to introduce the reason for why theoretical methods were employed to support the project. The outcomes provided two main indications: on one hand, cooperation among interdisciplinary actors and financial support can give the chance of improvement, suggesting international donors should continue in this direction; on the other, political instability, lack of local technical knowledge, and the absence of planning for a long-term period makes these actions unsuitable for tangible change. Global reflections are required in order to measure the potential benefits of small-scale projects, evaluating the time needed to move towards a sustainable future in low-income countries.
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Kaboub, Fadhel, Zdravka Todorova, and Luisa Fernandez. "Inequality-Led Financial Instability." International Journal of Political Economy 39, no. 1 (April 2010): 3–27. http://dx.doi.org/10.2753/ijp0891-1916390101.
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Misko, O. N., and G. G. Rubtsov. "The Impact of the Unification of the Policies of the EAEU Countries and Their Allies on Long-Term Socio-Economic Processes within the Eurasian Union." EURASIAN INTEGRATION: economics, law, politics 16, no. 3 (October 13, 2022): 34–46. http://dx.doi.org/10.22394/2073-2929-2022-03-34-46.
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In the context of the development of a new round of the global economic crisis, the growth of regional and global instability, the factor of importance of improving the tools for the integration development of the Eurasian Economic Union is extremely acute. Strategic planning is one of the most important mechanisms for improving integration processes. It is the long-term development documents that are able to foresee and successfully coordinate the problems of wealth inequality, the quality of living standards, the access of various social strata of society to financial services, etc. However, such program documents are doomed to failure without the presence of reasonable priorities, focused mainly on the implementation of structural changes in the economies of the EAEU and its potential new members, as well as today’s observers of the Eurasian Economic Union.Aim. The purpose of the study is to analyze the current state of long-term socio-economic planning and forecasting within the boundaries of the EAEU. A mechanism of “transinstitutional cooperation” is proposed, focused on strengthening integration ties through institutional transformations. The macro-regional approach is considered as an effective model of cooperation between states within the framework of various socio-economic tools.Task. Thus, the objectives of the study were: to demonstrate the tools for the development of “transinstitutional interaction” within the boundaries of the Eurasian Economic Union, to give examples of such cooperation based on the possible cooperation of the EAEU countries with potential members of the union (Uzbekistan), as well as to analyze the legislative framework and the accumulated experience of “strategizing” in borders of the Eurasian economic integration.Methods. The research methods are comparative analysis when comparing the standard and interregional approaches of “transinstitutional interaction” for the development of the EAEU states, the method of expert assessments — when developing recommendations for improving the mechanisms of strategic planning in the Russian Federation, methods of structural and logical analysis — when determining the priority tools in the development of the Russian Federation and the Republic of Uzbekistan.Results. As a result, the main challenges of the EAEU in terms of improving the strategic planning tool were identified. A mechanism of “transinstitutional cooperation” is proposed, focused on strengthening integration ties through institutional transformations. The macro-regional approach is considered as an effective model of cooperation between states within the framework of various socio-economic tools. The prospects for integration ties between the EAEU countries and the Republic of Uzbekistan are analyzed in order to analyze the possibilities of unifying strategic planning mechanisms within the framework of “transinstitutional cooperation”. Recommendations are given for improving the strategic planning of the Russian Federation as a locomotive state in the development of strategic planning in the EAEU.Conclusion. As the data presented in the paper show, the member states of the EAEU+ (Eurasian integration countries + observer countries + potential members of the union — Uzbekistan) face similar problems with regard to the strategic development of their territories. The “transinstitutional approach” presented by the authors will allow the members of the Eurasian Economic Union to unite in solving socio-economic challenges, to systematize efforts towards improving the mechanisms of socioeconomic development, significantly saving on the “scale effect” in the search for new socio-economic tools, testing its effectiveness and process control of achieved indicators.
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Karl, Terry Lynn. "Economic Inequality and Democratic Instability." Journal of Democracy 11, no. 1 (2000): 149–56. http://dx.doi.org/10.1353/jod.2000.0014.
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Lo Prete, Anna. "Economic literacy, inequality, and financial development." Economics Letters 118, no. 1 (January 2013): 74–76. http://dx.doi.org/10.1016/j.econlet.2012.09.029.
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Díaz Bustos, Yamil Omar, and José Luis Martínez Marca. "Minsky: Economic Cycle, Financial Instability, and Economic Policy." RDP Revista Digital de Posgrado, no. 5 (April 29, 2022): 8–27. http://dx.doi.org/10.22201/fesa.rdp.2022.5.02.
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Until the end of 2019, a little before the effects of COVID-19 would be felt globally, the world’s most developed capitalist economies did not show signs of recovery, on the contrary, it seemed that their destiny was a new recession. As is well known, after the 2007 crisis that began in the United States, the institutional and economic policy proposals of Hyman Minsky have been reexamined in a different context. In this paper, we make a description and an interpretation of the main Minskian proposals, which have been reexamined in order to explain the economic cycle, as well as the economic crises and economic policies. Minsky considered that financial instability is inherent to the capitalist system itself, because for him the very stability of the system is in itself destabilizing. It is important to understand the proposals of the Minskian approach, as it is an interesting and valuable contribution to the prevailing conventional theory that failed to foresee the recessionary problems or the economic crisis of the first decade of this century.
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Padayachee, Vishnu. "Inequality, macroeconomics and financial instability. A South African perspective." International Review of Applied Economics 31, no. 3 (March 7, 2017): 429–36. http://dx.doi.org/10.1080/02692171.2017.1297345.
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Chu, Chi‐Yang, and Mingming Jiang. "Financial depth, income inequality, and economic transition." Southern Economic Journal 88, no. 1 (June 19, 2021): 199–244. http://dx.doi.org/10.1002/soej.12523.
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Allub, Lian, and Andrés Erosa. "Financial frictions, occupational choice and economic inequality." Journal of Monetary Economics 107 (November 2019): 63–76. http://dx.doi.org/10.1016/j.jmoneco.2018.12.003.
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Park, Donghyun, and Kwanho Shin. "Economic Growth, Financial Development, and Income Inequality." Emerging Markets Finance and Trade 53, no. 12 (August 2017): 2794–825. http://dx.doi.org/10.1080/1540496x.2017.1333958.
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Kregel, Jan. "Financial systems, financial governance and economic development." Brazilian Keynesian Review 3, no. 2 (January 31, 2018): 124. http://dx.doi.org/10.33834/bkr.v3i2.126.
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The idea that seems to be spreading in response to this crisis to promote the substitution of development financing via private sector institutions in place of government development banks means restoring the inequitable sharing of risk of development finance, promoting instability and protecting finance at the expense of labour, and the inevitable worsening of the distribution of income. Private sector financial markets do not have a good record of providing finance to development investments at levels and rates that would ensure expanding employment, and there is no reason to believe that this will change if the role of development banks is minimized. As liquidity preference becomes the dominant decision variable for investment, Brazil will be back to the problems that Keynes originally analysed in the <em>General Theory</em>, with the addition of the prudential requirements that will aggravate the instability of the growth process, even in the presence of a fully developed domestic financial system, and tilt social support in favour of finance at the expense of labour.
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Kadiu, Fatbardha. "Economic Overview and Financial Instability in Balkans." Procedia Economics and Finance 26 (2015): 1141–45. http://dx.doi.org/10.1016/s2212-5671(15)00943-0.
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FREEMAN, JOHN R., and DENNIS P. QUINN. "The Economic Origins of Democracy Reconsidered." American Political Science Review 106, no. 1 (February 2012): 58–80. http://dx.doi.org/10.1017/s0003055411000505.
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The effects of inequality and financial globalization on democratization are central issues in political science. The relationships among economic inequality, capital mobility, and democracy differ in the late twentieth century for financially integrated autocracies vs. closed autocracies. Financial integration enables native elites to create diversified international asset portfolios. Asset diversification decreases both elite stakes in and collective action capacity for opposing democracy. Financial integration also changes the character of capital assets—including land—by altering the uses of capital assets and the nationality of owners. It follows that financially integrated autocracies, especially those with high levels of inequality, are more likely to democratize than unequal financially closed autocracies. We test our argument for a panel of countries in the post–World War II period. We find a quadratic hump relationship between inequality and democracy for financially closed autocracies, but an upward sloping relationship between inequality and democratization for financially integrated autocracies.
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Larios-Meoño, J. Fernando. "Inequality reduction, financial markets instability and the Pacific Alliance opportunity." Journal of Economics Finance and International Business 2, no. 1 (June 22, 2018): 08. http://dx.doi.org/10.20511/jefib.2018.v2n1.218.
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Kulikauskas, Darius. "ECONOMIC INEQUALITY: A SURVEY OF RECENT LITERATURE." Ekonomika 92, no. 1 (January 1, 2013): 7–25. http://dx.doi.org/10.15388/ekon.2013.0.1137.
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Abstract. The purpose of this paper is to review the recent literature on economic inequality. In particular, the developments in the fields of economic growth, financial crises, happiness and skill (capital) biased technological progress are surveyed. By using the methods of systematic and narrative literature review and conducting meta-synthesis of the recent studies, it is shows that conventional wisdom is contested in all of the mentioned fields. The rising economic inequality is linked to financial crises as well as the slower and shorter economic growth. The Easterlin paradox is losing support. Skill-biased technological progress is possibly evolved into a capital-biased one.Key words: economic inequality, financial crises, skill-biased productivity, capital-biased productivity, the Easterlin paradox
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Voznyak, Halyna, Olha Mulska, Mariana Bil, and Yuriy Radelytskyy. "Financial wellbeing of households in instability." Investment Management and Financial Innovations 19, no. 1 (February 10, 2022): 135–44. http://dx.doi.org/10.21511/imfi.19(1).2022.10.
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In instability and economic turbulence, the wellbeing of households as market economy entities constitutes the financial-investment capacity of a region, the level of which is determined by the conditions of the competitive socio-economic environment. The paper aims to estimate the financial wellbeing of households on the example of the oblasts of the Carpathian region of Ukraine in instability. The study is based on a system-integral estimation method, which includes the implementation of three stages: (1) development of a system of indicators, (2) determination and substantiation of weight significance, and (3) construction of time series of empirical parameters of households’ wellbeing based on temporal and spatial approaches. The analysis reveals that the financial wellbeing of households differentiates in a competitive economic environment and with the spread of behavioral factors (COVID-19, consumer reflections). Among the oblasts of the Carpathian region of Ukraine, the highest values of empirical parameters of financial wellbeing were in Zakarpatska (0.537) and Chernivetska (0.459) oblasts (2019). Meanwhile, the level of the financial wellbeing of households is higher in Lvivska oblast by several indicators. The divergence of the Carpathian region from Ukraine by the level of the financial wellbeing of households was mostly observed in 2018–2019. Zakarpatska oblast was the leader by the level of the financial wellbeing of households in 2010–2019. The study is of the practical nature for framing the regional economic policy in terms of detecting the critical “pressure” of financial wellbeing on the economic growth of the region and economic ability to increase investment capacity. AcknowledgmentsThe study has been conducted within the framework of the Applied Research “Financial determinants of the provision of economic growth in the regions and territorial communities based on behavioural economy” with the support of the National Research Foundation of Ukraine (M. Dolishniy Institute of Regional Research of the National Academy of Sciences of Ukraine, the grant Reg. No. 2020.02/0215, 2020–2022).
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Kavya, T. B., and Santhakumar Shijin. "Economic development, financial development, and income inequality nexus." Borsa Istanbul Review 20, no. 1 (March 2020): 80–93. http://dx.doi.org/10.1016/j.bir.2019.12.002.
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Hussain, Babar, Muhammad Naveed Tahir, and Bahawal Khan. "Impact of Financial Development, Financial Liberalization and Economic Growth on Financial Instability: Evidence from Panel Data." Journal of Economic Impact 4, no. 2 (August 30, 2022): 142–51. http://dx.doi.org/10.52223/jei4022217.
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Financial instability refers to the situation when financial system faces some disturbances and volatility. There are some important factors that can have a significant influence on the stability or instability of the financial sector. The main objective of this study is to examine the impact of financial sector development, financial liberalization, and GDP growth rate on financial instability. Using data from 53 countries from 2000 to 2016 and employing a battery of estimation techniques consisting of fixed effect, random effect, dynamic panel, and system GMM, the study finds that financial development and financial liberalization accentuate financial instability. The study also finds that economic growth dampens it. Furthermore, the relationship is robust to a variety of controls like monetary independence index, exchange rate stability, law and order, and government expenditure. The policy implication is straightforward that financial development and financial liberalization demand a caution.
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CHYRAK, Iryna. "FINANCIAL STABILITY, FINANCIAL INSTABILITY AND FINANCIAL SUSTAINABILITY OF THE ECONOMY." WORLD OF FINANCE, no. 2(63) (2020): 115–25. http://dx.doi.org/10.35774/sf2020.02.115.
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Introduction. The financial instability has significantly increased due to the liberalization of foreign economic relations, the weakening of state control over the movement of capital and the acceleration of globalization processes in the financial and credit sphere. It has weakened the sustainability of national economies and made them more vulnerable to crisis shocks. Significant economic losses from crisis phenomena increase the need for research of the nature of financial instability and sustainability of the economy, the factors affecting its condition and the identification of pre-crisis risks. Issues of developing and effectively utilizing measures aimed at improving the financial stability of the economy remain relevant. It will minimize the negative impact of shocks and maintain steadily growing economic dynamics. The purpose is to generalize theoretical approaches in order to determine the essence of financial stability, financial instability and financial sustainability, to identify factors affecting it, and also to define the peculiarities of providing financial sustainability of the economy in conditions of Covid-19 pandemic. Methods. It has been used a number of scientific and special methods of the research such as: analysis, synthesis, induction, deduction, abstract, logic and generalization methods while studying the modern theoretical approaches to determine the nature of financial stability and financial stability of the economy, identifying the interdependencies between them, analyzing of scientists' views on the nature of financial instability, the causes of its occurrence and possible negative consequences for the economy. Results. Theoretical approaches to determining the essence of financial stability and financial stability of the economy have been considered and generalized. It has been established that they are interrelated and interdependent phenomena and the most important conditions for stable development of the national economy. The views of scientists and researchers on the nature of financial instability, the causes of its occurrence and possible negative consequences for the economy have been analyzed. It has been found that the vast majority of scientists associate instability with the inability of the financial system to withstand shocks and prevent their devastating impact on the real economy. It has been determined that there are many factors that can cause financial instability and the impact of each of them at some point in time can be significant. It has been emphasized on increasing risks of crisis emergence and deployment in both global and national economies in the conditions of the Covid-19 pandemic and the importance of providing government support to businesses and industries to adapt to evolving circumstances. Conclusions. Further research suggests focusing on the development and effective use of measures aimed at improving the financial sustainability of the economy, which will minimize the negative impact of shocks and maintain a steadily increasing economic dynamic.
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Jung, Samuel M. "Interactions between Economic Growth, Financial Development, and Income Inequality in General and in China." International Journal of Economics and Finance 13, no. 5 (April 10, 2021): 67. http://dx.doi.org/10.5539/ijef.v13n5p67.
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This paper is a survey of the literature on the theoretical and empirical interactions among financial development, economic growth, and income inequality. Prevailing evidence on finance and economic growth suggests that financial intermediaries’ development significantly helps to enhance economic growth. In addition, previous studies show that financial development plays an important role in reducing income inequality. Empirical research on a Chinese case, however, shows varied empirical findings or no clear association between financial development and income inequality.
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Baek, Inmee, and Qichao Shi. "Impact of Economic Globalization on Income Inequality: Developed Economies vs Emerging Economies." Global Economy Journal 16, no. 1 (March 2016): 49–61. http://dx.doi.org/10.1515/gej-2015-0047.
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This paper studies income inequality and globalization by decomposing economic globalization into trade intensity and financial integration, and also by differentiating the effect of globalization across developed and developing countries. Using panel data on 26 developed countries and 52 developing countries for the 1990–2010 period when globalization was accelerated, this study finds that financial integration affects the income inequality differently from trade intensity and the effect is in contrast across two groups of countries. For example, an increase in trade intensity would widen income inequality in developed countries, but it would reduce the inequality in developing countries. And, a deepening of the financial integration would reduce the income inequality in developed countries but increase the inequality in developing countries. These results suggest that income inequality of developing countries would deteriorate with an imprudent dependence on foreign financing or a rapid opening up of their financial markets to foreign investors, or when faced with more barriers on free international trade.