The current economic crisis constitutes a serious test for the process of globalization. The purpose of this study is to analyze the influence of the current global crisis on economic globalization. To assess the impact of the current crisis on economic globalization, this paper examines the KOF Index of Globalization, before and during the crisis. The findings generally support the idea that economic globalization has been, in fact, weakened, after the onset of the current crisis. However, t...
Adina Liana Camarda
Full Text Available American business system might be defined trough its decentralized character, a capitalist one, based on private property and free will. Federalauthorities’ intercession to economy exhibits throughout budgetary and monetary policies strategy. Meantime federal budget gets a constituent referring toinvestment in cereals. American economic legislation acknowledges government involvement in business practice control, American Government acting aseconomical increase supervisor.
Voicu Ioana-Iulica; Talmaciu Iuliana
In the current context in which countries in the world search new solutions and strategies to counteract the negative effects generated by the worst economic crisis in the last 80 years, the globalisation rises polemics and controversies regarding the causes that lead to the expansion of the crisis. May it be, the current economic crisis, a consequence of the globalisation? Beyond the contradictory answers, the globalisation must be seen in essence as a stimulating and expansion factor of the...
Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis--often referred to as "the Great Recession"--there is grave concern that progress made in poverty reduction and women's equality will be reversed. Indeed, for many developing countries it is particularly worrisome that, through no fault of their own, the global economic downturn has exacerbated ef...
da Silva, Roberto; Zembrzuski, Marcelo; Correa, Fabio C.; Lamb, Luis C.
We show that the current economic crisis has led the market to exhibit a non-critical behavior. We do so by analyzing the quantitative parameters of time series from the main assets of the Brazilian Stock Market BOVESPA. By monitoring global persistence we show a deviation of power law behavior during the crisis in a strong analogy with spin systems (from where this concept was originally conceived). Such behavior is corroborated by an emergent heavy tail of absolute return distribution and also by the magnitude autocorrelation exponent. Comparisons with universal exponents obtained in the international stock markets are also performed. This suggests how a thorough analysis of suitable exponents can bring a possible way of forecasting market crises characterized by non-criticality.
This paper examines whether youth cigarette use increases during weak economic periods (as do youth alcohol and drug use). The data come from the 1997 National Longitudinal Survey of Youth. With repeated measures over the 1997-2006 period, for almost 9,000 individuals, the samples include 30,000+ teenagers (15-19 years) and 30,000+ young adults (20-24 years). Logit models with state and year controls are estimated. The results indicate that teenagers and young adults increase cigarette use when the economy is weaker, implying that the current financial crisis has likely increased youth cigarette use relative to what it would have otherwise been.
Full Text Available Fiscal policies in the current era are the sovereign right of states to collect and administer taxes on national territory. In this respect, the European Union, which is an association of independent states, did not created an European tax - although many politicians proposing it - and within the Union is found important differences between the tax systems of member states. Due to historical and national different traditions, the EU member states have heterogeneous tax systems and revenue sharing systems because of different conceptions of public policies relative to the role of state in social and economic respective community’s life. The financing of public spending is usually considered the main function of taxation. In the original tradition following Locke1, property protection is the main functions of the state. As a result, the tax must correspond to the services rendered, that is to say, to pay the State for the protection of the rights it provides. Here we are at the origin of the doctrine of the benefit that there should be equivalence between the utility derived by the citizens of public services they consume and the "price" they pay tax.
Full Text Available The goal of this research is to analyze developments in employment and employment characteristics during the current crisis in Croatia. The main findings can be summarized as follows: (1 The primary (aggregate mode of adjustment to the crisis was a decline in employment. There are, however, considerable differences in adjustment patterns across economic activities. (2 During the crisis, jobs were lost in the, more dynamic, private sector, while the number of jobs in the public sector (entities in state ownership slightly increased. (3 Economic activities with comparatively larger shares of women in employment have experienced fewer employment cuts and the aggregate employment share of women rose during the crisis, especially in activities with a larger share of public sector workers.(4 There has been a declining share of younger workers during the crisis, justifying policy actions to facilitate their employment. (5 Employees with comparatively lower educational attainment face severe challenges in the labor market, which is a longer term trend, not specific to the crisis period. There are indications that this group of employees enjoys a higher level of protection in the public sector. (6 Analysis also shows a rising significance of more flexible forms of employment: increasing shares of fixed term employees (during the last two observed years, and of part time workers. (7 Working hours do not exhibit any strong trends specific to the crisis, except for the diminishing number of overtime hours per worker.
Full Text Available The residential market is one of the market sectors seriously affected by the current economic and financial crisis. This is mirrored both in the fall of real estate trading prices and in the decreased number of transactions and cutback of newly built constructions. This trend is applicable to the entire spectrum of the residential market (luxury properties and homes destined to average-income customers. Romania is no exception from this European and world-wide state of affairs. This paper aims to briefly outline the trends on the Romanian residential market in the aftermath of the current crisis.
Full Text Available Abstract. Any management decision has a direct monetary impact on the structure uses and sources of cash. Cash Management aims to permanently maintain a balance between inflows and outflows of cash and cash to predict the impact of any operational decisions that could affect these flows. The success of any business requires good management of all these flows. The principle of this approach is relatively simple: using a minimum of ores to obtain maximum performance in a given period. Cash management is an extremely complex issue, and balancing receipts and payments flow is a constant struggle for survival of firms. In It work we will focus on how they are oriented in a going concern basis, cash inflows and financing needs of current operations. Managers should understand and know the specific movements of cash within the business system, driven daily decisions on operating, investing or financing, and a variety of external circumstances which affect the company. Such decisions and events can affect the company's ability to pay its obligations to obtain credit from suppliers, banks or credit institutions and to maintain an operational level in line with the company's products and services through investments.
Sørensen, Olav Jull; Turcan, Romeo V.
The paper explores the effects of the current global economic crisis on small and medium enterprises (SMEs) and the responses these SMEs undertake to cope with these effects. In other words, how entrepreneurs respond to the decline in their firm’s performance that is the result of this global...... economic crisis. Two theoretical lenses are identified to guide the understanding of entrepreneurs’ behaviours under crisis decision-making settings: turnaround strategy, and escalating commitment. To explore entrepreneurs’ behaviours under crisis decision-making settings, entrepreneurs of SMEs were...
Full Text Available This study examines the relationship between current-account imbalances and economic growth during the 2008-2009 financial and economic crisis for 179 countries (covered by IMF data and within the EU-27 countries (covered by Eurostat data. The countries are divided into 4 groups by GDP per capita based on PPPs, namely, low income, lower middle-income, upper middle-income and high-income countries. Empirical analysis is applied, including descriptive statistics and regression estimates. Statistical data are used, including the average of the GDP growth rate in the years prior to the crisis (2003–2007, the average of the GDP growth rate for 2008 and 2009, current account as a percentage of GDP, and the level of average inflation. It is proved that, in general, the 2008-2009 crisis affected high- and upper middle-income countries more than poorer countries. Within the EU-27 countries, however, the crisis appears to have affected lower income countries more than higher income countries. A common tendency is observed for the two country samples: countries that experienced strong growth just prior to the crisis had an increased risk of suffering after the crisis. The boom prior to the crisis led to imbalances that rendered economies more vulnerable. Additionally, surpluses that existed prior to the crisis are an important risk factor for the two groups of countries.
Kumpikaitė, Vilmantė; Grybauskas, Andrius; Juodelis, Mantas; Strumyla, Dovydas
Lots of companies faced recent economic crisis. It was generated by global markets deregulation and it triggered relevant situation to emerge other types of crisis. Many scientists all over the world analyses how crisis affected global economy and changed companies’ management actions. Scientists exclude these types of crisis: economic, informational, physical, human resource, reputational, psychopathic acts production and financial. This paper examines economic crisis generated negative effe...
Zapata Moya, A R; Buffel, V; Navarro Yáñez, C J; Bracke, P
Inspired by the 'Fundamental Cause Theory (FCT)' we explore social inequalities in preventable versus relatively less-preventable illnesses in Spain. The focus is on the education-health gradient, as education is one of the most important components of an individual's socioeconomic status (SES). Framed in the context of the recent economic crisis, we investigate the education gradient in depression, diabetes, and myocardial infarction (relatively highly preventable illnesses) and malignant tumors (less preventable), and whether this educational gradient varies across the regional-economic context and changes therein. We use data from three waves of the Spanish National Health Survey (2003-2004, 2006-2007, and 2011-2012), and from the 2009-2010 wave of the European Health Survey in Spain, which results in a repeated cross-sectional design. Logistic multilevel regressions are performed with depression, diabetes, myocardial infarction, and malignant tumors as dependent variables. The multilevel design has three levels (the individual, period-regional, and regional level), which allows us to estimate both longitudinal and cross-sectional macro effects. The regional-economic context and changes therein are assessed using the real GDP growth rate and the low work intensity indicator. Education gradients in more-preventable illness are observed, while this is far less the case in our less-preventable disease group. Regional economic conditions seem to have a direct impact on depression among Spanish men (y-stand. OR = 1.04 [95 % CI: 1.01-1.07]). Diabetes is associated with cross-regional differences in low work intensity among men (y-stand. OR = 1.02 [95 % CI: 1.00-1.05]) and women (y-stand. OR = 1.04 [95 % CI: 1.01-1.06]). Economic contraction increases the likelihood of having diabetes among men (y-stand. OR = 1.04 [95 % CI: 1.01-1.06]), and smaller decreases in the real GDP growth rate are associated with lower likelihood of myocardial infarction among
Full Text Available There is good reason to be concerned about the long-term implications of the current crisis for the reproduction of contemporary social formations. Thus there is an urgent need to understand it character, especially its distinctive features. This article identifies profound ambiguities in valuing assets as new and key economic features of this crisis, ambiguities traceable to the dominant, “computationalist” computing used to develop new financial instruments. After some preliminaries, the article identifies four specific ways in which computerization of finance is generative of crisis. It then demonstrates how computationalist computing is linked to other efforts to extend commodification based on the ideology of so-called “intellectual property” (IP. Several other accounts for the crisis are considered and then demonstrated to have less explanatory value. After considering how some commons-oriented (e.g., Free/Libre and/or Opening Source Software development projects forms of computing also undermine the IP project, the article concludes with a brief discussion of what research on Socially Robust and Enduring Computing might contribute to fostering alternative, non-crisis generative ways to compute.
Full Text Available The paper will analyze the consumption behaviour of the Orange mobile telephony companyâ€™s clients towards its servicesâ€™ characteristics within the current economic financial crisis, taking into consideration the following elements: the low tariffs (for calls/ subscriptions/ other services, the quality of calls/ of sound, the network coverage within the territory, the companyâ€™s reputation, the negotiated offer, the quality and availability of the customer care service, the diversity of the auxiliary services, the range and prices of the mobile telephones, the costs that pay those who make calls towards this network, the loyalty programs, the usage of a last generation technology, the friends have subscriptions in the same network and the promotional offers. For a thorough research we will divide the operatorâ€™s clients into natural persons clients and legal persons clients, each group having its specificities. The data gathering method was the questionnaire sent by post office to all the Orange Romania branches (a total of 225 branches. We received a number of 64 responses, what means a responses rate of 28.4%, which were analyzed using the SPSS informatics program focusing on the correlation analysis and factor analysis. The main results emphasize the fact that the fight to attract clients becomes more and more powerful. The very competitive market leads to the growth of the importance of the price in choosing a provider. The operatorsâ€™ short term gains from the clients that prefer low prices represent a long term risk of image. Choosing some services packages is sometimes very difficult due to the complexity of the offer. The clients expect the service to work, be simple and easy to use. They want to benefit from rapid and efficient assistance if errors occur and the operator respects the clauses of the contract. The results obtained through this study, allowed us to make an opinion on the perspective that the
Full Text Available At the ideological level, the current crisis, as the others in history, has triggered an intellectual debate among several applicable ideas: ultra-liberal theory of the "invisible hand" of Adam Smith, Keynes's theory of state interventionism and even neo-Marxist theories. Globalization, with all its core components, generates a chain reaction when the phenomenon occurs, either positive or negative. The origin of the current financial crisis should be sought in the effects of massive cross-border capital flows and the use of more complex derivatives. Reaching the saturation of the three engines of economic growth worldwide in the period after the collapse of the socialist bloc is another important cause of all the failures that currently exist worldwide. Acquisition of toxic assets from bank balance sheets, their recapitalization and takeover by the state, but also the reinforcement of the prudential supervision of capitalization, liquidity and risk management system, improved transparency and speed the process of evaluating or reinforcing authorities' response to risk, can be considered short or long term anti-crisis measures, as appropriate.
Maja Makovec Brenčič
Full Text Available This paper analyzes the importance of trust and management-to-employee communication among top Slovenian employers from the Golden Thread Survey. The paper analyzes the changes and impact of the deteriorating external economic situation on (a company-employee relational trust, and on the (b perceived importance of “trust and long-term relationships with the company in the eyes of the customer” by respondent managers. Furthermore, our analysis also looks at the impact of management-to-employee communication on both trust perspectives. The results show a stable level of company-employee relational trust in the face of the current economic crisis, despite a high level of perceived organizational process changes and a sharp decline in financial performance. On the other hand, the perceived importance of “trust and long-term relationships with the company in the eyes of the customer” has increased substantially as the crisis has deepened, supporting our claim that relationships and the external relationship orientation gain importance in the time of crisis. There is also a strong link between the degree of open and frequent management-to-employee communication, and both perspectives of measured trust among top Slovenian employers.
Full Text Available The paper analyzes the relation between degree of economic globalization and the impact of economic crisis for developed and emerging European countries. We measure economic globalization through indexes based on share of external trade in GDP and FDI intensity (% of FDI inflows and outflows divided by GDP. The complexity of current economic and financial crisis could be evaluated through GDP growth rate, inflation rate, unemployment, public debt, budget deficit, balance of payments, exchange rate, etc. For the purpose of this paper we used GDP growth rate as a measure of economic crisis impact on national economies.
Full Text Available The impact of the economic and financial crisis is still being felt. It started as an acute crisis of the banking system, but then quickly affected the real economy, causing a substantial slump in business investment, household demand and output. The current economic crisis has affected almost all European countries but the countries of the European south and the former eastern socialist republics have suffered the most. The objective in this paper is to quantify economic disparities as expressed by several growth indicators, such as GDP per capita, employment/unemployment rates, labour productivity rates and use them to compare the economic performances before and after the crisis. EU took several measures to recover from the economic crisis. Nevertheless, its ability to adjust to widely diverse national and local contexts that have been impacted differently by the effects of the crisis, and to support the different patterns of economic growth that will result from it, is yet to be seen.
Recession due to the financial crisis of 2008 has stopped the world economic development and the hydrocarbons sector too. Collapse of prices, cancellation of investments, reach of a 'peak demand', the four speeches which are given here, describe these impacts and their consequences; but in scrutinizing the incentives of the crisis, they show the new role of petroleum: pretext value against the weakness of dollar and the inflation risks, speculative value for the investment funds. (O.M.)
Full Text Available This work highlights the economic crisis problem that affects most states of the world, the crime problem that the society is facing, namely the human trafficking and in particular the child trafficking. This theme is particularly important in the context of amplifying the organized crime, it increasingly concerns the modern society and implicitly the specialists engaged in research of the phenomenon and for preventing and combating it. This paper is an analysis of the current financial crisis impact on human trafficking and the level of response that the society is ready to give through the regulatory framework, specialized institutions and their staff. The analysis concluded that Romania, as a result of its alignment with the acquis communautaire, is now a modern legislative and institutional system in preventing and combating trafficking in human beings. However, there is a need for legislative amendments in order to have a greater effectiveness in prevention and control measures, which represents a milestone in addressing other related issues. This study is also a warning for specialists to deepen their research for improving the prevention and combating trafficking in human beings which tends to grow.
The paper is describing the effects of recessions and current financial crisis on companies and their marketing. The topic covers the history of marketing throughout the world biggest recessions and describes the current marketing efforts of Czech companies under the current financial crisis. A strategical analysis with the impacts of crisis on long-term strategy planning is provided at the end of the paper.
Full Text Available Due to the current economic downturn, Singapore has experienced one of its most severe recessions since independence. The financial crisis, which caused a fall in prices at most of the world’s leading stock exchanges and a sharp decline in industrial production, has also had a negative impact on the city-state’s export-dependent economy. The analysis outlines the economic downturn and the decline of Singapore’s export economy since the beginning of the crisis in late 2008. Central to the analysis are questions regarding the social consequences of the current economic crisis and the amount of losses Singapore’s state-owned holding companies, Temasek and GIC, experienced when some of the world’s biggest investment banks, such as Merrill Lynch, went into bankruptcy.
Shiller, Robert J.
Student dissatisfaction with teaching of economics--particularly with macroeconomics--during the current financial crisis mirrors dissatisfaction that was expressed during the last big crisis, the Great Depression. Then and now, a good number of students have felt that their lectures bear little relation to the economic crisis raging outside the…
Corina Ana BORCOŞI
Full Text Available There is a close link between economic performance and increasing internationalization of SMEs. International activities increase competitiveness and ensure long-term development of enterprises. However, European SMEs still depend largely on their internal markets, notwithstanding the opportunities created to the single market and globalization in general. A study realized in 2009 by the European Commission reveals that internationalization creates more jobs: SMEs active in foreign markets reported an increase in employment by 7% compared to only 1% free activities for SMEs international. Internationalized SMEs are more innovative: 26% of SMEs have introduced internationally active products or services that were new to the sector in their country of origin.
Full Text Available What happens to firms during periods of deep economic crisis? Did different types of firms perform differently under the economic crisis? With the aid of a rich database and focusing on the literature regarding the growth of firms, this paper investigates the relative profitability performance of Italian firms during the current economic crisis, exploring those factors, which help certain firms to do relatively better even in the slowdown period. Some preliminary results show that the Italian firms that are relatively young in age, with relatively better current liquidity and more focused on domestic market have performed better than other firms. Furthermore, firms operating in high-tech and in highly concentrated sectors have enjoyed a better performance in this period.
Full Text Available The current global economic crisis seriously threatens the health of the public. Challenges include increases in malnutrition; homelessness and inadequate housing; unemployment; substance abuse, depression, and other mental health problems; mortality; child health problems; violence; environmental and occupational health problems; and social injustice and violation of human rights; as well as decreased availability, accessibility, and affordability of quality medical and dental care. Health professionals can respond by promoting surveillance and documentation of human needs, reassessing public health priorities, educating the public and policymakers about health problems worsened by the economic crisis, advocating for sound policies and programs to address these problems, and directly providing necessary programs and services.
The relationship between the economy and the energy is much more complex of what looks. However, they are continued making, in some cases, absolute statements that used to listen in the past as dogmas, among those that are highly correlated in energy consumption and the Gross National Product GNP and that the countries follow the same development pattern more or less, mainly in connection with the energy consumption. Such statements are not completely misses, neither completely correct and they have behind many simplifications. Of a part, of the historical evolution analysis of several countries or groups of countries on long periods, it confirms the fact that the economic growth, induces an increment in general in the total consumption of energy and vice versa: Energy available with more speed and to smaller price it favors the economic development. Other important factors that impact in the growth of the energy consumption, besides the economic development, are, among, the population's increment, the state of technological development and the cultural customs of use
Full Text Available The article starts with a brief description of Mises’ monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is described how Mises’ insights constituted the kernel of Austrian Business Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises’ views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan, and how this plan is being “rediscovered” now. The following sections deal with observations of one of the preeminent current macroeconomic researches, Mr. Claudio Borio, on the elasticity of credit as the source of the current crisis, and on the importance of the financial cycle in analysing the current economic crisis. The author of this text demonstrates that Austrian Business Cycle Theory gave the same answer regarding the sources of economic crises that now modern macroeconomic theory seems to be approaching, and that the postulates for successful financial cycle modeling are already included in the ABCT. Finally, some observations on the current crisis, as well as proposals of avenues of further research are proposed.
Full Text Available • The flexicurity concept – a combination of flexibility and security strategies, specific to each country – is a successful outcome of the 2010 Lisbon Strategy. Ever since 2000, this concept has been implemented for continuing the European labour markets reform. The conclusion of the Mission for Flexicurity is that the European labour markets challenges have not changed, therefore flexicurity is the strategy to be further implemented in order to align to the new competition requirements, providing also the necessary social protection, especially on the current economic crisis background. The paper addresses the flexicurity concept development, the implications of the flexicurity strategies and of the steps taken on the European Union Member States labour markets, on the economic crisis background.
Full Text Available During the financial and economic crisis, the management of an entity must establish a plan and apply strategies needed to mitigate the negative effects due to the action of disturbing factors. Management must have a vision of business evolution, of costumer and supplier perspective, of how to develop the technological equipment in order to increase profitability and product quality. The manager must give utmost importance to all economic information he receives, to analyze it, to group it into categories depending on the effects they can produce, to establish the extent to which it influences the activity. The strategies a manager applies are also based on his flair, culture, knowledge or the human and material resources at its disposal
Reina-Paz, María Dolores; Rodríguez-Oromendía, Ainhoa; Sevilla-Sevilla, Claudia
Spain is currently experiencing a difficult economic situation, and in recent years a significant change has been observed in the behavior of the demand for educational programs as a result of this situation. Recent studies reveal a change in student demand that does not have the same effect on all academic institutions. Bearing this behavior in…
Full Text Available This paper aims to examine briefly some elements of macroeconomic aspects that could explain - at least partly - a number of causes of the current economic crisis in Greece. Using data provided by competent bodies, is intended as a more accurate outlining the differences between Greece and the other countries of the European Union member show widespread Greek State as an outlier among the countries that make up the current "U.E. 28 ". The analysis is based on three indicators relevant to the case – unemployment, government debt and nonperforming loans.
The hidden inner structural problem with the rapid growth of economy was exposed after the financial crisis and South-East Asia is facing serious economic crisis. Currently, the core of the financial crisis is the low function of financial system, so to make the financial department normal by rebuilding the untrue financial system is the problem we are facing. If our financial sector delay the structural adjustment and continue to be competitive in credit, the insolvent debenture will soar. E...
Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch.
One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)
Full Text Available The main mechanism of profit making is not production according to the outcomes of several analyses of the current economic crisis. This mechanism is circulation and exchange. Starting with this observation the paper goes through a number of aspects regarding the relation between crisis and economy at global level. These aspects consist in the recent financial turmoil; who pays for the crisis; stabilizing the financial sector; recession and the financial crisis; the internationalization of the crisis; commodities and the ecological crisis; an end to neo-liberalism; what should socialists demand. We notice and comment on how important current development in the wake of the banking crisis is for the transmission of that crisis to the rest of the economy and its interaction with the more general economic crisis now emerging. It was concluded that there are good chances that the current economic order to be broken. The future shape of the order will depend more on vision of managers than on the influence of the so called objective factors.
Full Text Available The aim of this paper is to discuss the Romanian public expenditures policy promoted in the context of the economic and financial crisis. Firstly, we present a brief introduction on the effects of public expenditures policy to economic growth and the role of automatic stabilizers in times of economic recessions. Secondly, the paper analyzes the evolution of current and capital public expenditures before and during the economic and financial crisis, according to which unproductive spending prevailed, in detriment of productive investments which can stimulate the economic recovery.
Full Text Available This paper gives an overview on the deepest EU’s recession since the 1930s. The purpose of this study is to analyze the main macroeconomic indicators and their domino effect, in times of crisis. The abrupt downturn of the EU economy wasn’t entirely an unpredicted event. This is why the impact of the macroeconomic instability should never be underestimated in the future. Prevention, control and resolution represent elementary lessons from the way the current economic crisis has been handled. The analysis, added to the disruptions caused by the economic crisis, shows that the recession continues to weigh on the perspectives and solutions of the macroeconomic stability.
Elena V. CHIRILA DONCIU
Full Text Available The economic crisis has had a severe impact on the economy worldwide. The investment activity has strongly felt the crisis and caused dramatic changes in the hierarchy of large investors. The financial system did not have availability for credits and funding from companies' own resources was extremely limited in terms of reducing profits. The purpose of the paper is the analysis of global foreign direct investment under the effect of the largest financial and economic crisis. The research results show a dramatic decline in foreign direct investments flows perceived and generated in 2009, and the fact that since 2010 there has been an easy comeback.
The 2005–8 food crisis was a shock to political elites, but in some respects the situation was normal. Food policies are failing to respond adequately to the squeeze on land, people, health and environment. Strong evidence of systems failure and stress, termed here New Fundamentals, ought to reframe twenty-first century food politics and effort. Yet so far, international discourse is too often narrow and technical. The paper suggests that 2005–8 reinforced how the dominant twentieth century p...
Full Text Available This paper analyzes the causes of the Eurozone crisis. In doing so, it carefully surveys authors from different economic schools of thought. The paper discusses competing explanations for European current account imbalances. Remarkably, opposing views on the relative importance of cost developments and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarisation, with heterodox analysis regarding austerity as unhelpful and most of orthodox economics endorsing it. We advocate a post-Keynesian view, which holds that current account imbalances are not a fundamental cause of the sovereign debt crisis. Rather, the economic policy architecture of the Eurozone, which aims at restricting the role of fiscal and monetary policy, is the key to understanding the crisis in Europe.
Munné, Myriam I
In 2002 Argentina participated in the GENACIS project (Gender, Alcohol, and Culture: An International Study) as one of the countries funded by the World Health Organization. Four questions about the current economic crisis in Argentina were added to the original GENACIS questionnaire in order to find out the opinions of the general population in relation to alcohol and the economic crisis. Gender differences in the answers to these questions were examined. Logistic regression was used to identify demographic, drinking pattern and drinking problems variables related significantly to responses to the economic crisis questions. During the economic crisis people stopped or reduced going to bars and instead drank at home or at friends' homes. A large number of respondents also reported that people had changed to cheaper or lower-quality alcoholic drinks. Women were more likely to agree with statements that the economic crisis had increased 'escape' drinking and required reductions in money spent on alcohol; men were more likely to agree that the crisis had led to less drinking in bars and to the purchase of cheaper or lower-quality alcoholic beverages. Respondents who reported having significant others with drinking-related problems were more likely to endorse all four statements about effects of the economic crisis on drinking behaviour. A qualitative approach was used to discuss themes in the general comments that were recorded by the interviewers while collecting data. A strongly moralistic attitude towards alcohol was present in these comments, especially among women. The findings suggest that the economic crisis in Argentina led to major changes in patterns of drinking that differed according to gender roles and other demographic variables. The long-term effects of these changes remain to be determined as economic circumstances improve.
Full Text Available The hidden inner structural problem with the rapid growth of economy was exposed after the financial crisis and South-East Asia is facing serious economic crisis. Currently, the core of the financial crisis is the low function of financial system, so to make the financial department normal by rebuilding the untrue financial system is the problem we are facing. If our financial sector delay the structural adjustment and continue to be competitive in credit, the insolvent debenture will soar. Enterprise and financial institute closed one after another, causing economic collapse and the vicious circle. Accordingly, in order to overcome the current South-East Asia financial crisis, countries there put their focus on the rebuilding of financial system and under the financial system of IMF (International Monetary Foundation, they are doing economic adjustment in large-scale. This thesis studied the nature and features of the Asian financial crisis, and analyzed the main direction and feature of financial policy under IMF. Especially it analyzed the current situation in different countries for this adjustment, and researched the result of the economical reform after this financial crisis.
Matevž Rašković; Maja Makovec Brenčič; Barbara Moerec
This paper analyzes the importance of trust and management-to-employee communication among top Slovenian employers from the Golden Thread Survey. The paper analyzes the changes and impact of the deteriorating external economic situation on (a) company-employee relational trust, and on the (b) perceived importance of “trust and long-term relationships with the company in the eyes of the customer” by respondent managers. Furthermore, our analysis also looks at the impact of management-to-employ...
Full Text Available Modern development trends in the labour market have been an increasingly important political and economic issue not only domestically but also on the European level. It proves the fact that in The Europe 2020 strategy, one of the main five points is the aim to increase the employment rate of the population (age: 20–64 from the current 69% to at least 75%. Various risk groups of job candidates emerge among the unemployed. The economic crisis in 2007 made the situation in the labour markets worse. The demand for labour decreased while the number of candidates increased. In recent years, fresh graduates under the age of 25 have been regarded as a high risk group sometimes nicknamed “the lost generation” or Generation Y. This generation is well accustomed to modern technologies which they use for their own benefit and they are willing and able to work from anywhere. On the contrary, those over the age of 35, who are sometimes referred to as Generation X, have different attitudes and requirements for the labour market. Despite the increasing level of education among young people, their unemployment has been worsening since the economic crisis began. The aim of this article was to ascertain how future university graduates (491 final-year students from 5 faculties at Tomas Bata University in Zlín, Czech Republic perceive individual risk factors influencing the success of today’s graduate of Generation Y in the competitive labour market. The target group, future university graduates, evaluated 13 risk areas on a five-point scale. These 13 risk areas were identified based on primary research among 1.059 employers in the Czech Republic, which is a part of a complete two-year research project IGA/FaME/2013/030. This article focuses on only two areas which closely analysed the perception of graduates as drifters, and their demands for high starting salaries. These two risk areas were mentioned by employers as the areas with the highest risk and
Martin, George M
There is at present a huge disconnect between levels of funding for basic research on fundamental mechanisms of biological aging and, given demographic projections, the anticipated enormous social and economic impacts of a litany of chronic diseases for which aging is by far the major risk factor: One valuable approach, recently instigated by Felipe Sierra & colleagues at the US National Institute on Aging, is the development of a Geroscience Interest Group among virtually all of the NIH institutes. A complementary approach would be to seek major escalations of private funding. The American Federation for Aging Research, the Paul Glenn Foundation and the Ellison Medical Foundation pioneered efforts by the private sector to provide substantial supplements to public sources of funding. It is time for our community to organize efforts towards the enhancements of such crucial contributions, especially in support of the emerging generation of young investigators, many of whom are leaving our ranks to seek alternative employment. To do so, we must provide potential donors with strong economic, humanitarian and scientific rationales. An initial approach to such efforts is briefly outlined in this manuscript as a basis for wider discussions within our community. Copyright © 2016 Elsevier Inc. All rights reserved.
Full Text Available Abstract - The present article reports the findings of an investigation into the metaphorical expressions adopted by English-language magazines to describe the latest economic/financial crisis. The corpus used for the investigation was about 100,000 words large, with texts taken from The Economist and from The International Economy. All the articles selected from these two magazines were published between Fall 2008 and Winter 2012. The main aim of the inquiry was to offer a more detailed and comprehensive classification of economic-crisis-metaphors than those proposed in previous research. In this respect, a total number of forty different types of such metaphors was identified. Alongside the theoretical classification, a quantitative analysis of the data was also carried out in order to find out which kinds of metaphorical expression are used most frequently. Results suggest that the economic/financial crisis is predominantly conceptualized in terms of something negative about a human being, about an object, and about a motion. In particular, viewing a state of economic/financial crisis as a damaged or destroyed object appears to be the most widely adopted metaphor. Results also suggest that different economics magazines can vary significantly in the amount of metaphorical language used.Keywords: metaphor, economic crisis, semantics, pragmatics, journalistic styles. Sommario – Questo articolo riporta i risultati di una ricerca sulle metafore adottate da riviste in lingua inglese per descrivere la recente crisi economica e finanziaria. Il corpus utilizzato per l’indagine è stato di circa 100.000 parole, con testi reperiti dal The Economist e dal The International Economy. Tutti gli articoli selezionati da queste due riviste sono stati pubblicati tra l’autunno 2008 e l’inverno 2012. Lo scopo principale dell’indagine è stato quello di fornire una classificazione delle metafore della crisi economica più dettagliata ed esauriente di
Goldberg, Gertrude Schaffner
To social workers, extreme economic inequality is primarily a violation of social justice, but this article shows how growing economic inequality since the mid-1970s was not only unjust, but also dysfunctional to the U.S. economy and linked to the recent economic crisis with its devastating effects, particularly on the social work clientele. The…
Komp, Katrin; Starke, Peter; van Hooren, Franca
, they take different approaches that reflect the country-specific history and welfare state institutions. This working paper gives an overview of social change and welfare state reform in the wake of the economic crisis. For this purpose, it presents discussions and findings from two classes that were taught...... at universities in Germany. The material includes the outcomes of a grounded theory study that was conducted in the framework of one of these classes, summaries from various essays that students wrote for the classes, and from a book that was used as teaching material. The arguments brought forth in the working...... paper illustrate how the economic crisis influences e.g. social inequalities, life-courses, family relations, anti-foreigner sentiments, migration, and welfare policies. It, thereby, serves as an excellent starting point for reflections on what societies will be like post-economic crisis....
Zabalegui, Adelaida; Cabrera, Esther
The purpose of the present study is to describe the economic context in Spain and its impact on the health care sector and in nursing schools. The global economic crisis is affecting nursing in Spain. This study analyses and compares indicators related to health care and nursing schools among European countries. Some new strategies to cope with the challenges arising from the health care crisis are suggested. Health care costs are increasing as a result of the ageing of the Spanish population, immigration, chronicity of health problems and new medical technology. Nursing education has changed in 2010 from a 3-year diploma programme to a 4-year University degree in Nursing. This change requires new resources involving staff, facilities and equipment, all of which are lacking because of the economic crisis in Spain. The worldwide economic crisis has affected Spain more than it has other European Union (EU) countries. This global crisis has an impact on the health care sector as well on nursing schools. It is essential for nursing management to develop creative approaches to maintain cost effective patient care. New programmes and technology must be carefully evaluated in terms of cost effectiveness before being implemented. All health care professionals should be well informed and have a solid understanding of this situation.
Full Text Available The first challenge is to analyze the concept of "competitiveness" given the fact that in the centre of the great economic analystes' concerns lays from some time the phenomenon of competitiveness, along with the generation of competitive advantage at the organization level and, moreover, at country level. The economic science will have to be rethought, meaning that competitiveness will have to adapt to the new prospects launched today by the global economic crisis.
Full Text Available The current economic and financial crisis gave room for the theoretical debates to reemerge. The economic reality challenged the mainstream neoclassical approach leaving the opportunity for the Austrian School, Post Keynesianism or Institutionalists to bring in front theories that seem to better explain the economic crisis and thus, leaving space for more efficient economic policies to result. In this context, the main assumptions of the mainstream theoretical approach are challenged and reevaluated, behavioral economics is one of the main challengers. Without developing in an integrated school of thought yet, behavioral economics brings new elements within the framework of economic thinking. How are the main theoretical approaches integrating these new elements and whether this process is going to narrow the theory or enrich it to be more comprehensive are questions to which this paper tries to answer, or, at least, to leave room for an answer.
Full Text Available This premise of this paper is based on the concept of hedonistic culture, which contributes to financial fragility, damages assessment of future capacity (generating investment myopia and short-termism and enhances current opportunism. The paper aims to analyze economic culture as a factor of influence on the global economic crisis, considering the culture of modern capitalism that should be defined as a hedonistic culture, and this culture can contribute to global economic crises. According to the hypothesis of this article, the economic culture and not the individuals underlie economic decisions. Accordingly, the decisions that are taken in the economy, influenced by the dominant culture can have both a positive impact on the economy or a destructive one by generating or maintaining economic crises. The current economic culture authorizes extensive use of loans, including those for consumption, thus generating financial fragility and consequently economic crisis. Hedonistic culture leads operators to focus almost entirely on short-term consequences of his actions to the detriment of long-term outcomes. It is this connection plays an important role in explaining current global crisis resistance. Opportunism emphasized as part of the hedonistic culture also affects the generation and maintenance of the global crisis and unethical behavior by refusing to invest in strategic areas for the economy. This is particularly the widespread use of credit, including the consumer, in preference to short-term investments at the expense of long-term, low appreciation of the future and also a high and growing opportunism. The global crisis is the result of interdependence agents, burdened by debt, especially short-term constantly growing which is a high financial fragility, directed almost exclusively at short-term gains and tend to cheat in their mutual relations.
Full Text Available Keynesian economics has lost much of its effectiveness as a paradigm of world capitalism as a whole, or as a paradigm of individual developed capitalist economies. The decline of the United States as a hegemonic power capable of imposing its will over others has seen to the erosion of the relevance of the Keynesian doctrine on the global scale. The Philips curve and what Hicks calls the “social” pressure on wages have severely restricted the field of Keynesian policy at home – even through the ruling classes continue to use Keynesian theory as their paradigm. The most important lesson from Keynes work may be that the macroeconomist should start from the important problems of the day and should face the following questions: 1 How can we to understand what are is happening right now? 2 What can be done about it? What is the best policy to follow? 3 Do recent events force us to modify what is today widely accepted economic theory? If so, what is wrong and how might we go about arriving at a more satisfying theory? The most important economic problem of today is current financial crisis that started in the United States. What might we learn from Keynesian theory about it? The current situation is almost the opposite of the one that Keynes dealt with in the “General Theory”. Now day’s economics lacks an anchored understanding of the nature of the reality that economics is supposed to illuminate. Instability of leverage, connectivity, and potential instability of the price level have all been neglected in stable – with – fractions macro theory. Technical innovations will not bring real progress as long as “stability – with – fractions” remains the ruling paradigm. Meanwhile, governments are not prepared to face another crisis.
Gudmundsdottir, Dora Gudrun
There is a common belief that economic crisis will lead to a decrease in subjective wellbeing. Previous studies indicate that income is correlated with happiness and unemployment with unhappiness. The relationship between increased income and happiness is well documented while the impact of decreased income has been less explored. The aim of this…
Lund, Henrik; Hvelplund, Frede
of sustainable energy solutions involves the replacement of imported fossil fuels by substantial investments in energy conservation and renewable energy. In such situation, it becomes increasingly essential to develop economic thinking and economic models that can analyse the concrete institutions in which......This paper presents Concrete Institutional Economics as an economic paradigm to understand how the wish for sustainable energy in times of economic crisis can be used to generate jobs as well as economic growth. In most countries, including European countries, the USA and China, the implementation...... the market is embedded. This paper presents such tools and methodologies and applies them to the case of the Danish heating sector. The case shows how investments in decreasing fossil fuels and CO2 emissions can be made in a way in which they have a positive influence on job creation and economic development...
Anca Gabriela Turtureanu
Full Text Available Tourism has become an important economic engine onthe global point of view , but isextremely localized. Due to geographical distribution and nature of labor intensive activities intourism offers a wide range of employment opportunities for poor and vulnerable groups indeveloping countries, especially but not exclusively, in rural and remote areas. Tourism has sufferedalot during the global economic crisis, there was adecline of 4% of international tourist arrivals in2009, and revenues from international tourism fellby 6% by 2009. To a new report "Euro barometer"survey on the attitudes of Europeans towards tourism emphasized that the tourism industry has passedthe economic crisis confirmed by the indicators. Motivations of travel for 2011 have been totraditional tourist destinations (58%, while 28% wanted to discover new destinations.
THE DUTCH CRISIS AND RECOVERY ACT: ECONOMIC RECOVERY AND. LEGAL CRISIS? J Verschuuren. 1 Introduction. Throughout the world, governments are responding to the financial and economic crisis. Such responses vary from supporting the banking system to adopting economic stimulus packages. The latter ...
Overview. The current crisis in human resources for health in. Africa has reached a serious level in many countries. A complex set of reasons has contributed to this problem, some exogenous, such as the severe economic measures introduced by structural adjustment, which often result in cutbacks in the number of health ...
The current economic crisis has long-term causes that are rooted in the economic dynamics of globalization. I construct a Solow-style endogenous model of capital accumulation, technological change, trade and cheap-factor-seeking foreign direct investment (FDI), based on myopic agents. Combining advanced technologies with low costs, FDI yields extraordinary profits that generate asymmetric innovation incentives that explain the following stylized facts. Globalization (a) increases capital accu...
Banu Esra Aslanertik
In the current economic conditions, accounting applications seem to face new and complex challenges. Especially, these challenges are on the basis of fair value. Recent crisis has highlighted the complexity and difficulty of valuing financial instruments when market information is not available or not sufficient to give better economic decisions. FASB 157 “Fair Value Accounting” became effective by January 1, 2008 for most U.S. companies and some believe that this caused the problem. Opposite...
Full Text Available The impacts of financial crisis in the beginning of this year have also been felt by the Slovak economy. It could be argued that the competitiveness of Slovakia is under the influence of the world economic crisis, as it is a small, open and pro-export oriented economy, hence influenced by foreign markets. Because of limited extent of domestic market, the foreign demand plays a key role in economic growth, a role that depends on the development of international economic affairs. As the biggest Slovak trade partners are in a deep recession, it induces a slowdown in the domestic economy as well. Financial problems of numerous banks in these countries, in combination with the growing lack of trust in the performance of the economies have resulted in a decline in demand and consumption, which had its effects on Slovakia as well. Based on our analysis of the manifestations and consequences of the financial crisis we show the effects on competitiveness of Slovakia, as well as on public policy.
It is generally acknowledged that African economies were able to withstand the 2007/2008 global economic crisis because of better macroeconomic management. Macroeconomic fundamentals, such as growth, rate of inflation and deficit/GDP ratio, among others, appear to move in the right direction during and after the ...
Ana Maria Tuluc
Full Text Available Computer crime, also referred as cyber-crime, is considered today one of the main leadingproblems in the ongoing global economic crisis and an impediment in the development of manycountries. Objectives of this work are: to determine the evolution of cyber-crime during the currenteconomic crisis, to emphasize the severity of this problem and the urgent need to limit its impactworldwide, to determine consumers perceptions regarding this phenomenon in Romania. Prior Workrelated to this issue was conducted by the Computer Security Institute in United States, InternationalComputer Protection Agency, Symantec and Ponemon Institute. In their studies, these institutionshave revealed many of cyber-crime features and proposed valuable solutions for decreasing itsimpact. The Approach used in this paper was a survey among Romanian consumers regarding cybercrime.A total number of 110 respondents participated in this survey. Results showed that almost80% of respondents were victims of cyber-crime at least once and more than 87% of respondentsnever reported these crimes to the police. As regards Implications, the study can offer support tospecialized institutions, while academics can use these findings for further research. The Value of thispaper consists of relevant findings regarding cyber-crime issue in Romania.
Jul 26, 2012 ... Global Economic Crisis may as well be referred to as. Global ... utilization, household incomes and business profits all fall during recessions. Governments ..... In Nigeria today, education is in crisis, teachers' salaries are.
Full Text Available This article tries to present the major aspects concerning the value added tax in the context of economic crisis in European Union countries and Romania. The paper realizes an analysis of the impact of economic crises on VAT in the European space underlining the current situation when the revenues from VAT represent a valuable source of financing the public expenditures. In Romania the economic crises has led to increasing o f VAT rate from 19% to 24%. This measure is an important fiscal measure for the state budget and this study tries to reflect the impact of this VAT rate increase on the public revenues and consumption.
Colander, David; Föllmer, Hans; Haas, Armin
The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in economics....... We trace the deeper roots of this failure to the profession's focus on models that, by design, disregard key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public...
Full Text Available To solve the current economical crisis, there are used various tools of economic policy. Some of them are changes in taxes, particularly changes in the value added tax due to its importance.Value added tax is the most harmonized tax in the single internal market of the European Communities. Although community law defines the basic legal constraints of VAT rules in individual countries, the Council Directive 2006/112/EC on the common system of value added tax, as amended, leaves some areas open for the Member States. One of the main characteristics of VAT is its tax rates which are – while maintaining specified minimal borders – in competency of Member States.Paper illustrates and evaluates the changes in tax rates of individual Member States during the economic crisis and points to their context and consequences.
Liviu C. ANDREI
Full Text Available The obsession about the current economic crisis is pretty understandable. But being obsessed about the current moment, in the economic crisis matter, might become a scientific mistake. As for instance, the real results of the current period will be available in just a couple of years. Moreover, we used to believe up to recently that the previous big crisis of 1929-1933 might be nearly an accident and would not repeat, due to its lesson applied: the policy makers made functional, vigilant, diligent and acting. May be such a lesson was not enough. But equally, every crisis would claim a specific lesson of this kind, and the present one would do the same, whereas the 1929-1933 and current crises lessons would not be enough, partly because the economic history has more in such a topic area. In other words, let us more deeply search for crisis elements in the world economic history.
Aim and topic of the paper is to research the causes of the current global crisis, which manifests itself in financial terms, but whose origin is due to the ethical model of reference: the question is evident both in macroeconomics and in Business Economics. Just from this last point of view, the article will attempt to highlight what should be the correct drivers of ethical management for companies oriented towards an internationalization of their business.
Goldberg, Gertrude Schaffner
To social workers, extreme economic inequality is primarily a violation of social justice, but this article shows how growing economic inequality since the mid-1970s was not only unjust, but also dysfunctional to the U.S. economy and linked to the recent economic crisis with its devastating effects, particularly on the social work clientele. The article identifies interrelated changes in ideology, the market economy, and government policies since the mid-1970s; contrasts the political economy of this period with the preceding post-World War II decades when the trend was toward a "shared prosperity"; and shows how increased economic inequality and political consequences that undermined democracy itself contributed to the economic meltdown. The analysis has implications for the direction of social reform and for broadening the constituency of social movements in pursuit of the social work mission of social justice. How social workers can contribute to such movements and to a reduction of economic and political inequality is explored.
Szabó Földesi Gyöngyi
Full Text Available The current economic crisis is the worst one in decades; it is surely the worst one the world has experienced since the Great Depression in the 1930s. Although it has affected countries with different positions in the global village in different ways and to different degrees, it has had worldwide consequences in most sub-systems of societies, including sport. These are hot issues in management and in everyday practice; still, relatively little attention has been paid to them within the social sciences. The objective of this paper is to close this gap by studying how the recent global economic crisis has affected sport. Two spheres of sport have been selected for analysis: mega sport events and grassroots sports. These two fields were chosen because of their social importance and because there is little scientific evidence about how they face and answer the challenges coming from the economic crisis. The topic is discussed from the theoretical perspective of the nexus of economy, politics, society, and culture. The methodological considerations refer to the lack of reliable sources for economic data related to sport. The results indicate that mega sport events have suffered less from the recession: there might be new actors, but the show goes on. The true loser is grassroots sport. Household impoverishment might lead to a decreased willingness of the individual practitioners to pay for sports goods and services and to a decreased contribution of volunteers working in sport. The funding models vary across countries, but generally both public and private funding has been reduced. In conclusion, it is underlined that no fields of sport have been left untouched by the current global economic crisis, but grassroots sports have suffered the most from it.
Full Text Available The current global financial crisis is considered as one of the biggest crises after the crisis of the years of 30’s. The global financial crisis has affected all countries including developed and developing ones. It also has affected all the industries. Population with the low-income faced the greatest consequences. The last hope for the survival of the market economy was to undertake important steps for the nationalization of bankrupted banks and companies, thereby developing policies for the preservation of jobs. Through this analysis, we have included briefly some of the development followed the period of 2008 and onwards. A summary of statistics for some important economic indicators such as employment, exporting and importing is covered in this study as well.
Steven B. Kamin
The paper surveys a broad array of data to compare the scope and impact of three emerging-market financial crises: the debt crisis of the 1980s, the Mexican financial crisis of 1994-95, and the current international financial crisis. While certain conventional views regarding the three episodes are supported by the data examined in this paper, we find that in several respects, the current crisis is more similar to prior emerging-market crisis episodes than is commonly believed.
Full Text Available The current economic and financial crisis represents the most sever episode of this type during the last generations – as it results from the reports of the European Commission. The impact upon the European Union member states’ economies materialised under the form of the credit restructuration, reduction of the trust at the economic level, and also, a serious contraction of the demand and the commercial exchanges. These are elements which determined the decrease of the investment and production activity, and also the usage of the production capacities, especially in the constructions field. On a medium and long term, we can appreciate that the true problem of the nature and profoundness of the crisis represents the pressure upon the business competitiveness, with consequences at the level of the working force or degradation of the human and technologic capital.
Full Text Available The paper looks at how SMEs from Romania evolved in the period2004–2011. The main objective of the paper is to compare SMEs’situation before the start of the economic crisis and during theperiod of the crisis. The examination is done from a dynamic perspectiveand the analysis comprises two aspects: (a the evolutionof a number of economic indicators related to Romanian SMEs’in the studied period and (b the opinions and the perceptions ofSMEs about the impact of the economic crisis on their activity. Thepaper advances proposals of possible strategies to help SMEs bettercope with the on-going economic crisis.
Full Text Available The effects of financial crisis are strongly felt in Romania, which already face with asignificant slowdown in economic growth or even economic recession. The current and internationalsituation remains still difficult, and requires high budget constraints. Under these conditions, thehealth system in Romania has become one of the most inefficient in Europe, mainly characterized bylack of transparency in the allocation of funds and inefficiency in resource use. The lack of clear andcoherent criteria to evaluate the performance of health institutions results in a difficultimplementation of efficient managerial systems to reward the efficient manager.
Full Text Available Spain is currently facing its worst crisis in the last fifty years. The crisis began as an extension of the international financial crisis, but the internal imbalances accumulated in the pre-crisis period aggravated the situation. At present their incomplete adjustment is making difficult the economic recovery. This paper describes the evolution of the economic crisis in Spain. The real estate sector and the banking sector are analyzed in detail, as they played a key role in the detonation and the deepening of the crisis. The results of the main reforms carried out so far are also carefully examined. It also discusses the main factors that have delayed the economic recovery up to now (unemployment and indebtedness, and present some alternatives to define an exit strategy.
Maricica Drutu (Ivan
Full Text Available Objectives. This paper proposes a listing of the main effects of economic and financial crisis ontourism, followed by an analysis of key trends in tourism development and mutations occurring in consumerbuying behavior of such services. Prior Work. All these have a significant impact on the strategies thatshould be used for tourist destinations, given that the last 20 years, tourism has made a great contribution tothe global economy, being the fastest growing sector in terms of External revenue and create jobs, andeconomic and financial crisis that has affected the world economy in 2008, has led to decreasing the flow ofboth domestic and international tourists. Approach. In terms of sustainable development, a concern must beemphasized that tourism as a phenomenon, but also as an activity is unique in its kind that manifests itself bydependence on the environment, social environment and cultural values, that are found in areas of interest.Value. Because of this dependency, tourism has an undeniable interest in ensuring the sustainability of thesevalues.
The author considers the tendencies of the current economic crisis in Ukraine and analyses the measures taken to overcome its consequences and determines the mechanisms to counteract the spread of the negative phenomena on Ukraine's economy.
Ioana LUPASC; Adrian LUPASC
The crisis is unfortunately a negative feature specific to recent years which has affected most areas of activity in many countries, including the powerful economical ones. As a direct consequence, the crisis has had a significant and direct impact on people's personal finances. In this paper we propose different solutions which lead to a better administration of personal finances, so that the involved actors to be able to manage difficult situations made by the economic and financial crisis....
At the beginning of 2008, a number of the world's major economies began to experience the effects of the biggest economic financial crisis in history. By the end of that year, the financial crisis was a global recession, and governments responded with changes to a suite of social and economic policies. Two broad stages of government response are…
Oct 27, 2012 ... cash-productive; boosting the students interest I n science; and developing ... Global economic depression, according to Babalola and Tiamiyu (2009) ... help to overcome the problem of economic crisis in the country? 2.
There is rapid transformation of the economics of the developed countries of the ... economic crisis affecting both the developing and underdeveloped countries of ... creating new demands for more adaptable, multi-skilled and creative labour.
Liviu C. ANDREI
The obsession about the current economic crisis is pretty understandable. But being obsessed about the current moment, in the economic crisis matter, might become a scientific mistake. As for instance, the real results of the current period will be available in just a couple of years. Moreover, we used to believe up to recently that the previous big crisis of 1929-1933 might be nearly an accident and would not repeat, due to its lesson applied: the policy makers made functional, vigilant, dil...
Full Text Available This article critically studies the hegemonic discursive construction of the EU’s current (2012 economic crisis, as it is articulated by political and economic elites and by mass media. The study focuses on the political economy of the particular crisis and through the critical concept of reification, the study emphasizes the hegemonic naturalization of the economic crisis by the “free market” economistic ideology. The article problematizes the positioning of Greece as the “crisis epicentre” in Europe, understanding Greece as a scapegoat and as a laboratory where political strategies of capitalist restructuring of the EU are performed. Through the frame analysis of Bild-zeitung’s headlines on the coverage of crisis-struck Greece, the article discusses a the “culturalization” of the crisis and the diversion from a structural public debate on the global economic crisis b the disciplinary function of crisis’ publicity, related to social control and the production of new, neoliberal social subjectivities c the alienating effect of the culturalist crisis discourses to transnational publics, resulting to the misrecognition of the ideological and structural reasons of the given crisis, the misrecognition of the effects of the crisis and crisis-politics in people’s lives, the misrecognition of popular socio-political struggles in countries worse struck by crisis politics, and the eclipse of transnational solidarity and identification to the common issues that European people in particular are facing.
Stavros A. Drakopoulos
Full Text Available The methodological foundations of mainstream economics have been cited as one of the main reasons for its failure to account for the economic crisis of 2008. In spite of this, the status of economic methodology has not been elevated. This is due to the persistent aversion towards methodological discourse by most mainstream economists. The anti-methodology stance has a long presence as exemplified in Frank Hahn’s (1992 work. After focusing on the debate originating after the publication of Hahn’s arguments, the paper offers a categorization of the main explanations for mainstream methodological aversion. Subsequently, it suggests an explanation based on the role of the physics scientific ideal, arguing that the endeavor to achieve the high scientific status of physics by following the methods of physics, contributed to the negative mainstream attitude towards economic methodology. The relevant writings of the extremely influential mainstream economists Irving Fisher and Milton Friedman, reinforce the assertion that the alleged hard science status of economics renders methodological discussions and especially methodological criticism, rather pointless. The paper also calls for a more systematic discussion of this issue, especially in the wake of the line of argument that links the recent failings of mainstream economics to its methodological basis
(a) Purpose. Triggered around year 2005, the current economic and financial crisis has gained a global character. The purpose of this study is to investigate the impact of the crisis upon journalistic communication of financial and economic profile. b) The collection of basic information. As the main premise,it has been noted that in a natural way, there is a "negative journalism", a journalism based on persuasion. In addition it has been noted as a second premise, the existence of the financ...
Simanis, J G
The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' pension program was originally presented as both a social security measure and a vehicle for improving agricultural efficiency. The economic situation was expected to benefit as farms of older owners were passed to younger, presumably more efficient, successors, with the state sometimes acting as intermediary. A further step to bind the social security concept to agricultural efficiency came through relating the pension amount to the quantity of produce the individual farmer sold to the state over a number of years. The failure of these provisions and other unpopular features of the new program was aggravated by inflation and continuing deterioration of the Polish economy.
Full Text Available The article presents a thesis that the current global economic crisis is the Second Great Depression, after the First Great Depression of the 30s. This is a global crisis of capital accumulation, which is caused by insufficient global demand. The author analy - ses the theoretical output of John Maynard Keynes, Michał Kalecki, Paul Baran and Paul Sweezy. The post-war „Golden Age” of the capitalist economy ended in 1973 with a de - ep stag flation of the 70s and 80s. Capitals searching for profitable investment, started to be invested in financial speculation, growing since the 80s. This speculation was enabled on a global scale by the Washington Consensus in the 90s. The explosion of financializa - tion of the global economy began. The author presents the analyses of Paul Sweezy and Harry Magdoff, who argued that this was financialization of global accumulation of ca - pital in a form of world financial speculation. This process was completed by the finan - cial crash in 2008, which was the implosion of global speculative balloons. Economics and global economic policy faced challenges of creating new world economic order.
Full Text Available In crisis situations, the competitiveness of transnational companies becomes a particularly complex concept, due to the fact that said business entities are continuously moving within the context of internationalization and increasing use of global strategies. Given the current economic context, one cannot merely assess the competitiveness level of any given transnational company from a static standpoint, depending on the turnover, sales volume or number of employees of said company, but such assessment needs to be made from a dynamic standpoint, in close connection with the internal and international business environment in which that company carries out its activity.
Starke, Peter; Kaasch, Alexandra; van Hooren, Franca
Written during an ongoing period of global economic crisis, The Welfare State as a Crisis Manager examines the practice and potential of using social policy to cope with crises. Through an in-depth analysis of social policy reactions in the wake of international economic shocks in four different...... welfare states, over a 40-year period, the book reveals the ways in which expansion and retrenchment are shaped by domestic politics and existing welfare state institutions. Moreover, the study addresses the kind of policy change triggered by economic crisis. In contrast to conventional wisdom...... and previous scholarship, reactions tend to be characterised by incrementalism and 'crisis routines' rather than fundamental deviations from earlier policy patterns. For the first time, the study of domestic political dynamics following crisis is systematically embedded in the transnational policy debate...
Full Text Available The international financial crisis has led to a number of effects on the Romanian economy. Altough there had not been reported any direct consequences on the banking system, indirect effects on the economy were felt in full. In this context, the present paper, aims at highlighting numerous macroeconomic effects of the crisis with important economic and social load.
Andreea Nicoleta Donici
Full Text Available This article takes a look at the well known economical and financial crisis, which affected all the countries in the world. When comes to Europe, the most affected countries were the Baltic countries: Estonia, Latvia and Lithuania. The economy of these countries shrank enough, so that they cope with another wave of crisis.
In the Netherlands, the 2010 Crisis and Recovery Act aims at speeding up decisionmaking on a wide variety of activities, hoping that after the financial and economic crisis has passed, development projects can immediately be carried out without any delay caused by legal procedures in court or elsewhere. The Act meets ...
This article aims to assess the impact of the global fi nancial and economic crisis on two sectors in South Africa, namely, the automobile sector and the textile and clothing sector. It also examines the role of public policy in responding to that crisis. Its main objective is to determine whether or not those responses were ...
Hemerijck, Anton; Knapen, Ben; Doorne, van Ellen
Aftershocks werd geschreven op het hoogtepunt van de grootste economische crisis sinds de grote depressie. Hoewel het voorbarig zou zijn aan te nemen dat de gevolgen van de crisis al in volle omvang duidelijk zijn, is het overduidelijk dat zij ingrijpende effecten zal hebben op politiek, economisch
Full Text Available The work presents chosen aspects of the course of the so-called great economic crisis which took place in 1929-1933 in economy, including agricultural sector. The results of the crisis in the sphere of agricultural production, the use of production means and concerning shaping of the price level and price relationships were discussed. Attention was paid to the state intervention measures aimed to diminish the range of crisis in agriculture and reasons of their low efficiency. It was demonstrated that the crisis was very deep and beside the economy involved also the social, cultural and political spheres.
in the context of the intertwined global socio-economic as well as ecological crisis ...... Warming and Environmental Destruction, London: Resistance Books. .... Piketty, T., 2014, Capital in the Twenty-First Century, The Belknap Press of Harvard.
Roxana Gabriela Hodorogel
Full Text Available Romania has ended a high growth cycle. The world economic crisis is worsening with every passing day and Romania increasingly feels the effects of this economic downturn. The sector of small and medium enterprises (SMEs is the most dynamic in the Romanian economy, but it will also be one of the first to be hit by the global financial crisis the ripples of which have reached Romania as well. SMEs are now considered the most sensitive sector and worst affected by the economic climate. The economic crisis has prompted the member states of the European Union, too, to adopt packages of measures to counteract the effect of the crisis. Here below I will exemplify with the cases of Romania, the Italian Republic, the Federal Republic of Germany, the Slovak Republic and the Republic of Hungary.
May 20, 2011 ... factors, which also mutually interact with each other (Coombs, 1985). In Nigeria the global economic crisis (GEC) has led to depletion of stocks, ..... The Study of Instructional Communication Strategies in Nigerian Universities.
.... At the start of the crisis, Malaysia adopted a tight fiscal and monetary policy in response of the economic environment prevailing at that time it was obvious that the initial policy package resulted...
Katsanos, Aristeidis H; Fiolaki, Aidonio; Markou, Sofia; Markoula, Sofia; Kosmidou, Maria; Kyritsis, Athanassios P; Giannopoulos, Sotirios
The impact of Greece's economic crisis on healthcare is of great concern. The aim of the present study was to assess the impact of economic crisis on the prevention of cerebral ischemic events. Retrospective analysis of patients with ischemic stroke (IS) or transient ischemic attack (TIA) admitted to a tertiary neurological department in northwestern Greece during the period 2008-2014. Using 2011 as the transitional year IS/TIA patients were dichotomized according to their admission date in two subgroups: the "before economic crisis" subgroup and the "after economic crisis" subgroup. Logistic regression analyses were performed to identify predictor variables of statin/antihypertensive pretreatment. Patients admitted after the economic crisis outbreak (mean age: 57.6 ± 13.5 years) were found to have lower waist periphery measurements (p = 0.001), lower incidence of diabetes (p = 0.028), hyperlipidemia (p = 0.002) and metabolic syndrome(p crisis (mean age: 59.6 ± 11.1 years). However, between the two subgroups were no significant differences in the rates of untreated patients with hyperlipidemia (p = 0.189) and/or hypertension (p = 0.313). Even though statin pretreatment prior to stroke onset was found to be reduced during economic crisis compared to the period before the crisis, (OR = 0.58, 95%CI: 0.34-0.95, p = 0.032), this association did not retain statistical significance in the multivariate logistic regression analysis (OR = 1.69, 95%CI = 0.83-3.42, p = 0.143). Our study supports that at present financial crisis has not significantly affected the prevention of cerebrovascular events in the citizens of a provincial city area. Data from other regions and time-periods are needed for the final verdict. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.
Although economic crises tend to be perceived as a time in which consumers cut back on expenditures (including cars, clothes, and houses), market data also shows that sales of certain products increase during economic downturns. How do consumers respond to an economic crisis? And what is the
Full Text Available The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy. Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc. with less focus on the factors influencing these investments and the close connection between the economic context (economy status and the volume of these investments. For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the
Popa Adriana Florina
Full Text Available Modern economic theories reject the generalization of theories concerning the economic and financial crises. Each financial crisis is unique, a historic accident, generated by specific factors in a certain socio-economic and political set-up. According to these theories, crises cannot be anticipated so as to minimize their negative effects. In spite of the fact that economic and financial crises are not identical and do not produce identical effects, history teaches us that they are strongly correlated with the cyclic nature of economic processes. The current economic recession, which shows in all fields of activity, is determining auditors to make evaluations which are a lot more precise, based on extensive procedures, as long as the presumption of activity continuity into the future is accurate. In this context, internal audit is individualized as an managerial assistance function, which allows a correct perception of the reality of the business as a whole and/or as predefined processes. The purpose of this paper is to create an overall picture of internal audit by collecting data and information from literature and showing the dimensions and the internal audit practices internationally. Therefore, we conducted a research based on the analysis of national and international publications, various articles and studies in the financial press, on the emergence and development of the internal audit function both internationally and nationally. Later we analyzed the position of internal audit in terms of global financial crisis, all these leading to the usage of a comparative study of twelve international companies in order to highlight the specific features of the internal audit function in each organization. Our intention is to emphasize aspects of internal audit departments, relations between them and the management, their role in companies based on studies provided by Protiviti, a global consulting and internal audit services company, having
Amalia PANDELICA; Ionut PANDELICA
This paper is an extensive analysis of bought international business press and academic literature in the field about crisis management and related fields. The paper is grounded on the premise that the psychology of the crisis is an important component of the present international context and psychological factors play an important part in the alteration of consumer’s behavior. The question that generated our research approach in such conditions was at what extent peoples’ behavior is determi...
Paxson, Christina; Schady, Norbert
The effect of macroeconomic crises on child health is a topic of great policy importance. This article analyzes the impact of a profound crisis in Peru on infant mortality. It finds an increase of about 2.5 percentage points in the infant mortality rate for children born during the crisis of the late 1980s, which implies that about 17,000 more children died than would have in the absence o...
Kashulin Danila A.
Full Text Available The article is devoted to the transformation of the energy strategy of Russia in the conditions of the current economic crisis. The special attention is paid to current trends in the sphere of international relations having a decisive influence on the formation of Russia’s energy strategy. The authors point to the crisis of the modern world, the deepening of interstate contradictions, the expansion of confrontation, the revision of the uniform principles of trade, established by the World Trade Organization, the changes in the global financial system. The authors investigate the possibility of political arrangements between the leading suppliers of oil on the destabilization of the oil market in order to achieve geopolitical goals. In the article special attention is also paid to the issue of political motivation of anti-Russian sanctions directed at impeding Russia’s development and its Fuel & Energy Complex, in particular. Today, against the background of the current political situation, the energy strategy of Russia is exposed to adjustment. The country has the important task of ensuring technological independence of the energy sector on the basis of import substitution of the equipment, diversification of the directions of export of energy resources, preservation of leading positions in the world market of peaceful nuclear energy, etc. The authors conclude that the energy strategy of Russia is important part of foreign policy strategy of the country, and it is focused on practical cooperation with all countries and is aimed at protecting interests of the state.
Full Text Available The current financial and economic crisis has affected many sectors, and also the construction sector. The construction market has been and will be an important source of income for the entire Europe, totaling about 1.650 thousand billion euro, which is more than the GDP of Italy. Building no doubt brings significant percentage in the GDP of any European country, which of course is different from country to country. In Western European countries, the residential market is almost 50% from the construction market, while in Eastern European countries the majority is held by the civil and non-residential constructions. In addition, in the West the medium budget per capita spent on construction is 3-4 times higher than that spent in Eastern countries. But, according to previsions in the coming years the countries that will witness a growth, albeit small, will be the Eastern ones. The paper highlights the impact of the economic and financial crisis in the construction industry on a European and national level, as the sustainable constructions that may represent the sector’s future.
Amalia Venera Todoruţ
Full Text Available In this paper I have proposed to address/approach new dimensions of management in the economic crisis at the strategic and tactical levels, and in particular at the operational level. I have presented aspects/issues of the economic crisis in our country, by characterize the impact of crisis on the main sectors of national economy. Globalization, high flexibility, continuous improvement, tolerance for uncertainty is the general attributes of the new organizations that require a new managerial process. The organizational environments uncertain, turbulent, specific to economic crisis involve new accents of management instruments in order to achieve managerial effectiveness and efficiency and to this sense we scale new management by objective and management by exception. We also put emphasis on total quality management method and the need for change management by reengineering
RĂBONTU CECILIA IRINA
Full Text Available In this paper we propose a synthetic analysis of the evolution of the tertiary sector in Gorj county under the pressure of the economic crisis that is felt now more than ever, the tertiary sector whos activities resulted in extremely diverse and constantly expanding services in our county as well. Like other regions of Romania, Gorj county is facing a new situation: after the period 2001-2008 when there has been growth, started a period marked by crisis, outcome of the effect of economic and financial crisis that broke out in the U.S. in October 2008. The economic crisis raises even more problems further enhancing poverty due to lower employment, as well as the decline in purchasing power especially among low-income population, under the impact of inflation and restrictive policies in wages, issues that are consequential to the stage of development of services in Gorj County.
This article draws on ethnographic research to explore the impacts of the current economic crisis on Mexican migrant families in rural Montana. It looks specifically at the ways rural families negotiate gender roles and expectations as they devise survival strategies in response to major economic shifts. My analysis suggests that traditional…
Hotchkiss, D R; Jacobalis, S
The ramifications of the current economic crisis are being felt throughout Asia, but problems are particularly acute in Indonesia; in the midst of high inflation and unemployment the government is considering expanding managed care reform. In this paper, we discuss the impact of the recent economic crisis on the health sector in Indonesia, and analyze the potential for implementing effective reform following the managed care model. The health sector is discussed, highlighting pre-existing problems in the health care supply environment. The determinants of the economic crisis are summarized, and the broad impacts of the crisis to date on the health sector are assessed. Next the prospects for success of current managed-care reform proposals are examined in some detail: viability of expanded managed care reform measures are assessed in light of the continuing crisis and its likely impacts on the consumers and suppliers of health care. Analysis of the potential impact of the continuing crisis focuses on key participants in health care reform: households, the government, and private health care providers. In conclusion the potential viability of managed care appears poor, given the current economic, political, and institutional conditions and likely future impacts, and suggest some alternative reform measures.
Marta Christina SUCIU
Full Text Available The economic crisis is still on the lips of economic and political analysts from nations around the world, even more so in places where its effects continue to make themselves felt. Romania is among these troubled countries, having to deal with no just the aftermath but also signs of a possible relapse. This paper begins with a brief presentation of the economic crisis, focusing on the national specificities along with its EU member status and their effects on the evolution of the situation. Following that, the more important elements of the presented situation are identified and individually analyzed, with the purpose of identifying useful information for any possible future crisis. The final purpose of the paper is to determine the trajectory of a future crisis by taking into account inefficient management of the economic system and the strategies used to safeguard the economy, which have up until now failed to properly deal with the situation. In order to properly achieve this purpose, the analysis will attempt to identify the impact of the crisis on the healthcare system and its post-crisis configuration as well as the steps taken at the administrative level. The results of this interdisciplinary research are meant to be used as a source for a future expansion of the study and to bring attention to certain areas that can show a possible recurrence in the future.
R.E. van der Hoeven (Rolph)
textabstractThe current wave of globalization has profound labour market effects, accentuated, in many cases, by the current financial and economic crisis. This paper reviews general labour market trends and country examples, arguing that the current globalization process makes labour’s position
Alexey Sergeyevich Naidenov
Full Text Available The article is devoted to the problem of estimating dynamic of shadow economy in the context of socio-economic crisis negative influence. Factors and threats supporting the increase of shadow economy during the economic crisis were studied. Current situation in the Ural Federal District with regard to shadow economic activity for the period from 2006 to 2012 was represented. The results of forecasting shadow activity were given in the article on the example of Ural Federal District regions. Data obtained was used for developing target program activities, aimed at minimization of negative influence of shadow economy during the economic crisis. Special attention was given to the problem of improving the effectiveness of international cooperation concerning counteraction of shadow economic activity
Full Text Available The article argues that the current financial crisis that began unfolding in late 2007 cannot be explained merely by institutional failure, false economic theories, or human misbehavior. Instead, the crisis must be analyzed against the backdrop of the internal contradictions of capitalist accumulation and the gradual disintegration of the post-war hegemonic world order under U.S. leadership. The specifics of the crisis are inherently related to the failure of Fordism in the 1970s and the emergence of a post-Fordist, neoliberal, and finance-driven regime of accumulation that was pushed to its limits in the lead-up to the current downturn.
Banu Esra Aslanertik
Full Text Available In the current economic conditions, accounting applications seem to face new and complex challenges. Especially, these challenges are on the basis of fair value. Recent crisis has highlighted the complexity and difficulty of valuing financial instruments when market information is not available or not sufficient to give better economic decisions. FASB 157 “Fair Value Accounting” became effective by January 1, 2008 for most U.S. companies and some believe that this caused the problem. Oppositely, a wider group of interested parties and investors believe that fair value increases transparency and give relevant information for decision making. Depending on the financial reporting framework and the going concern assumption, this paper investigates the process for determining fair value measurements and its in-depth effects in financial reports. Also, the paper will try to highlight the question: “Can fair value be really the main reason of the global financial crisis?” from the aspect of an accounting academician.
Hoover, Kevin D.
The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg's The Art of Social Theory and the economist André Orléan's The Empire of Value: A New Foundation for Economics.
Full Text Available This work aims to study the evolution of the global crisis and its impact on various areas worldwide, as well as its impact on certain decisions which have been implemented by the authorized bodies.The general framework of this analysis starts with a short review of the relevant economic movements and trends; it continues with presenting the potential solutions aimed to overcome the dark period which is currently crossed by the contemporary economy.In the same time, the authors aim to highlight the impact of the monetary policies throughput the history on the real economy, until the current period.
Jacob Dahl Rendtorff
Full Text Available The recent international events, with a major financial crisis all over the world, involve important questions about the relation between ethics and economics and the responsibilities of the economic market in relation to broader social and political concerns. This paper addresses this issue in five parts 1 Ethics in economic history 2 The neoliberal concept of economics 3 Welfare economics and the criticism of neo-classical concepts of rationality 4 Ethics within economics 5 Economic anthropology and the foundations of rationality.
UDRIŞTIOIU ANCA ROXANA
Full Text Available The recent years have been characterized by the general influence of the crisis on the economic growth of the states, thus triggering the significant rise in the level of budget deficit and public debt. Under these circumstances, it is highly important that we know the real causes of the rise in public debt, its effects, and also the management strategy of the government public debt. What we aim to do is to take a glimpse into the real economic situation of the country, and in order to understand the crisis impact on it, we will review the economic facts of the last 10 years.
Dane, G.Z.; Grigolon, A.B.; Rasouli, S.; Timmermans, H.J.P.
As a result of the economic crisis in 2008, the price of petrol, goods and agricultural products has rapidly increased and cities all over the world started to suffer from high levels of unemployment and lower business survival rates. Due to the economic downturn, the Dutch housing market also
Dane, G.Z.; Grigolon, A.B.; Rasouli, S.; Timmermans, H.J.P.
As a result of the economic crisis in 2008, the price of petrol, goods and agricultural products has rapidly increased and cities all over the world started to suffer from high levels of unemployment and lower business survival rates. Due to the economic downturn, the Dutch housing market also
military presence itself actually affects overall levels of political and economic stability is still an open question. We look at the following two...relationship between military actions and political and economic stability . In this paper, we focus only on the crisis response piece of the overseas presence issue.
Friedman, Benjamin M.
The lessons learned from the recent financial crisis should significantly reshape the economics profession's thinking, including, importantly, what we teach our students. Five such lessons are that we live in a monetary economy and therefore aggregate demand and policies that affect aggregate demand are determinants of real economic outcomes; that…
Economic crises such as those of 1929, 1973 and 2008 appear to associate with shifts in the rhetorics of management. These dates mark the end of expansionary phases within an economic cycle, and they portend what James O'Connor has called a "fiscal crisis of the state". It is argued, speculatively, that immediately before and after an…
This paper examines Nigeria's theoretical economic foundation, the consequence of recession generally and specifically on the Gross Domestic Product (GDP) growth rate (2008-2010) and on companies together with customers reaction. Business recovery strategies for an upturn over the economic crisis of recession in ...
Engjell PERE; Albana HASHORVA
The paper intends to analyze the impact of global economic crisis on the economies of Western Balkan Region. Albania, Bosnia & Herzegovina, Croatia, Macedonia (FYROM), Montenegro, Serbia, and Kosovo are part of this Region. The purpose of the paper is not to analyze the global crisis impact on specific sectors of the economies of the Western Balkan Countries, indeed, it focuses mainly on the macroeconomic level, identifying and analyzing fluctuations of major macroeconomic indicators of the e...
Financial and economic crisis has challenged the ideological and methodological basis,the basic assumptions and the universal applicability of the research conclusions of the mainstream corporate finance.In order to construct corporate finance appropriate to the state of financial crisis,it is necessary to adjust the objective function of corporate finance,modify the corporate financing theory,extend corporate investment theory,enrich corporate working capital management theory,and adjust corporate dividend policy theory.
Ayhan, Sinem H.
This paper contributes to the research on interdependencies in spousal labor supply by analyzing labor supply response of married women to their husbands' job losses ("added worker effect"). It empirically tests the hypothesis of added worker effect relying on a case study on Turkey during the global economic crisis of 2008. Identification is achieved by exploiting the exogenous variation in the output of male-dominated sectors that were hit hard by the crisis and the high degree of gender se...
Claudia E. Tuclea
Full Text Available The purpose of this paper is to explore the strategic behavior of travel agencies in Romania and their strategy development process before and during the current economic crisis. Using 88 in-depth interviews with Romanian managers of travel agencies of different sizes, we pursued the understanding the extent to which they use strategic management, the role of strategic management on leading travel agencies before and during the crisis, and the changes of their strategic planning process due to the crisis. The research also aims to identify how they perceive the impact of the crisis on the business environment and the behavior of competitors. The findings suggest that, at first, travel agencies followed an informal strategic planning process, with a high emphasis on the short-term objectives given the turbulence of the environment affected by the economic crisis. This turned into a tougher emphasis put on financial and cutting costs measures. The crisis prolonged and the managers rediscovered the role of strategy, trying to find new ways of creating value for the customers, reconsidering the role of competitive advantage. The paper offers an image of strategic management processes of travel agencies and the changes in their strategic direction and behavior as a result of the financial and economic crisis, approaching a well-defined theoretical and practical need.
Full Text Available The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region. The analysis encompasses five countries: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and FYR Macedonia. We examine insurance industry specifics separately for each country for the period 2004-2008 and for the first six months of 2009. While the impact of the crisis varies between countries, the research results indicate that the global financial crisis has had limited overall impact on the regional insurance industry. However the current recession resulted in negative premium growth in Serbia, Croatia and FYR Macedonia while the growth in Slovenia and Bosnia and Herzegovina declined. At the same time investment returns have declined and claims have risen in all countries. The crisis had more pronounced impact on non-life insurance premium growth in less developed insurance markets. In developed markets, namely Slovenia and Croatia, the crisis had greater impact on life insurance premium growth.
Ph. D. Candidate Anca Domnica Lupu
Full Text Available Reality revealed a very important resource that can act for or against a business, its administration having a crucial influence.It is the intellectual capital we are talking about, mainly based on knowledge. Under the current economic situation we have to find that ideal solution that is able to get the economy out of the crysis, to find the blue ocean. The main question here is that if a correct evaluation of intellectual capital will help economies get their goals. The main idea we can withdraw out of these theories is that values have changed the ierarchy, that is the psyhical resources ceased their place to intangible assets that tend to become more and more important for the companies.
Popa Adriana Florina; Breban Ludovica; Bochis Leonica
Modern economic theories reject the generalization of theories concerning the economic and financial crises. Each financial crisis is unique, a historic accident, generated by specific factors in a certain socio-economic and political set-up. According to these theories, crises cannot be anticipated so as to minimize their negative effects. In spite of the fact that economic and financial crises are not identical and do not produce identical effects, history teaches us that they are strongly ...
Hou, David; Skeie, David
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. ...
Full Text Available The aim of the present paper is to identify and comment on the existing relationship between corporate social responsibility (CSR and the current economic crisis, by focusing on the experience of the Romanian companies. After briefly defining the concept of CSR, the article presents the above mentioned relationship from a triple perspective: the lack of ethics as a cause of the economic crisis, the threat of CSR in periods of crisis and the opportunity of CSR in periods of crisis, considering that the last perspective could be maximized if companies are going to approach CSR from a strategic point of view. Finally, the second part of the paper presents what Romanian companies really do, but, more important, what they should do in order to increase their effectiveness in terms of CSR implementation when social budgets seem to remain constant or even decrease.
Full Text Available This qualitative research investigates interpretive schemata by producers for automotive industry during the economic crisis in Slovenia. Specifically, the interest was in their Human resource management (HRM schemata in current crisis. We explained the dynamics of schema change on the basis of Piaget's theory of adaptation. In-depth interviews with CEOs, directors of HRM and leaders of trade unions served as a primary data source. In addition, comparative analysis of social responsibility as reported in companies' annual reports in 2007 and 2008 was made. Firstly, results demonstrate strategic role of HRM in chosen companies. Secondly, present economic crisis does not serve as a factor of schema change. In conclusion, participants mostly assimilate new information from environment to fit their HRM schemata. Results show the major factor for both assimilation and lack of schema change is occurrence of crisis in Slovenian companies that produce for automotive industry in the nineties.
The term "crisis" in different cultures (such as ancient Greece or China) can have a positive meaning, since it indicates a time of growth, change and opportunity. Over the centuries there have been times of severe economic and social crisis that led to the implementation of major reforms and improved population health. Nowadays, despite the new economic crisis which has also affected health care for its rising costs, health economics does not hesitate to affirm the importance of key objectives such as prevention and medical assistance. Prevention is not prediction. Prevention means "going upstream" and fixing a problem at the source; the goal is to reduce diseases' effects, causes and risk factors, thereby reducing the prevalence of costly medical conditions.
Full Text Available Macroeconomic developments in Romania have submitted inadequate development amid the financial and economic crisis deepened. The objective of this research is highlighting the impact of the economic crisis, deepening its effects at the national level. In Romania, the negative effects of the crisis begin to be more evident: lack of demand on the market, which the collapse of production and reduction of the amount of reports of police work. The economic crisis creates uncertainty. The uncertainty in the economy is, in fact, income insecurity – both for the company and for the employees. The unemployment rate is in a continuous growth and the population is increasingly affected. Crises do not constitute exceptional circumstances, because they tend to repeat it; at the same time, it must be stressed that these changes its form, that require a periodic review of their claims, as understanding more and more refined methodologies and a smooth integration of empirical research in theoretical solid construction. If all economic mechanisms would work perfectly balanced real economy should not deal with situations of crisis.
The social and economic model that emerged out of the Tiananmen crisis was profoundly different from that contemplated on the eve of Tiananmen. China made a firm transition to a high-input, high investment, high growth model of development. The broad but vague social consensus in favour of political and economic reforms that underlay the Tiananmen protests crumbled, while the economy boomed and some people became much better off. In the post- Tiananmen period a strong economic logic and a str...
Arturo Guillén R.
Full Text Available The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.
Chian, Abraham C.-L.; Rempel, Erico L.; Rogers, Colin
Complex economic dynamics is studied by a forced oscillator model of business cycles. The technique of numerical modeling is applied to characterize the fundamental properties of complex economic systems which exhibit multiscale and multistability behaviors, as well as coexistence of order and chaos. In particular, we focus on the dynamics and structure of unstable periodic orbits and chaotic saddles within a periodic window of the bifurcation diagram, at the onset of a saddle-node bifurcation and of an attractor merging crisis, and in the chaotic regions associated with type-I intermittency and crisis-induced intermittency, in non-linear economic cycles. Inside a periodic window, chaotic saddles are responsible for the transient motion preceding convergence to a periodic or a chaotic attractor. The links between chaotic saddles, crisis and intermittency in complex economic dynamics are discussed. We show that a chaotic attractor is composed of chaotic saddles and unstable periodic orbits located in the gap regions of chaotic saddles. Non-linear modeling of economic chaotic saddle, crisis and intermittency can improve our understanding of the dynamics of financial intermittency observed in stock market and foreign exchange market. Characterization of the complex dynamics of economic systems is a powerful tool for pattern recognition and forecasting of business and financial cycles, as well as for optimization of management strategy and decision technology
Full Text Available Nicola Mucci,1 Gabriele Giorgi,2 Mattia Roncaioli,3 Javier Fiz Perez,2 Giulio Arcangeli11Department of Experimental and Clinical Medicine, University of Florence, Florence, 2Department of Psychology, European University of Rome, Rome, 3Department of Biomedical Sciences for Health, University of Milan, Milan, ItalyAbstract: In 2008 a deep economic crisis started in the US and rapidly spread around the world. The crisis severely affected the labor market and employees’ well-being. Hence, the aim of this work is to implement a systematic review of the principal studies that analyze the impact of the economic crisis on the health of workers. We conducted our search on the PubMed database, and a total of 19 articles were selected for review. All studies showed that the economic crisis was an important stressor that had a negative impact on workers’ mental health. Most of the studies documented that a rise in unemployment, increased workload, staff reduction, and wages reduction were linked to an increased rate of mood disorders, anxiety, depression, dysthymia, and suicide. Some studies showed that problems related to the crisis may have also affected the general health of workers by increasing the risk of such health problems as cardiovascular and respiratory diseases. Finally, some studies looked at the impact of the crisis on health care services. These studies demonstrated that the reduction in public expenditure on health care services, and the reduction of public hospital budgets due to the recession, led to organizational problems (eg, medical supply shortages.Keywords: economic crisis, recession, work-related stress, mental health, risks assessment, occupational medicine
Fanourgiakis, John; Kanoupakis, Emmanuel
In a time of economic recession health technology assessment is an established aid in decision making in many countries in order to identify cost-containment policy options. Moreover, as the volume, complexity, and cost of new medical technology increases, the need for evaluating benefits, risks and costs becomes increasingly important. In recent years there has been a proliferation of health technology assessment initiatives internationally, aimed in introducing rationality in the decision-making process, informing reimbursement, providing clinical guidance on the use of medical technologies across the world in an evidence-based decision-making environment and in pricing decisions. © 2015 Chinese Cochrane Center, West China Hospital of Sichuan University and Wiley Publishing Asia Pty Ltd.
Lund, Henrik; Hvelplund, Frede
of sustainable energy solutions involves the replacement of imported fossil fuels by substantial investments in energy conservation and renewable energy (RE). In such situation, it becomes increasingly essential to develop economic thinking and economic models that can analyse the concrete institutions in which......This paper presents Concrete Institutional Economics as an economic paradigm to understand how the wish for sustainable energy in times of economiccrisis can be used to generate jobs as well as economic growth. In most countries, including European countries, the USA and China, the implementation...
Full Text Available This article deals with the question if and how far religious points of view and messages of churches involved matter in the analysis of the roots of the present global economic crisis, and even more in the discussion about how to overcome the crisis itself. Economic experts such as Stiglitz point to the presence of factors such as greed, fear and utmost selfish behaviour. It inevitably leads to the ethical, but in fact also the religious question of how far people, especially economic agents, can go in the pursuit of their own economic interests without doing harm to others. Jesus asked his disciples to follow him: with Bonhoeffer, we could call that a Way-orientation. Where and how far can a conflict therefore arise between human goal-orientations, on the one hand, and a biblical Way-orientation, on the other hand? And is it indeed relevant when considering our present economic crisis? This article defends the last position, describing some categories (such as the choice of ultimate meaning, the sacro-sanctity of chosen instruments, and the demonisation of opponents which indicate that the borderline has been passed between responsible and irresponsible goal-orientations. The glorification of greed and the delegation of ultimate power to financial markets indicate that at this moment elements of idolatry (or the obedience to Mammon are at hand. They are also aggravating the present economic crisis. This implies that returning to the choice for decisive normative Way-orientations in economic life is possibly the only true way out of the present economic crisis.
Svetlana V. Mareeva
Full Text Available Based on the data of national representative surveys carried out by IS RAS in 2014-2016, the author presents analysis of consumption specifics in middle-income groups in times of current economic crisis. It is shown that although in modern Russian society middle income groups make up the majority of population, they cannot be directly correlated with the middle class defined in class theory framework. Middle-income groups are heterogeneous in different aspects, including their consumption specifics. Their standard of living remains quite modest, although it is significantly higher than the “survival standard”. New economic conditions led to widespread economy practices among them - primarily on consumption, followed by economy on hobbies and vacations. Economy practices also seriously affected middle-income strata investments in human capital – usage of paid educational and health services (this type of economy was more widespread among lower middle-income group than higher. Although representatives of the middle-income strata are quite actively using paid medical services (and relatively rarely – paid educational services, the reason for this more often lies in inaccessibility of free analogues rather than in search for the higher quality. Process of durables renewal in middle strata during the crisis was not as active, but their standard set of durable goods still widened over the past two years - primarily due to the relatively complex technological durables that they are gradually transferred from the category of innovation goods to the extended standard. In this regard, the upper middle income group successfully performs the function of the innovative consumer.
Madalina ARITON (BALAU)
Supply chain management in Albania has received little attention in the recent literature. Many companies now realize that actions taken by one member of the chain can influence the profitability of all others in the chain. Companies are increasingly thinking in terms of competing as part of a supply chain against other supply chains, rather than as a single firm against other individual firms. The aim of the paper is to investigate the current situation of supply chain management in Albania ...
The current state of Latvia can be best described in medical terms: the patient is pale, but alive. The financial woes have been successfully resolved, but economic, social and political challenges remain. The crisis is continuing to affect the fabric of social and political life in Latvia. This paper looks at the economic, social and political consequences of the recent financial crisis and the ensuing economic collapse in Latvia and suggests some remedial actions.
Full Text Available This article provides an overview of the current economic situation in Bosnia and Herzegovina. Beginning in the second half of 2008, macroeconomic conditions in B&H began precipitating a decline in economic activity. While the global financial crisis was among the factors contributing to this decline, it was far from the only factor. Problematic macroeconomic conditions were also a result of B&H’s own structural and political problems, caused largely by the shortcomings of a political entity comprising two autonomous entities. Due to such problems, the governments of B&H turned to the International Monetary Fund for assistance. This article analyzes the effects of the first two “stand by” arrangements made between the IMF and B&H and discusses implications for further, ongoing stand by arrangements made between the IMF and B&H. This paper also examines the lack of unified economic space between The Federation of Bosnia and Herzegovina and The Republic of Srpska, which has resulted not only in ineffective monetary policy but also in different fiscal and taxation systems between the two entities. While various existing analyses claim that B&H has little hope of resolving its economic woes due to its current political and economic structure, this article offers solutions and measures that, if successfully implemented, would lead to more efficient recovery and self-sustainable economic growth.
Full Text Available This paper tries to evaluate the situation of the fiscal revenues in Romania in the context of economic and financial crisis, because the fiscal revenues are the major source of financing the public expenditure. The evolution of the level of fiscal revenu
The study examined the relationship between global economic crisis (GEC) and inadequacy of facilities for administration of the Technical and. Vocational Education. The descriptive survey design with a random sample of 100 technical teachers from a population of 139 technical teachers in all six Technical Colleges in ...
van Kempen, Ronald; Bolt, Gideon; van Ham, Maarten
Urban neighborhoods are still important in the lives of its residents. Therefore, it is important to find out how the recent global financial and economic crisis affects these neighborhoods. Which types of neighborhoods and which residents suffer more than others? This introduction provides an
Doriana Andreea Rămescu
Full Text Available The economic crisis is a negative macroeconomic phenomenon with consequences both at European Union level and worldwide. The main objective of this paper is to analyse the variation of price levels in Romania, during the economic crisis until the end of 2015, compared with the Member States of the European Union and the countries of the European Free Trade Association. For this research, information provided by EUROSTAT was used, such as price level indices for actual individual consumption per capita, and for different goods and services, calculated based on purchasing power parity. The aim is to identify solutions to rising living standards, compared with more developed countries of the European Union. This paper presents possible solutions for avoiding a future economic crisis, caused by overconsumption. The paper is divided into four sections: introduction, part two which presents aspects of the economic crisis in Romania and in the European Union, the third part presents price level indices for different products and services in 2015, and the last part, the conclusions of the research.
MOISA Claudia Olimpia
Full Text Available The present paper, dominated by the global economic crisis effects is and continues to be a critical time for global tourism industry and for Romanian too. This study tries to play on a particular case, Park Hotel, located in Alba Iulia, the impact of this phenomenon over tourist hotel services.
MOISA Claudia Olimpia
The present paper, dominated by the global economic crisis effects is and continues to be a critical time for global tourism industry and for Romanian too. This study tries to play on a particular case, Park Hotel, located in Alba Iulia, the impact of this phenomenon over tourist hotel services.
Sierp, Aline; Karner, Christian
This special issue brings together scholars who examine the nexus between the (economic) crisis, national identities and the use of historical images, prejudices and stereotypes by focusing particularly on media and political discourses in different European countries. Pictures of Angela Merkel in a
Madsen, Poul Thøis
How have authors of widely used U.S. introductory economics textbooks responded to the traumatizing financial crisis? The answer interests textbook authors as well as the users. An encompassing quantitative and qualitative text analysis that applies new methods demonstrates that in general, the f...
Full Text Available In the Netherlands, the 2010 Crisis and Recovery Act aims at speeding up decisionmaking on a wide variety of activities, hoping that after the financial and economic crisis has passed, development projects can immediately be carried out without any delay caused by legal procedures in court or elsewhere. The Act meets great criticism for many reasons: it allegedly curtails citizen's procedural rights because it focuses almost exclusively on environmental standards as "obstructing" standards that need to be removed, and it infringes international and European Union law. In this note, the legal critique on the Act is analysed. The conclusion is that the sense of urgency surrounding the design of legal measures to address the economic crisis enables the legislature to implement innovations and long-time pending amendments to existing legislation. Most issues have however not been fully or properly considered. Many legal questions will arise when implementing the Act, which will retard rather than expedite projects. It is difficult to predict whether the positive effects of the Crisis and Recovery Act would outweigh the negative aspects. Much depends on the manner in which the authorities will actually apply the Act. Should they implement the Act to its full potential, the effect of the Act in sum will be negative. In that case, the Act may help the economy to recover, but it will bring about a crisis in the legal system. It will, in all probability, also not contribute to sustainable development.
Full Text Available The paper indicates a correlation between the economic crisis and America's Middle East policy. It contends that the protracted war effort in Iraq and Afghanistan have crippled the US national economy to a degree that only if the US changes its approach to Middle East conflict, will it be able to reduce the federal budget deficit, a necessary step towards economic recovery.
The aim of the paper is to examine the effects of the current economic crisis in the way teenagers experience and report interethnic relations with emphasis on interethnic violence in the school environment in Cyprus. It will report findings from an EU funded project which was recently completed (2012) titled: "Children's voices: Exploring…
Pasnicu, Daniela; Ciuca, Vasilica
Flexicurity is an integrated concept, resulted from the combination of two fundamental elements flexibility and security. The strategy was recognized as one of the key objectives for European Labour markets in the context of the European Employment Strategy and Lisabon Strategy. The implementation of flexicurity can onlz be specific, taking account of national and regional characteristics in spite of the fact that all labour markets in Europe are faced with similar challenges. The target of t...
Florin Alexandru LUCA
Full Text Available Human resources represent the creative, active and coordinating element of the organisational activity, having a strong influence on the efficiency of the use of material, financial and information resources. The description of people as ”resources” highlights their importance and shows that their management requires high levels of genuine care and attention to people and professionalism. 2010 and 2011 are very difficult years for those who want to find a job. Flexibility and a decent salary are the reference words. The economy in a turbulent situation does not guarantee the safety of the jobs. The university graduates must make efforts and prove to have communication skills in order to obtain or keep the desired position. Our paper focusses on the aspects of career development for the young university graduates, thus treating a subject of wide interest these days.
Larrañaga, Isabel; Martín, Unai; Bacigalupe, Amaia
Sexual and reproductive health (SRH) is protected by the public authorities to ensure that people enjoy a free, satisfying, and safe sexual life. Despite the approval of the National Sexual and Reproductive Health Strategy in 2011, the progress achieved may be jeopardized by recent proposals for legislative changes affecting this area (abortion Law and 16/2012 Law) and by the impact of the current economic crisis. This article aims to describe the current situation of sexual and reproductive health in the Spanish population and to identify the potential impact of the economic crisis. To this end, we used the following information sources: the National Sexual Health Survey, the DAPHNE surveys, births and fetal deaths statistics from the Spanish National Institute of Statistics, the Registry of Voluntary Pregnancy Interruptions, reports from the National Epidemiology Center, and the National AIDS Registry. Sexual health and the availability of information are rated as good by the Spanish population. Among young people, schools and health services have become less important as information sources and the internet has become more important. Since the beginning of the crisis, contraceptive use and fertility have declined and maternity has been delayed. The economic crisis seems to have affected some indicators of sexual and reproductive health. However, the potential effects on other indicators should continue to be monitored because insufficient time may have passed for accurate determination of the full effect of the crisis. Copyright © 2013 SESPAS. Published by Elsevier Espana. All rights reserved.
Pisey Khin; Ryuta Ray Kato
We numerically examine the impact of the global economic crisis on the Cambodian garment exports as well as its economy by using the conventional CGE model. A seminal aspect of the paper is that we have successfully estimated the curvature of the CET and CES production functions for the Cambodian economy, by using the time series regression method. One of our most striking results indicates that the welfare cost of the impact of the crisis at least reaches 281 million US dollars, thus resulti...
W. Burger (Willem)
textabstractYugoslavia is one of the rapidly industrialising countries which has had a record of very high rates of economic growth over the past decades and which is now balancing on the brink of bankruptcy. That its grave financial problems have not attracted as much international attention as
Jooma, R; Khan, A; Khan, A A
The world is facing an unprecedented global economic crisis, with many countries needing to reconsider their level of health care spending. This paper explores the many consequences of the global economic turndown on Pakistan's health, including reduced government and donor spending and increased poverty with the consequent diversion of funds away from health. Nevertheless, these challenges may provide opportunities not only to mitigate the adverse effects of the economic crisis but also to institute some much-needed reforms that may not receive political support during more affluent times. Our suggestions focus on setting priorities based on the national disease burden, prioritizing prevention interventions, demanding results, curbing corruption, experimenting with innovative funding mechanisms, advocating for increased funding by presenting health spending as an investment rather than an expense and by selected recourse to civil society interventions and philanthropy to bridge the gap between available and needed resources.
Full Text Available This paper examines the growth experience of Indonesia in the years before and after the Asian financial crisis. Particular attention is paid to the relationship between economic growth and petroleum sector’s total factor productivity (TFP. It finds the possibility that post-crisis Indonesian economic growth has ‘recoupled’ with petroleum sector’s TFP – fluctuations in petroleum TFP is directly correlated with fluctuations in economic growth. Further, although keeping Indonesia’s petroleum sector open to fair competition should be the prime policy, the fact regarding resource nationalism might need to be taken into account in designing the policy to develop the productivity of Indonesia’s petroleum sector.
de Goeij, Moniek C M; Bruggink, Jan-Willem; Otten, Ferdy; Kunst, Anton E
This study investigated, among the Dutch working population, whether job loss during the post-2008 economic crisis is associated with harmful drinking and whether this association is stronger than before the crisis. Repeated cross-sectional data from the Dutch Health Interview Survey 2004-2013 were used to define episodic drinking (≥6 glasses on 1 day ≥1/week) and chronic drinking (≥14 glasses/week for women and ≥21 for men). These data were linked to longitudinal data from tax registries, to measure the experience and duration of job loss during a 5-year working history. Before the crisis, job loss experience and duration were not associated with harmful drinking. During the crisis, job loss for more than 6 months was associated with episodic drinking [OR 1.40 (95% CI 1.01; 1.94)], while current job loss was associated with chronic drinking [OR 1.43 (95% CI 1.03; 1.98)]. These associations were most clear in men and different between the pre-crisis and crisis period (p interaction = 0.023 and 0.035, respectively). The results suggest that economic crises strengthen the potential impact of job loss on harmful drinking, predominately among men.
In times of economic hardship both formal and informal economy are affected. The paper begins by inspecting the characteristics of the informal economy, some of which may act as disadvantages as well as advantages, addressing prostitution as one type of informal economic activity. Looking at the available data, we then observe in which way and to what extent the current global financial crisis has affected the informal economy, in general, and prostitution, in particular. Next, we examine the...
Gili, Margalida; García Campayo, Javier; Roca, Miquel
Studies published before the financial crisis of 2008 suggest that economic difficulties contribute to poorer mental health. The IMPACT study conducted in primary health care centers in Spain found a significant increase in common mental disorders. Between 2006 and 2010, mood disorders increased by 19%, anxiety disorders by 8% and alcohol abuse disorders by 5%. There were also gender differences, with increased alcohol dependence in women during the crisis period. The most important risk factor for this increase was unemployment. In parallel, antidepressant consumption has increased in recent years, although there has not been a significant inrease in the number of suicides. Finally, the study offers some proposals to reduce the impact of the crisis on mental health: increased community services, employment activation measures, and active policies to reduce alcohol consumption and prevent suicidal behavior, particularly among young people. Copyright © 2013 SESPAS. Published by Elsevier Espana. All rights reserved.
A review of the impact of economic fluctuations on demographic factors suggests remarkable similarities between the pre-20th century experience of European populations and the current experience of poor developing countries. Studies of pre-industrial European population consistently show a negative association of both nuptiality and marital fertility with grain prices and a positive mortality-price association in time of economic crisis. Mortality generally remains elevated for at least 2 years after the crisis, while fertility is lowest in the year following the crisis and then rebounds to above-normal levels before restabilizing. Recent data on major famines in Bangladesh and China, and on less catastrophic food production short falls or price increases of relatively brief duration in India, Japan, and Taiwan, allow further analysis of the impact of economic conditions. In all 5 scenarios, the timing effects are consistent with the pre-industrial European pattern. However, when the crisis is exceptionally severe (as in the case of China), the mortality response is more immediate. Overall, as Caldwell and Caldwell have hypothesized, increases in mortality and decreases in fertility are equally responsible for population loss in times of economic crises--although mortality plays a larger role in poorer settings. Even in the case of catastrophic events such as famine, the demographic response to an economic crisis rarely has a qualitatively important impact on population trends. For example, the massive famine of 1959-61 in China represented a loss of only a few years of natural increase. Studies of contemporary developed societies such as the US have produced contradictory findings. It is speculated that the research will eventually uncover a pattern of a decline in fertility and perhaps nuptiality after an economic crisis, but little effect on mortality.
Full Text Available Foreign direct investments represent an essential factor of economic development and growth at all levels: national, regional and local (county. The authors analyse the evolution of foreign direct investments in Romania over the last decade, taking into consideration the influence of the economic and financial crisis, different territorial levels, types of foreign investments, the economic activities and also the main countries of origin. The aim of the paper is to explain some of the reasons for the illustrated evolution of FDI and to reveal some policy implications for the future period.
Soim Horatiu Florin
Full Text Available The cyclical path of economy is a common place in the economic theory. The economic crisis that started in 2007 was not only one of the most severe since the WWII but it came unexpectedly. The cause of the crises and of the surprise consists in the economic models and theories that were founded on the rationality and maximization behavior of the economic actor. People lack the rationality the mainstream economics assume. This is why both economists and simple people do not act as theory predicts and finally economy does not tend toward equilibrium but suffers recurrent crises. This crisis started as a financial one, because of the subprime loans made in USA, but have spread in production sector because of credit frozen, is now in transforming into a social crisis because of austerity measures taken by governments. The paper analyzes the theoretical foundation of economic theory and how the facts that characterize the recent economic evolution fit with the non mainstream theories. It presents the figures of the economic evolution in the last 3 years and explains them based of the agentâ€™s behavior described by Herbert Simon and Daniel Kahneman. Their challenge of mainstream economics is based on an analyze of human behavior. Herbert Simon introduced the concept of bounded rationality as opposed to perfect rationality postulated by neoclassic economics and Daniel Kahneman realized experiments that proved that people cannot stick with the performances assumed by mainstream economics. Their conclusion permit to understand the approach of George Soros who says that people actions are bounded by reflexivity and as a consequences sometimes economy move not toward but far from equilibrium, creating bubbles that end in financial and economic crises. As Akerlof mention the cause of the crisis is the reliance of a false theory which said that we are safe. The conclusion is that we need new theories more close to the real life and an agent description
Ioana Laura Văleanu
Full Text Available The economic and financial crisis which has affected the world economy since 2008 raised a question mark regarding the viability of the Economic and Monetary Union and the future of the euro. Themain objective of this paper is to identify the amplitude of the effects of the economic crisis on the functioning and stability of EMU. Following the main objective, the study is meant to analyze the theoretic fundamentals which were at the basis of the creation of EMU and an analysis of the financial policies and instruments meant to render stability and sustainable economic growth in the countries of the Eurozone.
Full Text Available Volatility in the stock market had strongly affected by the movement of publicly or even inside information. The movements of this information will generate the perspectives and expectations of investors in decision-making. How strong is the level of market efficiency in determining the movement of stock market, especially to achieve stability in the stock market during the economic crisis? How effective are the policies of central banks in controlling the movement of the stock market? This study aims to measure the factors that influence changes in the movement of stock price in Indonesian stock market in terms of market efficiency hypothesis. This research also aims to investigate the effectiveness of central bank policy in controlling and stabilizing the movement of stocks in Indonesia. The research will focus on the economic crisis in 1997 and the global crisis in 2008 as case studies. Thepaperutilizesthe vector error-correction model, impulse responses and variance decomposition in measuring the contribution of the factors that affect the movement of stock and determine the effectiveness of central bank policy. The findings are beneficialto central banks, governments, companies and investors in strengthening the Indonesian Stock Market particularly in facing the threat of financial crisis.
Aliaksei Igor Patonia
Full Text Available Posing arguments against statistical evidence picturing the European Union as the key world economy, the research views the economic model of the EU through the prism of Hofstede’s cultural dimensions, explaining its lower resistance towards the global economic crisis and comparing it to China – a country with authoritarian governmental methods – that suffered to a significantly lesser extent. Based on the example of these two entities, the paper views the topic of the current refugee crisis in Europe representing it as a new crucial trial for the EU that potentially checks classical economic theory for consistency. According to the author, if found effective, in the foreseeable future it will form a sound basis for further development, if not – it will likely be replaced by the Keynesian paradigm. Thus, with the current refugee crisis in Europe, the author juxtaposes liberal economy with the state-regulated one. This is done to give hints at the importance of the crisis per se, as it is believed to be capable of shattering some of the fundamental principles of the current world order.
Full Text Available The economic crisis has affected many areas but the auto industry is perhaps one of the most affected. Renault, Ford, General Motors, Toyota, Volkswagen, BMW are just some of the big players caught unprepared. Through this paper we propose an analysis of the automotive market in Romania in order to understand the sales decrease of the last two years. At the same time we aimed at understanding the reasons that led to a decrease in car sales, what were the measures taken by the government to stop this phenomenon and how the economic crisis influenced the automotive field in Romania. An objective image of the situation in the automobile market in Romania at this moment also requires an analysis of the marketing environment and the changes it has undergone over time. Last but not least we will try to find a series of measures to re-launch the car market in Romania.
The current economic crisis finds its origin in the existence of a global market for human capital, without unified prices: the development of a debt economy in Western countries can be regarded as an attempt to maintain economic growth in spite of the resulting pressure on labor wages. While the sub-prime crisis has shown the limits of such an attempt, the author believes that debt driven economic growth will continue to prevail in Western countries until price imbalances on the global market for human capital are resolved. This probably implies a substitution of public to private debt, and of private consumption to public investment with the resulting implications on public deficits, supply and demand, and relative prices. Energy prices will be sensitive to public spending's both mechanical impact on economic growth and qualitative impact on energy efficiency
Hašková, Hana; Dudová, Radka
Roč. 27, č. 1 (2017), s. 47-63 ISSN 0959-6801 R&D Projects: GA ČR GA15-07898S; GA ČR GA15-13766S Institutional support: RVO:68378025 Keywords : Czech Republic * economic crisis * precarious work Subject RIV: AO - Sociology, Demography OBOR OECD: Sociology Impact factor: 1.159, year: 2016 http://ejd.sagepub.com/content/early/2016/10/13/0959680116672279.full.pdf+html
CISMARIU (ZEPA Liliana
The present work aims at identifying options for the residents of the Western region of the country, under the effect of the economic crisis, for entrepreneurship as an opportunity or for maintaining the employee status from the perspective of their personality or their values, bearing in mind at the same time the reduced experience, of less than 25 years, that our country’s residents have on the business market.
Sigurjonsson, Throstur Olaf; Vaiman, Vlad; Davídsson, Páll Ásgeir
The authors of this article contend that traditional corruption, which was largely blamed for the current situation in the Icelandic economy, was perhaps not the most fundamental reason for the ensuing crisis. The weak business culture and a symbiosis of business and politics have actually allowed......, prior to making any sort of investment decisions in that country....
Full Text Available Published by Palgrave MacmillanThe financial and economic crisis saw developing and emerging countries experience more severe setbacks in their growth rates than industrialised countries and they did not all have sufficient funds to finance robust stimulus measures. The major emerging economies have nevertheless recovered quickly and are currently the most important growth engines in the world economy.Private capital flows collapsed, leaving the global South with an overall deficit in financing. Greater official financing flows have not yet been able to compensate for the shortfalls and the slow increase in private capital flows since the end of 2009 has not been able to do so either. Overall, according to the UN, more capital flows from the South to the North than vice versa. The South thus continues to finance the North.Discussions regarding a reform of the global financial and economic order are ongoing but to date have had little impact on developing countries. The international financing institutions do have more funds at their disposal, but developing countries are still under-represented. The IMF and the World Bank have begun to question some of their previous dogmas. Opinions are divided on whether one can already speak of a new policy.The debate on the role of taxation in the mobilisation of local resources for development financing has intensified. Insight favouring comprehensive reforms of the taxation systems in developing countries has sharpened, but technical aid provided by industrialised countries to realise these reforms is still insufficient. Taxation is acquiring growing recognition as an instrument of State-building, democratisation and governance. The campaign to deal with international tax evasion and illicit capital flows is gaining momentum and the exchange of information on tax issues has improved. However, it is difficult to establish newer and more trenchant instruments for improved transparency, given the predominant
Buchan, James; O'May, Fiona; Dussault, Gilles
To assess the impact of the global financial crisis on the nursing workforce and identify appropriate policy responses. This article draws from international data sources (Organisation for Economic Co-operation and Development [OECD] and World Health Organization), from national data sources (nursing regulatory authorities), and the literature to provide a context in which to examine trends in labor market and health spending indicators, nurse employment, and nurse migration patterns. A variable impact of the crisis at the country level was shown by different changes in unemployment rates and funding of the health sector. Some evidence was obtained of reductions in nurse staffing in a small number of countries. A significant and variable change in the patterns of nurse migration also was observed. The crisis has had a variable impact; nursing shortages are likely to reappear in some OECD countries. Policy responses will have to take account of the changed economic reality in many countries. This article highlights key trends and issues for the global nursing workforce; it then identifies policy interventions appropriate to the new economic realities in many OECD countries. © 2013 Sigma Theta Tau International.
Full Text Available The global economy was slowing as well as the eurozone countries. Though Russia‘s economy held steady with the reported current account surplus, the large non-oil fiscal deficit requires concerted fiscal adjustment to reduce vulnerability in the face of new shocks. According to Mr. Putin emphasis has to be shifted away from the energy sector and toward new investments and infrastructure. A framework for creating and developing new sectors of the economy is to be provided for modernizing production units, mastering advanced production management methods and developing human assets
Alfieri, Sara; Guiddi, Paolo; Marta, Elena; Saturni, Vincenzo
The economic crisis has exasperated people's feelings of loneliness; job instability often does not allow people to commit to voluntary work. The present work proposes to examine whether the motivations to donate blood have changed before and during the period of economic crisis, taking into consideration donors' gender. We adopted Omoto & Snyder's functionalist approach, which states that blood donation serves different functions for any one person, who may have different motivations from those held by other people. We compared six-year pre-post (t1 "pre-crisis": 2008 - t2 "during the crisis": 2014) data on a sample of blood donors in a single blood donation center situated in Northern Italy. T-test was used for data analysis. Three hundred thirty donors (age range 18-60, M = 32.6, SD = 9.53; 54.5% male) were administered a survey at t1 and 444 (age range 18-60, M = 37.8, SD = 10.16; 68% male) six years later at t2. In both surveys, participants were administered a questionnaire with socio-demographic items and a version of Omoto & Snyder's Motivations to Volunteer scale adapted to blood donation. Donors' motivation priorities did not vary over time. Values and Self-enhancement motivations are the most prevalent. Knowledge and Ego-protection motivations decreased with the upsurge of the crisis. Women, in general, report higher mean values than men do for Values and Ego-protection motivations. These results can offer valuable clues for the agencies that manage blood collection. Copyright © 2016. Published by Elsevier Ltd.
Ieda Maria Alves
Full Text Available This paper presents some results concerning the Project Cultural and educational values in specialized metaphor: multiple images of the world economic crisis in print media, which is being developed under Capes-DGPU Program, a cooperation program established between Brazil and Spain in order to support exchange and research among researchers and post-graduate students from Brazilian and Spanish universities. Based on the corpus of journalistic texts constituted within this project, we emphasize, in this paper, the relations between Economics and Medicine. These relations, established through metaphors and other figures, show how these two sciences establish intersections, which are reflected in the terminology of the world economic crisis.
Coléno, Yves-Patrick; Blanchard, Hervé
Purpose: In France at the high school the subject matter "Sciences Économiques et Sociales" (economic and social sciences) deals with the present economic crisis. We study the ways it is taught about: words, and explanatory patterns. Design/methodology/approach: We use a specific approach, that we call "semantic holism",…
Full Text Available The impact of the single currency on international capital markets has been one of the most abiding features of the euro’s historical development. In response to the global financial and economic crisis, governments across the world are sorting to creating national deficit levels on a virtually unprecedented scale to plug gaping holes in public finances and propel economies towards recovery. As a result, borrowing conditions on global capital markets are taking on not only an economic, but also an intensely political significance.
Full Text Available The vulnerability of small and medium enterprises is closely related to their reduced volume of activity and insufficient financial resources available to them. Therefore, these types of organizations are more likely to be the subject of the changes that occur in the market. Although there are available a variety of funding sources, most SMEs in Romania are not able to access existing funds as they are not competitive on the single European market. During the economic crisis, the businesses environment but the economical one as well was not beneficial for the Romanian SMEs due to the financial, structural and fiscal instability, which led to negative results, especially on long term.
Full Text Available Europe is home to a globally unique area where the barriers of transnational migration have been largely removed. This article focuses on Finnish highly skilled, intra-European migrants and their labour market situation immediately following the economic crisis of 2008. Based on two consecutive online surveys (carried out in spring 2008 and summer 2010 of tertiary educated Finns living in other EU countries, the article examines the effects of the global economic downturn on the careers of these highly skilled migrants. Only 16 per cent of the respondents report that their labour market situation had worsened. A higher percentage (24% felt that their situation had improved and the majority (54% had either experienced no change in their situation or stated that their reasons for changing jobs or moving had nothing to do with the crisis. The article concludes that these migrants were protected from the full force of the crisis by their high human capital, flexibility of alternating between studying and work, employment in international workplaces and their intra-European migrant status.
Full Text Available Developing countries were hit hard by the financial and economic crisis, although the impact was somewhat delayed. Every country had different challenges to master. The closer the developing countries are interconnected with the world economy, the crasser the effects. And the incipient recovery that is becoming noticeable is, for the time being, restricted to only a few countries and regions.The crisis was transmitted primarily by trade and financial flows forcing millions back into poverty. Attainment of the Millennium Development Goals is seriously jeopardised in many countries. Many developing countries did not and do not have the resources to stimulate the economy and protect their socially disadvantaged populations to the same extent as the industrialised countries. However, many countries have made considerable efforts to mitigate the effects. Developing countries have also increased their cooperation with one another and are urgently demanding a greater voice in global economic affairs.The industrialised countries are for the most part more concerned with their own problems. Their readiness to provide more extensive aid is limited. They are under pressure from the international institutions to relax their previous dominance in favour of the increasingly strong emerging countries. A shift in power and influence that was already noticeable before the financial crisis is deepening.
The origin of economic crises is a key problem for economics. We present a model of long-run competitive markets to show that the multiplicity of behaviors in an economic system, over a long time scale, emerge as statistical regularities (perfectly competitive markets obey Bose-Einstein statistics and purely monopolistic-competitive markets obey Boltzmann statistics) and that how interaction among firms influences the evolutionary of competitive markets. It has been widely accepted that perfect competition is most efficient. Our study shows that the perfectly competitive system, as an extreme case of competitive markets, is most efficient but not stable, and gives rise to economic crises as society reaches full employment. In the economic crisis revealed by our model, many firms condense (collapse) into the lowest supply level (zero supply, namely, bankruptcy status), in analogy to Bose-Einstein condensation. This curious phenomenon arises because perfect competition (homogeneous competitions) equals symmetric (indistinguishable) investment direction, a fact abhorred by nature. Therefore, we urge the promotion of monopolistic competition (heterogeneous competitions) rather than perfect competition. To provide early warning of economic crises, we introduce a resolving index of investment, which approaches zero in the run-up to an economic crisis. On the other hand, our model discloses, as a profound conclusion, that the technological level for a long-run social or economic system is proportional to the freedom (disorder) of this system; in other words, technology equals the entropy of system. As an application of this concept, we give a possible answer to the Needham question: “Why was it that despite the immense achievements of traditional China it had been in Europe and not in China that the scientific and industrial revolutions occurred?”
Indonesia is in the midst of a major financial, economic and political crisis. The immediate effects of the crisis on labor market outcomes are examined drawing on two rounds of the Indonesia Family Life Survey (IFLS...
Full Text Available Capitalism is a social adaptive system that evolve, change and grow in response to the challenges of a rapidly changing economic environment. When capitalism is seriously threatened by a systemic crisis, a new version much better adapted to existing conditions appears. Critical analysis of the fundamental ideas underlying neoclassical economic theory shows that the capitalist system is fundamentally a dynamic and therefore static neoclassical models proved to be unsuitable for studying it. Contrary to neoclassical economic vision, the capitalist economy is not governed by immutable economic laws. Global systemic crisis of capitalism that began in 2007 has highlighted the need for a new economic paradigm on which to be built and to be performed a new version of capitalism, in line with the increasingly complex realities of a globalized and quick changing world.
Tzanelli, R; Korstanje, M
The paper interrogates the rationale and origins of changing imaginaries of tourism in Greece in the context of the current economic crisis. We detect a radical change in the ‘picture’ of the country that circulates in global media conduits (YouTube, Facebook, official press websites and personal blogs). We enact a journey into past media representations of Greece as an idyllic peasant and working-class site, but proceed to highlight that such representations are being recycled today by Greek...
Lubor Lacina; Petr Toman
The paper deals with the identification of potential disadvantages associated with the existence of national currencies with the floating exchange rate regime during the current financial and economic crisis in countries postponing their entry into the eurozone. The hypothesis is that the advantages of a floating exchange rate may be outweighed by their disadvantages (high volatility of exchange rates). First part of the paper provides evidence about the development of Czech crown exchange ra...
Researchers have shown an increased interest in crisis communication as well as crisis management. Crisis communication became an established corporate discipline in the last 20 years. Because of the recent rash of corporate (organizational) scandals, natural disasters and so on, importance of crisis communication (management) attracts much more attention than the past.Crisis communication is used to help governments and companies organizations to respond to and recover from a crisis. Crisis ...
Full Text Available Corruption is divided into small low-level corruption and high-level corruption. Small level little corruption is defined as the area of corruption which does not prejudice the interests of the majority of individuals. This category can be covered by a health care professional, the corruption of a clerk, etc through their decisions is an individual or group of individuals at the expense of others, but this kind of injustice is limited in time and space. Corruption, means high-level corruption of a dignitary, clerk, etc. This kind of corruption and the main effect over the entire State characteristic and the individuals who compose it. The consequences of this kind of corruption can translate into direct and indirect costs that will be supported in the end by all taxpayers. The objectives of corruption are double: profit and power. The international economic crisis has its origin in the manifestations of high level corruption in the governments of different countries. All the state now have to fight against corruption in order to settle new rules to avoid the effects af the crisis and to prevent a deepening of this crisis with devastating effects upon tha population. Here we try to emphasize the importance that we all should give corruption and measures had to be taken by everyone.
Oil price fixing politics are first reviewed (existence of a floor price and of a maximum price, independently of economical consideration). In fact, geopolitical consideration are of premium importance in the oil demand/supply evolution. The Gulf Crisis and its surroundings (the Israel-Arab conflict) are revealing the supply and price logics of the oil market. An oil new order should be instaured through an OPEP restructuration and/or bilaterals relations and market dominance, organized by United States and Saoudi Arabia
An overview of the Economic and Demographic situation in Ukraine has been given. Some historical-scientific aspects of the actual crisis has been revealed. Between them: The soveitization of the Science, when scientists of Ukrainean origin work outside its borders, while the most influent and proliferous scientists inside the Country are of Russian origin. The percentage of astronomers of Russian origin is as great as ~40% while the percentage of the Russian population in Ukraine is about 20%. Another problem consist in low knowledge of the Ukrainean language by scientists working inside the Country.
Full Text Available Tourist’s behavior research is focused on understanding and explaining the factors that affect tourist’s preferences and holiday destination choice. In this paper is analyzed the impact of the global economic crisis on the preferences toward leisure travels of the residents from Serbia. The paper is based on researches conducted in 2006-2009, through travel agencies and in 2011 on the general population major of age with support of TNS Medium Gallupa. Better understanding of the perception process and how tourists react to certain factor can give more accurate information on the dynamics of tourism demand and its dependence on tourist’s perception.
Murphy, Jonathan; Ackroyd, Stephen
of financial institutions including private equity and hedge funds, and the effects of these on the various policies and priorities of the executive leaders of large businesses in such areas as human resource management and the adoption of new organisational forms. The discussion extends to the consideration......Purpose – The paper's aim is to consider the effects of recurrent economic crisis on the management and organisational structures of transnational companies based in the UK by considering contemporary evidence and scholarly views of the processes involved, and especially to consider...
Leão Fernandes, Graça; Chagas Lopes, Margarida
This research aims to identify the effects of the economic crisis on higher education (HE) dropout rates at Lisbon School of Economics and Management (ISEG)--Universidade de Lisboa, after having controlled for individual characteristics, family background, High School and HE trajectories. Our main hypothesis is that the economic crisis induces…
This paper is about Poulantzas, historical materialism, international relations, and the current crisis. My purpose is to discuss how some Poulantzian theoretical contributions can be applied to the study of subject matters that are the focus of academic fields such as International Relations (IR), International Political Economy (IPE), International Politics, World Politics and others. I deliberately abstain from singling out any of these disciplines or fields or labels and fr...
Full Text Available This paper approaches an important topic in the field of insolvency, a present field, considering that bankruptcy threatens the development in good conditions of the activity of companies. Our approach concerns the analysis of the insolvency of Romanian trading companies in the context of the economic-financial crisis. Considering the current economic crisis, the problem of insolvency is very present. From an economic and financial perspective, insolvency is a reality of entrepreneurship, with a negative impact: it is conditioned and triggers inopportune and inappropriate management of the patrimony of economic units. Our aim is to perform a comparative analysis in time and space of the evaluation of the insolvency of trading companies, in order to grasp the common and specific elements in defining and presenting insolvency. In the practical part of the paper, for processing the data collected from the financial statements, we will use the SPSS software - Statistical Package for the Social Sciences. The database includes 30 insolvent companies in Romania, analyzed over a 5-year period. For a rigorous structure of the database, we will select the companies that perform their activity in several activity branches. The results of the research show the crisis that affects the analyzed Romanian companies.
Full Text Available The economic crisis that began in 2008 has shown a deep social crisis that reflects the progressive unembeddednes of individual from society, promoting the emergence of social alternatives that sacrifice freedom in exchange for security. This article presents an interpretation of the revolutionary project of Cornelius Castoriadis as an alternative to the current liberal democracy, able to face social crisis by placing society itself as a central element in their own construction. The emergence of a lucid and thoughtful individual able to develop a conscious political action drives towards individual and social autonomy, building a democratic regime that involves the combination of freedom and equality.
Full Text Available This article discusses the effects of the current socio-economic crisis on Spanish youth and their political response to it. It does so in three consecutive stages. In the first, it analyses the repercussion of the crisis on young people using information from certain social indicators (employment, mobility and education. It then outlines the subjective perception of the crisis, i.e., how they are experiencing it and what their hopes are regarding the economy and politics. The third part focuses on how young citizens have responded to the situation politically. The article finishes by considering what implications may be drawn from that response in terms of citizenship education.
Roxana Gabriela HODOROGEL
Full Text Available The economy of the European Union (EU has left behind the downturn and is gradually recovering. In 2010, both the EU and the Eurozone posted economic growth, mostly because Germany did better than expected. All considered, the German economy is growing at a faster pace than in the last two decades. Recession, however, has persisted in states like Greece, Romania and Latvia, and analysts expect growth rates, especially in Eastern Europe, to remain low in the next period. Recovery in this part of Europe largely depends on a pickup in the activity of small and medium-sized enterprises (SMEs, which were seriously affected by the credit crunch the economic crisis entailed. The adverse impact on most SMEs causes a decline in the development rate and a rise in the number of bankruptcies. But the growth of the German economy, however, has a beneficial effect on companies in Central and East European states as well.
Full Text Available The aim of this article is to investigate how the current economic crisis is affecting the daily lives and social positions of young people in Italy. On the one hand, starting from analysis of more general statistical evidence on the worsening situation in the labour market, we conduct an intersectional analysis – both intercategorical and intracategorical – of some indicators in order to shed light on educational and gender differences. On the other hand, we present the results of qualitative research conducted on the experiences and representations of the economic crisis among young people with low or high cultural capital in the city of Milan. The central hypothesis of our work is that ‘the crisis’ is not just a temporary economic conjuncture; it is also a social phenomenon reshaping the social positions of individuals in both structural and subjective terms. Showing how the crisis is affecting different young people in very different ways, the article investigates both structural evidence and subjective interpretations of the crisis. El objetivo de este artículo es investigar cómo está afectando la crisis económica actual a la vida cotidiana y posición social de los jóvenes en Italia. Por un lado, a partir del análisis de evidencias estadísticas de carácter general sobre el empeoramiento de la situación del mercado de trabajo, se realiza un análisis interseccional – tanto intercategórico como intracategórico – de algunos indicadores, con el fin de arrojar luz sobre las diferencias educativas y de género. Por otro lado, se presentan los resultados de una investigación cualitativa sobre las experiencias y representaciones de la crisis económica entre los jóvenes con un capital cultural bajo o alto en la ciudad de Milán. La hipótesis central de este trabajo es que “la crisis” no es únicamente una coyuntura económica temporal; también es un fenómeno social que está rediseñando las posiciones sociales de
Iulia Monica Oehler-Șincai
Full Text Available The process of public sector restructuring, known in the economic literature as the New Public Management (NPM, came to a deadlock as the global financial and economic crisis broke out in 2008. The expansion of cheap credit, market dereglementation and asset securitization, speculative bubbles, the mixture of euphoria, greed and even naivety and ignorance of the economic players outlined an international financial system which was not subordinated any more to the real economy, but to the own principles, similar to Ponzi schemes or casino rules (Posner, 2011, Kindleberger and Aliber, 2011, Rajan, 2010, Stiglitz, 2010, Roubini and Mihm, 2010. All these generated, at global level, the deepest recession after the Great Depression. The anti-crisis measures came without delay, but they did not produce the expected results. At the Euro Zone level, an almost immediate and direct effect of the crisis and the accompanying countercyclical fiscal measures was that of enhancing the fiscal burden for governments. The levels of fiscal deficit and the public debt as percentages of GDP substantially increased and, gradually, another crisis broke out: the Euro Zone sovereign debt crisis. As a result, at the level of the EU governance, in order for the authorities to be able to improve it, there were adopted distinct strategies, programs and instruments. In spite of the converging efforts at the EU as well as national levels, the majority of the countries in the Euro Zone were not able to find the right formula of restarting economic growth. The present analysis brings to the forefront Spain’s experience, which represents a clear example of governance (and NPM failure, as neither the countercyclical measures adopted for the recovery, in accordance with the keynesyan principles, nor the austerity packages that followed them were not able to induce the economic growth, so essential for diminishing unemployment.
Saltkjel, Therese; Ingelsrud, Mari Holm; Dahl, Espen; Halvorsen, Knut
This is the first part of a two-part paper that takes an explorative approach to assess crisis and austerity in European countries during the Great Recession. The ultimate aim of this two-part paper is to explore the "crisis-austerity" thesis by Stuckler and Basu and assess whether it is the interplay between austerity and crisis, rather than the current economic crisis per se, that can led to deterioration in population health. In Part I of this paper we offer one way of operationalizing crisis severity and austerity. We examine countries as specific configurations of crisis and policy responses and classify European countries into "ideal types." Cases included were 29 countries participating in the European Union Statistics on Income and Living Conditions (EU-SILC) surveys. Based on fuzzy set methodology, we constructed two fuzzy sets, "austerity" and "severe crisis." Austerity was measured by changes in welfare generosity; severe crisis was measured by changes in gross domestic product (GDP) per capita growth. In the initial phase of the Great Recession, most countries faced severe crisis combined with no austerity. From 2010-2011 onward, there was a divide between countries. Some countries consistently showed signs of austerity policies (with or without severe crisis); others consistently did not. The fuzzy set ideal-type analysis shows that the European countries position themselves, by and large, in configurations of crisis and austerity in meaningful ways that allow us to explore the "crisis-austerity" thesis by Stuckler and Basu. This exploration is the undertaking of Part II of this paper.
Between the years 1820-2008, there have been many economic crises in the World. Each of the crises had different intensity, scope and dimension. 2008 global crisis also had distinctive features. Starting with U.S. financial crisis, with a domino effect of financial instruments, the crisis deepened and shifted to global dimension without any discontinuity. Effects of the 2008 global crisis, as countries could not reach financial balance and could not implement policies that would restart econo...
Litra, A. V.
Full Text Available The paper aims to clarify the extent to which economic developments after 2008, largely due to the global economic crisis, have had an impact on demographic indicators in Romania. From the correlation analysis between the series of economic and demographic data (with a delay of one year, concluded that unemployment strongly influence live births and total fertility rate (especially for first-born, and in a medium measure the natural population change, and GDP is strongly correlated with the natural growth of the population, and medium correlated with the number of live births, total fertility rate and the number of marriages.
TRAIAN ALEXANDRU NASTASE
In this paper we intend to describe the economic implications of mass-media in correlation with the recent socio-economic changes generated by the economic crisis. We take into consideration the dual market on which mass-media evolves: the mass-media products market, and the advertising market, keeping in mind that the behavior of a mass-media institution on one market, can have direct implication on the other market. We analyze the relation between mass-media and the public (audience), the c...
Petrisor Mihai - Bogdan
Full Text Available Public spending is a key component for both public finances and government financial policy. In this situation, government expenditures are made in direct relation with the results of governance with economic and financial crises and global social welfare of the nation. From this perspective, our article aims to highlight the correlation between public expenditure and budgetary financial and economic crisis and, also, state government responses, anticipating their impact on medium and long term. Also, in the context of the crisis and the concomitent lack of public revenue, we identify the pillars on which to base the budget reduction in public expenditure. The implications of the economic crisis in Romania are analyzed along with proposed measures to be followed by the Government through budgetary fiscal strategy. In relation to the purpose and objectives of the research, documentation was made both in terms of bibliographic resources and the plan of legislative documents and quantitative reporting. We believe that the issue of increasing allocative efficiency of resources is vital to counter the current crisis, but also to maximize the positive effects of public interventions in general and from another state, we consider that state and, consequently, public expenditure budget which should be used to replace the market, can not be regarded as some suggest to be founded and we suggest a line for developed countries. This work was supported by the grant “Post-doctoral studies in Economics: program for continuous forming of elite researchers – SPODE”, contract POSDRU/89/1.5/S/61755, project financed by the European Social Fund, by the Operational Sectorial Program Development of Human Resources 2007-2013.
Labour productivity and economic growth are the major factors to sustain and improve the performance and competitiveness of countries. The paper is devoted to the analysis of recent trends of labour productivity and economic growth in the European Union (EU) countries in post-crisis period in comparison with the trends in pre-crisis and crisis periods. The paper analyses the impact of changes in labour productivity and the effect on the macroeconomic indicators. The research focuses on the Eu...
Jan 24, 2012 ... great depression 1929 that lasted for 43 months, the Asian economic collapse .... understand current situation and what the key drivers of performance have been and will be .... Academic Staff Union of Universities (ASUU).
Despite the severity of the current financial and economic crisis, it cannot be allowed to distract us from addressing critical and strategic climate change and energy challenges. The energy sector produces 60% of global greenhouse gas emissions and so it must also be a key part of any strategy to reduce them. This paper describes the most promising low-carbon technologies, their current status and the policy framework that will be necessary to achieve their widespread deployment. It also highlights what immediate steps can be taken as part of a Clean Energy New Deal. 4 figs., 2 tabs., 1 app.
Full Text Available Following a five-year period of uninterrupted growth and reaching a historical peak in 2007, world foreign direct investment flows (FDI declined in 2008, in large part as a result of the global financial and economic crisis. The European Union (EU as a major source and recipient of FDI flows in the world has been particularly badly hit, reflecting the close economic relationship which exists between the EU and the rest of the world, on the one hand, and among the Member States, on the other hand. The paper analyses the impact of the current crisis on EU's FDI inflows and outflows, in terms of dynamics and volume, as well as the short term and long-term prospects for FDI. Special attention is devoted to disentangling the transmission channels of the crisis, the key features of the FDI downturn and its underlying factors. The empirical investigation relies on UNCTAD data for tracing the evolution of FDI flows at the European level as compared to worldwide trends, while Eurostat data are used to highlight the impact of the crisis on intra-EU FDI flows. Whenever possible, a distinctive analysis is carried out for the old and new EU Member States. The paper is organized around six sections. Its findings reveal, inter alia, that notwithstanding the sharp fall in total FDI flows in 2008, the EU maintains its position as a global leader in terms of FDI flows. However, it will take quite a long time until recovering from the negative effects of the present crisis in terms of investments. Besides, the EU is not likely to be the driving force behind the next wave of FDI surge in the world as this role will be taken over by emerging economies like China, India and Brazilia.
Full Text Available Although a key condition for the creation of a monetary union is the existence of similar structural characteristics that reduce the existence and incidence of asymmetric shocks, in the case of the Eurozone, most, if not all, studies have emphasized the existence of sizeable divergences both in the macroeconomic performances and in the structural elements of the Eurozone countries. The objective of the paper is to analyse whether the economic and financial crisis that is affecting the Eurozone since the year 2008 has had any impact of the coherence of the Eurozone, that is, whether after 2008 the differences in the macroeconomic performance of the euro counties are declining (convergence or increasing (divergence.
Georgiadou, V.; Kafe, A.; Nezi, Roula
Nowadays a new wave of socio-political disenchantment is emerging in most European countries due to the economic crisis. Exceptional examples among them are protest movements in Spain, Portugal, Greece, or even the UK. In the era of the economic crisis do the populist radical right parties continue
Kafka, Alexander C., Comp.
Professors of economics, business, and related fields were asked to answer the following question: Does the financial crisis affect how economic theory should be thought? This article presents some excerpts from their answers.
Full Text Available The Balkans region (also known as the „Powder keg of Europe” has always been an European question, a Western question, as underlined by Arnold Toynbee, in 1922. At present, European Union is confronted with the fifth enlargement, also known as the “post-conflict” enlargement – the integration of Balkan states. Bulgaria joined European Union in 2007. Croatia signed the Accession Treaty in 2011 and is expected to become an EU member in 2013. The other countries encounter in different stages of European integration. However, this process presents several challenges and dilemmas, either for European Union, or for the Balkan enclave. The main challenge in the case of this enlargement is to reconcile the nation-state building and the European integration. From the economic point of view, the Balkans region is underdeveloped. Several factors determined this stance of the region: the poor endowment in terms of natural resources, the political situation over the centuries (the military conflicts – impeding the economic development, the cultural factors. At present, the region is confronted with the consequences of the worst economic and financial crisis o global economy since the end of World War II.
Full Text Available Five years after the onset of the strongest economic crisis that has seen a global economy, the world still seems to be far from solved problems. Neither Romania is no exception, sustainable economic recovery we all want is (for now only hope. We have allowed the material to make some suggestions on how the economy might revive. We talked first about the vital need for revival of investment, supporting them through tax incentives to entrepreneurs. I then point the better absorption of European funds, the source of revival of the Romanian economy. Also advocate for greater accountability in spending public money, so terms like necessity, opportunity and social need not remain only in books, but to be used effectively in the allocation of budgetary resources. We detailed several times how I propose we approached the Romanian economy and revitalize major role essential, you must have it in technical and scientific economic recovery. The regret of not having experience in macroeconomics, in order to put more ideas on the table, still think that the detailed material could give thought to avid readers.
Full Text Available Eirini Stafyla,1 Theodora Kerenidi,1 Irini Gerogianni,1 Mary Geitona,2 Zoe Daniil,1 Konstantinos I Gourgoulianis1 1Respiratory Medicine Department, University of Thessaly School of Medicine, University Hospital of Larissa, Larissa, 2Department of Social Policy, University of Peloponnese, Korithos, Greece Introduction: The economic crisis in Greece has substantially affected patients with COPD. The reduction of disposable income has its consequences on patients’ ability to afford their medication. The aim of the study is to evaluate the cost of treatment for patients with COPD and the influence of the financial crisis to the patients.Methods: Data were collected from 189 patients (male: 178, mean age: 70.1±8.4 who visited the outpatient department of University Hospital of Larissa in 2014 and 2015. The pharmacological cost of treatment was calculated based on national pharmaceutical formulary prices.Results: COPD patients were classified into four stages according to Global Initiative for Chronic Obstructive Lung Disease (GOLD: 7.4% were in stage I, 43.4% in stage II, 34.4% in stage III, and 14.8% in stage IV. Patients were graded as per GOLD as follows: 18% as grade A, 14.3% as B, 23.3% as C, and 44.4% as D. The annual cost of COPD maintenance treatment per patient was €952.92 (±398.01, of which €239.91 were patients’ expenses. The annual treatment cost for stable disease ranged from €615.44 to €1302.03 depending on disease stages (GOLD stages I–IV and from €715.01 to €1101.05 depending on GOLD grades (grades A–D. The cost of maintenance medication was statistically and significantly higher for patients with advanced disease (GOLD stages III–IV and for patients at high risk (GOLD grades C–D [P=0.000].Conclusion: The pharmacological cost of treatment for COPD patients seems to be considerably high, in all disease stages. As the average income is decreased, patients face difficulties to afford inhaled medication. Keywords
Full Text Available The global economic crisis affected the tourist market from Romania since 2008. 2010 was for the Romanian tourism enterprises the year of successful attempts to respond to the economic and social stimuli imposed by the economic crisis. The way in which they managed to cope with the crisis shows that solutions are available to those who adapt to the conditions of fierce competition.The global economic crisis rippled its effects in all areas of activity, tourism included. Some field entrepreneurs consider that tourism will be the most affected sector of services by this crisis because the consumers will leave it at the bottom of the basket of consumption goods and services.
Corrado De Vito
Full Text Available Background: The Latium Region in Italy is currently under pressure from national government to achieve economic consolidation of regional health services and is subject to a formal regional recovery plan.Methods: Using recognized health indicators together with a government assessment tool, we evaluate the impact of the economic downturn on the health of the Latium Region population.Results: We find that healthcare spending in the Latium Region needs to become more efficient by improving primary healthcare and by restoring efficiency in hospitals.Conclusions: Prevention activities should not only be defended in the current financial and economic crisis, but also streamlined and strengthened.
This paper is about Poulantzas, historical materialism, international relations, and the current crisis. My purpose is to discuss how some Poulantzian theoretical contributions can be applied to the study of subject matters that are the focus of academic fields such as International Relations (IR......), International Political Economy (IPE), International Politics, World Politics and others. I deliberately abstain from singling out any of these disciplines or fields or labels and from trying to define them precisely, because one of my arguments is that historical materialism (HM) is a research program2...
Jesús M. González Pérez
Full Text Available In the early 1980s, suburbanization and periurbanization processes became widespread in major cities within Spain. An interesting stage of returning to city centers commenced that materialized in the start of rehabilitation policies within historic centers. These processes coincided with weak population growth, an acute industrial economic crisis, and new democratic policies in municipal councils. Three decades later, we may be witnessing similar processes, although with different origins. The consequences of a construction-based economic model have been disastrous in Spain, from both an economic as well as an environmental point of view. The artificial land boom was significant throughout the country, but was especially prominent within the Mediterranean areas that specialize in tourism and real estate (second homes. The burst of the real estate bubble has shown the irrationality of the economic model and the serious social and environmental consequences that the model has entailed. Within this context, some of the territorial transformation processes that occurred in Spain during the real estate boom period are being studied for the first time. Additionally, changes in land policies (urban renewal of centers and urban renewal in general within the current economic and real estate crisis are analyzed. An urban rehabilitation that gradually includes new spaces for intervention and for introducing new sustainable methods for recovering degraded spaces, such as the Master Plan for Platja de Palma, a mature tourism destination that seeks a final ‘0 CO2 balance’ scenario, among other objectives.
Ion Popescu Slaniceanu
Full Text Available The current worldwide economic crisis brought back into discussion a topic long debated in the legal scholarship, pertaining both to administrative law, as well as to corporate and financial law, namely the optimal relationship between the self-regulation of the corporate and financial sector and its regulation and auditing by the institutions of the public administration .
Full Text Available FDI flows are internationally recognized for the benefits they generate (technological transfer, know – how, industrial reorganization, raising the number of working places. Foreign capitals increased significantly under the impact of globalization and accelerated the interdependencies between economies up to 2007, but, in the current crisis, the dynamic of FDI flows was affected in a negative manner, both in developed economies and in the developing ones. The aim of this paper is to reveal and analyze the evolution of FDI flows in the period 2007 – 2010, emphasizing the strong impact that economic crisis exerts. The results of the analysis presents the descending trend up to 2009, since 2010 being noticed a slight recovery which continued in the first trimester of 2011 and according to the forecasts will continue in the future.
Ciobanu (Sireteanu Elena
Full Text Available This paper analyzes the evolution of the Romanian banking system during 2007 - 2010 compared to the same segment of financial market dynamics in the Member States. Also seeks to detect the effects of the global financial and economic crisis on lending activity, the management of liquidity risk and thereby the effect on the profitability of the Romanian banking sector and outline the prospects of further development. The macroeconomic and financial international background has undergone negative changes, especially in the autumn of 2008. Romania's financial system has evolved but strongly marked by the virulent manifestations of global financial and economic crisis. The banking system which is the dominant component in the financial system is well capitalized, has resisted, until now, these pressures, without recording any bankruptcy. As a lending crunch from the increase in provision expenses, against the backdrop of bad loans it seems to be a poor performance of the banking system for the future period, taking into account the negative financial result recorded at the end of 2010. Given the high degree of capitalization, liquidity level indicators, on this, consider that local banks are well placed to support the real economy on long-term lending conditions imposed by prudential regulations in the field. Currently, at the level of the Romanian banking system, we consider it is necessary to continue the measures imposed by the monetary authority to ensure the reduction of uncertainty and reassure market participants in future developments, as trust is the essential factor for the crisis. In this sense, we consider very important the debate, the direct involvement of representatives of the central bank and academic themes reflecting the current state of the Romanian financial system, lessons learned from the crisis and Romania's objectives for the future - providing a sustainable process of nominal and real convergence of the Romanian economy
Full Text Available This paper examines the causes of the economic crisis in new EU member states in Central and Eastern Europe, focusing on the Baltic States, especially Latvia. Thanks to the Single Market of the EU, workers in this country became able to migrate to advanced EU countries, especially the UK, decreasing the unemployment rate and at the same time causing a sharp increase in wages due to a tightened labour market. Banks from Nordic countries came to operate in Latvia and competed for market shares, stirring a consumption boom. In a situation in which people can easily get loans denominated in a foreign currency the monetary policies of the central bank are weakened. The Latvian economy already showed signs of overheating in 2005. However in the spring of 2007 the government turned to restrictive policies, causing a depression at the end of 2007. The Lehman shock dealt the Latvian economy its final blow. Latvia set up the introduction of the Euro in 2013 as an exit strategy. Latvia is in a dilemma: if the country does not devalue its national currency and tries to satisfy the Maastricht criteria soon, it will be obliged to adopt pro-cyclical policies, causing economic stagnation.
By means of economic appraisal, the costs and the benefits of health, environment and safety management can be made clear, both at the national level and at the company level. As such it is a tool in advocating good practices. This paper explores the possibilities of economic appraisal for policy
Claudia Loredana JUNCU
Full Text Available The re-launching of the Romanian economy in the context of the world economic crisis can be implemented by using a set of principles and economic measures that will lead to a strict monetary policy, a fiscal and budgetary discipline as well as a reduction of the inflation. This paper presents a series of reforms that Romania needs in the present context, to start the process of re-launching the economy that is currently in a significant descending trend. It is necessary that all the economic and political actors participate actively in progressively meeting the competitive conditions of the Comunitary economies. Corrective, stimulating and functional measures need to be undertaken to permit the applicability towards all the actors that define the structure of the economic environment. The application and enforcement of the needed anti-crisis measures will determine a stop of the decline and the creation of the premises to economical re-launching.
Full Text Available The European Union considers creating specific economic areas due to the inheritance of each country. For the south-east European area, the characteristic is the low industrial development, as a consequence of the financial crises. Nowadays, the south-east European area becomes attractive mainly because of the tourism industry, due to the industrial downturn of the last decades. EU policies regarding the tourism industry face the actual financial crisis, which is reflected in the postponing of investments in tourism. In this article, the author intends to analyze the current stage of investments made in the Romanian tourism industry with the help of the European Union. The study also aims at finding favourable solutions for continuing investments, although the crisis persists.
Popescu Manoela; Crenicean Cecilia Luminita
Fashionable topic in recent years, CSR (Corporate Social Responsibility) has become an objective necessity in the current global context, the global economic crisis. Moreover, the European Union, interested in CSR, we consider a means by which any economic system may become the most competitive and dynamic world. Of course, this goal is possible if the CSR is perceived as beneficial to the public. Also, states and international institutions have developed a series of standards aimed at human ...
Popescu Manoela; Crenicean Cecilia Luminita
The economic crisis has caused significant changes in socio-economic entities strategies. In conclusion, firms were obliged to develop strategies for crisis as a result of their focus on customer, without understanding the customer as an employee. Moreover, strategic changes are not the result of company development, but as a direct effect of economic context. Otherwise, firms do not reflect the strategic communication behavior of their employees. Therefore, such a strategy may not be viable ...
Parpandel Denisa Elena; Gãnescu Cristina; Codreanu Diana Elena
Given the national context, but also international economic crisis, businesses are seeking the highest returns. Why would a business franchise win a bet? Because franchising is the most dynamic and powerful method practiced for business development and economic opportunity and the franchisee has the opportunity to become its own franchise architect of the scheme and detailed plan of procedures. Franchising remains a good recipe for business and crisis. What have changed because of economic di...
Anderson, Ian; Axelson, Henrik; Tan, B-K
The Global Financial Crisis (GFC) of 2008/2009 was the largest economic slowdown since the Great Depression. It undermined the growth and development prospects of developing countries. Several recent studies estimate the impact of economic shocks on the poor and vulnerable, especially women and children. Infant and child mortality rates are still likely to continue to decline, but at lower rates than would have been the case in the absence of the GFC. Asia faces special challenges. Despite having been the fastest growing region in the world for decades, and even before the current crisis, this region accounted for nearly 34% of global deaths of children under 5, more than 40% of maternal deaths and 60% of newborn deaths. Global development goals cannot be achieved without much faster and deeper progress in Asia. Current health financing systems in much of Asia are not well placed to respond to the needs of women and their children, or the recent global financial and economic slowdown. Public expenditure is often already too low, and high levels of out-of-pocket health expenditure are an independent cause of inequity and impoverishment for women and their children. The GFC highlights the need for reforms that will improve health outcomes for the poor, protect the vulnerable from financial distress, improve public expenditure patterns and resource allocation decisions, and so strengthen health systems. This paper aims to highlight the most recent assessments of how economic shocks, including the GFC, affect the poor in developing countries, especially vulnerable women and children in Asia. It concludes that conditional cash transfers, increasing taxation on tobacco and increasing the level, and quality, of public expenditure through well-designed investment programmes are particularly relevant in the context of an economic shock. That is because these initiatives simultaneously improve health outcomes for the poor and vulnerable, protect them from further financial
Helmersson, Andreas; Radway, Robert
In this paper, we investigate organisational responses to an economic crisis within a group of seven subcontractors in the Swedish heavy vehicle industry. Although the participating firms had similar exposures to an abrupt and severe shift in demand, their performances during the crisis varied extensively. One year after the crisis began, some firms were still encountering financial problems threatening their survival, yet others had orchestrated a recovery that was generating healthy cash fl...
Chiozza, Giacomo; Manzetti, Luigi
This study provides micro-level evidence for the new theories of accountability under globalization. We analyze the micro-level logic that underpins political accountability in democratic countries with highly globalized economies. We contend that voters discount current economic conditions...
Full Text Available The Great Recession of 2008–09 provided a fertile ground for protectionist pressures to increase. It caused a negative shock to the global economy that is comparable with the Great Depression of the 1930s. International trade suffered a historical collapse in 2009, but trade flows quickly rebounded thereafter. And unlike the Great Depression of the 1930s, the recent global economic contraction did not trigger a massive wave of protectionism as expected. Despite important adjustments in many countries’ trade policies during the crisis and, hence, a quite notable increase in the incidence of protectionist measures, there is a widely shared belief that crisis related protectionism has been kept under control, being rather modest and limited compared with both the negative effects of the crisis and the initial concerns. A large agreement emerged also among analysts on the important role of WTO’s multilateral rules and disciplines in preventing exacerbation of economic nationalism and protectionism. The views on intensity, dynamics and potential impact of current contemporary protectionism continue, however, to diverge as they reflect in part the significant differences between the results of the different monitoring exercises, carried out particularly by the WTO and Global Trade Alert. But beyond these differences, the latest monitoring reports contain alarming signs of escalating protectionism over the post-crisis years due to the growing difficulties in the world economy. This paper takes a look at the main trends in global protectionism during and after the crisis and some of its potential implications. In doing so, the paper starts by contrasting protectionism that accompanied the Great Depression of the 1930s with the present-day protectionist phenomenon in order to briefly outline the peculiarities of the latter. Then it addresses the main factors contributing to staving off trade protectionism during the recent crisis. Relying on the
Oana Miruna DĂNILĂ
Full Text Available The Banking sector risk management framework, geared towards maintaining a solid capital adequacy level, has witnessed a permanent evolution, determined by the global economic and financial reality.Basel II has brought an improvement of the risk management framework by adding minimum capital levels corresponding to market and operational risk and by the introduction of internal rating models. However the current crisis has brought forward some adverse effects as well as limitations.This paper analyses the evolution of prudential rules and regulations introduced by Basel II and their impact on the banking system together with outlining certain limitations.
Full Text Available Off-farm employment is an important strategy for complementing farm household income and maintaining rural livelihoods. A multilevel logistic regression model was applied to investigate the effect of farm-level and regional-level factors on off-farm employment in Cyprus during the recent economic crisis period. The performance of nonfarm sectors positively affects off-farm employment; a one-percent increase in the share of the secondary and tertiary sector employment increases the likelihood of off-farm work by 9.5 times. The importance of location was also identified. Farm households located in rural areas are 70% less likely to engage in off-farm work than households located in urban areas. The positive effect of educational attainment and the negative effect of farm training confirmed the importance of human capital characteristics on off-farm labour participation. Farm structural factors are also significant determinants of off-farm employment. A one-hectare increase in the farm size decreases the odds of off-farm labour participation by 50%. Operators of crop farming holdings are 4.2 times more likely to work off the farm than operators of livestock and mixed-farming holdings. The results reveal the importance of adopting a multilevel and integrated approach for the analysis of off-farm employment.
Full Text Available Any analysis of the erratic unfolding of global economic crisis is bound to be hotly contested. This is particularly so in mid-1999, amid claims from Washington that the past two years' dangers of financial meltdown and deflation were averted and finally extinguished through a combination of policy measures and good fortune: slightly looser Federal Reserve monetary policy adopted in September 1998, in the immediate wake of the successful public-private bailout of the Long Term Capital Management hedge fund; a new $90 billion International Monetary Fund (IMF insurance scheme announced the following month; the convening of key countries in a Forum on Financial Stability; the lack of financial contagion (contrary to expectations in the wake of Brazil's January 1999 currency meltdown; the long-awaited revival (however infirm of the Japanese economy; new plans for somewhat more transparent budgetary and exchange rate systems in emerging markets; and a decision at the G-8 Cologne meeting in June 1999 to sell 10% of the IMF's gold to fund partial debt relief for the poorest Third World countries. Indeed many observers were surprised at IMF Managing Director Michel Camdessus's success at turning the debt relief strategy into a vehicle for tougher "Enhanced Structural Adjustment Facility" conditions, just months after the IMF was criticised to the point of ridicule for its East Asian, Russian and Brazilian mishaps (effectively, granting $200 billion in bad loans over 15 months, in exchange for the application of inappropriate austerity measures.
Mitropoulos, Panagiotis; Mitropoulos, Ioannis; Karanikas, Haralampos; Polyzos, Nikolaos
During the recent economic crisis, Greece implemented a comprehensive reform in the health care system. The 2010 health reform occurred under the constraints imposed by the memorandum of understanding that the Greek Government signed with its EU/International Monetary Fund creditors to control its deficit. The objective of the study is to examine the impact of the reform on the efficiency and productivity of public hospitals in Greece. We use the Malmquist productivity index to comparatively examine the potential changes before and after the reform years. We compare productivity, efficiency, and technological changes using panel data of 111 public acute hospitals operating in Greece throughout the recession period of 2009 to 2012. Bootstrapping methods are applied to allow for uncertainty owing to sampling error and for statistical inference for the Malmquist productivity index and its decompositions. The analysis indicates that the productivity has been increased following the policy changes. It appears that the expected benefits from the reform in general have been achieved, at least in the short-term. This result is examined in the light of management and operations activities, which are related with the reform process. Therefore, at a second stage, the Malmquist index is regressed on variables that may potentially be statistically associated with productivity growth. Copyright © 2017 John Wiley & Sons, Ltd.
Full Text Available Small and medium-sized enterprises (SMEs pay a crucial role in the Romanian economy, having a significant contribution to achieving the domestic gross product (GDP; they represent an important source of workplaces, have a considerable number of employees, whose labour productivity is very high as compared to the one in the large enterprises and, last but not least, they are much more flexible in adapting organizational strategies to the conditions generated by the business external environment. That is why we consider of high importance the analysis of the entrepreneurial behaviour of the Romanian small and medium-sized enterprises that provide services, particularly in a situation of financial crisis and if taking into consideration the ever-changing Romanian economic environment. In order to achieve the goal of this paper, namely to identify and analyse the entrepreneurial behaviour of the SMEs in the Romanian Central Development Region, we made an option for the qualitative research method called semi-directive in-depth interview. The discussion group was made up of 7 managers of SMEs in the Central Development Region. At the same time, we had in view to study the influence of the business environment and the legislative framework upon the economic development and profitability of the SMEs providing professional, scientific and technical services. Our research shows that the implemented strategies and the entrepreneurial behaviour adopted by the participants led not only to their remaining on the market, but also to an increase in the business volume and consequently to an increased turnover.
Full Text Available Objective – The purpose of this study is to determine the real causes of financial crisis from Islamic economic perspective.Methods - This study applies Analytic Network Process (ANP to determine the real causes of financial crisis from Islamic economic perspective to be able to formulate the real solutions to end financial crisis.Results - The ANP results show that the real causes of financial crisis from Islamic economic perspective are Social Instability (EXTERNAL FACTOR, Speculation (MISBEHAVIOR, Ineffective Fiscal System (UNSUSTAINABLE FISCAL SYSTEM, Hedonism (MISBEHAVIOR, Fractional Reserve Banking System (UNSTABLE MONETARY SYSTEM, Political Instability (EXTERNAL FACTOR, Corruption (POOR GOVERNANCE, Interest Rate (UNSTABLE MONETARY SYSTEM, Fiat Money (UNSTABLE MONETARY SYSTEM, and the Wrong Man in the Wrong Place (POOR GOVERNANCE. These main real causes should be removed gradually in order to systematically and gradually improve the stability of financial system so that financial crisis will not reappear again and again in the future.Conclusions - Financial crisis would not happen under Islamic economic system if all Allah’s laws in financial dealings were followed. Financial crisis in conventional economic system could be prevented or lessened by gradually adopting Islamic economic and finance laws and regulations, partly or fully, especially the main pillars of Islamic financial system, namely the prohibition of ribā (usury or interest, prohibition of maysir (gambling and game of chance or speculation and prohibition of gharar (excessive uncertainty, in their many forms.
Vicente E. Escandell-Sosa
Full Text Available This work, based on the method dialectical materialist of Marx, argues with scientific approaches, that the world economic crisis, for very sharp and severe she is, is not a crisis without exit of the capitalism neither it will cause the collapse of the capitalism, although she constitutes part of the general crisis of the capitalism and increase the same one, since no crisis of the capitalism will take it to its end in absence of a fight of classes, because the social force that must generate the revolutionary changes is very limited. «Without the products of the fight of classes, the economic crises, «per se» won’t be a threat for the capital. The essential question is if the proletariat will live the crisis like object or like decisive fellow». The immaturity of the proletariat and its subordination to the laws of the capital indicate that the specific nature of the capital remains hidden.»
Full Text Available In the context of globalization and of the aftermath of the economic crisis, the pillars on which the EU stands no longer satisfy the demands and necessities of the European citizens (Van Ham, 2005; Habermas, 2012. The euro crisis has generated, on one hand, a gap between the “center” and the “periphery” that can be correlated with the fragmentation both of the EU’s spheres of influence and of the European financial market (Dobrescu & Palada, 2012; EFCR, 2013. On the other hand, the euro crisis has generated a lack of solidarity and confidence in the European project. At this point, the major challenge for the European Union is not only the Euro-zone crisis, but also the level of confidence amongst young people. Recent polls (Gallup, 2013; Pew Research Center, 2013 indicate a dramatic rise in pessimism among Europe’s young people that have been labeled as “the Lost Generation” (European Commission, 2012. This paper explores the impact of the economic crisis on Romanian students’ attitudes towards the future of the European project and towards their European identity. The study aims at identifying the major concerns of Romanian students in terms of their future as European citizens. Our approach of this subject covers two perspectives: the first one is the utilitarian perspective, that is taking into consideration the actual advantages of the Europeanization process and the sustainability of the European social and economic model in the current national economic context; the second one is the identity perspective, that is taking into account the impact of the economic crisis on the Romanian students’ sense of belonging to the European community. The results of our study indicate that, overall, the Romanian youth holds an optimistic view concerning the EU, however they express some concerns in terms of lack of solidarity and fear of national identity loss.
Thern, Emelie; de Munter, Jeroen; Hemmingsson, Tomas; Rasmussen, Finn
Ill health is a risk factor and a consequence of unemployment, which might vary depending on the national rate of unemployment. We investigated the long-term effect of youth unemployment on mental health and explored the possible interaction during periods of high (economic crisis) and low (non-crisis) unemployment rates. A register-linked population-based cohort study was conducted including individuals aged 17-24 years. The crisis cohort (n=6410) took part in the Labour Force Survey during the economic crisis (1991-1994) in Sweden and the non-crisis cohort (n=8162) took part in the same survey before the crisis (1983-1986). Follow-up was 19 years. Adjusted HRs and 95% CIs for an inpatient care discharge mental diagnosis with employed people as the reference group were calculated by Cox regressions models. In fully adjusted models, 6 months (2.70; 1.71 to 4.28) of unemployment were associated with increased risks of getting a mental diagnosis in the crisis cohort. In the non-crisis cohort the risks were: 1.92; 1.40 to 2.63, 2.60; 1.72 to 3.94 and 3.33; 2.00 to 5.57, respectively. No interactions between labour force status and level of unemployment were found. Youth unemployment is related to mental health problems, independent of the overall national rate of unemployment, which is important as the youth unemployment rates are currently at stable high level. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.
Keskinen, Suvi; Norocel, Ov Cristian; Bak Jørgensen, Martin
The ongoing economic crisis that emerged in the wake of the global recession in 2008, and was followed by the more recent crisis of the Eurozone, has introduced new themes and remoulded old ways of approaching the welfare state, immigration, national belonging and racism in Northern Europe...
Friedman, Jed; Thomas, Duncan
The 1997 Indonesian financial crisis resulted in severe economic dislocation and political upheaval, and the detrimental consequences for economic welfare, physical health, and child education have been established in several studies. The crisis also adversely impacted the psychological well-being of the Indonesian population. Comparing responses of the same individuals interviewed before and after the crisis, we document substantial increases in several different dimensions of psychological distress among male and female adults across the entire age distribution. In addition, the imprint of the crisis can be seen in the differential impacts of the crisis on low education groups, the rural landless, and residents in those provinces that were most affected by the crisis. Elevated levels of psychological distress persist even after indicators of economic well-being such as household consumption had returned to pre-crisis levels, suggesting the deleterious effects of the crisis on the psychological well-being of the Indonesian population may be longer lasting than the impacts on economic well-being. PMID:25892838
Friedman, Jed; Thomas, Duncan
The 1997 Indonesian financial crisis resulted in severe economic dislocation and political upheaval, and the detrimental consequences for economic welfare, physical health, and child education have been established in several studies. The crisis also adversely impacted the psychological well-being of the Indonesian population. Comparing responses of the same individuals interviewed before and after the crisis, we document substantial increases in several different dimensions of psychological distress among male and female adults across the entire age distribution. In addition, the imprint of the crisis can be seen in the differential impacts of the crisis on low education groups, the rural landless, and residents in those provinces that were most affected by the crisis. Elevated levels of psychological distress persist even after indicators of economic well-being such as household consumption had returned to pre-crisis levels, suggesting the deleterious effects of the crisis on the psychological well-being of the Indonesian population may be longer lasting than the impacts on economic well-being.
Full Text Available The scope of this study is to examine the impact of the financial crisis on the libraries of Spanish public universities. For this purpose, data from staff, finances, and services provided by the 47 public university libraries during 2008-2014 have been analyzed. Overall, the analysis of the data leads us to assert the following observations: these libraries have experienced a reduction in staff and expenditures for the purchase of information resources, whereas the volume of library lending has matched the evolution of student enrollment. Both interlibrary lending and the number of days that libraries were open during this period have decreased. Expenditures on electronic resources made by libraries and library consortia have increased in the period under study to the detriment of expenditures on monographs and printed journals. In this new economic environment, we consider that library managers should design actions for establishing strategies to ensure efficient and high-quality services to users.El presente trabajo tiene como objetivo examinar el impacto de la crisis financiera en las bibliotecas de las universidades públicas españolas. Para alcanzar este propósito se han analizado los datos de personal, los datos económicos, y los referidos a los servicios prestados por las 47 bibliotecas universitarias públicas durante el periodo 2008 a 2014. El análisis de los datos nos lleva a aseverar, a nivel global, las siguientes consideraciones: estas bibliotecas han experimentado una reducción en los efectivos de personal y en los gastos de adquisiciones de recursos de información, mientras que el volumen del préstamo domiciliario ha seguido una evolución similar al del número de estudiantes matriculados. Tanto el préstamo interbibliotecario como el número de días que permanecieron abiertas las bibliotecas durante estos años también han disminuido. El gasto en recursos electrónicos, realizado por las bibliotecas y los consorcios
Full Text Available Shock waves that produce large cracks deepen existing political, economic and social, and sometimes a new order replaces the old. In 2010, states across the world over blast, which invariably will lead to changing the current world order. Last twenty years have seen major changes in international economic context, the Soviet Union collapsed and centralized economies in Eastern Europe, reforms in China and India, export-based growth strategies in East Asia, all leading to the creation of a world economy market and also bringing 4 to 5 billion people.
José María Algora Jiménez
Full Text Available Este artículo analiza el concepto de economía social en la actualidad como alternativa de recuperación económica. En este sentido, la falta de respuesta desde las instituciones económicas y políticas tradicionales a la crisis hace que se planteen nuevas soluciones y posturas.Palabras clave: economía social, crisis, recuperación. ________________Abstract:This article analyze the concept of social economy in our days like an alternative of economic recovery. So, there isn´t any answer from traditional economic and political institutions about the crisis, and, for that, the people think about news solutions and stances.Keywords: social economy, crisis, recovery.
D A Akbergenova
Full Text Available The article represents the analysis of the done and forthcoming work on overcoming of structural crisis in Kazakhstan Republic. The basic stages of formation and development of economic process are characterized.
V. V. Zaitsev
Full Text Available The marketing strategy of RUP «BMZ» in the period of worldwide financial-economic crisis is disclosed. It is shown that it is aimed at the maximum increase of export in all directions.
Full Text Available The object of the present article is to analyze the impact of 2008 financial and economic crisis on the evolution of balance of payment of EU-27 member states. Specifically, the analyzed period is between the years 2006-2011. The article is structured in the following parts: (1 the analysis of the evolution of the current account and capital account balance in the EU27 with non-EU states, (2 the identification of the main factors of disparities and asymmetries between the Euro area member states concerning current account balance and international investment position; (3 the role of TARGET2 system in financing of current account deficits of the peripheral countries of Euro area, and capital flight from these states to other Euro area countries perceived as less risky by investors.
Briones-Vozmediano, Erica; Agudelo-Suarez, Andres A; Goicolea, Isabel; Vives-Cases, Carmen
Since 2008, Spain has been in the throes of an economic crisis. This recession particularly affects the living conditions of vulnerable populations, and has also led to a reversal in social policies and a reduction in resources. In this context, the aim of this study was to explore intimate partner violence (IPV) service providers' perceptions of the impact of the current economic crisis on these resources in Spain and on their capacity to respond to immigrant women's needs experiencing IPV. A qualitative study was performed based on 43 semi-structured in-depth interviews to social workers, psychologists, intercultural mediators, judges, lawyers, police officers and health professionals from different services dealing with IPV (both, public and NGO's) and cities in Spain (Barcelona, Madrid, Valencia and Alicante) in 2011. Transcripts were imported into qualitative analysis software (Atlas.ti), and analysed using qualitative content analysis. We identified four categories related to the perceived impact of the current economic crisis: a) "Immigrant women have it harder now", b) "IPV and immigration resources are the first in line for cuts", c) " Fewer staff means a less effective service" and d) "Equality and IPV policies are no longer a government priority". A cross-cutting theme emerged from these categories: immigrant women are triply affected; by IPV, by the crisis, and by structural violence. The professionals interviewed felt that present resources in Spain are insufficient to meet the needs of immigrant women, and that the situation might worsen in the future.
Full Text Available This paper presents the role and importance of the European Central Bank (ECB in the context of measures and effects that are being taken to repair the consequences of the current economic crisis. The ECB, together with the European single currency, the euro, symbolizes long-lasting monetary integration of the EU states. Such form of integration has created the possibility of a supranational action of ECB in the banking sector and financial markets in general. Along with the other most important central banks in the world, the ECB applies various unconventional instruments of monetary policy to stimulate economic growth and development. In this context, the paper explains the nature and mechanism of such measures in order to influence on the insufficient liquidity in the financial markets.
Although illicit exchange has also been an organized, silent, and ever-present response to harsh economic crisis, only protest and social movements have captured scholars’ attention. In order to fill this void, this paper analyzes the emergence of illegal markets under situations of social breakdown. I claim that an illicit market emerging under socio-economic crisis conditions might be understood as the result of a constant valuation process and the intervention of what Herbert Mead called “...
payments to its major creditors. The economic crisis that ensued affected not just Mexico but the entire free market system. It marked a fundamental...but the entire free market system. It marked a fundamental shift in development economics and altered the economic systems in all but four Latin...Mexico’s Steel Industry .................................................................103 Figure 5. Monopolistic Competition Model
Full Text Available Despite of being affected by the economic crisis, the Netherlands managed to minimize its effects. This situation is highlighted in a comparison with Romania and the European Union, between the levels of the most important economic indicators. Moreover, when other countries registered negative trends in their economic growth, the Dutch economy succeeded in this matter.
Aytac, Isik A.; Rankin, Bruce H.
This paper applied the family stress model to the case of Turkey in the wake of the 2001 economic crisis. Using structural equation modeling and a nationally representative urban sample of 711 married women and 490 married men, we tested whether economic hardship and the associated family economic strain on families resulted in greater marital…
Full Text Available The paper presents the new dimensions of globalization during the first two decades of 21st century. These dimensions include new centers of economic power, new meanings for regionalization and new decision structures such as G- 20. Starting from the fact that the economic crisis that began in 2008 affected in a different way various countries of the world economy the authors show that a true multi-polar structure emerges and this requires a new development paradigm. This new paradigm has to depart from the quantitative dimension and propose a new set of values that will accommodate both the increase in the number of population and the limits of the existing resources. The authors conclude that a significant part of the new paradigm should be a new type of world governance involving all significant actors.
Michele F. Fontefrancesco
Full Text Available In this article, the case of the economic crisis of Valenza (Italy and its jewellery industry is presented. The crisis has occurred since 2008 as an effect of the plunge of international jewellery market. Drawing from ethnographic materials collected during my fieldwork in the city (2008-2010, I intend to point out that an the most recent economic downturn had strong cultural effects on local population (goldsmiths and others. Following Kant’s concept of category of reason, I will show that the crisis itself had become a category of reason for local population that uses it to make decisions and plan their future.
AVCI, Nilgün; KÜÇÜKUSTA, Deniz
AbstractCrisis management has become a requirement for businesses particularly in tourism industry. In spite of the limited studies carried out in this field in Turkey, the survey of the subject has significance in practices undergone by travel agencies, which are the backbones of the tourism industry. In this context we aim to analyze the measures and practices adopted by travel agencies during periods of crisis; determine the frequency of utilization of these measures and practices during p...
AVCI, Nilgün; KÜÇÜKUSTA, Deniz
AbstractCrisis management has become a requirement for businesses particularly in tourism industry. In spite of the limited studies carried out in this field in Turkey, the survey of the subject has significance in practices undergone by travel agencies, which are the backbones of the tourism industry. In this context we aim to analyze the measures and practices adopted by travel agencies during periods of crisis; determine the frequency of utilization of these measures and practices during p...
The East Asian financial crisis has shown how governments in affected countries have had to contend both with the external constraint imposed by global capital mobility and domestic political dynamics when instituting adjustment to the crisis. Some commentators see the reform process in the East Asian states as an outcome of the disciplining behaviour of financial markets that will lead to the complete dismantling of those structures that supported the state- directed developmentalist mode of...
TRAIAN ALEXANDRU NASTASE
Full Text Available In this paper we intend to describe the economic implications of mass-media in correlation with the recent socio-economic changes generated by the economic crisis. We take into consideration the dual market on which mass-media evolves: the mass-media products market, and the advertising market, keeping in mind that the behavior of a mass-media institution on one market, can have direct implication on the other market. We analyze the relation between mass-media and the public (audience, the cost for creating mass-media products, the ways in which mass-media reduces costs and the ways of increasing their profits. As mass-media must always adapt to the social changes and to the public, we take our analysis further and we describe how the recent economic changes influenced the mass-media consumption trends and mass-media profits on all the main communication channels: TV, radio, outdoor, internet, newspapers/magazines. This analysis is performed at both a global and a local level, for Romania. In the end we predict how other key changes may affect the economic model approach of the mass-media institutions on short and middle terms.
Full Text Available The paper deals with the identification of potential disadvantages associated with the existence of national currencies with the floating exchange rate regime during the current financial and economic crisis in countries postponing their entry into the eurozone. The hypothesis is that the advantages of a floating exchange rate may be outweighed by their disadvantages (high volatility of exchange rates. First part of the paper provides evidence about the development of Czech crown exchange rate since transition from fix to free float regime. Special attention will be given to the period during the recent global economic crisis. For the sake of comparison, evolution of other currencies in the region (zloty, forint and Slovak crown, will be taken to consideration. Second part of the paper form case studies identifying impact due to volatility on national currencies. Case studies were used to identify possible negative impacts from volatility in national currencies on export firms in the Czech Republic and holders of mortgage loans denominated in foreign currencies in Hungary. The last part of the paper will formulate recommendations for businesses entering into foreign trade relationships, as well as for policy makers in countries using national currencies which are preparing for membership in the eurozone.
The experiences and lessons taken from the global economic crisis should serve as a basis for changing the current economic model with a new one in order the economy of the country to catch a connection with the intense changes that are expected to occur in the coming period. It is expected that creating new economic model in Republic of Macedonia will result in multiple positive effects that primarily manifested in the increasing number of newly small and medium enterprises, domestic investments, industrial production, GDP, number of new employees and total exports as well as in reduction of the trade deficit in maintaining macroeconomic stability of the country.
Full Text Available Purpose. Fisheries has a strategic importance for supplying the population with food, while the sectors of the national economy with raw materials, for strengthening the country’s position in the international arena, for preserving spatial and national integrity of Ukraine, plays an important role in the restoration of natural resources and in the increase in employment. In recent years, fisheries sector of Ukraine is in a severe, protracted economic crisis. Considering its socio-economic and strategic importance for the state, there is a task for developing an effective policy for fisheries development in Ukraine that defines the relevance of the research and practical importance of its results. Thus, a compilation and analysis of the existing information on the current state and development of fisheries sector in the crisis period will allow a deeper understanding of problems in the fisheries sector in Ukraine and finding quick solutions. The main goal of the state policy in the field of fisheries in Ukraine has to be meeting the needs of the population in fish and fish products by creating conditions for effective operations and development of aquaculture and fishing enterprises. Findings. The article reviews the current state of the development of fisheries sector in Ukraine, consumption, catch, processing of fish and seafood, dynamics of fish product exports and imports, legislative and regulatory framework of fisheries sector, state of the implementation of WTO and EU requirements, as well as finding ways for the fisheries sector out from the crisis. Originality. This work is a compilation of the information on the current state of fisheries sector development in Ukraine. The information is provided in the form of a coherent presentation of information on the current state of fisheries sector in Ukraine, both in the domestic and foreign markets. Practical Value. The fact that the fisheries sector of Ukraine is still in a depressive state
Full Text Available It is proved that financial ratios can predict future bankruptcy even on high uncertainty conditions such as an economic crisis. The research indicates that the accuracy of prediction is more increasing in line with a coming bankruptcy.The result of the research shows that four years before a corporate becomes bankrupt there have been significant differences of financial ratios between bankrupt company and sustained one. The ratios of liquidity, profitability, activity, and return on investment of sustained company are higher; while the leverage ratio is lower.The dominant influencing financial ratios toward a bankruptcy are liquidity and leverage ratios. The research finds that from ten tested ratios, Current Asset to current liabilities and total liabilities to total asset are the dominant financial ratios.
Full Text Available With the conclusion of a contract of civil law, the parties may take some reasonably unforeseeable economic risks that might disrupt the synallagmatic character of the contract; therefore, disproportionate, unviable extra burden may appear in the contractual relations on the side of some parties. The sudden increase of inflation or prices, the intense reduction of the purchasing power of wages, the radical changes in the relations between supply and demand, the collapse of the product market, the insolvency of the economic actors (especially in case of a contractual party, the negative changes of the market and financial relations and the production and liquidity problems of the economic sector shall result in this incalculable risk. In case of maintaining the original contractual content, an economic crisis affecting the whole economy and society of one or more countries may cause any or all the parties to take inequitable and intolerable risks. In the following, we analyse those reasons in the Hungarian judicial practice that are based on the Hungarian Civil Code and referred by the parties in order to get rid of the contractual obligation in the name of economic/ business risk and finally, we make a conclusion with respect to the current European regulations.
Full Text Available The article deals with the development in Russian-Estonian relations during the crises of 2007 and 2014, taking into consideration the balance between political and economic factors in the decision-making by Estonian government. A number of special aspects, trends and problems in trade and investment ties are detected. The aim of the study is to uncover key motivation behind the actions of both Russia and Estonia, to identify the drivers for economic and political development in the region, and to work out recommendations to adjust them. The questions put forward by the authors of this article could not be more topical at the time, when Russian economic situation is obviously getting worse and capital flight (to the neighboring EU Member States is likely to increase. The method of the study is comparative analysis of the impact on economic ties made by Russian-Estonian crisis of 2007 and the current international tension around Ukraine. The regional fossil fuel market and the possibilities of Gazprom involvement in its development are also analyzed. It is concluded that political motives are still important for Estonian decisionmaking, though they are balanced out by measures of business support (despite some of these measures being taken by the EU bodies. The role of political factor for the Russian side is increasing. It is acknowledged that there is a growing number of missed economic opportunities in the Russian Northwest.
Sylos Labini, Francesco
This book not only explores the ways in which the economic crisis and associated austerity policies have adversely impacted the physical and human infrastructure and conduct of scientific research, but also considers how science can help us to understand the crisis and provide original solutions. Starting with a detailed but accessible analysis of the scientific method and the nature of scientific prediction, the book proceeds to address the failure to forecast the economic crisis and the origins of the continuing inertia in economic policy and theory. Attention is drawn in particular to the shortcomings of neoclassical economics in terms of its description of the economic system as being mechanical in nature and characterized by equilibrium. This perspective mirrors the limitations and outdated ideas of nineteenth century physics, which the book contrasts with the insights offered by modern physics. The impact of neoliberal ideologies on scientific research is also discussed in detail, highlighting their sti...
Full Text Available The impact of financial and economic crisis influencing economic development in EU countries is analysed predominately on macroeconomic level. Major part of economic studies analyse the effect of crisis on both real and potential economic growth, unemployment, inflation and debt dynamic. However the effects of the crisis are visible also at microeconomic level. The economic results of businesses are significantly influenced by the negative macroeconomic development at both national and international level. Both decrease in potential growth and purchasing power due to economic recession and more restrictive fiscal policy have a direct impact on aggregate demand and thus the microeconomic sector as whole. Additional source of problems is connected with banking sector crisis and the access to financing mainly for small and medium-sized enterprises (SME’s. The aim of the paper is to fill the gap in economic research and to analyse the impact of the ongoing crisis on business entities in selected eurozone member countries. Authors selected two eurozone member countries from EU periphery (Greece and Ireland. Both countries are severely hit by economic crisis and authors suppose that also their business sector will be significantly influenced. However author believes that the structural differences will lead over the time in faster recovery of Irish businesses in contrast to the Greek one.We create dataset using Amadeus database which contains the harmonized data about statistically significant set of business in selected countries. Authors then sorting the data according selected variables such as size of the company, NACE categorization and comparative indicators of individual business economic performance, namely representatives of indicators groups profitability, solvency, liquidity and indebtedness/financial structure of business entities. For the purpose of analysis authors analyse the data series three years before the crisis (2005, 2006 and
Colell, Esther; Sánchez-Niubò, Albert; Delclos, George L; Benavides, Fernando G; Domingo-Salvany, Antonia
To examine changes in the use of alcohol, cannabis and hypnotics/sedatives between two periods (before and during Spain's economic crisis), and to identify differences in the change between employed and unemployed individuals. Using cross-sectional data from four editions of the Spanish Household Survey on Alcohol and Drugs, we selected economically active individuals aged 16-64 years (total sample = 62 440) and defined two periods, pre-crisis [period 1 (P1) = 2005-07] and crisis (P2 = 2009-11). Poisson regression models with robust variance were fitted to obtain prevalence ratios (PR) of heavy and binge drinking and multinomial regression models to obtain relative risk ratios (RRR) of cannabis and hypnotic/sedative use between the two periods, also considering the interaction between period and employment status. While the prevalence of alcohol use remained stable, heavy drinking declined in P2 in men both overall [PR = 0.73; 95% confidence interval (CI) = 0.67-0.79] and in the two age groups (16-34 and 35-64 years), and also in women overall (PR = 0.86; 95% CI = 0.75-0.99) and in the older age group. In contrast, binge drinking increased overall in P2 in men (PR = 1.17; 95% CI = 1.12-1.22) and in women (PR = 1.62; 95% CI = 1.49-1.76), and in both age groups. No differences in the change were observed between employed and unemployed individuals. Overall cannabis use remained stable in P2, but unemployed men and women of the older age group were more likely to have increased sporadic use compared to their employed counterparts (RRR = 2.24; 95% CI = 1.36-3.68 and RRR = 3.21; 95% CI = 1.30-7.93, respectively). Hypnotic/sedative use remained stable in P2 in men, but unemployed men were less likely to have increased heavy use in P2 compared with employed men (RRR = 0.69; 95% CI = 0.49-0.97). In women, heavy use increased in P2 overall and in the older age group, irrespective of employment status. During a period of economic recession in Spain, heavy drinking
Full Text Available Current economic and financial crisis appears to be unprecedented in the last half century.A massive loss of confidence, both in the business sector and the consumers, both responding byrestricting spending, is in full progress. The world's financial and economic crisis is largely the resultof greed, of unjust gain, of financial speculation, of tax evasion worldwide. We live in a world wherepeople are seeking more temporary material wealth than spiritual wealth of the Faith and eternal life,and in addition to more severe material poverty, we see spiritual poverty and weakening of faith, acooling brotherly love and a decrease in good deeds and philanthropy. In this situation of economicpolicy without ethics, when everything is uncertain and unpredictable, changeable, and deceitful, weneed to close to God, the steadfast and insurmountable, just and merciful, but also an increase inalertness, attention and financial prudence. Romanian Orthodox Church is in a enough favorableposition into the Romanian society to take a proactive process of anticipating social problems thattrouble present Romanian society (poverty, social exclusion, unemployment, migration, domesticviolence, school dropout, alcoholism, drug abuse, aging, social system and poor health, lack ofmotivation and educational perspectives, youth work and family, etc., which will ultimately lead todeveloping a comprehensive plan for promotion and social involvement that will play a decisive rolein solving social and spiritual needs of Romanians, present and future.
Laura Mariana CISMAŞ
Full Text Available The main objective of this paper is to highlight the need for promoting a new vision regarding competitiveness mostly in the context of amplifying the effects and the complexity of the nature of crisis manifested now on the international level (economic, environment, demographic, value and moral etc..The economic thinking pays increased attention to the issues related to economic crisis, as well as the development of theories that give satisfactory answers about the causes and, especially, the solutions to the crisis.Using scientific observation and comparative case study as research methods, this paper aims to make a theoretical critical review of the theories regarding the causes of economic crisis over time and to identify and analyze some anti-crisis policies.
Health and work are complex processes. Besides, they are multiple considering the forms they take. These two processes are linked to each other and they are influenced by each other. According to this, it is possible to establish that work world is extremely complex and heterogeneous. In this world, "old" or traditional risks coexist with "modern risks", derived from the new models of work organization and the incorporation of new technologies. Unemployment, work relationships precariousness and work risks outsourcing are results of neoliberal strategies. Some negative results of health-sickness process derived from transformation in work world and current global economic crisis have been noticed in current work conditions. Finally, the need for reconstructing policies focusing on this situation derived from work world is suggested.
Nov 23, 2010 ... The event was hosted by IDRC 's Women's Rights and Citizenship ( WRC ) ... Jain believes that to put this growth into motion, the focus needs to shift from crisis management to developing a new purpose for ... Related articles ...
Leschke, Janine; Jepsen, Maria
and analysing the corresponding position of women and men in paid and unpaid work, the paper contains an in-depth discussion of the short- and medium-term policy responses to the crisis. Our analysis shows that independent of the prevailing gender regime, scant public attention has been directed to gender...
Full Text Available This study focuses on the global financial-economic crisis and the main priorities of the European Union for 2020. The duration of a financial economic crisis depends on the macroeconomic factors taken into account, because their representation can have multiple nuances, generated by subjective and political influences. The financial and economic crisis had a significant impact on public finances, business, jobs and families. At all levels, the decision makers in public policy will have to find ways of triggering economic dynamism, while the margin of manoeuvre in what concerns the budget is limited. As the recorded deficit in the public sector will be again under control, public expenditure will be such organized that the targets for 2020 are met.
Sarastri Mumpuni Ruchba
Full Text Available This study analyzes the impact of some factors, especially the implementation of autonomy and monetary crisis on economic growth in Yogyakarta Special Province. The independent variables entered into the model are investment, labor force and government spending, as well as two dummy variables, namely the financial crisis and the 1990-2013 regional autonomy implementations. This study uses multiple linear regression analysis with Ordinary Least Square (OLS. This study finds that investment and regional autonomy do not affect the economic growth in Yogyakarta, while labor force and monetary crisis negatively affect economic growth. The study also finds that government spending has a positive influence on economic growth.
Full Text Available The 2007-2015 crisis has been the most devastating economic depression in the last seven decades. It has struck in different ways and with different amplitude the US and most European countries. In most countries it has been a double crisis (financial and real, but in Eurozone's financially vulnerable countries it has also badly worsened public finance indicators. There was therefore in those countries, a complex perverse feedback between public finance weakness, the harsh application of austerity policy and a further increase in the depth and duration of real and financial crisis. The paper focus on the importance of stock-flow relations in worsening and prolonging economic depressions triggered by structural bubbles or other chronic imbalances. It also gives a critical assessment of some aspects of EU economic policies, outlining some elements for a possible alternative economic strategy.
Kadri Cemil Akyüz
Full Text Available Especially, Border ceased and increasing capital movement at the national and international market constitutes negative results on the developing economics. The November and February crisis made an important destruction on the industry and dealt a blow to developing economic in Turkey. Effects of crisis are much more feeling particularly undeveloped industry regions than the other regions. The results of crisis weren't been investigated in the sector level in the manufactures industry. Aim of this study determined to effects of crisis at the forest product industry, active position in the manufacturer industry in the Rize selected area in the Eastern Black Sea Region not be taken desired share in the industry structure. In the random chosen establishments, 40 questionnaire forms filled with face-to-face communication method. As a result, it was determined that the fiscal structure and the production capacities of these establishments were important level lost and decreased respectively.
Madsen, Aase Mygind; Judd, Dawn; Boeckh, Jürgen
As welfare states confront massive changes, these are often explained as inevitable by-products of the global economic crisis. However, many of the shifts in welfare ideology pre-date the crisis. As increasing numbers of European welfare states move towards neoliberal paradigms then this converge......As welfare states confront massive changes, these are often explained as inevitable by-products of the global economic crisis. However, many of the shifts in welfare ideology pre-date the crisis. As increasing numbers of European welfare states move towards neoliberal paradigms...... then this convergence is, in turn, having a marked impact on social work education and practice. Today it would appear that, to varying degrees, European social workers are driven by ever-growing managerialist objectives. Juxtaposed is the shift towards consumerism and individualism, which is manifested through various...
Full Text Available In the article we focus on the role of school counselling services in solving the cultural and economic crisis. In the theoretical part we first define the tasks, roles and meaning of school counselling service or of school counsellors, and the meaning of the terms cultural and economic crisis. We see social responsibility as a way out of the crisis. In the empirical part we then present the results of a survey research carried out on this topic among school counsellors in Slovenian basic and secondary schools. The intention of the study was to determine in what ways the school counsellors perceive this crisis, what knowledge they had in the field of work and in what ways they estimate the importance of individual school professional in solving the problem.
"Development economics" was the study of how to create the plumbing that would allow developing economies to become developed. The financial crisis leads us to question whether industrialized countries have the plumbing problem solved and thus leads us to question whether we need a development economics that is separate from macroeconomics.…
Nambissan, Geetha B.
Debates on the global economic recession have failed to draw adequate attention to the meaning of the crisis for the poor and their education, especially in later developing societies. In this paper, I focus on the education of children of the poor in India--a country that has experienced economic slowdown rather than recession. Available research…
Cameroon's economic crisis has led to widespread unemployment and poverty since the 1980s. Civil society organizations, including the churches, believe that bad governance is at the heart of the country's economic problems and are calling for the introduction of democratic institutions. However, a
P.A.G. van Bergeijk (Peter)
textabstractThis paper looks beyond the comparatively good performance of the large emerging economies that gave rise to the mainstream narrative of decoupling. I discuss the negative economic and social impacts of the financial and economic crisis on the Least Developed Countries that the
Dzhereliuk Iuliia O.
Full Text Available The article substantiates that crisis is a factor of violation of the enterprise’s sustainability as economic system, crisis can occur at all stages of the life cycle of enterprise, act as a brake against the further development of enterprise and its movement to the next stage of development. On the basis of theoretical generalization, the author’s own approach to the definition of concept of «crisis» is presented. Causes of occurrence of crisis were generalized depending on certain stage of the life cycle of enterprise. It has been specified that crisis poses a threat to the sustainability of enterprise, but, despite this, it is the regularity and necessity of development, which in all its manifestations and consequences will be overcome by anti-crisis. The theoretical approaches by different scientists as to interpretation of the concept of «anti-crisis sustainability» were considered that allowed to substantiate the author’s own approach to the interpretation of this concept. Prospects for further research in this directions will be systematization of the factors to ensure the anti-crisis sustainability of enterprise in a competitive environment.
Petrošius, Jonas; Kelpšienė, Loreta
This paper analyzes general economic crisis and its effect on industry. Construction sector while being a mediator between production and service sectors makes impact on both of them; one new immediate workplace on a construction site incites the establishing of two or more workplaces in other industry branches. After the bursting of the real estate bubble the effects of crisis on construction and real estate sectors are very tangible both in the world and in Lithuania. Companies whose work i...
Nigeria is currently experiencing a serious food crisis in its history. The crisis manifests itself in the inability of the nation to produce enough food to feed its population and the need to import food at exorbitant prices. Food shortage and hunger have resulted in the incidence of malnutrition and kwashiorkor among its citizens.
Rajmil, Luis; Siddiqi, Arjumand; Taylor-Robinson, David; Spencer, Nick
The objectives of the study were to explore the effect of the economic crisis on child health using Spain as a case study, and to document and assess the policies implemented in response to the crisis in this context. Serial cross-sectional data from Eurostat, the Spanish Health Interview Survey, and the database of childhood hospitalisation were analysed to explore impacts on child health, and key determinants of child health. A content analysis of National data sources/government legislation, and Spanish literature was used to describe policies implemented following the crisis. Unemployment rates in the general population (8.7% in 2005 and 25.6% in 2013), and children living in unemployed families (5.6% and 13.8%) increased in the study period. The percentage of children living under the poverty line, and income inequalities increased 15-20% from 2005 to 2012. Severe material deprivation rate has worsened in families with Primary Education, while the number of families attending Non-Governmental Organisations has increased. An impact on children's health at the general population level has not currently been detected; however an impact on general health, mental health and use of healthcare services was found in vulnerable groups. Investment in social protection and public policy for children showed a reduction as part of austerity measures taken by the Spanish governments. Despite the impact on social determinants, a short-term impact on child health has been detected only in specific vulnerable groups. The findings suggest the need to urgently protect vulnerable groups of children from the impact of austerity.
Carlos Vidal Prado
Full Text Available This work analyzes some structural reforms of public administrations implemented from 2012 in Spain, as a result of the economic crisis, and public policies implemented to achieve them, and if truly met the intended objectives (improve the quality and efficiency of services, transparency in public administrations and creating an Open Government. The work part of a brief diagnosis of the causes and consequences of the economic crisis, to tackle after reforms in public administration and in the model of Welfare State, especially in what refers to public employment, education, healthcare and the attention to the dependence. Finally, a brief assessment of the adopted solutions and its real impact on the current situation of the economy and the Spanish Administration is performed.
Full Text Available The main objective of this article is to present a qualitative studyof HRM schemas in the recent economic crisis in Slovenia. Cognitiveschemas influence perception and behavior and serve aspowerful sense-making frameworks. In-depth interviews with 16ceos, HR executives and trade unionists from the production andservice sectors and analyses of annual reports were conducted tofind the content of their HRM schemas. In addition, a comparisonbetween schemas from companies from both sectors was made.Results reveal that HRM schemas in companies from the financialsector include more ‘HRM is bureaucratic’ attributes, whereas incompanies from the automotive sector ‘HRM is strategic’ attributesprevail. In companies’ annual reports, the socially responsiblerole of HRM toward employees is only moderately present. Whilethe crisis in 1990s was an influential factor for the sense-makingand ‘flexibility is crucial’ attribution in companies in the automotivesector, the current HRM schema in selected companies fromthe financial sector was influenced by the occurrence of conjuncture.
Adamakidou, T; Kalokerinou-Anagnostopoulou, A
The purpose of this review was to describe public home healthcare nursing services in Greece. The effectiveness and the efficiency of home healthcare nursing are well documented in the international literature. In Greece, during the current financial crisis, the development of home healthcare nursing services is the focus and interest of policymakers and academics because of its contribution to the viability of the healthcare system. A review was conducted of the existing legislation, the printed and electronic bibliography related to the legal framework, the structures that provide home health care, the funding of the services, the human resources and the services provided. The review of the literature revealed the strengths and weaknesses of the existing system of home health care and its opportunities and threats, which are summarized in a SWOT analysis. There is no Greek nursing literature on this topic. The development of home health nursing care requires multidimensional concurrent and combined changes and adjustments that would support and strengthen healthcare professionals in their practices. Academic and nursing professionals should provide guidelines and regulations and develop special competencies for the best nursing practice in home health care. At present, in Greece, which is in an economic crisis and undergoing reforms in public administration, there is an undeniable effort being made to give primary health care the position it deserves within the health system. There is an urgent need at central and academic levels to develop home healthcare services to improve the quality and efficiency of the services provided. © 2016 International Council of Nurses.
Bonaccio, M; Bes-Rastrollo, M; de Gaetano, G; Iacoviello, L
The traditional Mediterranean diet (MD) is reportedly associated with lower risk of major chronic diseases and long considered to contribute to the reduced rates of cardiovascular and cerebrovascular events and to the highest life expectancy in adults who lived near the Mediterranean Sea. But despite its widely documented health benefits, adherence to this dietary pattern has been rapidly declining over the last decades due to a clear socioeconomic influence. The present review provides an overview of the evidence on the current major determinants of adherence to the Mediterranean diet, with a particular emphasis on Mediterranean Countries at a time of economic crisis; second it explores emerging socioeconomic inequalities in other domains of healthy dietary behaviours such as dietary variety, access to organic foods and food purchasing behaviour. According to ecological evidence, the Mediterranean Countries that used to have the highest adherence to the Mediterranean pattern in the Sixties, more recently experienced the greatest decrease, while Countries in Northern Europe and some other Countries around the world are currently embracing a Mediterranean-like dietary pattern. A potential cause of this downward trend could be the increasing prices of some food items of the Mediterranean diet pyramid. Recent evidence has shown a possible involvement of the economic crisis, material resources becoming strong determinants of the adherence to the MD just after the recession started in 2007-2008. Beyond intake, the MD also encourages increasing dietary diversity, while international dietary recommendations suggest replacing regular foods with healthier ones. Socioeconomic factors appear to be major determinants of the adherence to MD and disparities also hold for other indices of diet quality closely related to this dietary pattern. Copyright Â© 2016 The Italian Society of Diabetology, the Italian Society for the Study of Atherosclerosis, the Italian Society of Human
Domnica Doina Parcalabu
Full Text Available In the first section we will briefly introduce the main impact of the global crisis on Romanian macroeconomics, financial markets with special focus on the pension systems, as well as the outlook of the international rating agencies and of the financial institutions regarding the reform solutions. The second section tackles the solidarity dimension of pension schemes, i.e. concepts like inter-generational, intra-generational, gender, and fiscal solidarity. The third section describes the pension reform measures tackled during the crisis providing also concise country profiles in CEE. These measures were mostly envisaged to mandate later retirement, reduce the deficit of Pillar I, change the pension indexation rules, eliminate privileged pension rights for special groups of workers, and improve benefits. The last section is to conclude with some policy implications.
Full Text Available Banking restructuring regained leading place in commercial banking activities following ongoing crisis. Many debtors are facing serious trouble in normal debt repayment due to increasing number and volume of non performing loans in banks’ portfolios. In order to deal with these issues and to secure existing exposures banks use restructuring techniques like payment rescheduling, debt-equity swap and write-offs to ease debtors debts and to help viable businesses to successfully survive recession.
Gallus, Silvano; Ghislandi, Simone; Muttarak, Raya
Scanty and controversial information is available on the impact of macroeconomic fluctuations on smoking behaviour. No study has quantified the effects of fiscal crises on smoking prevalence. This study aimed to investigate the effects of the 2007-2008 economic crisis on smoking prevalence and number of smokers in the USA. Using data from the repeated Behavioural Risk Factor Surveillance System (BRFSS) surveys in pre-crisis (2005-2007) and post-crisis (2009-2010) periods on a total of 1,981,607 US adults, we separated the expected (after allowance for the demographic growth of the US population, secular smoking prevalence trends and changes in sociodemographic characteristics) from the unexpected (assumed attributable to the economic crisis) changes in the number of smokers across different employment statuses. Joinpoint regression analysis revealed no significant changes in smoking prevalence trends over the period 2005-2010. The crisis resulted in an increase in the number of smokers in the US by 0.6 million. This is largely due to an unexpected decrease of 1.7 million smokers among employed and an increase of 2.4 million smokers among unemployed individuals, whose smoking prevalence also remains extremely high in the post-crisis period (32.6%). The 2008 financial crisis had a weak effect on smoking prevalence. The pro-cyclical relationship (ie, the crisis results in a lower number of smokers) found among the employed is offset by the counter-cyclical relationship (ie, the crisis results in a higher number of smokers) found among unemployed individuals. Public health interventions should specifically target those in unemployment, particularly in hard times. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.
Full Text Available The purpose of this article is to analyze whether participating banking sector is more stable than conventional banking sector during the global economic crisis. The main point is that which banking system are financially less affected from the global economic crisis. For this anlysis, we have used trend analysis method for 2006-2011 on yearly basis. In this study, yearly financial ratios of conventional and participating banking sectors were utilized. Financial ratios can be sorted as profitability, liquidity, risknesss and asset quality ratios. Results of the study show that participating banking sector is more stable than conventional banking sector in terms of profitability, riskiness and liquidity during the analysis term which includes 2008 global economic crisis. In addition, both sectors are almost similiar and stable in terms of asset quality.
Sdona, E; Papamichail, D; Ragkou, E; Briana, D D; Malamitsi-Puchner, A; Panagiotopoulos, T
Since 2008, Greece suffers a severe economic crisis. Adverse health outcomes have been reported, but studies on perinatal health are sparse. We aimed to examine the impact of economic crisis on perinatal parameters during early and established crisis periods. Birth records of 14 923 neonates, born in a public maternity hospital from 2005-2014, were reviewed for maternal (age, delivery mode) and neonatal (gender, birthweight, gestational age) variables. Univariable analysis tested the association of study variables with time-periods 2005-2007, 2009-2011 and 2012-2014. Multivariable logistic regression analysis identified factors independently associated with low birthweight (LBW) (period, independently of maternal age. In conclusion, impaired perinatal parameters, manifested by increasing maternal age, LBW, prematurity and CS rate, were observed during the years of economic decline, with possible adverse consequences for later health.
Medel-Herrero, Alvaro; Gomez-Beneyto, Manuel
Little is published about the impact of the 2008 economic crisis on mental health services in Spain. An interrupted time series analysis was conducted to investigate a potential short-term association between the 2008 economic crisis and the number of psychiatric hospital admissions. The timing of the intervention (April 2008) was based on observed changes in Gross Domestic Product (GDP). Data on 1,152,880 psychiatric inpatients from the national Hospital Morbidity Survey, 69 months before and after the onset of the economic crisis (April 2008), were analyzed. Age-adjusted psychiatric (ICD9 290-319) hospital discharge rates significantly increased from April 2008, matching the onset of the crisis, especially for inpatients aged 15-24 years old and to a less extend for inpatients aged 25-34 years old. Other age groups were not affected. There was a significant increase in diagnoses for disturbance of conduct and emotions, depression, neurotic and personality disorders and alcohol and drug disorders; however, diagnoses for mental retardation and organic psychosis for 15-34 years old inpatients were unaffected. Psychiatric hospital admissions abruptly increased in April 2008, coinciding with the onset of the economic crisis. We identified age groups and diagnoses affected. Increased hospitalizations were found only at the age-ranges most affected by the rise in unemployment. The diagnoses affected were those most sensitive to environmental changes. Copyright © 2017 SEP y SEPB. Publicado por Elsevier España, S.L.U. All rights reserved.
Sri Indrastuti S.
Full Text Available This research was conducted at the Regional Development Bank BPD in Indonesia. This study aims to examine and obtain empirical evidence about the comparative financial performance of regional banks after the global crisis with a view of its financial ratio which includes a ratio ROA CAR COF GMP LDR NIM ROA and ROE. This study further whether there was a significant difference in the time before and after the global economic crisis of 2008.The method used is a saturated or census sampling of the 26 Bank Pembangunan Daerah BPD. This study uses secondary data obtained from financial statement data Regional Development Bank for the period 2006 to 2010. The analytical tool used to determine differences in financial performance before and after the global economic crisis of 2008 was Paired sample T test for normally distributed data. If the data were not normally distributed using the Wilcoxon Signed Rank Test.The results showed that the financial performance of the Bank Pembangunan Daerah BPD in the ratio of ROA CAR COF GMP LDR NIM and ROA before and after the global economic crisis in 2008 there are significant differences. While ROE ratios before and after the global economic crisis of 2008 was not a significant difference.
Soelberg, Cobin D; Brown, Raeford E; Du Vivier, Derick; Meyer, John E; Ramachandran, Banu K
The United States is in the midst of a devastating opioid misuse epidemic leading to over 33,000 deaths per year from both prescription and illegal opioids. Roughly half of these deaths are attributable to prescription opioids. Federal and state governments have only recently begun to grasp the magnitude of this public health crisis. In 2016, the Centers for Disease Control and Prevention released their Guidelines for Prescribing Opioids for Chronic Pain. While not comprehensive in scope, these guidelines attempt to control and regulate opioid prescribing. Other federal agencies involved with the federal regulatory effort include the Food and Drug Administration (FDA), the Drug Enforcement Agency (DEA), and the Department of Justice. Each federal agency has a unique role in helping to stem the burgeoning opioid misuse epidemic. The DEA, working with the Department of Justice, has enforcement power to prosecute pill mills and physicians for illegal prescribing. The DEA could also implement use of prescription drug monitoring programs (PDMPs), currently administered at the state level, and use of electronic prescribing for schedule II and III medications. The FDA has authority to approve new and safer formulations of immediate- and long-acting opioid medications. More importantly, the FDA can also ask pharmaceutical companies to cease manufacturing a drug. Additionally, state agencies play a critical role in reducing overdose deaths, protecting the public safety, and promoting the medically appropriate treatment of pain. One of the states' primary roles is the regulation of practice of medicine and the insurance industry within their borders. Utilizing this authority, states can both educate physicians about the dangers of opioids and make physician licensure dependent on registering and using PDMPs when prescribing controlled substances. Almost every state has implemented a PDMP to some degree; however, in addition to mandating their use, increased interstate
Manzano-García, Guadalupe; Montañés, Pilar; Megías, Jesús L
The high levels of indebtedness and deficit of Spain's autonomous communities as a consequence of the national and European economic crisis have caused radical changes in the Spanish National Health Service. At the present time, the economic crisis is seriously affecting nurses in several European countries, and especially in Spain. The aim of this study was to analyse whether nursing students' perceptions of economic crisis influence their levels of burnout and engagement in relation to their studies. We have also tried to clarify the relationship of sociodemographic variables (age and gender) and personal control factors (self-efficacy, locus of control and success) with these factors. This was a transversal study based on descriptive and inferential statistical analysis. Analysis of the quantitative data was performed using Statistical Package for Social Sciences, IBM 19.0 (SPSS, 2010). 166 nursing students participated in the study, comprising 142 women and 24 men studying in Schools of Nursing in the North of Spain. They completed various questionnaires to gather information on sociodemographic variables and measure burnout, engagement, locus of control, expectations of success and perceptions of threat due to the economic crisis. Higher perception of economic crisis by the students is related to higher scores for burnout and lower scores for engagement. The scores for burnout were also positively predicted by external locus of control and negatively predicted by perception of self-efficacy. The age of participants is related to lower levels of burnout and higher levels of engagement. Finally, expectation of success also positively predicted the level of engagement. The results demonstrate the importance of the perceptions of the economic crisis on the development of burnout and engagement among nursing students. Copyright © 2017 Elsevier Ltd. All rights reserved.
Full Text Available Purpose of the paper is to highlight how the economy evolved in the Florida county comparison with neighboring counties in economic crisis that society through the difficult years. also study and make acomparison in terms of demographic characteristics, respectively, compared between young and old, labor migration, etc. form., indices that are decisive for evaluating the economic situation of the county above mentioned. Economically, the county is in the connection between the economy and sub-mountainous and mountainous plains. The specificity of its resources, Gorj is a leading energy suppliers of the country, both as primary energy (coal, oil and processed (heat and electricity1. Results and statistical sources that Gorj currently produces more than 20% of the thermoelectric power of2. In terms of population below national averages Gorj is the fourth in the region after Olt and Valcea. Is medium in size, being the third after Dolj and Valcea. In terms of urbanization, Gorj is below the national average and third in the region after Dolj and Mehedinti. After the general level of development, the county is in a less favorable position, because the permanent part is characterized by a lower level of development.
Giorgi, Gabriele; Arcangeli, Giulio; Mucci, Nicola; Cupelli, Vincenzo
Since 2008, a deep financial crisis, which started in the United States, has widely spread around the world. Scientists expressed their worry about this crisis by pointing out that potential negative health effects can be created by collective fear and panic. The main purpose of this cross-sectional study on the fear of the crisis has been to examine its impact on mental health through the use of structural equation modeling. In the trial a new model of economic stress we were also interested in identifying if fear of the crisis has an indirect relationship with employees' health (e.g. related to a poor social support or to work-related stress). Furthermore, this study aimed to examine whether a full or a partial mediation model best fits the data. Data collection took place between 2010 and 2011. During this period several private organizations that comprised of 1236 employees participated in the study. It was found that social support and job stress fully mediated the relationship between fear of the crisis and health, with all fit indices meeting their respective criteria, and with all path coefficients being significant. Implications for discussion of the crisis among employees were presented. In conclusion, fear of the crisis appeared to be an important innovative construct for organizational wellbeing.
Full Text Available Purpose: Analyze the impact of economic and social crisis in volume and funding of clinical trials (CT and observational studies (ES from the activity of an Research Ethics Committee (REC. Method: REC memories 2003-2012 were reviewed. Financing of evaluated projects, CT and OS were analyzed classifying them into four groups: 1 promoted by pharmaceutical industry, 2 by scientific societies with industry support, 3 by scientific societies with government support and 4 unfunding.Two periods were compared: pre-crisis (2003-2007 and crisis (2008-2012. Results: During 10 studied years, 744 protocols were evaluated: a 71% of group 1, a 9% of group 2, a 3% of group 3 and a 17% was no funding. Regarding OS, 40%, 5,4%, 8,6% and 46% were the groups 1, 2, 3 and 4 respectively. Analyzing crisis versus pre-crisis period, statistically significant differences were observed in the decreasing of number of CT phase 2 and 3 and in the rising EO. Comparing crisis related to the pre-crisis period, the Group 4 increased statistically significantly. Conclusions: Evolution of total number of studies evaluated by REC tends to be maintained and even increased over time. REC maintains its activity and even increased at the expense of financing and unfunded OS.
Redondo Capafons, S; Arcenillas, Paula; Giménez, Nuria; March López, Pablo; Soriano, Laura; Pla, Ramon; Quintana, Salvador
Analyze the impact of economic and social crisis in volume and funding of clinical trials (CT) and observational studies (ES) from the activity of an Research Ethics Committee (REC). REC memories 2003-2012 were reviewed. Financing of evaluated projects, CT and OS were analyzed classifying them into four groups: 1) promoted by pharmaceutical industry, 2) by scientific societies with industry support, 3) by scientific societies with government support and 4) unfunding.Two periods were compared: pre-crisis (2003-2007) and crisis (2008-2012). During 10 studied years, 744 protocols were evaluated: a 71% of group 1, a 9% of group 2, a 3% of group 3 and a 17% was no funding. Regarding OS, 40%, 5,4%, 8,6% and 46% were the groups 1, 2, 3 and 4 respectively. Analyzing crisis versus pre-crisis period, statistically significant differences were observed in the decreasing of number of CT phase 2 and 3 and in the rising EO. Comparing crisis related to the pre-crisis period, the Group 4 increased statistically significantly. Evolution of total number of studies evaluated by REC tends to be maintained and even increased over time. REC maintains its activity and even increased at the expense of financing and unfunded OS. Copyright AULA MEDICA EDICIONES 2014. Published by AULA MEDICA. All rights reserved.
Full Text Available This special issue dedicated to the social psychological study of the economic crisis in four European Union countries along the Mediterranean includes six empirical papers discussing different aspects of the phenomenon. Four papers are part of a larger project that started in 2011, aiming to compare the social representations of the economic crisis in France, Greece, Italy, and Portugal. Starting from the study of the social representations of the causes of the crisis and the measures to overcome it, various social psychological parameters that interfere are examined. Thus, the political, ideological, and social positioning, and the axiological universe of the participants are considered as important predictors and mediators in the different papers. Additionally, possible political participatory activities in reaction to the crisis are considered. The presentation of the outcome of this research project is completed by a paper analyzing the way the crisis was depicted in the Italian press and a paper looking at the impact of the financial threat to political participation in France. The research presented here reveals the ways social subjects give meaning to a situation of crisis and thus provides social and political insights into social thinking and behavior with important policy implications for individual nations as well as Europe at large. In this paper, we present the general framework of the studies carried out and we introduce the collection of empirical papers of the special issue.
Nicieza-García, María Luisa; Alonso-Lorenzo, Julio C; Suárez-Gil, Patricio; Rilla-Villar, Natalia
To assess whether the economic crisis of 2008 has changed the consumption of anxiolytics, hypnotics-sedatives and antidepressants in Asturias (Spain). We conducted a descriptive study of drug use from 2003 -2013. The defined daily doses of 1000 inhabitants per day (DHD) were calculated for anxiolytics, hypnotics-sedatives and antidepressants. Linear regression coefficients (b) of the DHD were obtained for the pre-crisis period (2003-2008) and the crisis period (2009-2013). The consumption of anxiolytics increased by 40.25%, that of hypnotics by 88.11% and that of antidepressants by 80.93%. For anxiolytics: b-(2003-2008)=4.38 DDI/year and b-(2009-2013)=1.08 DDI/year. For hypnotics-sedatives: b-(2003-2008)=2.30 DDI/year and b-(2009-2013)=0.40 DDI/year. For antidepressants: b-(2003-2008)=5.79 DDI/year and b-(2009-2013)=2.83 DDI/year. The rise in consumption of the three subgroups during the crisis period was lower than that of the pre-crisis period. This study does not confirm the influence of the economic crisis on the rise in consumption of these drugs. Copyright © 2016 SESPAS. Publicado por Elsevier España, S.L.U. All rights reserved.
Almudena Moreno Mínguez
Full Text Available This article discusses the effects of the economic crisis on the international mobility of young Spaniards from a critical perspective. The difficulties in finding employment resulting from the economic crisis have changed the international mobility of young people. The results presented in this paper point to a relative decline in the young population due to reduced fertility and increased youth mobility. On the one hand, this new trend has generated a relative media distortion. On the other hand, it could have future implications for the sustainability of the Spanish welfare state.
Kock, Anders Bredahl; Teräsvirta, Timo
In this work we consider forecasting macroeconomic variables during an economic crisis. The focus is on a speci…c class of models, the so-called single hidden-layer feedforward autoregressive neural network models. What makes these models interesting in the present context is that they form a cla...... during the economic crisis 2007–2009. Forecast accuracy is measured by the root mean square forecast error. Hypothesis testing is also used to compare the performance of the different techniques with each other....
Full Text Available The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009–2012. We found that the effect of capital structure determinants on leverage does not change in an environment of economic crisis; larger SMEs continued to show higher debt ratios, the relationship between profitability and tangibility of assets with leverage continued to be negative, and growth was positively related to leverage.
Full Text Available This paper presents the second part of results from a survey-based market research of Bulgarian households. In the first part of the paper the author analyzes the changes of consumer behavior in times of economic crisis in Bulgaria. Here, the author presents market segmentation from the point of view of consumer behavior changes in times of economic crisis. Four segments (clusters were discovered, and profiled. The similarities/dissimilarities between clusters are presented through the technique of multidimensional scaling (MDS The research project is planned, organized and realized within the Scientific Research Program of University of National and World Economy, Sofia, Bulgaria.
Full Text Available The economic crisis of 2000-2001 was proved to be demolishing for Turkey after the abundance of currency peg in the same year. The crisis in question stemmed from insufficient implementation of regulations, inadequate depth of the capital markets, lack of assessment of risk, excessive lending to incorporated institutions by national banks, restricted interest rates, monitored foreign exchange operations, limited foreign asset holding, lack of competition, barriers to foreign entry high liquidity, chronic inflation and a deficit in balance of payments. However, the crisis that Turkey was subject to in 2008-2009 was quite different than the previous ones as to be a result of world matters. The sparking effect begun in the USA at the mortgage market, the fail of the mortgage market negatively influenced the capital, stock and derivative markets and spread the world. Thus, this study aims to analyze and reveal the reflections of the 2000-2001 and 2008-2009 crises and their comparison with regards to Turkey on theoretical basis resting on numerous comprehensive and credible national and international publications.
This paper analyses whether developments on the labour market and in the welfare system during the economic crisis can be seen as perpetuating the trend towards labour market segmentation or whether the crisis may actually have contributed to containing some of the divisions forged in recent...... decades. The emphasis is placed on (involuntary) part-time and temporary employment. With regard to labour market developments, the author demonstrates a further segmentation during the crisis, in particular for youth and people with low educational levels who have been disproportionately affected...... by unemployment. Due to data deficiencies, it is difficult to judge conclusively whether the crisis has contributed to more or to less segmentation in welfare coverage. In fact, there seems to be a division between countries in this regard and the deliberate opening up of unemployment schemes in several countries...
Full Text Available The purpose of this paper is to analyze the link between perceived levels of organizational process changes, vis-à-vis selected organization-to-employee relationship dimensions based on the Hackman and Oldham (1975 Job diagnostic survey and marketing performance measures. We follow Pettigrew, Woodman and Cameron (2001 in their call for a deeper understanding of the link between the various elements of the organizational change process itself, and organizational performance outcomes. Our analysis is based on data from over 220 organizations, and over 22,800 of their employees in Slovenia between 2008 and 2010. Our analysis shows that the perceived levels of organizational change (OC are the highest for marketing and HRM processes, relative to other organizational processes. Furthermore, we establish that a higher organization-to-employee relationship quality is in myriad ways linked to higher perceived levels of OC in HRM processes. However, this is true only for the initial phase of the current economic crisis (2008 and 2009, but not also for its subsequent widening (2010. On the other hand, the correlation comparison between selected marketing performance measures and perceived level of OC in marketing processes is also significantly linked also to customer loyalty. Lastly, by analyzing the correlations between perceived levels OC and corporate sustainability (as added value per employee we can see that perceived levels of OC in marketing and production processes display high correlations in the beginning of the economic crisis (2008, but not afterward (2009 or 2010. In addition, perceived levels of OC related to HRM do not correlate with added value per employee in any of the three compared years. This shows a different nature of the relationship between specific areas of perceived OC and corporate sustainability, as measured by added value per employee.
Li, Fangyi; Song, Zhouying; Liu, Weidong
It is now widely recognized that there is a strong relationship between energy consumption and economic growth. Most countries′ energy demands declined during the economic depression of 2008–2009 when a worldwide economic crisis occurred. As an export-oriented economy, China suffered a serious exports decline in the course of the crisis. However, it was found that energy consumption continued to increase. Against such a background, this paper aims to assess and explain the factors causing the growth of energy consumption in China. First, we will explain the impact of domestic final use and international trade on energy consumption by using decomposition analysis. Second, embodied energy and its variation across sectors are quantified to identify the key sectors contributing to the growth. Lastly, the policy implications for long-term energy conservation are discussed. The results show that the decline in exports was one of the driving forces for energy consumption reduction in the crisis, but that the growth of domestic demand in manufacturing and construction, largely stimulated by economic stimulus plans, had the opposite effect on energy consumption. International trade contributed to decreasing energy consumption of China during and after the crisis because the structure of exports and imports changed in this period. - Highlights: • We analyze the reasons for China's energy consumption change under the global economic crisis during 2007–2010. • Domestic final use growth, especially in construction and manufacturing of machinery and equipment, resulted in energy consumption increase. • International trade is identified as a driver of energy consumption reduction during and after the crisis. • Increasing China's share of consumption or reducing its share of investment in the GDP can reduce national energy intensity
Full Text Available Background: Most research on women's labor force return after childbirth concentrates on industrialized countries in the West; the link between economic swings and mothers' work-return behavior is rarely addressed. This study closes these gaps by focusing on South Korea, a developed society in East Asia that has in recent decades witnessed increases in female labor force participation and dramatic economic ups and downs. This is the first relevant study on South Korea. Objective: This study examines how women's labor force return after childbirth (with and without career interruption and their career prospects upon work return varied before, during, and after the Asian financial crisis in South Korea. Methods: Logistic and hazard regression models were applied to the Korea Labor and Income Panel Study (KLIPS waves 1-10. Results: The study reveals an increase in women's immediate work return after childbirth without career interruption since the 1980s. The Asian financial crisis boosted this immediate return pattern. The implementation of job-protected maternity leave further contributed to this pattern. Women who underwent career interruption at first birth were also more likely to re-enter the labor market during and after the crisis than before. Downward occupational moves were especially common during the period of financial crisis. Conclusions: The results suggest that the Asian financial crisis triggered a noticeable change in women's post-birth work-return behavior. The economic volatility pushed mothers to hold onto their role in the labor force more strongly than before.
Full Text Available Uruguay es uno de los países sudamericanos con una proporción significativa de su población viviendo en el exterior. Desde los años setenta, el país ha tenido una emigración neta. Aunque esta tendencia se debilitó a principios de los noventa, recobró fuerza con la llegada de una severa crisis económica en 1999. En este artículo se discuten las características de la migración reciente de uruguayos y se pone en evidencia la relación entre crisis económica y emigración. El volumen del flujo poblacional en 2002 es comparable con las olas de migración que tuvieron lugar en los setenta. Los emigrantes con educación universitaria están sobrerrepresentados en comparación con la población general. Existe una correlación entre el acceso a redes de emigrantes uruguayos en los países de destino y la probabilidad de que un hogar haya tenido un miembro que emigró en 2002.
Full Text Available The Great Recession, which began in late 2007, is manifested primarily as employment crisis and mainly affects the immigrant population. Most immigrants have decided to remain in Spain, and to mitigate the effects of the crisis, several strategies have been deployed in the productive and reproductive spheres. One response to the progressive degradation of the labor market has been the internal and transnational geographical mobility, which takes various strategies: return to the country of origin, migration to a third country, and circular migration. The information used in this article comes from in-depth interviews to 64 citizens of Romania and Bulgaria residing in Spain, as well as from and 32 other interviews to family members and returnees, which took place in their countries. To the information coming from the emigrants we add socioeconomic data provided by the National Institute of Statistics and the Ministry of Employment.
Maria Pia Paganelli
Full Text Available Economies are complex systems resulting from human action but not from human design. The economic success of Iceland in recent decades was the result of the development of good institutions combined with a positive global economic climate. The recent economic downturn, not just in Iceland but around the world, should be a reminder that good institutions matter and should serve as an exhortation to continue building good institutions rather than dismissing them in favor of institutions that generate poverty.
Valeriu Potecea; Georgiana Cebuc
Romania, which for 50 years was part of the "communist experiment", returned in 1989 to rules of market economy, hoping that within a reasonable period will reap the benefits of capitalist values. Global seizures that began to affect the whole world economic system in 2008, from the U.S., seem to invalidate not only all political and economic accumulation obtained by our country in almost 20 years but efforts to affect and ideal economic theories which fully adhered
This article is inspired by empirical philosophy and provides an analysis of economic growth as a monster that circulates within collectives. Using this approach, I illustrate how economic growth has participated in shaping institutions and language, thus having necessitated its own circulation...... to such an extent that it has become the most prioritised economic policy objective, whereas urgent issues regarding living conditions on Earth are either ignored or treated as secondary priorities. Further, I argue that noble attempts to contest economic growth contribute to the circulation of the monster...
Full Text Available The paper is focused on the causes and gender effects of the current global economic crisis, its particular effects in the Republic of Serbia and on the possibilities of overcoming the crisis. Using feminist development economics perspective this paper offers criticism of neo-liberalism with respect to the crisis. The strong imbalance in the relationships between work and capital is explained as a result of neoliberal deregulation and separation of the market economy from social and natural reproduction, as well as ignoration of the hierarchical relation established between paid work and care as unpaid work performed mainly by women. With regard to Serbia, when foreign capital is lacking, privatization funds are empty and the structure deficit is significant, the economy has faced decrease in income, rise in unemployment, fall in aggregate demand and women and children suffer the most. A new gender sensitive development strategy should re-address the current unequal power relationship, so that all people can exercise choices that would lead them to a fulfilled life.
V V Paramonov
Full Text Available Although the Article 7 of the Constitution of Russia adopted in 1993 defines the country as a social state, the contemporary social and economic situation is significantly different from this declaration. The author considers the current situation focusing on the foundations of the welfare state. The indicators of social inequality and stratification that allow to identify the country as a social state prove the widening gap between the rich and poor. In recent years, nothing has been done to achieve the more equitable distribution of income and national wealth, which led to the further growth of social inequality exceeding the global indices. The author believes that the high level of social inequality negatively affects the economic growth. Based on the studies of Russian scientists he concludes that equal distribution of income provides higher rates of economic growth and prosperity of the country. The modified theory of the factors of production explains this interconnection, and adds a few more factors, including such a specific resource as sales market, to three factors introduced by J.B. Say at the beginning of the XIX century. The huge social inequality and, consequently, a significant number of the poor deprive the country of such an important resource. To change the situation, the author proposes to return to the progressive tax scale and introduce the zero rate of income tax for the poorest groups in order to create prerequisites for the growth of consumer demand under the economic crisis.
Antentas, Josep Maria; Vivas, Esther
The present article analyzes the impact of the economic crisis on food consumption in Spain, the most affected social profiles, and the consequences of changing patterns of food consumption on health. This article is based on official reports and previous empirical studies. The crisis has affected diet and food consumption. Families are attempting to spend less money on food. Food insecurity is rising and the most affected groups are those spending a higher proportion of their income on food. Cuts in food spending run parallel with unhealthy eating habits that encourage obesity. Consequently, the crisis contributes to undermining the right to a healthy diet, recognized by the International Covenant on Economic, Social and Cultural Rights of the United Nations. Copyright © 2013 SESPAS. Published by Elsevier Espana. All rights reserved.
Full Text Available We employ EU-SILC micro data for Latvia to study how returns to education changed during the economic crisis of 2008–2009 and afterwards. We found that returns to education increased significantly during the crisis and decreased slightly during the subsequent economic recovery. The counter-cyclical effect was evident in nearly all population groups. After the crisis, education became more associated than before with a longer working week and a higher employment probability. Furthermore, we show that returns to education in Latvia are generally higher in the capital city and its suburbs than outside the capital city region, as well as for citizens of Latvia than for resident non-citizens and citizens of other countries, but lower for males and young people. Wage differential models reveal a relatively large wage premium for higher education and a rather small one for secondary education. Estimates obtained with instrumental variable (IV models significantly exceed the OLS estimates.
Full Text Available The start of the financial crisis in mid-2007 at a global scale had a major impact on the European Union’s economy. All member states have been economically affected, but the social effects were mainly of large amplitude. This paper focuses precisely on analysing the social costs which the economic-financial crisis has generated in the European Union. After finishing the study we have noticed that numerous social consequences of the recession have manifested intensely since the beginning of the crisis and continue to do so even today. These consist in the increase of poverty and social exclusion, rise in unemployment, decrease in birth rate, changes regarding the migration process, reduction in income, excessive indebtedness, the disparities between countries contributing to the augmentation of all these.
For nearly a decade, sound economic policies and greater external support, in the forms of debt relief and increased investment and inflows contributed to robust economic growth in many African countries. During 2007 and 2008, though, food and fuel price shocks put inordinate strains on these nations' balance sheets, ...
Kern, A.; Marien, S.; Hooghe, M.
This article examines the effect of the recent economic crisis on political participation levels in Europe. As the civic voluntarism model and grievances theory predict different effects of economic downturn on political participation, the crisis provides a unique context to evaluate the explanatory
Full Text Available The economies of developed countries of the 21st century benefit from the unseen-till-now prosperity; life standard that suffered a hard landing starting with 2007 and that seems to evolve in a chain-saw model for the crisis development. The forecast is based on the “first in, last out” principle; first in – the US, last out – the emergent countries that are under the contagion process and under inefficient governance and which started as a subprime crisis and continues as a deficit crisis. These nations produced one of the highest life standards in history. How was this possible? It is believed that the origin of this prosperity (before and after the crisis is in the development of an economic system that embraces the free enterprise, capitalism and competition because prosperity represents is the crossroad between the self interests of many.This research paper tries to underline the factors that led to the actual development of the crisis; from the bankruptcy of Lehman Brothers to the unstable and not well directed actions of governments around the world and to these first tier layers there are added the second tier layers that include the political vantage point that influences the paths that are followed for limiting the negative aspects of the economic crisis and to improve new opportunities that appear as a result of openness and collaboration. The muddling through principle was adopted by the Obama Administration and this fact is one of the main factors that ease the deployment of near future economic improvement for the United States, but for the long run this isn’t a solution to develop a healthy economy and create sustainable economic growth.
Omowunmi Felicia Olokoyo
Full Text Available Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. This study empirically established the relationship between stock market crisis and Nigeria’s economic growth and also showed the relationship between stock market price crash and the crisis itself. In this light, this paper examined the interactive influence of movements in the major indicators of the performance of the Nigerian Stock Exchange Market such as the Market Capitalization (MK, All Share Index (ASI, Number of Deals (NOD, Volume and Value of Stock (VV, Total Number of New Issues (TNI and Inflation (INFR on the Nigerian Gross Domestic Product (GDP using data from 1985-2009. To achieve the two objectives stated above, the Ordinary Least Square (OLS method was employed. To correct for the OLS result biasness the log was applied to GDP and MK and also AR(1 was introduced to the first model. The result shows that stock market crisis has a highly significant effect on Nigeria’s economic growth. The result also shows a significant relationship between stock market price crash and the market crisis itself. It is therefore recommended that in the face of the ongoing crisis in the global stock market, the Nigerian stock market authorities should aim at making the market meet a world class standard. Also, all the sectors of the economy should act in a collaborative manner such that optimum benefits can be realized from their economic activities in the Nigeria market even in the hub of global crisis.
V. A. Rudyakov
Full Text Available Observing development of the crisis in the Russian economy, it appears that one of the reasons for the decline in the economic development is an increasing degree of uncertainty. The situation affects investment processes and multiplies itself in a growing deficiency of national income. High uncertainty blocks investments in capital-intensive and specific assets and makes economic entities transfer their resources into financial sector and, most often, outside the economy. 49 % of fixed industrial assets depreciation is an indirect proof of this situation. Depreciation of the Russian fixed assets in mining operations is 53.2 %, which includes 22.9 % of fully depreciated assets. At present, when the coefficient of renewal in this branch of ndustry is a little more than 6 and the coefficient of retirement is 0.9, the situation seems to be disastrous. There are a lot of reasons for such situation, especially in the economic sphere. One of them is that within the neoliberal ideology dominating in the economic science with its emphasis on the automatic spontaneous adaptation there is actually no place for development of recommendations for a willful increase in efficiency of adaptation to uncertainty. After all, if we consider that the market leads the entire system to the most optimum equilibrium state, a need for such development simply does not arise. The main objective of this work is to show how the uncertainty factor increases recessionary trends in the Russian economy. Applying Keynesian analysis technique and dividing all savings into investment and hoarding ones, the author proves that Russia has a very low level of adaptive efficiency which reflects long-term ability of the economy to adjust successfully to changing internal and external conditions without any detriment to the implementation of the intended targets and tasks. It is a low level of adaptive efficiency that makes the current crisis so severe. The application of different
Full Text Available In the current economic crisis of industrialized society, social movements face two types of challenges: firstly, they are confronting institutions that are less capable of and have no propensity for mediating new socio-economic demands; secondly, they are experiencing difficulties in building strong and lasting bonds of solidarity and cooperation among people. The latter are fundamental resources for the emergence of collective action; however, the highly individualized structure of contemporary society makes the creation of social ties ever the more difficult. As a consequence, contemporary waves of protest are often short-lived. Nonetheless, in response to the multidimensional crises, the consolidation of grassroots mutualistic and cooperative experiences, within which new affiliations for collective action are experienced, is on the rise. Indeed, it is a fact that even though conditions are not favorable, social movements have continued to ex-pand and promote community-led initiatives for social and economic sustainability. In some cases, these initiatives play a decisive role in the fight against poverty and in guaranteeing human livelihood. Solidarity-based exchanges and networks, such as barter groups, urban gardening, new consumer-producer networks and cooperatives, time banks, local savings groups, urban squatting, and others similar experiences are typical examples of continuous reactivation of people's desire to be agents of their own destiny. This combination of formal and informal networks are a testimony to an ability and an aspiration. Indeed, on one hand, they are indicative of citizens' capacity to self-organize in order to tolerate, absorb, cope with and adjust to the environmental and social threats posed by neoliberal policies. On the other hand, they are attempting to change an economic system, increasingly perceived as unfair and ecological disruptive, by building an alternative in the cracks of the former, based on greater
This article discusses the book Crises and Cycles in Economic Dictionaries and Encyclopaedias from a lexicographical point of view. Although the book is mainly written to people interested in the history of economics and the evolution of the two concepts mentioned in the title, its fresh approach...... places it directly, although incidentally, in the on-going discussion on the academic character of lexicography. After briefly presenting the main content of the book, the article discusses the relation between economics and lexicography from various angles. Finally, it points to some elements where...... the book may contribute to the enrichment of lexicographical theory....
Duarte, Oscar Daniel
This article aims to explain the ultimate organisation of the Argentinian educational system during the 1870s as a result of the 1873 world economic crisis, which led, among other measures, to budget cuts. These had serious consequences in both curriculum design and the general structure of the different educational levels. Such a system fostered…
E. Arampatzi (Efstratia); M.J. Burger (Martijn); R. Veenhoven (Ruut)
markdownabstract__Abstract__ Using data for 28 European countries for the 2008-2012 period, we examine whether employed individuals are affected by the economic crisis. We provide robust evidence that unfavourable macroeconomic conditions are negatively associated with the life satisfaction of
Wallo, Andreas; Kock, Henrik; Nilsson, Peter
Purpose: The purpose of this article is to present the results of a study of an industrial company's top management team (TMT) that fought to survive an economic crisis. Specifically, the article seeks to focus on describing the TMT's composition, group processes, and work during a period of high external pressure; analysing the TMT's work in…
Glassner, V.; Keune, M.
This paper highlights in the role of the key actors in the labour market, which are the trade unions, the employer organizations and the state, in negotiating responses to the economic downturn. As the crisis revealed, the role of the state changed with regard to the prevailing paradigm of the
The rationale for students preparation in job creation through entrepreneurship education was examined. Problems of unemployment among Nigerian university graduates and challenges to entrepreneurship in the face of global economic crisis were also highlighted. The persistent problem of unemployment among University graduates and its attendant…
This paper herein will analyze, in short, a few of the theoretical, methodological, practical and implementation challenges brought about by the crisis in Romania, as well as the likely ways to prevent, mitigate impacts and resist to its shocks or to go back to the path of a sustainable economic growth.
The response to the ongoing international crisis is a holistic response due to the multiple effects impacting on the various segments of societies around the world. Since 1945, the world has to perform again, a new leap in terms of development process based on the pressing need for socio-economic reconstruction. The level of globalisation and…
L. Rajmil (Luis); M.-J.F. de Sanmamed (María-José Fernandez); I. Choonara (Imti); T. Faresjö (Tomas); A. Hjern (Anders); A. Kozyrskyj (Anita); P.J. Lucas (Patricia); H. Raat (Hein); L. Séguin (Louise); N. Spencer (Nick); D. Taylor-Robinson (David)
textabstractThe aim of this study was to provide an overview of studies in which the impact of the 2008 economic crisis on child health was reported. Structured searches of PubMed, and ISI Web of Knowledge, were conducted. Quantitative and qualitative studies reporting health outcomes on children,
Congress is crafting a second economic-stimulus bill, and the nation's colleges, hit by the deepening fiscal crisis, want a share of the money. Over the last few weeks, colleges and their lobbyists have bombarded members of Congress with letters and phone calls seeking money for research, student aid, and infrastructure. However, Congress is…
This investigation sought to ascertain the extent to which the global economic crisis of 2008–2009 affected the delivery of HIV/AIDS-related services directed at pregnant and lactating mothers, children living with HIV and children orphaned through HIV in Zambia. Using a combined macroeconomic analysis and a multiple ...
Bel, Germà; Joseph, Stephan
In this study we use historical emission data from installations under the European Union Emissions Trading System (EU ETS) to evaluate the impact of this policy on greenhouse gas emissions during the first two trading phases (2005–2012). As such the analysis seeks to disentangle two causes of emission abatement: that attributable to the EU ETS and that attributable to the economic crisis that hit the EU in 2008/09. To do so, we use a dynamic panel data approach. Our results suggest that, by far, the biggest share of abatement was attributable to the effects of the economic crisis. This finding has serious implications for future policy adjustments affecting core elements of the EU ETS, including the distribution of EU emission allowances. - Highlights: • We untangle the effects of the EU ETS from those of the economic crisis on industrial emission abatement. • The empirical analysis uses verified emission data instead of estimated emission data. • Abatement of emissions in EU in the last years has been mainly due to the impact of the economic crisis. • Low level of abatement attributable to the EU ETS suggests that important changes must be made in environmental policy
Rosario de Mateo
Full Text Available The global financial and economic crisis is often used to justify a crisis of media and journalism: lower advertising, collapses in the share price, falls in consumption, more unemployment. But is this just a business crisis, or is it also a crisis in journalism and its role in democratic societies? In this case, is the journalism crisis attributable to the economic crisis or, rather, was it forged during the years of high profitability and high salaries in the mass media? These two sides of the crisis, in media industry and in journalism, are addressed in this article, which explores the evolution of mainly Spanish media in the years before the crisis. However, in order to understand how they reached the current situation, political and economic transformations in what has been called the Information Society and neoliberal globalization must be addressed.
Zwiers, M.D.; Bolt, G.; Van Ham, M.; Van Kempen, R.
Neighborhood decline is a complex and multidimensional process. National and regional variation in economic and political structures (including variety in national welfare state arrangements), combined with differences in neighborhood history, development and population composition, makes it
Full Text Available The past few years have witnessed many storms in the Tourism sector. Under the influence of an extremely volatile world economy (financial crisis, commodity and oil price rises, sharp exchange rate fluctuations, increase terrorism acts in several region with tourism potential Tourism demand slowed significantly. Yet, despite the current difficulties, the Tourism sector remains a critical economic sector worldwide and one that provides significant potential for economic growth and development internationally. A growing national Tourism sector contributes to raises national income, employment, and can improve a country's balance of payments. The sector is thus an important driver of growth and prosperity and, within developing countries, it can play a leading role in poverty reduction. Despite the overall importance of developing the Tourism sector, many obstacles at the national level continue to hinder its development. This analysis aims to serve two purposes. First, we intend to provide useful comparative information for making decisions related to business and tourism development. Second, and more importantly, we hope that the analysis provides an opportunity for the Tourism industry to highlight the obstacles to Tourism competitiveness.
ADRIAN GROSANU; PAULA RAMONA RACHISAN
The crisis that influences the contemporary worldwide economy is the result of the manner in which the financial-economic system is built and of the manner in which the patrimonial situation and the performances of the economic entities are evaluated and presented. As a result of the public interest for the auditing profession, the financial auditor develops his/ her activity by respecting some regulations particularly elaborated for this profession (the code of ethics and the audit standards...
Full Text Available This article considers reasons and consequences of the global economic crisis from the point of view of Russian regions development. The focus of an article is on the socio-economic situation of the Republic of Tatarstan – the territory with a large machine-building industry. Authors explain a need for the clear and efficient industrial policy both at the federal and regional levels of government. It should be oriented for the innovative development, resource saving and import replacement.
This paper aims to answer the question: 1. The contingency theory can be a source of improvement in management accounting research ,in terms of global economic crisis?’’ 2. Can be Contingency factors a bridge between organizational theories and management accounting? Research purpose: -The contingency theory can be a source of improvement in management accounting research, in terms of global economic crises; -Contingency factors can be a bridge between organizational theories and management a...
Paxson, Christina; Schady, Norbert
The effect of economic crises on child health is a topic of great policy importance. The authors use data from the Demographic and Health Surveys (DHS) to analyze the impact of the profound 1988-92 economic crisis in Peru on infant mortality and anthropometrics. They show that there was an increase in the infant mortality rate of about 2.5 percentage points for children born in late 1989 ...
Full Text Available Abstract Before the onset of the current food crisis, the evidence of a severely neglected nutrition crisis was starting to receive attention. Increased food prices are having severe impacts on the nutritional status of populations. Our current food system has evolved over decades in a largely unplanned manner and without consideration for the complexity and implications of linkages between health, nutrition, agricultural, economic, trade and security issues. The underlying causes for the nutrition crisis include the above, as well as decades of neglect with regard to nutrition, and agricultural science (especially in emerging markets; a failure of governance with respect to the major players involved in nutrition, a weak response by government donors and Foundations to invest in basic nutrition (in contrast to growing support for humanitarian aspects of food aid, and a reluctance to develop private-public partnerships. The emergence of new business models that tackle social problems while remaining profitable offers promise that the long term nutrition needs of people can be met. Businesses can have greater impact acting collectively than individually. Food, retail, food service, chemical and pharmaceutical companies have expertise, distribution systems and customers insights, if well harnessed, could leapfrog progress in addressing the food and nutrition crises. While business can do lots more, its combined impact will be minimal if a range of essential government actions and policies are not addressed. Governments need to create innovative and complementary opportunities that include incentives for businesses including: setting clear nutritional guidelines for fortification and for ready-to eat products; offering agreements to endorse approved products and support their distribution to clinics and schools; eliminating duties on imported vitamins and other micronutrients; and providing tax and other incentives for industry to invest with
Before the onset of the current food crisis, the evidence of a severely neglected nutrition crisis was starting to receive attention. Increased food prices are having severe impacts on the nutritional status of populations. Our current food system has evolved over decades in a largely unplanned manner and without consideration for the complexity and implications of linkages between health, nutrition, agricultural, economic, trade and security issues. The underlying causes for the nutrition crisis include the above, as well as decades of neglect with regard to nutrition, and agricultural science (especially in emerging markets); a failure of governance with respect to the major players involved in nutrition, a weak response by government donors and Foundations to invest in basic nutrition (in contrast to growing support for humanitarian aspects of food aid), and a reluctance to develop private-public partnerships. The emergence of new business models that tackle social problems while remaining profitable offers promise that the long term nutrition needs of people can be met. Businesses can have greater impact acting collectively than individually. Food, retail, food service, chemical and pharmaceutical companies have expertise, distribution systems and customers insights, if well harnessed, could leapfrog progress in addressing the food and nutrition crises. While business can do lots more, its combined impact will be minimal if a range of essential government actions and policies are not addressed. Governments need to create innovative and complementary opportunities that include incentives for businesses including: setting clear nutritional guidelines for fortification and for ready-to eat products; offering agreements to endorse approved products and support their distribution to clinics and schools; eliminating duties on imported vitamins and other micronutrients; and providing tax and other incentives for industry to invest with donors in essential nutrition
This article summarizes the main issues revealed at a women's roundtable discussion on the Economic, Social, and Political Impacts of the Southeast Asian Financial Crisis. The discussion was organized by the Development Alternatives of Women for the New Era (DAWN) and was held during April 12-14, 1998, in Manila, the Philippines. The aim was to explore the effects of the financial crisis and its management by states and multilateral agencies on women's political, economic, cultural, and social status; and to reach regional understanding of new issues for the women's movement in Asia and to identify areas of advocacy. Participants included women scholars and activists from Southeast, East, and South Asia; Africa; the Caribbean; Latin America; and the Pacific. Participants came from a wide variety of backgrounds. Nine issues were emphasized. For example, some predicted the currency devaluation before July 1997. The financial crisis is linked with globalization. The International Monetary Fund (IMF) is the primary institution for addressing the financial crisis. IMF conditions on inflation rates and budget surpluses are recessionary and government budget oriented. The crisis has exposed cronyism and corruption within capitalism. Patriarchal values have reemerged as Asian values. Women have lost jobs and income, while the cost of living continues to increase. Prostitution has become more acceptable as legitimate work. Women's human rights are not legally protected. State ideology assumes domestic and sex roles. Issues in each region are identified. 14 key issues pertain to all regions.
Full Text Available The world economic crisis has exerted a negative impact on the economic development of Moldova, but recent trends show that since 2010 the country has been recording a small economic growth. The article examines the problems faced by the Moldavian economy during recession, as well as the subsequent changes with reference to macroeconomic indicators. The paper is a review of the materials of the Institute of Economics of the Republic of Moldova and other institutions, as well as a collection of literature and the author's own opinions. It makes use of the descriptive method and deductive and inductive reasoning.
Full Text Available It was not possible for Estonia only by raising the technological level of enterprises and increasing so-called technical productivity to catch up in terms of productivity with the developed industrial countries. The structure of Estonian manufacture was out-of-date and required cardinal and fast changes toward greater value added. Every time a crisis hits, it brings about new breakthroughs in science and technology; promotes fundamental changes that take place in a relatively short period of time; gives birth to new industries; forms new growth points in the economy. The crisis has had a far-reaching impact on the world economy and has brought challenges and opportunities to all countries and all fields. In addition to big difficulties, the crisis provided for Estonian manufacture also an exceptionally good chance for change and development. The crisis had a purifying and disciplining effect, enabled to eliminate from the manufacture wrong investments and inefficient enterprises. Assets were redistributed from passive economic agents to active ones and in favour of those who had capital for growth financing. After the crisis the structure of Estonian manufacturing is more effective than before: 1 technological level higher; 2 organization of work more perfect; 3 value added and productivity higher; 4 position of value chain better; 5 maybe also the value chain itself new and better. But there are fewer jobs in the new structure of manufacturing than before the crisis. Economic, social, regional etc. stratification has increased. The influence of crisis is not over yet and there is still a risk of some setback in future. There may also arise new problems and old problems may grow sharper.
Full Text Available This paper deals with the impacts of the economic crisis on the world trade in order to highlight the mutual interdependence of the development of the world output and trade. The paper observes mutual correlation in development of the world trade and output. The results of the analysis indicate that changes in the value of world GDP and world trade are correlated by more than 90%. It is important to mention that in the years 2000–2009, the value of world trade and world output increased significantly (although in 2009, a significant decline in both value and volume of global production and trade was recorded due to the crisis. In relation to the world trade, it should be noted that its commodity structure is dominated by trade in manufactures. The crisis that occurred in the period 2008–2009 greatly affected the world economy and trade in particular. In this respect it should be pointed out that the crisis mainly affected trade in manufactures and then trade in fuels and mining outputs in terms of both absolute and relative indicators. Agrarian trade dealt with the crisis the best and the impact of the crisis on development of its values and volume was the least significant. This verifies the fact that agrarian and food products tend to be the most resistant to the crisis (on contrary, in times of global economic growth or reconstruction, the trade in agrarian and food products shows lower degree of elasticity in relation to the global GDP growth in comparison to other segments of commodities trade.
Alexandra Y. Pluiko
Full Text Available The article analyses the manifestations of a market failure problem revealed during the economic crisis in the euro area, namely business cycles, market inability to ensure money circulation and avoid inflation. It is shown that the cyclicity of economic development has revealed in various degrees of economic contraction and different rates of its recovery. These differences have been exacerbated by the new procyclical factors emerged from the transition to a single currency. As for money circulation the crisis has almost no impact on the single currency functioning: the euro has maintained its position on the world market and properly performed money functions in the domestic. The goal to achieve economic development without inflation in the euro area generally has been solved successfully by the European Central Bank (ECB. However, due to the fact that the ECB in its monetary policy does not pay sufficient attention to the increased inflation in small and relatively poor countries, the crisis has been more acute in them than in large countries with low inflation. The goals of ensuring money circulation and avoiding inflation can be settled more effectively in the euro area in case of more tight coherence in economic policy and strengthening of supranational mechanisms of economic governance.
María Ángeles Orts Llopis
Full Text Available Our current study aims at analysing and describing the plethora of English loans in the Spanish discourse of economy -in the shape of direct or indirect borrowings- as a result of the swift changes taking place in the course of the present Global Systemic Crisis. The need for precision and accurateness in the deployment of technical terms, or terms of art, in the Spanish discourse of Economics has triggered our scrutiny of an ad hoc corpus of economic news-items from a range of digital periodicals in the field of finance and economics. With the aid of three financial bilingual glossaries intended for the specialized Spanish-speaking community, and the deployment of a specific taxonomy on linguistic incorporations, we have developed a system of lexical selection, reuniting, analyzing and explaining a representative group of real data illustrating, somehow, the neologistic borrowing process during the above-mentioned financial havoc. Further, our study attempts to enlighten and facilitate the translator’s task when dealing with the economic language in Spanish and the English loans incorporated just before, during, and after the critical period under scrutiny.El estudio que aquí presentamos se dirige hacia el análisis y la descripción de la plétora de préstamos del inglés que, de forma directa o indirecta, se infiltran en el discurso económico en español, como resultado de los veloces cambios financieros que han surgido de la Crisis Global Sistémica. La necesidad de precisión y exactitud en el empleo y aplicación de términos especializados de corte financiero en el discurso de la economía española ha constituido nuestra fuente de inspiración para acometer el estudio de un corpus económico ad hoc, seleccionado de una gama de periódicos digitales de corte especializado, semiespecializado y divulgativo. Los términos analizados para su búsqueda y escrutinio han sido seleccionados con la ayuda de glosarios bilingües dirigidos a la
Zafrilla, Jorge Enrique; López, Luis Antonio; Cadarso, María Ángeles; Dejuán, Óscar
In 2008, Spain exceeded by 20.9% the CO 2 emissions allowed by the Kyoto Protocol for 2012. The financial and economic crisis has transformed these figures: as production fell so did energy demand and with it CO 2 emissions. Will the Spanish economic crisis allow Spain to fulfill its commitments? With this in mind, we have developed an extended input–output model able to forecast energy demand and compute CO 2 emissions linked to the consumption of energy goods: petroleum products, gas and coal. The results show that the crisis, and in particularly, the stagnation of the construction industry, is only one of the pillars which help to contain these emissions at −6.81%. The possibility of incorporating environmental policies, new technologies and increases in the price of crude oil in these simulations, means an even greater reduction of emissions than the impact of the crisis (−9.76%). The final result of our most pessimistic/realistic scenario is that, in 2012, Spain will exceed its CO 2 emissions, linked to the combustion of energy goods, by only 0.9%. - Highlights: ► We use an extended input–output model to forecast the evolution of CO 2 emissions. We evaluate the economic crisis impact on emissions figures (2008–2012). ► The environmental policies are introduced by considering structural trends. ► In our reference scenario, Spain exceeds Kyoto commitments only by 0.9% in 2012. ► The 16.6% emissions reduction is explained by trends (−9.8%) and crisis (−6,8%).
Full Text Available In the current economic activity conditions, in which the need of financial resources is usually higher than the existing funds, the elaborations of budgets at any level is one of the primary issues, particularly as regards the principle of budgetary balance. Approaches regarding sizing budgets deficits, means of financing and particularly sizing public debt get a series of touches of precise nature for different economies. Actual economic, financial, social and administrative conditions put up a series of problems which impose an extremely serious approach of the potential adverse impact by sizing of budget deficits and public debt over the real possibilities of noninflationary financing. In Romania, in the highly complex framework in which the economic activity takes place, in the attempt to show the place held by the budget deficit, a special role is assigned to determine the share of public financial deficit in the consolidated budget revenue and expenditure. Currently, knowledge and concern for reducing the budget deficit are still of great importance, especially as Romania is facing great difficulties in economic development. Amid deepening structural crisis phenomena, increasing budget deficits financed over a non-inflationary limits comes as an additional factor that contributes to imbalances of the economy. In addition, where budgetary expenditures are targeted to satisfy, primary, the redistribution function and to state subsidies, because of the lack of a real multiplier coefficient, the state budget deficit worsens. Influences such as introducing economic disturbance in the mechanisms which cause them to increase budget deficits can be summarized and grouped into two broad categories: economic influences and psychological influences. Regarding economic influences, we can say that they act strongly and strictly determined by how meanings used to cover budget deficit. The modalities used are subject to an analysis by direct or indirect
Van Hal G
Full Text Available Guido Van Hal Medical Sociology and Health Policy, University of Antwerp, Antwerp, Belgium Abstract: The recent economic crisis has led to many negative consequences, not the least having to do with the mental health and well-being of the populations involved. Although some researchers say it is still too early to speak about a relationship between the economic crisis and a rise in mental health problems resulting in suicides, there is solid evidence for the existence of such a relationship. However, several moderating or mediating mechanisms can also play a role. The main reactions of most policy makers to the economic crisis are (severe austerity measures. These measures seem to have, however, a detrimental effect on the mental health of the population: Just when people have the highest need for mental help, cost-cutting measures in the health care sector lead to a (substantial drop in the supply of services for the prevention, early detection, and cure of mental health problems. Policy makers should support moderating mechanisms such as financial and psychological coping and acculturation and the role of primary health care workers in the early detection of suicidal thoughts, suicide attempts, and suicide in times of economic recession. Several examples show that the countries best off regarding the mental health of their populations during the economic crisis are those countries with the strongest social safety net. Therefore, instead of cutting back on health care and social welfare measures, policy makers should in the future invest even more in social protection measures during economic crises. Keywords: economic recession, mental health, suicide, social protection, austerity, review
Full Text Available People perceive gold, silver and platinum as jewellery and massive ingots, but their rarity and physicochemical properties recommend them as being suitable for a wide range of uses. The value of gold has led many states to diversify their economic portfolio by creating sovereign reserves. By buying massive amounts of gold, countries like China, Russia, India, Brazil and Turkey suggest that the purchase of precious metals is the best investment during the crisis. Research results show that the value of precious metals greatly increases at times of crisis because buying precious metals indemnifies states against international currency devaluation.
Full Text Available Five years from the eruption of financial crisis in 2008, the global economy is also on its way to the restoration, among which the emerging economic entities, typically China, India, Brazil, South Africa, Indonesia, etc., have rapidly run away from the crisis and led the recovery of global economy, which may be considered as the engine of global economy growth in the post financial crisis. While, with the America declaring that it would gradually reduce the quantitative easing (QE scale and escaped from the quantitative easing policy in the mid 2014, the fluctuation of global financial market was rapidly intensified, and the risk assets were largely sold off, with the emerging economic entities suffering serious impact. Furthermore, the anxiety about the “third round of financial crisis will burst out due to the emerging economic entities” is increasingly intensified. This article will first analyze the current economic situation of main global economic entities, discuss about the impact of America’s escape from QE on the emerging economic entity and its mechanism, and finally propose the countermeasures for China.
Pathak, M G
Efforts towards fuel economy in the transport sector have heavily stressed engineering aspects of the automobile. Better roads and better traffic planning too, go a long way in conserving energy. The paper outlines the economic implementations of the hike in oil prices with reference to the transportation sector.
left to its own devices, its destructive power is incalculable.This article situates ... economic growth (UNDP 2014), this needs to be measured more accurately, taking into ... working and living environments, including being placed close to the polluting ... While climate change conferences temporarily put the natural limits to.
Wu, Po-Kuan; Jensen, Mads Christian Dagnis
. These two opposing theoretical claims are examined by process tracing two most likely cases. This article concludes that despite its increased economic strength, China has enjoyed limited success in persuading the EU and its member states to change their position(s) on policy areas involving strategic......This article examines how, if at all, the changed economic order in the aftermath of the economic crisis in 2008 has shaped the relationship between the EU and China. Theoretically, two prevalent opposing narratives in the public discourse are presented and linked to two crude versions...... of mercantilism and economic liberalism in the scholarly literature. The mercantilist line of reasoning posits that China will gain more political weight with its increasing economic strength. The economic liberal line of reasoning suggests that China’s economic weight does not translate into political power...
(+0.04%), followed from 2011 by a growth at a slower pace than was predicted before the crisis. The aim of our study is to analyze how the economic downturn in Europe will affect the EU's greenhouse gases emissions and its ability to reach the 20% emission reductions by 2020 compared to 1990. Using the knowledge available at the end of 2009 and drawing lessons from the past emissions trends in Europe from 1990, we will assess the progress towards the 20% reduction target over the period (from 1990 to 2020). A discourse often heard at this time of recession is that the EU climate policy is now out of place: because of the crisis the fight against climate change is said to be too costly and nothing should be required from European industries already coping with a worldwide slowing down of demand for goods and products and huge financial restrictions. Another similar discourse argues that, with the downturn in economic and industrial activities, GHG emissions will automatically decrease, so no effort is required to comply with the EU-wide targets. The economic slowdown will do the trick. Our analysis aims at putting these arguments into perspective. What does the economic downturn really change in EU's emissions future profile up to 2020? The EU Climate and Energy Package is composed of four legislative acts: A Directive amending the current EU-Emission Trading Scheme (EU-ETS); A Decision on GHG Reduction Effort Sharing; A Directive on Renewable Energies; A Directive on the Geological Storage of Carbon dioxide. The main elements of the package addressing climate change are the first two pieces of legislation mentioned above, that limit GHG emissions in the EU by 2020: the directive reviewing the EU-ETS for the period 2013-20 and the decision limiting emissions in the non-ETS sectors. One important difference between these two pieces of legislation is that the target for the ETS sector is community-wide, whilst for the non-ETS sectors separate national targets have been
Juan Antonio Azkunaga
Full Text Available This work analyzes the role of governance of financial entities in the current crisis. Neoliberal economic policies, deregulation and liberalization have characterized financial globalization, giving rise to the financialization of the economy. This paper, using the analysis-synthesis method, shows that the corporate governance of entities has adapted to the new social environment under the influence of the interests of the investors. The results of this paper suggest the need to monitor the over-emphasis on the maximization of short-term shareholder value without relativizing the risk taken to achieve it, as such, the emphasis on short-term shareholder value is considered a crucial contributing factor to the present crisis.
Stelian Dan CÂMPEAN
Full Text Available The aim of this article is to present Romania’s problems and solutions during and after the economic crisis of 2008-2009. The paper starts with the definitions of public finances and economic crisis and also a brief description of Romania’s economy, continuing with a deeper analysis of the determinants and symptoms of the recession in the country, as well as the perspectives for further development. The financial assessment of Romania’s situation in the broader EU context can be understood by looking at the GDP and the country’s economic activities in relation to it, and by reviewing the information supplied by the National Bank of Romania and others institutions and selected literature. The article is complemented by author’s opinions.
Full Text Available Although scarce, the literature addressing the effects of the economy on voter turnout and political attitudes has yielded mixed results. By using individual, longitudinal data from Spain—a country devastated by the Great Recession—our study illuminates how the latest economic crisis has impacted citizens’ perceptions of voting. We analyze how economic conditions and perceptions of the economy have transformed the belief that voting is a civic duty, which is one of the strongest attitudinal predictors of turnout. Our results suggest that hard times slightly weaken citizens’ sense of civic duty, particularly among the youngest. However, the adverse effects of the economic crisis are compensated by the positive effects of the electoral context, and as a consequence there is no aggregate decline in civic duty during the period examined (2010–2012.
Liliana – Victoria GHERMAN
Full Text Available The economic crisis from the last period significantly affected the business environment. Despite the progress registered by Romania in the last years, there are some important disparities in the field of competitiveness compared to the European Union member states. It is important to have adequate financial resources for the small and medium enterprises (SMEs and to increase the competitiveness.Companies may obtain European funds for investments in order to improve their activities, starting with the production facilities, procurement of IT equipment and modernization of the tourism infrastructure.The general objective of the Sectoral Operational Programme - “The Increase of Economic Competitiveness” (SOP IEC is to increase the productivity of the Romanian enterprises in order to comply with the European Union principles: long term development and decrease of the disparities.With the support of the European funds it can be reduced the negative impact of the economic crisis.
Marlena Elżbieta Maślanka
Full Text Available On the eve of the third millennium the Polish economy is more and more subject to worldwide trends of globalization, which in a special way influences the scope and intensiveness of changes implemented in Research Institutes. It is accompanied by another more and more intensively transferred internationally and generally observed economic crisis, whose negative impulses cause the economic growth to slow down. The key determinant of the development of Research Institutes in the modern global economy is a skill to react on changes and a necessity to take restructuring actions within this range of marketing. Problems of a progressive global economic crisis and the influence of this process on restructuring of marketing in Research Institutes is an important research problem, requiring a deep and thorough analysis and research in this scope, hence this paper deals with all these important issues.
Full Text Available This paper addresses one of the most pressing issues of private law, namely, the theory of unpredictability. The theory of imprevision is a question of law under the effects of the current economic crisis has resulted in contract law. Also, updating legal issues raised by the theory of unpredictability occurs in the context of regulation for the first time at its principle in art. 1271 NCC. This paper deals with the concept, scope, conditions applying theory in the context of imprevision in terms of law doctrine and the relevant case law. It also presents elements of comparative law.
José Francisco Jiménez Díaz
Full Text Available This paper analyzes the effects of the economic crisis in main political Spanish leaders in an exploratory way. For understanding the politics of the recent years is necessary to know the consequences of this crisis on leaders and political institutions that they manage. In representative democracies, political leaders have to maintain confidence with their followers to justify the political actions of the formers. Therefore, and according to theoretical interpretations and data presented in this paper, institutional confidence becomes a key factor to understand the effects of the economic crisis on the political leadership. Thus, the decline of institutional confidence is related with the increasing delegitimization of main political leaders and with the profound crisis of political legitimacy.
Full Text Available The Western world is presently afflicted by a huge economic crisis, started in 2007 in the United States, with the collapse of the subprime mortgage market, and exploded in 2008 with the breakdown of Lehman Brothers. Even if its most critical stage seems to be finished, capitalist countries find it difficult to recover. Globalization exported the effects of the crisis everywhere, but those that suffered the greatest damages are Europe and North America. The collapse of some financial companies is only the top of a huge iceberg. The crisis has roots in something deeper, in the principles and mechanisms of capitalism itself. The Western part of the world is still paying not for the mistakes of a few executives, but for a general lack of ethics in the whole system.
The main thrust of the paper is the causes of the present recession, solutions and its implications for university graduate capacity building in Nigeria. The paper identifies the plummeting of the prices of real estate in the USA as the remote cause of the recession and the drying up of loanable funds in the money market as the ...
leaders must lower the reliance on Army manpower in responding to global issues while working to refocus the diplomatic, informational and economic...as many former Presidents, saw the utility and correspondingly endorsed the need to lead with diplomatic efforts in confronting global issues and 19...national power are often seen as a balancing act in addressing global issues , any reduction or addition to one element requires consideration of a
This book records debate point and topic presentation of debate on science and technology promotion for overcoming economic difficulties which lists opening greeting, topic presentation such as innovation of national science technology system, sufficient supply and demand of science and engineering personnel, invigoration of technology research of corporation and general debate. This debate was held by the Policy Board of democratic and liberal party on 22 May 1990 in Press center.
Full Text Available Theoretical approaches to constructivism have put learner autonomy into the spotlight of didactic discourse. Apart from the matter of pedagogic actions on how (constructivisticly organised education might be arranged, this paper focuses on the perspective of didactic reconstruction. Thus, an observation-based research perspective is being adopted in this paper. The epistemic beliefs that have emerged over the course of the global financial and economic depression are reconstructed. The goal of the paper is to provide an insight into these different interpretations. In order to do this, university students were surveyed regarding this topic and the results of this qualitative study on these epistemic beliefs will be represented in this article. The paper tries to give answers on how students, who have been experiencing the financial and economic depression for nearly three years now, define its causes and what subsequent actions they would recommend. The results show that the main issue is not misinterpretation of political and economic knowledge but rather incomplete constructs based on only approximate knowledge.
The global economic crisis had most negative effects on the entire economic sphere and especially in what the consuming industry is concerned, which may be considered “luxurious”, the way in which we may talk about the furniture industry. Along times of economic crisis at social level, a decrease in financial power at microeconomic, individual level is felt. Under conditions of social decrease in buying capacity, the request for commercial furniture is in rapid fall and thus the industry as s...
Magnús Árni Skjöld MAGNÚSSON
Full Text Available Within a few days in October 2008, following serious turmoil on financial markets worldwide, some 85% of the Icelandic banking sector collapsed, together with the Icelandic currency, the króna. Almost all the rest followed early in 2009. The Icelandic stock market took a nosedive. The Republic of Iceland had entered the worst economic crisis of its history. Icelandic municipalities, which had taken on an increasing burden of running the welfare state, were hard hit financially, without the ability of the state to help out. In fact, some of the post-crisis actions of the state, under IMF direction, were difficult for the municipalities. It did not make things easier that the crisis had been precluded by an unprecedented period of growth, encouraging the municipalities to borrow in international markets and invest in infrastructure that turned out to be superfluous in the post-crisis period. This paper will look at the reactions of the Icelandic municipalities to the crisis, the political implications of it, where they are now and if there are lessons that can be learned from the difficult years in the last decade.
Ordaz-Németh, Isabel; Arandjelovic, Mimi; Boesch, Lukas; Gatiso, Tsegaye; Grimes, Trokon; Kuehl, Hjalmar S; Lormie, Menladi; Stephens, Colleen; Tweh, Clement; Junker, Jessica
Bushmeat represents an important source of animal protein for humans in tropical Africa. Unsustainable bushmeat hunting is a major threat to wildlife and its consumption is associated with an increased risk of acquiring zoonotic diseases, such as Ebola virus disease (EVD). During the recent EVD outbreak in West Africa, it is likely that human dietary behavior and local attitudes toward bushmeat consumption changed in response to the crisis, and that the rate of change depended on prevailing socio-economic conditions, including wealth and education. In this study, we therefore investigated the effects of income, education, and literacy on changes in bushmeat consumption during the crisis, as well as complementary changes in daily meal frequency, food diversity and bushmeat preference. More specifically, we tested whether wealthier households with more educated household heads decreased their consumption of bushmeat during the EVD crisis, and whether their daily meal frequency and food diversity remained constant. We used Generalized Linear Mixed Models to analyze interview data from two nationwide household surveys across Liberia. We found an overall decrease in bushmeat consumption during the crisis across all income levels. However, the rate of bushmeat consumption in high-income households decreased less than in low-income households. Daily meal frequency decreased during the crisis, and the diversity of food items and preferences for bushmeat species remained constant. Our multidisciplinary approach to study the impact of EVD can be applied to assess how other disasters affect social-ecological systems and improve our understanding and the management of future crises.
Full Text Available Germany's socio-economic model, the "social market economy", was established in West Germany after World War II and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010 were introduced which many consider as the key of Germany's recent success. The reforms had mixed results: employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially.
Full Text Available The article explores the prospects for the development of Ukraine’s anti-crisis strategy in the current conditions of aggravation of the socio-economic situation. The urgency of the researched subject – namely, the study of the potential directions for the development of the anti-crisis tools of Ukrainian state policy – is determined primarily by the seriousness of the problem, which should be overcome by means of these methods. The purpose of the article is to identify promising tools and mechanisms for an anti-crisis policy that can make a significant contribution to improving the current state of the socio-economic sphere in Ukraine. Its subject is anti-crisis tools and instruments, which could be used in Ukrainian scenario. It is noted that our state is at the stage of the permanent crisis and suffers from the consequences of both global and local crisis phenomena. The scientific novelty of the article is determined by the combination of economic, social, political, and legal approaches to the study of the current state of the Ukrainian economy. The methodology of the research is formed by the combination of economic and political methods of scientific activities, which are based on the principles of objectivism and systematic approach. The findings of scientific research and recommendations of some Ukrainian scientists regarding the necessary anti-crisis tools are considered as the sources for the article. The results of the study show that Ukraine suffers from a series of systemic problems and challenges, which are the main threat to the stability of the national economy. Among the most influential of them we can identify the low level of incomes of citizens, which is associated with the devaluation of the national currency and the increase in utility tariffs; high level of unemployment; shortage of foreign and domestic investments; the decline in production and exports, caused both by military operations in the Donbas and the loss
Full Text Available The foreign trade represent the engine of renewal of productive structures of developed countries and the essential vector for the development of newly industrialized nations as countries that can not be considered as belonging to the developing countries, mainly due to exports development. Nobody doubts the need for foreign trade and its possible beneficial effects for the economy of a country, which is supported by John Stuart Mill classical economist, who said that "openness to foreign trade ... is sometimes the effect of an industrial revolution as a country whose resources are poor" This paper analyses, on the one side, the importance of foreign trade and his evolution in 2001– 2010 period, and, on the other side, the consequences of the economic crisis on it. The period under review includes the last years of economic growth in Romania and the first years of actual economic crisis., because the global economic crisis is reflected strongly in the evolution of Romania's foreign trade, which in February 2009, has seen a veritable collapse over the same period of the previous year.
Full Text Available The present article shows the activities of entrepreneurs in Southern Ukraine during the global economic crisis of 1900–1903 years. They greatly affected the socio-economic life of the country. After the economic crisis of heavy industry spread throughout the region and contributed to the emergence of a number of negative factors such as lack of resources, decline and stagnation in metallurgy, machine in order to get help, especially economic. It is proved that the government of the Russian Empire played the role of defender, protector of interests of the most influential entrepreneurs steel. They assisted individual industrialists, which was to provide government contracts, cash flows in the steel industry, provide favorable loans and subsidies for obtaining favorable terms. But such a condescending attitude the Russian Empire carried out solely to establish control in the steel industry, regulate the activities of entrepreneurs. Undoubtedly, during the crisis significantly decreased profit breeders, so the latter tried most of the losses on to the workers. At steel mills reduced production volumes, which led to the closure of factories, increasing the intensity of labor, lower wages, worse off workers, mass unemployment.
Full Text Available In recent years, as a result of the hastening economic crisis, the Romanian business environment has known important changes. This paper presents and analyzes the changes caused by globalization in small and medium enterprises that exports goods and services from Bucharest. The purpose of the research was to discover the impact of global crisis upon the concerned group of enterprises and the organizational changes implemented by them. Through the research we succeeded to identify the main problems that occurred in the target group enterprises in the context of global economic crisis and what caused the reduction in their developing rhythm. Another part of the paper contains an analysis of the managers perceptions regarding the governmental anti-crisis measures and strategic and tactical changes initiated by them as a natural need to adapt to the particularities of the internal and international business environment. The final part includes the conclusions of the research and a sum of recommendations for efficient management of organizational changes in target group enterprises, with the possibility of generalizing them to all Romanian small and medium enterprises.
Full Text Available Since its beginning in 2008, the on-going global economic crisis has left many countries struggling with a disaster. Greece is probably the worst affected country, having lost close to a third of its economic productivity, and being still under the imposition of harsh austerity measures. Individual mental health has suffered, as suicide, depression and anxiety, among others, substantially rose during the crisis. Despite efforts to protect mental health systems, they were severely and persistently affected, and evidence suggests that eventually they started failing to meet the health needs of the population. In this narrative review we sought to explore the reasons for this persistent detrimental effect. We identified several evidence based examples of resonating factors that could help explain why the effects of the crisis are so persistent. We suggest that mental health systems need additional support and investment to overcome the resonating effects of the crisis and to meet the population’s mental health needs We also suggest that such resonating effects should be taken into account for contingency planning and the prevention of future crises.
Full Text Available Globalization is a reality that we cannot deny or run away from. The economic, political or social issues, even if they have a starting point, spread very quickly, covering large areas in a very short time. Modern communication systems enable crisis transfer. They also bring us information about the actions that have been taken in order to overcome those critical circumstances. Does recession have positive aspects, too? If it has, what are these positive aspects and how can they be used to produce highest benefits? We will try to describe the concepts we maintain by means of some notorious works written by authors with a vast experience, some of them being Noble Prize winners. The idea that we propose is to bring hope out of this situation generated by crisis and globalization. The economic crisis has created a huge opportunity to the mass-media system: it brings the required information to citizens from different nations. Taking this into account, mass-media has played and still plays an important part in making the people involved find solutions and communicate whenever the decision makers are trying to hide facts. With the help of innovation and transformation, letâ€™s look for solutions to develop our abilities, relationships, products, markets and results. We should never forget that the greatest and most impressive changes are often born in times of crisis.
Full Text Available Background: The effects of an economic recession extend beyond financial spheres and spill over into present and future family decisions via income restrictions and expectations. Hardly any research on the effects of economic recession on fertility outcomes has taken place in developing countries. Objective: This study seeks to explain the effects of economic cycles on fertility outcomes in poor areas. Methods: This paper analyzes fertility trends from the third largest economy in Latin America - Colombia - from 1998 to 2013. We estimate a panel data regression model with state and year fixed effects. Results: On average, periods of recession are associated with fertility decline in poor areas and fertility growth in well-off areas. During an economic crisis, fertility in poor states decreases by 0.002 children per woman, while in well-off states fertility increases by 0.007 children per woman. Conclusions: The impact of an economic crisis on fertility varies depending on poverty. Poor states have procyclical responses while well-off states tend to have countercyclical reactions to economic downturns. Contribution: This study illuminates the procyclical and countercyclical debate, showing that within a country there can be two different responses to an economic downturn.
Full Text Available Attitudes of Companies to Sport Sponsorship in the Czech Republic during the Economic Crisis This research presents the approach of companies to sport sponsorship in the period of time of the economic crisis in the European territory, specifically in the Czech Republic. The research included 100 companies based in the Czech Republic and the method chosen was electronic mail survey of managers responsible for this marketing activity. The results show trends in sport sponsorship from the viewpoint of companies and can serve as a base for strategic decisions about new ways of sport financing in 2012–2020 with which the relevant authorities of the public administration of the Czech Republic are currently dealing at this time. Postoje firem ke sponzorování sportu v České republice v období ekonomické krize Tento výzkum prezentuje přístup firem ke sponzorování sportu v období ekonomické krize v evropském teritoriu, konkrétně v České republice. Výzkum zahrnoval 100 firem působících v České republice. Byla uplatněna metoda elektronického dotazování manažerů odpovědných za tuto marketingovou činnost. Výsledky výzkumu ukazují trendy ve sponzorování sportu ze strany firem a mohou sloužit jako podklad pro strategické rozhodování o nových cestách financování sportu na léta 2012–2020, které v tomto období řeší příslušné orgány státní správy České republiky.
Full Text Available In Romania there is a high level of taxation, which dramatically reduces the remaining cash available to economic agents in the conditions in which short and long-term loans are granted at interest rates two to three times higher than in the European, US, and Japan. Failure to pay the debts to the state lead to access (interest, penalties and fines significant delay for one year can double duty. Under these conditions, small businesses are forced to seek personal savings (hopefully to offset debts receivable at IFNs in disadvantageous conditions of interest, or the underworld loan sharks. In these circumstances it is not surprising that the number of corporate bankrupts multiplied. In our attempt to answer PFA alternative employment or as a form of tax optimization.
Full Text Available The insurance domain is one of the most complex and extensive areas of the market. However this field is very risk exposed especially in this period of economic instability. One of the most non-performant insurance products at this time is the credit insurance. Due to inability to pay and increasing bad loans, insurance companies have decided to remove these products from their portfolio. We believe that the signs that led to this situation have been very visible for a long time, but the insurance market players refused to give too much importance to them because they based their operations on the artificial strength of the whole system. In this paper we want to show how things have evolved on the credit insurance market as compared to the general insurance market, and if the present situation could have been anticipated and avoided.
Are people with ill health more prone to unemployment during the ongoing economic crisis? Is this health selection more visible among people with low education, women, or the young? The current paper investigates these questions in the Scandinavian context using the longitudinal part of the EU-SILC data material. Generalized least squares analysis indicates that people with ill health are laid off to a higher degree than their healthy counterparts in Denmark, but not in Norway and Sweden. Additionally, young individuals (Norway and Sweden, but not in Denmark. Neither women with ill health, nor individuals with low educational qualifications and ill health, are more likely to lose their jobs in Scandinavia. Individual level (and calendar year) fixed effects analysis confirms the existence of health selection out of employment in Denmark, whereas there is no suggestion of health selection in Sweden and Norway, except among young individuals. This finding could be related to the differing labor market demand the three Scandinavian countries have experienced during and preceding the study period (2007-2010). Another possible explanation for the cross-national differences is connected to the Danish "flexicurity" model, where the employment protection is rather weak. People with ill health, and hence more unstable labor market attachment, could be more vulnerable in such an arrangement. Copyright © 2015 Elsevier Ltd. All rights reserved.
Avčin, Bojana Avguštin; Kučina, Andrea Užmah; Sarotar, Brigita Novak; Radovanović, Mirjana; Plesničar, Blanka Kores
The global financial and economic crisis starting in 2007 led to a deterioration of several socio-economic determinants of mental health. The aim of this cross-sectional study was to examine the impact of the present economic crisis on the depression and anxiety levels of the employed in the private and public sector in Slovenia. Altogether 1592 employees completed an internet based self-reported questionnaire. Data about perceived impact of the economic crisis, several socio-demographic, socioeconomic, and health parameters were collected. Depression symptoms were assessed by the Center for Epidemiological Studies-Depression Scale and anxiety symptoms by the Spielberger State-Inventory. Regression models were used 1) to explore the associations of the economic crisis with the level of depression and anxiety symptoms while controlling for some sociodemographic and work characteristic variables, and 2) to understand the relationship between some potentially important socioeconomic variables and the perception of the economic crisis. Depressive and anxiety scores were significantly increased among 590 (46.6%) employees being affected by the economic crisis. The level of depressive symptoms was significantly associated with perceived impact by the crisis, recent sick leave, reported injuries sustained at work, benzodiazepine and analgesic use, the lack of emotional support, and trust in crisis telephone lines. The level of anxiety symptoms yielded the robust association with the level of depression symptoms, reported injuries sustained on the way to work and education. The economic crisis poses an additional risk factor for mental health problems which clinicians should internalize and become more aware of them. Symptoms of depression and anxiety can be masked in high-utilizers of medical care with physical complaints or psychoactive drug use.
Clark, Andrew R
Current economic trends in equine practice are trends of weakness. Most practices, after a decade of double-digit growth, have migrated to survival mode within a few months. Understanding that all regions and disciplines are affected differently, using the Porter five forces model, we can identify changes that must be made in our business models first to survive and then to position ourselves to prosper when the recession ends. If we are to avoid long-term damage to our practices, we must use cost control and work efficiency in addition to price concessions.
Russo, Giuliano; Rego, Inês; Perelman, Julian; Barros, Pedro Pita
That the current economic crisis is having an impact on population health and healthcare utilisation across Europe is fairly established; how national health systems and markets are reacting is however still poorly understood. Drawing from the economic literature we conducted 21 interviews with physicians, policy-makers and healthcare managers in Portugal, to explore their perceptions on the impact of the crisis on the country's market medical services, on physicians' motivation, and the ensuing coping strategies. Interviews were recorded, transcribed and analysed using NVivo software. We show that despite the crisis, few physicians reported considering leaving the public sector and the country, and very diverse coping strategies are emerging, depending on the respective employment institutions and seniority. In spite of the changes in patient case-mix, demand for medical services may not have necessarily increased, having shifted from public to private, with many highlighting the contribution of the current crisis in consolidating the private sector. In order to maintain their pre-crisis living standards amidst deteriorating salaries and increasing controls, hospital physicians have resorted to strategies such as shifting hours to the private, and primary care ones to anticipating their retirement. Migration was reported to be an option only for the younger and older doctors. Our study suggests the existence of resilience among Portuguese physicians and in the country's market for medical services, which, if corroborated by further research, will need to be taken into account by national health policies. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.
Madsen, Poul Thøis
How have authors of twelve bestselling introductory US textbooks in economics responded to the traumatizing financial crisis? In general the financial crisis is described with a couple of lines here and there or it is dealt with in boxes, separate sections, or specific isolated chapters. Some...
Full Text Available The Constitutional Court of the Republic of Lithuania is forming a broad and distinctive doctrine on the possibility of limitation of social rights during an economic crisis. This doctrine is inter alia grounded upon the imperatives of a state under the rule of law, equality of rights, justice, proportionality, protection of legitimate expectations, social solidarity, the constitutional concept of the state budget and other constitutional imperatives. The Constitutional Court has also formulated certain general principles which must be followed when in a situation of an economic crisis the legislator may adopt decisions on reduction of social rights guarantees. This doctrine is also influenced by international law, inter alia the law of the European Convention on Human Rights. While considering the cases related to implementation of social rights, the Constitutional Court also takes account of the case-law of the constitutional courts of other states.
Barrett, A; O'Sullivan, V
The economic crisis of 2008/9 was felt more acutely in Ireland relative to elsewhere and culminated in the international bailout in 2010. Given the economic collapse, Ireland provides an ideal case-study of the link between wealth collapses and movements in variables such as health and well-being. Using nationally-representative samples of older people collected before and during the crisis, we show that mean net assets fell by 45 percent between 2006/7 and 2012/13. In spite of this massive fall in wealth, measures of health and well-being remained broadly unchanged. However, expectations about future living standards became less optimistic. The results tend to support the findings of other recent studies that recessions do not have widespread negative effects on health and well-being.
Maria‐Loredana POPESCU; Antoniu PREDESCU; Mihaela‐Diana OANCEA‐NEGESCU
Global economic crisis represents one of the causes why wood consumption is increasing especially in countries less developed. In countries where governments couldn’t improve the quality of life and unemployment rate is higher, local communities devastate a lot of forestry. In last thirty years we saw a deforestation process at the global level related to land being converted to other uses: agriculture and urbanization, which represent a positive trend of a negative use. The stati...
Maria-Loredana POPESCU; Antoniu PREDESCU
Global economic crisis represents one of the causes why wood consumption is increasing especially in countries less developed. In countries where governments couldn’t improve the quality of life and unemployment rate is higher, local communities devastate a lot of forestry. In last thirty years we saw a deforestation process at the global level related to land being converted to other uses: agriculture and urbanization, which represent a positive trend of a negative use. The statistics reveal...
Full Text Available Economic crisis -is an intensively mediated concept during the past years- it issues with the situation when the business medium confronts with the perspective of a fundamental change, usually sudden and unexpected, that threatens to significantly disturb the present socio-economic perceptions and the daily practice.Even if the emergent markets are the most vulnerable in crisis, they still adapt the easiest to the actual context, counting on economic flexible domains as the tourism industry or IT.The persistence of global economic crisis, but especially the touristy market fragility make it impossible to estimate the evolution of hospitality industry for the next two years. Crisis effects seem to be inevitable in the context where great tourism actors talk about consequences similar to the ones following the terrorists attacks in SUA, in September 2001.It is very important to understand the stress factors that prevent the optimum development of tourism discouraging the touristy flow towards once well-known destinations.Romania is not a touristy destination with a worldwide notoriety, not even European, but some issues like the localization outside those more and more unsafe touristy areas, the peacefulness regarding the terrorism implications and the special natural and anthropic potential, all these, create the necessary premises for promoting a specific tourism, able to induce tourists the idea of security.Among the difficulties that Romania confronts itself with, we mention: unfavourable international image, precarious touristy infrastructure estate and seldom application of quality standards. If these deficiencies are assumed and controlled in the immediate future, then the interest for Romanian tourism will continuously increase and safe tourism could become a tourism relaunching factor after the wrong start for the rural tourism, business tourism or balnear tourism.
This study examined job satisfaction through motivation in the face of economic crisis among universities staff in Nigeria with reference to the University of Ado Ekiti and Olabisi Onabanjo University Ogun State Nigeria. This study adopted the descriptive survey research design. A total of 100 respondents were selected for the study using stratified sampling technique. Two sets of questionnaire were used for data collection. chis - square model was used to test the hypothesized research quest...
Problem statement: During an economic crisis, consumers will use different techniques to make their money go as far as possible: More carefully comparing prices at point of sale locations, bringing out the coins they previously left unused in saving banks, switching to lower cost options and choosing to shop in less convenient locations in order to find discounts. One such option is to use street vendors rather than regular indoor retailers. Street vendors can provide cheaper goods because, i...
The aim of mergers and acquisitions is to create wealth for the shareholders and usually this is accomplished through synergistic expectations. However the evaluation and identification of synergies in mergers and acquisitions is one of the important issues in Corporate Finance. In this paper it is tested the markets reaction to a sample of 61 mergers/acquisitions in the European pharmaceutical sector, realized between end 2004 and beginning 2010- prior and during the economic crisis. In the ...
S. Ahmad*, M. Yaqoob, N. Hashmi1, S. Ahmad2, M. A. Zaman3 and M. Tariq
Full Text Available Increasing human population in the world has arisen the issue of food security. In order to combat with this issue, there is need to explore a new world of resources. Camel can serve the best useful addition to the food supply chain in terms of milk, meat and other products. Dromedary camel is found in Pakistan and its population is highest in Baluchistan (41%. In Pakistan, there are 21 breeds of camel. The main two types are riverine and mountainous. Camels are of vital socio-economic importance in the country as people use it for drawing water from wells, ploughing and leveling land, working mini-mills for oil extraction, grinding wheat, corn and other grains and for crushing sugarcane, and pulling carts for the transportation of goods as well as people. Well-fed camel can yield 10-15L milk per day. Camel milk can also be used for making yogurt, kurth, butter, ghee, rabbri and khoa. Meat, hides and hair are useful by-products of camel. Camel farming will be beneficial for farmers when proper marketing infrastructure is established. Also, standard procedures for the classification and identification of camel breeds for different purposes need more attention. Camel ranching schemes and collaborative research approach are need of the hour. These measures can lead us to utilize this novel animal as a natural resource for coping food demand of ever increasing population.
Full Text Available The process of economic governance constitute a property or a characteristic for a multitude of areas including markets, communities, societies, state, being considered a triggering factor at regional, national or supranational level. The European Union economic governance incorporates some key features, namely in this case the decisions are made as a result of an interconnected action between a complex network that implies different levels of governing. The purpose of this article is to investigate the obstacles that the process of EU economic governance had to overcome during the recent financial crisis and the measures that the responsible authorities adopted in order to improve the general efficiency of this system. The main conclusion of this article is that the recent financial crisis highlight the limits that the European Union economic governance had in implementing economic policies that assure a smooth path towards sustainable growth and convergence in the context of a continuous process of integration between the member states. The new model of economic governance concentrates upon a mechanism of monitoring and early reporting of any macroeconomic imbalances as well as an intensified monitoring activity within the budgetary field.
Alexei Dmitrievich Voskressenski
Full Text Available The article analyzes the current state of relations in the triangle of Russia-US-China after the late-2000s global financial crisis from the point of view of their national interests, East Asian policy of the USA, China's growth and the strengthening of Russia in Asia. The author critically examines the existing approaches, foreign policy concepts and the latest initiatives which could shift the balance of power in the post-crisis period. According to the author, Russia still has all the chances to reshape its relations with China and the United States.
Bougea, Anastasia; Spantideas, Nicolaos; Anagnostou, Evangelos; Massou, Efthalia; Xirou, Sophia; Thomaidis, Thomas; Evdokimidis, Ioannis; Kararizou, Evangelia
Very few neurological research is published regarding health effects of global economic crisis. Our aim was to assess the impact of economic recession on frequency and severity of headaches. We also tested if depression, anxiety and experiences associated with crisis, such as unemployment, were reflected in headaches. This is a retrospective observational study in the Emergency setting of tertiary Clinic from 1 January 2008 until 31 December 2009 and from 1 January 2010 until 31 December 2011. Demographic data were collected of 1094 consecutive adult patients with headache. Multinomial logistic regression performed to examine if hospital anxiety depression (HAD), HAD anxiety, experience of serious life events, year of survey had influence on type of headache. The total number of headache cases increased significantly from 2008 to 2011 (p headaches remained unchanged over time (p > 0.05), while migraines decreased. Secondary and not otherwise specified (NOS) increased significantly (p headache, followed by migraines (in 2008, 2011) and NOS (2010). Chi square test showed significant correlation between type of headache and year, as well medication type and year (p headache [odds ratio (OR) 0.13; 95 % confidence interval (CI) 0.03, 0.7]. This is the first study showing that the prolonged economic crisis affected headache frequency accompanied by a higher use of analgesics.
Full Text Available The aim of this study was to provide an overview of studies in which the impact of the 2008 economic crisis on child health was reported. Structured searches of PubMed, and ISI Web of Knowledge, were conducted. Quantitative and qualitative studies reporting health outcomes on children, published since 2007 and related to the 2008 economic crisis were included. Two reviewers independently assessed studies for inclusion. Data were synthesised as a narrative review. Five hundred and six titles and abstracts were reviewed, from which 22 studies were included. The risk of bias for quantitative studies was mixed while qualitative studies showed low risk of bias. An excess of 28,000–50,000 infant deaths in 2009 was estimated in sub-Saharan African countries, and increased infant mortality in Greece was reported. Increased price of foods was related to worsening nutrition habits in disadvantaged families worldwide. An increase in violence against children was reported in the U.S., and inequalities in health-related quality of life appeared in some countries. Most studies suggest that the economic crisis has harmed children’s health, and disproportionately affected the most vulnerable groups. There is an urgent need for further studies to monitor the child health effects of the global recession and to inform appropriate public policy responses.
Evanthia A. Nanaki
Full Text Available The fallout of the global economic crisis has impacted Greece severely as the austerity measures that were implemented since 2009 have had a devastating effect on poverty and the level of living. The financial agreement of the Greek government with the International Monetary Fund (IMF gave rise to a deep recession phase in the Greek market that started in early 2008. The automobile industry is among the sectors that have been severely affected by the economic crisis. Given that the demand for cars fell sharply and that the Greek car market is facing serious problems, mapping and understanding them can provide useful input to the Greek vehicle market. Regression analysis is being employed, and the interrelations of different variables, such as net disposable income, unemployment rate, fuel prices, the Greek crisis, loans directed to the vehicle market, as well as the inflation rate for the period of 2000–2016, are investigated. Analyzing the factors affecting car sales can provide policy-makers with knowledge in order to take legislative and economic measures, so as to boost sales of new environmental friendly vehicles not only in Greece, but in all EU states.
Ballester, Ferran; Llop, Sabrina; Querol, Xavier; Esplugues, Ana
This article aims to analyze the impact of the economic and financial crisis on environmental determinants of health. The World Health Organization estimates that between 13% and 27% of the disease burden in countries could be prevented by improving the environment. These effects are larger in vulnerable populations, especially among the poorest. In the last decade, outdoor air pollution (the most significant environmental health risk in most European countries) has declined, mostly due to the European policy of reducing emissions and to the decrease in activity following the economic crisis. During the last few years, this improvement in air quality has occurred simultaneously with a reduction in investment in environmental protection and could therefore be offset in the medium-term. The economic crisis has not reduced the trend for higher temperatures in Spain and Europe because climate change is a global phenomenon that is not directly related to local emissions. To reduce the risk of an increase in the health impact of environmental factors, certain key aspects should be considered, such as the need to maintain or develop adequate monitoring and control systems and the opportunity to implement policies that help improve the quality of the environment and reduce the vulnerability of different population groups in a cross-disciplinary framework of transparency and citizen participation. Copyright © 2014 SESPAS. Published by Elsevier Espana. All rights reserved.
Milin Anda Ioana
equal opportunities, financial security during illness not as simple care of the sick. The paper includes analysis related to: the structure of social protection in our country, the scope of these services, the relationship between social protection and poverty, the way and the degree to which social protection deepens or contribute to poverty reduction. The economic crisis triggered in Europe in 2008that also affects Romania, negatively influenced the evolution of social funds in key areas of public interest, education, health and social care. This results from: decreasing share of social spending in the state budget, decreasing share of these expenses in the total family budget due to lower purchasing power and thus the obligation of individual to reduce or waive some costs of this kind, central and local government bodies inability to meet certain service requirements such at the level of the population and especially low-income population groups. Located in the crisis situation the state must seek solutions to keep social services at an appropriate level because the quantity and quality of these services have an impact upon quality of life and standard of living of many individuals. The results of the analysis indicates us a reduced benefit for this type of service, in our country, with negative effects over the entire society. The conclusions aim to support the fact that social policy from our country is insufficient in relation to the real needs of the population, being strongly influenced by domestic economic situation and the size of the global economic crisis.
Full Text Available In 2008, the Republic of Ireland entered a severe financial crisis partly as a part of the global economic crisis. Since then, it has seen large raises in income taxes and cuts in state spending on health, welfare, education and on heritage, which has suffered relatively large cuts. This implies a need for rethinking choices and prioritisations to cope with the changing circumstances. Across Europe, the effects of the crisis on heritage, or the whole cultural sector, have yet mostly been highlighted in general or supposed terms rather than empirically analysed. But what actually happens to how heritage is conceptualised in times of crisis? Inspired by Critical Discourse Analysis, this paper explores representation of and argumentation for heritage in Irish state heritage policies pre and post the recession 2008. Much concerns regarding heritage management are discursively shaped. Policies, stating the authorised viewpoint, are thus key in the construction of heritage and its values in society. Recently, research has highlighted a shift towards more instrumentality in cultural policy due to wider societal changes. A crisis could influence such development. The analysis departs from an often-stated notion of heritage as a part of the Irish national recovery, but what does that imply? Focus is therefore put on how different representations of heritage and its values are present, argued for and compete in a situation with increasing competition regarding relevance and support. The paper shows how heritage matters are refocused, streamlined and packaged as productive, good-for-all, unproblematic and decomplexified in order to be perceived and valued as part of the national recovery. This includes privileging certain instrumental values, foremost economic, by means of specificity, space and quantification, while heritage's contribution to social life, education or health, although often mentioned, are downplayed by being expressed in much more vague
Full Text Available The recent April 2011 meeting of the G20 countries considered possible development of a global early warning system to avoid any future financial crisis. Psycho-economic factors are strong drivers of greed, fear and non-rational behavior and experience shows that they should not be excluded from such a project. Rational, logical behavior for attitude and actions has been an assumption in most financial models prior to the advent of the 2008 crisis. In recent years there has been an increasing interest in relating financial activity to phenomena in physics, turbulence, neurology and recent fMRI experiments show that cortical interactions for decisions are affected by previous experience. We use an extension of two Lotka-Volterra (LV interactive equations used in a model for the 2008 crisis but now with fluctuation theory from chemical physics to interact the two previously used heterogenous interacting agents, the psycho-economic ratio CE of investor expectations (favourable/unfavourable and the reality ratio of equity/debt. The model provides a variable, M, for uncertainties in CE arising from the ability of the economy to affect the financial sector. A condition obtained for keeping rates of change in M small to avoid divergence of spontaneous fluctuations, provides a quantifiable time dependent entity which can act as a warning of impending crisis. The conditional expression appears to be related to an extension of Ohm's law as in a recently discovered "chip" and memory; the memristor. The possible role of subthreshold legacies in CE from the previous crisis appears to be possible and related to recent neurological findings.
Gielen, Demetrio Munoz; Lenferink, Sander
The economic crisis that started in 2009 has negatively impacted in the Netherlands the available financial resources for urban development. Dutch municipalities struggle since then with falling local financial sources, especially since active public land policy, traditionally an important
Cavagnero, Eleonora; Bilger, Marcel
This article analyses the redistributive effect caused by health financing and the distribution of healthcare utilization in Argentina before and during the severe 2001/2002 economic crisis. Both dramatically changed during this period: the redistributive effect became much more positive and utilization shifted from pro-poor to pro-rich. This clearly demonstrates that when utilization is contingent on financing, changes can occur rapidly; and that an integrated approach is required when monitoring equity. From a policy perspective, the Argentine health system appears vulnerable to economic downturns mainly due to high reliance on out-of-pocket payments and the strong link between health insurance and employment.
Full Text Available Given that the modern world cannot be conceived without the existence of the steel and its use, the crude steel consumption may be considered as an indicator characterizing the economic development of a country. The purpose of this paper is to establish the evolution of the world, regional and state consumption of crude steel, both per total, as well as per inhabitant, but also the impact of the economic and financial crisis it had on the evolving evolution of using the crude steel. Data subject to the study are related to the period 2004 – 2014 and concern nine regions of development and ten countries.
Full Text Available This paper examines the results of a case study analysis carried out on five small and medium-sized enterprises (SMEs operating in the furnishing sector of an Italian province. The aim of the study was to analyze which kind of strategies SMEs are adopting in order to face the economic crisis started in 2008. The cases analyzed highlighted the ability of firms in reacting by the development a proactive strategy, which brought them to positive economic results over time. Discussion of results and managerial implications are suggested in order to properly address other enterprises acting in similar market condition
In South Korea, there have been debates on the welfare policies of the Kim Dae-jung government after the economic crisis beginning in late 1997, but it is unquestionable that health and health care policies have followed the trend of neoliberal economic and social polices. Public health measures and overall performance of the public sector have weakened, and the private health sector has further strengthened its dominance. These changes have adversely affected the population's health status and access to health care. However, the anti-neoliberal coalition is preventing the government's drive from achieving a full success.
Asep Suryahadi; Asep Suryahadi; Gracia Hadiwidjaja; Gracia Hadiwidjaja; Sudarno Sumarto; Sudarno Sumarto
This paper assesses the relationship between economic growth and poverty reduction in Indonesia before and after the asian financial crisis (afc). Indonesia has a significantly slower poverty reduction post-afc compared to the pre-afc era. the trend in the growth elasticity of poverty indicates that the power of each% of economic growth to reduce poverty did not change greatly between the pre and post-afc time periods. during both these periods, the growth of services sector is the largest co...
Quintana Herrera, María Victoria
Dentro de un entorno económico caracterizado por la globalización y una creciente integración de los mercados internacionales, fenómenos que se hacen imprescindibles para la comprensión del mundo contemporáneo, principalmente en el campo de la economía, las vulnerabilidades existentes en las economías emergentes como la Colombiana, así como su creciente dependencia del capital exterior, aumentan los mecanismos de inestabilidad cambiaria y por tanto aumentan la probabilidad de sufrir una crisi...
This paper will explore the impact of the economic crisis on the Western Balkan countries, and how the new, unfavorable international environment is affecting their EU accession prospects. The analysis will be presented in three sections: the first part will examine the effect of the “first wave” of the global economic crisis on the economies of the region, specifically the impact on the region’s macroeconomic indicators, foreign direct investment flows, financial sectors, etc. Part two...
Full Text Available Prior to the economic crisis, forecasts indicated a continuous increase of traffic in European cities, highlighting the need of a policy to alleviate the external impacts of transport. The crisis, however, generated pressures on all sectors of activity, with transport being an indicative example. The reduction of income and employment, the increased vehicle maintenance and renewal costs and the transport related taxation seem to affect the transport system and its external impacts. Thus, taking for granted that Europe will eventually achieve “sustainable recovery” from the crisis, the current period presents an opportunity for promoting sustainable mobility policies and interventions in the most affected by the crisis European cities. Towards this goal, it is essential to capitalise on contemporary techniques for the monitoring of changes in transport external costs. The purpose of the paper is the development of a methodology for the estimation of external costs due to congestion, air pollution, climate change and accidents, based on road traffic data. The methodology is applied along road arteries in Thessaloniki for the period “before and after” the emergence of the crisis. As a result, an overall decrease in external costs is observed, creating an unforeseen “surplus” for the society during the crisis.
Wahyuni Apri Astuti
Full Text Available This study is carried out in Nusukan, Banjarsari, Surakarta. The problems that are related to economic crisis in Indonesia are the supply of contraception, the weakening of people purchasing power so they influence the realization of family planning program. The goals of the study are: to know the supply of contraception for poor household, to study the influence of the effect of economic crisis for the participant of family planning, to study the change of birth control and its effective strategy and to know the quality of family planning service. The data are collected using observation, and questionnaire. The study takes the area in which it has more productive couple, the percentage of poor families and the prosperous families I that belong to productive couple whose age 20 to 49 years old, at least they have two children, and participant of family planning or ever followed it. The result of the study shows that 82% respondents can get contraception easily before and at economic crisis. It is one of the important factors, for which the participant of family planning is still high. Although the economic crisis influences the price of contraception and family Income, it does not affect the participant of family planning. 87% respondents participate actively the family planning. This shows that the people have realized the importance of family planning program. There is an impact of economic crisis for the change of the ways of birth control. 38% respondents have changed over their strategy from modern to traditional contraception and the contrary, and from modern contraception to the other one. Some of them are abstention. The level of the people adaptation is high enough. They use various ways to prevent of being pregnant. 92% respondents do not want to be pregnant. If it happens an unwanted pregnancy, 15% of the respondents will abort their pregnancy. This is the challenge for the officers and the government to supply safe and accurate
Ömer Uğur Bulut; Sadık Rıdvan Karluk
We investigate the impact of the hot money movements on current account and real sector leading crisis indicators under VAR (Vector Autoregressive) framework using quarterly data for a long period of 1991-2014. Our findings show that hot money movements have negative impact on current account deficit and foreign trade deficit pre-crisis indicators. We further show that they lead to instability in growth and inflation pre-crisis indicators.
Ömer Uğur Bulut
Full Text Available We investigate the impact of the hot money movements on current account and real sector leading crisis indicators under VAR (Vector Autoregressive framework using quarterly data for a long period of 1991-2014. Our findings show that hot money movements have negative impact on current account deficit and foreign trade deficit pre-crisis indicators. We further show that they lead to instability in growth and inflation pre-crisis indicators.
flat GDP growth in 2010 (+0.04%), followed from 2011 by a growth at a slower pace than was predicted before the crisis. The aim of our study is to analyze how the economic downturn in Europe will affect the EU's greenhouse gases emissions and its ability to reach the 20% emission reductions by 2020 compared to 1990. Using the knowledge available at the end of 2009 and drawing lessons from the past emissions trends in Europe from 1990, we will assess the progress towards the 20% reduction target over the period (from 1990 to 2020). A discourse often heard at this time of recession is that the EU climate policy is now out of place: because of the crisis the fight against climate change is said to be too costly and nothing should be required from European industries already coping with a worldwide slowing down of demand for goods and products and huge financial restrictions. Another similar discourse argues that, with the downturn in economic and industrial activities, GHG emissions will automatically decrease, so no effort is required to comply with the EU-wide targets. The economic slowdown will do the trick. Our analysis aims at putting these arguments into perspective. What does the economic downturn really change in EU's emissions future profile up to 2020? The EU Climate and Energy Package is composed of four legislative acts: A Directive amending the current EU-Emission Trading Scheme (EU-ETS); A Decision on GHG Reduction Effort Sharing; A Directive on Renewable Energies; A Directive on the Geological Storage of Carbon dioxide. The main elements of the package addressing climate change are the first two pieces of legislation mentioned above, that limit GHG emissions in the EU by 2020: the directive reviewing the EU-ETS for the period 2013-20 and the decision limiting emissions in the non-ETS sectors. One important difference between these two pieces of legislation is that the target for the ETS sector is community-wide, whilst for the non-ETS sectors
Mankiw , Principles of Economics (Ft. Worth, Dryden Press, 1998), p556, and Robert J. Barro, “Are Government Bonds Net Wealth?” Journal of Political...CRS Report for Congress Prepared for Members and Committees of Congress Economic Recovery: Sustaining U.S. Economic Growth in a Post...2. REPORT TYPE 3. DATES COVERED 00-00-2010 to 00-00-2010 4. TITLE AND SUBTITLE Economic Recovery: Sustaining U.S. Economic Growth in a Post
The economic crisis has made parts of the population more sceptical about immigration in both countries. However, there appear to be no links between the severity of the crisis and public debates on migration. Although Spain was definitely hit harder by the crisis than Germany, and immigrants were affected more severely, public debates on migration and integration issues seem to be at least as fierce in Germany as in Spain. The legacy of past migrations and migration policies exerts a more significant influence on the public perception of migration as a risk than economic factors do.
Full Text Available The aim of this article is to describe Estonia’s economic development strategy in the Baltic Sea region primarily from the perspective of labour costs as a factor in international competitiveness. Estonia’s position in the international division of economic activities will be explored based on expert assessments in the context of a study of theoretical literature about labour compensation as a factor in international competitiveness. The differences between the impact of the economic boom and crisis periods on the level and dynamics of employee compensation (labour related expenditures, and gross and net salary in Estonia at the national level will be empirically analysed. An empirical analysis will also be performed to describe the changes in the structure of economic activities (NACE-classification in Estonia
Full Text Available The Assistant Professor at West University of Timisoara Alexandru Avram is publishing at Sitech Publishing House, Craiova, a remarkable book, "The mix of fiscal and monetary policies – the impact upon the economic growth". The scientific research had previously been made for achieving the title in Doctor in Economic Sciences. The theme of the book is the identification of the measures of economic growth after the economic crisis at the end of 2007 and the impact of some fiscal and monetary measures and also the introduction of the taxing quotation, the decreasing of the interest of monetary policy, the increasing of VAT quotation from 19% to 24% upon some macroeconomic components. The book represents a valuable synthesis and a guide for those who are interested in the subject.
Sornette, Didier; Woodard, Ryan
The financial crisis of 2008, which started with an initially well-defined epicenter focused on mortgage backed securities (MBS), has been cascading into a global economic recession, whose increasing severity and uncertain duration has led and is continuing to lead to massive losses and damage for billions of people. Heavy central bank interventions and government spending programs have been launched worldwide and especially in the USA and Europe, with the hope to unfreeze credit and bolster consumption. Here, we present evidence and articulate a general framework that allows one to diagnose the fundamental cause of the unfolding financial and economic crisis: the accumulation of several bubbles and their interplay and mutual reinforcement have led to an illusion of a "perpetual money machine" allowing financial institutions to extract wealth from an unsustainable artificial process. Taking stock of this diagnostic, we conclude that many of the interventions to address the so-called liquidity crisis and to encourage more consumption are ill-advised and even dangerous, given that precautionary reserves were not accumulated in the "good times" but that huge liabilities were. The most "interesting" present times constitute unique opportunities but also great challenges, for which we offer a few recommendations.
Maja Kus Ambroz
Full Text Available In this article, we developed a model based on the insight into different theories and empirical studies about inpact of economic crisis on intimate relationship. With the economic crisis, the behaviour of individual in a relationship also changed. Increased stress is one of the reactions of individual to the crisis, and this directly or indirectly influences his or her intimate relationship. That impact is manifested as a factor of the decrease of stability and quality of such relationship. As a starting point, we took the fact that the individual in developed western societies is adapted to the mainstream of so-called consumer society, which discourages him or her to strive for the intimate relationship, and the purpose of such relationship is the preservation of family. On the contrary, this encourages individual's selfish principle to satisfy his or her comfort and convenience. We were mainly interested in the individual's reaction to this phenomenon. Based on these findings, we developed the “intimate relationship stress model” (IRSM, which could be used in further empirical studies and psychotherapy practices.
Full Text Available Bushmeat represents an important source of animal protein for humans in tropical Africa. Unsustainable bushmeat hunting is a major threat to wildlife and its consumption is associated with an increased risk of acquiring zoonotic diseases, such as Ebola virus disease (EVD. During the recent EVD outbreak in West Africa, it is likely that human dietary behavior and local attitudes toward bushmeat consumption changed in response to the crisis, and that the rate of change depended on prevailing socio-economic conditions, including wealth and education. In this study, we therefore investigated the effects of income, education, and literacy on changes in bushmeat consumption during the crisis, as well as complementary changes in daily meal frequency, food diversity and bushmeat preference. More specifically, we tested whether wealthier households with more educated household heads decreased their consumption of bushmeat during the EVD crisis, and whether their daily meal frequency and food diversity remained constant. We used Generalized Linear Mixed Models to analyze interview data from two nationwide household surveys across Liberia. We found an overall decrease in bushmeat consumption during the crisis across all income levels. However, the rate of bushmeat consumption in high-income households decreased less than in low-income households. Daily meal frequency decreased during the crisis, and the diversity of food items and preferences for bushmeat species remained constant. Our multidisciplinary approach to study the impact of EVD can be applied to assess how other disasters affect social-ecological systems and improve our understanding and the management of future crises.
Legutko Agnieszka Joanna
Full Text Available The author analyzes the successful strategy of overcoming financial breakdown in the case study of Iceland. The aim of the article is to verify a hypothesis that the Icelandic model could become a panacea for future crises? A document analysis method is applied to present essential indicators such as GDP and trade balance. With the use of a source analysis method, the collapse of the financial sector is determined as the main cause of the slump. The systematization of crisis events is introduced and deepened by the social and political situation. Changes in the state’s condition after the crash are provided and future forecasts about economic development are discussed. As a summing up, the author disapproves of the hypothesis that the Icelandic model of overcoming the financial breakdown as a panacea for future crises, pointing out that it is only applicable for specific cases and cannot be seen as a magical remedy for every kind of crisis.
Full Text Available In Italy, the economic crisis of the last years has been characterized by recession, deflation, and unemployment. In addition to its broader effect on society, the crisis has deeply affected Italians’!everyday practices, their views, and their future goals. This is particularly true for young people, who can no longer rely on rising expectations. The paper presents the preliminary results of a qualitative study aimed at understanding how young people perceive and handle their everyday life in a social and working context so heavily influenced by income uncertainty, job insecurity, and a general lack of confidence in the future. Face-to-face in-depth interviews have been conducted in the metropolitan area of Milan (Italy.
Full Text Available The economic-financial crisis made its presence felt through more or less shy signals. All companies from the international and national market started to feel the crisis’s negative effects, several declaring bankruptcy, or diminishing temporary their activity. The consequences are multiples: the unemployment’s rate increase, the decreasing of the purchase power and reducing the goods demand from the luxury ones up to the one for consumption etc. Under these circumstances, companies have to avoid the immobilization of financial resources in products stocks that cannot be sold in the near future period, because otherwise would attract the danger of costs increasing, cashing decrease and generation of loses that may endanger the companies capacity of surpassing the present crisis. Therefore, all companies, no matter their size, should find during this period means of efficient stocks administration.
Economic crisis in Asia and its influences on Middle Eastern economy are explained based on statistics. In Asian countries domestic energy demand has increased rapidly with recent high rate of economic growth for a background. Crisis on currency and finance originated in Thailand in the second half of 1997 has spread to neighboring countries of Malaysia, Indonesia, Philippine and Republic of Korea, then economic depression and confusion has propagated all over Asia, and decrease in oil demands has caused sudden drop of oil price, which has an important effect upon economy of oil producing countries of Middle East. Drastic decrease in oil and gas income has resulted in downward modification of budget, cut down of expenditure and reexamination of investment projects, including suspension. Statistical data were shown on trades with Asian countries, effects of sudden drop in oil price in Iran and Saudi arabia and its deficit in finance. Recovery of Asian economy being slow, sharp increase in demand for oil and turn over of oil price can't be expected, and it seems that oil producing countries, who have economic structure of depending much on export of oil products such as crude oil, petroleum products and natural gas, will stay in distress for the time being. (NEDO)
Full Text Available Financial markets rely on confidence and confidence is supported by the presumption that financial statements are accurate and reflect the economic reality. Financial scandals from 2001-2002 as well as the recent economic crisis have raised questions about the integrity of accounting information provided to investors and other categories of users. In this context, our study aims to analyze the extent to which financial reporting is involved in financial crisis and, on the other hand to outline the changes produced by the crisis in the quality of financial information reported by companies. The main objective of the paper consist in arguing that earnings management by discretionary accruals for big European companies decline during the recent economic crisis compared to previous period
Córdoba-Doña, Juan Antonio; Escolar-Pujolar, Antonio; San Sebastián, Miguel; Gustafsson, Per E
Despite an increasing number of studies on the factors mediating the impact of the economic recession on mental health, research beyond the individual employment status is scarce. Our objectives were to investigate in which ways the mental health of employed and unemployed populations is differently affected by the current economic recession along the educational scale and to examine whether financial strain and social support explain these effects of the crisis. A repeated cross-sectional study, using two waves of the Andalusian Health Survey in 2007 (pre-crisis) and 2011-2012 (crisis). A population aged between 19 and 64 years was selected. The dependent variable was the Mental Component Summary of the SF-12 questionnaire. We performed Poisson regression models stratified by working status, with period, educational level, financial strain and social support as independent variables. We examined interactions between period and educational level. Age, sex, main earner, cohabitation and partner's working status were considered as covariates. The study included 3210 individuals (1185 women) in 2007 and 3633 individuals (1486 women) in 2011-2012. In working individuals the prevalence of poor mental health increased for secondary and complete primary studies groups during crisis compared to the pre-crisis period, while it decreased significantly in the university study group (PR = 0.76, 95% CI: 0.58-0.99). However, in unemployed individuals prevalence ratios for poor mental health increased significantly only in the secondary studies group (PR = 1.73, 95% CI: 1.06-2.83). Financial strain and social support yielded consistent associations with mental health in all subgroups. Only financial strain could partly explain the crisis effect on mental health among the unemployed. Our study supports the finding that current economic recession is associated with poorer mental health differentially according to labour market status and educational level. Those with secondary
Full Text Available Public and nonprofit organizations, entwined in the delivery of public goods and services, are in the midst of challenging economic times. In these circumstances, sound collaborative leadership may help bridge budget and program service delivery shortfalls. In this paper, we examine the administrative dynamics of mutual reliance between two prominent public and nonprofit organizations: public schools and parent-teacher groups (PTGs. We conclude that the partnership is changing as a result of external, economic forces. In essence, we are seeing a threat-rigidity response. The economic crisis may be responsible for causing PTGs to narrow their range of activities away from broader strategic issues that can be addressed through their confrontation activities and advocacy mission towards a narrower focus on classroom activities that protect core school operations, namely instruction.
Full Text Available The causes of economic crisis are a subject of intense debate, most opinions of economists ranging from the liberalization of the market to its regulation. We believe that usually there is “sufficient state” and that a change in its level does not have the expected effects. Although on the long term the reduction of the state presence would be preferable, on the medium and short term this would have negative effects, such as the reduction of the number of employees. One solution would be abandoning the simplistic neoclassical economic models, and replacing them with models developed in behavioural economics that would allow state and companies to develop more effective strategies.
Ana Sofia Ribeiro
This paper aims to provide a critical account of the impact of the economic crisis on the public higher education sector in Portugal by analyzing the biographical case of one particular first generation student, whose narrative mirrors the precarious and unstable condition of Portuguese students. It argues that the current state redistribution policies are based on a negative recognition of those in need, and that over emphasizing the cost-sharing role of families in the support of first gene...
Burstrom, Bo; Nylen, Lotta; Barr, Ben; Clayton, Stephen; Holland, Paula; Whitehead, Margaret
Abstract\\ud \\ud Many OECD countries are currently experiencing economic crisis and introducing counter-measures with unknown effects. To learn from previous experience, we explored whether there were delayed or differential effects of the Swedish recession in the 1990s and the government's response to it for people with limiting longstanding illness or disability (LLSI) from different socioeconomic groups (SEGs), by policy analysis and secondary data analysis of the Swedish Survey of Living C...
Ruslan Arkadyevich Grigoryev
Full Text Available Income distribution is one of the factors influencing economic growth. At present time, the regional aspect of such influence is an important sphere of research. The present article is intended to view the aspects of the influence of income distribution differentiation on economic growth on the example of the Russian regions in post-crisis period. The research results are presented in the form of regression model, estimating the differences in the growth rates of gross regional products in Russia in post-crisis 2010. The explanatory variables are Gini coefficients as an indicator of income inequality, and a number of other indicators characterizing the regional development in 2006 — 2010. Special attention is paid to the influence of 2008 crisis on the differences of regions by the level of dependent variable. Cross-sectional regression model based on the Russian Federation regions data shows the positive influence of changes in income distribution on the rate of economic growth. The general result of the research is confirmation of the hypothesis of the influence of income inequality on economic growth at the regional level in Russia. The observed effect is positive and statistically significant. The effect is relatively short-term, both from the point of view of the dependent variable (the yearly growth rate of GRP is used in the model, and from the point of view of the time lag between the year of dependent variable observation, 2010, and the period of observation, for which the Gini coefficient is significant in regression equation (2006-2007. Pre-crisis value of the Gini coefficient does not determined the differences in economic growth in the regions of Russia in 2011-2012. The results can be used in predicting the pace of regional development in Russia in the post-crisis period, as well as in the implementation of regional economic policy in times of crisis in order to maximize regional economic growth after the crisis
The road transport system is closely linked to the land-use system. The road system connects territories at all spatial scale, on the other hand, passengers and freight travel behavior are strongly influenced both by land-use and the road transport system. Hence, research in the field of the interactions between land-use and the road transport system is still less, particular the influence of the economic crisis. This paper aims to find out if the statistical analysis of land use and mobility can help to answer the question of what happens during economic crisis on both land use and transport system, and unveiling key spatial relationships between them. The methodology for the analysis was developed accordingly with the data and resources available. First, an exploratory data analysis (EDA) is performed in order to identify the land use and mobility pattern during the last decade. This analysis focuses on six aspects, which are distribution of population and dwellings, employment and jobs, GDP, motorization and modal split. The second aspect consists on crossing the spatial patterns of the different aspects in order to find some explanatory relationships that indicate the presence of the key characteristics. The analysis is based on the case of Madrid Region. The land-use and transport data presented in this analysis are from 2004 to 2014, which are collected from the national statistical institute, the regional government database and two urban mobility surveys of Madrid. Through the exploration analysis, we find that there is close relationship between the land-use system and travel behavior in Madrid Region. With an increasing of new dwellings constructed in the outer periphery of Madrid Region, it leads longer trips distance and more travel cost particularly by car mode. Moreover, during the economic crisis, we also find the motorization level of Madrid keeps the same, as a result of the decreasing GDP and relatively decreasing. (Author)
Full Text Available The objective of this paper is to select some relevant macroeconomic determinants for foreign direct investment (FDI in Bulgaria and Romania since the start of the recent economic crisis (2008-2015. Even if the economic recession installed in 2009 in Romania, the foreign investors’ decisions were influenced by the moment of global recession from 2008. A Bayesian approach was proposed, because of the small sample for the variables in analyzed period: FDI as percent of GDP, real GDP rate, unemployment rate, inflation rate, real interest rate, real effective exchange rate index (2010=100 and money demand (M2 as percent of GDP. The estimation results reflected that foreign investors in both countries were attracted by the increase in GDP from a year to another. On the other hand, for Bulgaria the inflation rate was the strongest determinant, indicating the economic stability of the country that made huge efforts in getting one digit inflation rate. In Romania, as expected, the foreign investors were searching for cheap labour force and the increase in unemployment rate attracted more FDI during the crisis period.
Coveney, Max; García-Gómez, Pilar; Van Doorslaer, Eddy; Van Ourti, Tom
Little is known about how health disparities by income change during times of economic crisis. We apply a decomposition method to unravel the contributions of income growth, income inequality and differential income mobility across socio-demographic groups to changes in health disparities by income in Spain using longitudinal data from the Survey of Income and Living Conditions for the period 2004-2012. We find a modest rise in health inequality by income in Spain in the 5 years of economic growth prior to the start of the crisis in 2008, but a sharp fall after 2008. The drop mainly derives from the fact that loss of employment and earnings has disproportionately affected the incomes of the younger and healthier groups rather than the (mainly stable pension) incomes of the groups over 65 years. This suggests that unequal distribution of income protection by age may reduce health inequality in the short run after an economic recession. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.
Full Text Available Over the past decade sub-Saharan African countries have made remarkable gains in promoting growth alongside economic stability. However, with the outbreak of the financial and economic crisis in advanced economies, will these hard-won economic gains in the region be threatened? In this paper, we seek to provide an overview of how sub-Saharan African countries are exposed to the crisis through both financial and real transmission channels, and to critically assess the impact of the crisis on different economies. To accomplish this task, we first provide an overview of the recent economic development of sub-Saharan African countries, and a brief discussion of the sources and the development of the crisis. We then proceed to explore the direct financial transmission channels of the crisis and their impacts on sub-Saharan African countries. In addition, we explore the indirect real transmission channels of the crisis and how the sub-Saharan African economies are impacted by them. Thereafter, we identify a couple of policy implications
Dom, Geert; Samochowiec, Jerzy; Evans-Lacko, Sara; Wahlbeck, Kristian; Van Hal, Guido; McDaid, David
From 2008 on, a severe economic crisis (EC) has characterized the European Union (E.U.). However, changes in substance use behavioral patterns as a result of the economic crisis in Europe, have been poorly reflected upon, and underlying mechanisms remain to be identified; In this review we explore and systematize the available data on the effect of the 2008 economic crisis on patterns of substance use and related disorders, within the E.U. countries; The results show that effects of the recession need to be differentiated. A number of studies point to reductions in population's overall substance use. In contrast, an increase in harmful use and negative effects is found within specific subgroups within the society. Risk factors include job-loss and long-term unemployment, and pre-existing vulnerabilities. Finally, our findings point to differences between types of substances in their response on economic crisis periods; the effects of the 2008 economic crisis on substance use patterns within countries of the European Union are two-sided. Next to a reduction in a population's overall substance use, a number of vulnerable subgroups experience serious negative effects. These groups are in need of specific attention and support, given that there is a real risk that they will continue to suffer negative health effects long after the economic downfall has formally been ended.
Roure, S; Pérez-Quílez, O; Vallès, X; Martínez-Cuevas, O; Sabrià, M; Valerio, L
The economic world crisis has led to the migration of European workers to developing countries with a high incidence of infectious diseases. The objective of this study was to assess whether this context has produced an increase in the risks to international travellers for work reasons (TWR). Observational, retrospective study. The study population included TWR who were attended before travelling at an International Health Unit in the year 2007 (the year before the initiation of the European crisis) and in the year 2012 (when the structural crisis was established). A comparative socioeconomic analysis was performed as well as an analysis of the risk factors present in both groups. In 2007 and 2012 a total of 9,197 travellers were attended. Of these, there were 344 TWR (3.4%); 101 TWR (2.8%) in 2007 and 243 TWR (4.5%) in 2012 (pcrisis, there was a change in the profile of TWR. Their number has increased significantly, as has the proportion who present risk factors for contracting imported diseases. The International Health Units should adapt to these new circumstances and adopt preventive measures for this population. Copyright © 2015 Elsevier España, S.L.U. y Sociedad Española de Medicina Interna (SEMI). All rights reserved.
Martín Martín, R; Sánchez Bayle, M; Gancedo García, C; Teruel de Francisco, M C; Coullaut López, A
To study the impact of the economic crisis on the families of the children who attend Primary Health Care and its relationship with their socioeconomic status. Observational descriptive study was conducted by analysing the results of 453 questionnaires, given to the parents of children between 1 and 7 years old who attended 4 paediatric clinics in Madrid. The raw data was analysed, and comparisons between groups and multivariate analysis were performed. In the multivariate analysis, the variables related to the non-acquisition of prescribed medication are: lower income level OR=0.118, p<.0001 and lower educational level OR=0.464, p<.001; the variables related to the reduction of food expenditure are: lower income level OR=0.100, p<.0001 and a higher number of family members OR=1.308, p=.045; the variables related to anti-pneumococcal vaccination without public funding are: higher income level OR=2.170, p=.0001, higher educational level OR=1.835, p=.013, and not being an immigrant OR=0.532, p=.037. The presence of health problems from the beginning of the economic crisis is related to unemployment OR=4.079, p=.032, lower educational level R=0.678, p=.042, and income level OR=0.342, p<.0001. In all cases, the models achieved a statistical significance of p<.0001. The economic crisis has greater impact on the group with the lowest income level in all analysed variables. The lower educational level and higher number of family members has an impact on the reduction in food expenditure. The fact of being an immigrant has an impact on not receiving the anti-pneumococcal and rotavirus vaccination. Unemployment leads to an increase in health problems in the family. To sum up, the economic crisis has increased inequalities according to socioeconomic status. Copyright © 2015 Asociación Española de Pediatría. Published by Elsevier España, S.L.U. All rights reserved.
Pradhan, M.P.; Waters, H.; Saadah, F.
This article identifies the effects of the 1997-98 East Asian economic crisis on health care use and health status in Indonesia. The article places the findings in the context of a framework showing the complex cause and effect relationships underlying the effects of economic downturns on health and
Oldfield, Chrissie; Berg, Mireille van den
The reality of the economic crisis and subsequent cuts in public sector funding in some European countries means that the context for public management education is significantly changing. In a period of economic constraint there is the obvious questioning of the cost of public management education programmes and even more of their relevance and…
This article presents the results of a survey of Bulgarian industrial organizations with respect to their clashes with the world financial and economic crisis’s effects on local economy. The crisis manifestations under business environment specificity factors and important cultural aspects of dominating managerial behavior in these companies are described and analyzed. The concrete research encompasses two groups of industrial companies, representing two opposite views to crisis – as a threat...
Esref Savas BASCI; Fatih MEMIS
Looking from a historical perspective, financial activities contain many crises in itself. This situation seems to be a feature inherent in the existing economic system and as long as this system continues, it becomes inevitable being faced with the crisis. Especially in recent years, with the increasing globalization, the risk of being faced with a crisis has also increased. In the financial markets, savers who wish to evaluate the accumulation by investing in different investment tools may ...
Başçi, Eşref Savaş; Memiş, Fatih
Looking from a historical perspective, financial activities contain many crises in itself. This situation seems to be a feature inherent in the existing economic system and as long as this system continues, it becomes inevitable being faced with the crisis. Especially in recent years, with the increasing globalization, the risk of being faced with a crisis has also increased. In the financial markets, savers who wish to evaluate the accumulation by investing in different investment tools may ...
Alejandro Ortega Hernández
Full Text Available An analysis of Mexican agriculture crisis was realized, and empirical evidence was presented in order to prove the relationship between the application of neoliberal politics and the current crisis in the agricultural sector. Our theoretic position states that between the agriculture and industrial sectors has been establish a new relation, as a market economy product, which took place in the application of certain politics in the macroeconomic and agricultural level. The effects brought about by the implementation of that kind of policies have been, among others, increased imports of staple foods, reduced plantings and the yields and in general an overall decrease of national agricultural products; this situation arises in a state of food dependency. It concludes that while such kind of policies remains the agricultural production will not be increased, and Mexico won´t have ensured food security.
Full Text Available The subject of this essay is too complex a problem as to cover all details in depth and, thus, draws its attention only to core aspects of the handling of coincidence leaving out sophisticated studies and analytic findings as well as detailed reference to economic literature though there is not very much. On the other hand, for a lot of actual as well as general reasons, the subject is too important a matter as to ignore the serious methodological problems of crisis management, which are rooted in some politically still active bias hidden in orthodox neo-classical economics (Stiglitz 2010. If crisis management continues to follow traditional rationales, it will fail realizing the increasing dynamic of crises within the globalising economies of the world. No existing economy can be considered as an isolated system of its own embedded in a stable composition of societal surroundings. Obviously, many a critical situation has its origin in the sphere of civilization, of political discrepancies, and of administrative inflexibilities. On the other hand, any grave amplitude of markets would touch the entire social surrounding. The belief in the markets’ strength of self-regulation is a dangerous construction of orthodox economics (Bendixen 2009b, 2010. The view on crises suggested here is that of a holistic approach to understand a critical situation. Any interpretation of a situation includes empirical dates and figures based on analytic research, but solving a problem is not an act of logical derivation from findings, as if a solution can be excavated in the mud of reality by empirical studies only. Empirical figures report events of the past; the future does not reveal any empiricism. This would be a contradiction in itself. The end of a crisis as well as the search for solutions to fight the problems revealed is unavoidably a view into the future. Therefore, the rationale of crisis management cannot be made of pure empiricism but should include a
Floerl, Oliver; Coutts, Ashley
The global economy is currently experiencing one of its biggest contractions on record. A sharp decline in global imports and exports since 2008 has affected global merchant vessel traffic, the principal mode of bulk commodity transport around the world. During the first quarter of 2009, 10% and 25% of global container and refrigerated vessels, respectively, were reported to be unemployed. A large proportion of these vessels are lying idle at anchor in the coastal waters of South East Asia, sometimes for periods of greater than 3 months. Whilst at anchor, the hulls of such vessels will develop diverse and extensive assemblages of marine biofouling species. Once back in service, these vessels are at risk of transporting higher-than-normal quantities of marine organisms between their respective global trading ports. We discuss the potential ramifications of the global economic crisis on the spread of marine non-indigenous species via global commercial shipping.
Zavras, Dimitris; Zavras, Athanasios I; Kyriopoulos, Ilias-Ioannis; Kyriopoulos, John
The programme for fiscal consolidation in Greece has led to income decrease and several changes in health policy. In this context, this study aims to assess how economic crisis affected unmet healthcare needs in Greece. Time series analysis was performed for the years 2004 through 2011 using the EU-SILC database. The dependent variable was the percentage of people who had medical needs but did not use healthcare services. Median income, unemployment and time period were used as independent variables. We also compared self-reported unmet healthcare needs drawn from a national survey conducted in pre-crisis 2006 with a similar survey from 2011 (after the onset of the crisis). A common questionnaire was used in both years to assess unmet healthcare needs, including year of survey, gender, age, health status, chronic disease, educational level, income, employment, health insurance status, and prefecture. The outcome of interest was unmet healthcare needs due to financial reasons. Ordinary least squares, as well as logistic regression analysis were conducted to analyze the results. Unmet healthcare needs increased after the enactment of austerity measures, while the year of participation in the survey was significantly associated with unmet healthcare needs. Income, educational level, employment status, and having insurance, private or public, were also significant determinants of unmet healthcare needs due to financial reasons. The adverse economic environment has significantly affected unmet health needs. Therefore health policy actions and social policy measures are essential in order to mitigate the negative impact on access to healthcare services and health status.
Yuan, Chaoqing; Liu, Sifeng; Xie, Naiming
The dependence on foreign trade increased sharply in China, and therefore Chinese economy is obviously export-oriented. The Global Financial Crisis will impact the Chinese economic growth violently. Chinese government has recently adopted some effective measures to fight against the Global Financial Crisis. The most important measure is the 4 trillion Yuan ($586 billion) stimulus plan which was announced on November 9, 2008. This paper discusses the influence on energy consumption and economic growth of Global Financial Crisis and the stimulus plan against it by input-output analysis. The results show that the fall of exports caused by the Global Financial Crisis will lead to a decrease of 7.33% in GDP (Gross Domestic Production) and a reduction of 9.21% in energy consumption; the stimulus plan against the Global Financial Crisis will lead to an increase of 4.43% in economic growth and an increase of 1.83% in energy consumption; In the Global Financial Crisis, energy consumption per unit GDP will fall in China. (author)
COROIU SORINA IOANA
Full Text Available In the context of economic crisis, monetary policy makers are facing a number of challenges, including the selection and implementation of the best monetary policy. In this paper, we want to see if inflation targeting is or is not a solution to exit the economic crisis. If the answer is positive, then what would be the optimal level of inflation? Many central banks target an inflation rate of 2%. In this paper we intend to show that, in certain circumstances, a very low level of inflation can significantly reduce the stabilizing effects of monetary policy. A slightly higher value of inflation targeting would reduce the constraints on monetary policy, caused by the appearance of liquidity trap. The risk for the interest rates of monetary policy to achieve zero level is related to the central banks’ choise of the appropriate inflation target. We believe that an increase in the inflation target of 2% to 4% would ease monetary policy constraints arising from the liquidity trap problem. If inflation targeting is not a solution to exit the crisis, then are there other strategies that would be a better alternative? Following this analysis, no obvious alternatives were identified, so far, there is no clear reason for that to abandon inflation targeting.
Irina Elena Gentimir
Full Text Available This paper makes an analysis of the commercial and financial relationship between EU27 and United States of America. Traditionally, USA and EU27 are the most powerful forces in the world. Today, the relationship between these two partners continues to dominate and to influence globally. The transatlantic relation consists, mainly, of the commercial exchanges and the investment flows. The objective of this paper is to highlight the evolution and the changes occurred in the commercial exchanges and the investment flows between this two powers in the context of the economic crisis constraints.
Full Text Available Implementation of the standards of the Basel Committee on Banking Supervision is an important step towards improving banking. The author seek to illuminate the importance and necessity of introducing new Basel III capital standards, Basel Committee on Banking Supervision in the banks in Serbia and around the world. Implementation of Basel standards, as a general model for managing capital and risk management in banks, based on quantitative model and a series of qualitative solutions, which will be based on the implementation of the proposed model, in oder to be effectively implemented in the Serbian banking sector that makes up only a part that is essential for improving the range of Banking Supervision in order to help better develop. The global economic crisis is encouraged and promoted by the Basel standards whose modification of birth to the new Basel III capital agreement, will reduce the impacts of the same. Banks that successfully implement Basel guidelines to improve their overall business will realize a significant business advantage over those in which the manner and extent of implementation of policies is aimed only at the mere satisfaction of the regulator. Will Basel standards fail to alleviate the impact of the global economic crisis? Did the Basel II standards and modifications hlp to enhance better and more advanced Basel III? These are just some of the questions that the author of the paper is providing answers for.
Full Text Available The research question in this article is threefold: To which degree is the financial crisis of 2008 and the subsequent recession associated with reduced well-being among people in the four hardest affected EURO countries? Are individual factors associated with reduced well-being the same in these countries? and Are lower socioeconomic groups more severely hit than the better off?. Data before the crisis are compared with data in 2013/2014 (EU-SILC [European Union Statistics on Income and Living Conditions] survey 2013 for Greece, Portugal, Ireland, and Spain. Finland is used as a reference category. Before control of individual characteristics, regressions demonstrate a small and mostly significant fall in average satisfaction with life in these countries, Portugal being an exception. According to the theory of capability and actual economic and political development, it was hypothesized that Greece—being the worst case in terms of economic development—may experience the greatest fall in life satisfaction. This hypothesis is not supported by the data. In fact, the strongest decline was found in Ireland. In particular, lack of political trust stands in Greece out as having an impact, while poor health is related to Ireland and unemployment to Portugal and Spain. Greatest socioeconomic inequality in life satisfaction was found in Portugal.
Suleiman, A B; Lye, M S; Yon, R; Teoh, S C; Alias, M
In the wake of the east Asian economic crisis, the health budget for the public sector in Malaysia was cut by 12%. The Ministry of Health responded swiftly with a series of broad-based and specific strategies. There was a careful examination of the operating expenditure and where possible measures were taken to minimise the effects of the budget constraints at the service interface. The MOH reprioritised the development of health projects. Important projects such as rural health projects and training facilities, and committed projects, were continued. In public health, population-based preventive and promotive activities were expected to experience some form of curtailment. There is a need to refocus priorities, maximise the utilisation of resources, and increase productivity at all levels and in all sectors, both public and private, in order to minimise the impact of the economic downturn on health.
Kock, Anders Bredahl; Teräsvirta, Timo
. The performances of these three model selectors are compared by looking at the accuracy of the forecasts of the estimated neural network models. We apply the neural network model and the three modelling techniques to monthly industrial production and unemployment series from the G7 countries and the four......In this work we consider the forecasting of macroeconomic variables during an economic crisis. The focus is on a specific class of models, the so-called single hidden-layer feed-forward autoregressive neural network models. What makes these models interesting in the present context is the fact...... that they form a class of universal approximators and may be expected to work well during exceptional periods such as major economic crises. Neural network models are often difficult to estimate, and we follow the idea of White (2006) of transforming the specification and nonlinear estimation problem...
Full Text Available Financial crisis brought to the fore the fierce confrontation between Keynes disciples and Friedman disciples, between demand siders and supply siders, between Obama’s policies focused on economic growrh and EU austerity policies focused on deficit and debts reduction. Monetary policy showed its limits and neoliberal approach favored the risky products(derivatives and speculative activities. Supply siders, like David Harper, centred on three pillars: tax incentives, competition policy, enhancement of productive credit. Lisbon Strategy and Europe 2020 represent a supply side agenda based on sectoral policies. Great economists like Joseph Stiglitz and Paul Krugman have supported state interventionism and higher government spending for demand recovery and resuming the economic growth. Besides state interventionism one needs the urgent reconsideration of capitalist development model and strongly improving the governance at all levels: global, European, national, corporate.
Morris, Edwin Kent
Crisis thought is an idea that gives a name to and accounts for some of the problematics of the sign crisis in political, social, cultural, and economic discourse. Specifically, crisis thought is a discursive formation, a concept used loosely here to refer to an assemblage of signs such as anxiety or fear that evoke or invoke similar, but inaccurate connotations as crisis in political and everyday usage. The general question this study grapples with is why political, social, cultural, and eco...
Full Text Available This paper will explore the impact of the economic crisis on the Western Balkan countries, and how the new, unfavorable international environment is affecting their EU accession prospects. The analysis will be presented in three sections: the first part will examine the effect of the “first wave” of the global economic crisis on the economies of the region, specifically the impact on the region’s macroeconomic indicators, foreign direct investment flows, financial sectors, etc. Part two will analyse the repercussions of the “second wave” of the crisis, namely the Greek sovereign debt crisis, which rapidly spilled over into the entire Eurozone. Part three will build on the issues examined in parts one and two and will discuss the repercussions of both waves of the crisis on the region’s enlargement process and prospects. The paper will also propose that although the EU’s role in Southeast Europe remains crucial (not least as a provider of economic assistance its hitherto undisputable symbolic role as an “anchor” of stability and as a goal to be aspired to may be losing its appeal for some of these countries. This paper will explore the impact of the economic crisis on the Western Balkan countries, and how the new, unfavorable international environment is affecting their EU accession prospects. The analysis will be presented in three sections: the first part will examine the effect of the “first wave” of the global economic crisis on the economies of the region, specifically the impact on the region’s macroeconomic indicators, foreign direct investment flows, financial sectors, etc. Part two will analyse the repercussions of the “second wave” of the crisis, namely the Greek sovereign debt crisis, which rapidly spilled over into the entire Eurozone. Part three will build on the issues examined in parts one and two and will discuss the repercussions of both waves of the crisis on the region’s enlargement process and
Barroso, Clara; Abásolo, Ignacio; Cáceres, José J
An economic crisis can widen health inequalities between individuals. The aim of this paper is to explore differences in the effect of socioeconomic characteristics on Spaniards' self-assessed health status, depending on the Spanish economic situation. Data from the 2006-2007 and 2011-2012 National Health Surveys were used and binary logit and probit models were estimated to approximate the effects of socioeconomic characteristics on the likelihood to report good health. The difference between high and low education levels leads to differences in the likelihood to report good health of 16.00-16.25 and 18.15-18.22 percentage points in 2006-07 and 2011-12, respectively. In these two periods, the difference between employees and unemployed is 5.24-5.40 and 4.60-4.90 percentage points, respectively. Additionally, the difference between people who live in households with better socioeconomic conditions and those who are in worse situation reaches 5.37-5.46 and 3.63-3.74 percentage points for the same periods, respectively. The magnitude of the contribution of socioeconomic characteristics to health inequalities changes with the economic cycle; but this effect is different depending on the socioeconomic characteristics indicator that is being measured. In recessive periods, health inequalities due to education level increase, but those linked to individual professional status and household living conditions are attenuated. When the joint effects of individuals' characteristics are considered, the economic crisis brings about a slight increase in the inequalities in the probability of reporting good health between the two extreme profiles of individuals. The design of public policies aimed at preventing any worsening of health inequalities during recession periods should take into account these differential effects of socioeconomic characteristics indicators on health inequalities.
Full Text Available The purpose of this research is to determine the effects of the 2008 Global Economic Crisis on firms. The research is carried out on 99 firms that are engaged in production activity in various sectors in Organized Industrial Zone I and Organized Industrial Zone II in Malatya. The data are collected using survey. Reliability of measurement tool (Cronbach’s Alpha is 75%. T-test and one-way ANOVA analysis are used in the research. As a result, the effects of the 2008 Global Economic Crisis differ depending on demographic characteristics, crisis experience, crisis management plan, and crisis management team.
Dmitrii Vladimirovich Afanas’ev
Full Text Available The concept of social capital has gained considerable popularity in the social sciences, as well as in practical politics on a national and international scale. Its heuristic potential is confirmed by numerous studies demonstrating the positive impact of the level and types of social capital on a wide range of economic, social and political phenomena, and especially the use of the concept of social capital to study economic growth and development issues. However, there is no universally accepted definition of social capital, and there is no unanimous opinion concerning the ways of measuring it. The paper contains a review of the current status of the theoretical field of the concept; it shows that researchers from different countries are interested in the impact of social capital on economic growth and development at the regional level. Specific comparative studies in different countries and regions strongly support the presence of a correlation that proves social capital is one of the powerful driving forces of development. However, since the majority of studies on the effects of social capital on economic development are concentrated in the developed countries of Western Europe and the USA, it is important to evaluate the potential of this approach in the countries of post-Communist development that have different experience, in particular, in Russia. In this regard, the article points out that there is a clear lack of such studies with regard to Russia’s regions, where there are only occasional fragmentary attempts to study social capital. The aim of the paper is to substantiate on the theoretical basis and to indicate the prerequisites for empirical studies on the effects of social capital of regions on their economic growth and development, especially under the conditions of the general economic and structural crisis
Stambulova, Natalia B
During the last decade, the field of athlete career research has seen much expansion. Researchers established the holistic lifespan and ecological approaches, introduced cultural praxis of athletes' careers paradigm, and updated the taxonomy of athletes' transitions. However, recent transition research focused mainly on the transition process and factors contributing to successful transitions, while crisis-transitions and factors contributing to ineffective coping have been largely ignored. The aim of this paper is to facilitate relevant research and practice through (1) positioning athletes' developmental crises within the context of the current transition literature, (2) introducing two new approaches (termed 'cognitive turn' and 'cultural turn') with a potential to enhance our understanding of the phenomenon, and (3) outlining crisis-coping interventions. Copyright © 2017 Elsevier Ltd. All rights reserved.
This article captures a brief history of the negotiations of the Doha Development Agenda (DDA), analyzes its deadlock and offers some suggestions for a successful Doha deal. First, this study shows that the nearly decade-long negotiation stalemate is caused by the opposite perceptions between industrialized countries and developing ones on agriculture, as well as by the influences of economic crisis on the world trade. Subsequently, some proposals are presented to solve the current crisis fro...
Full Text Available Antoni Sicras-Mainar,1 Ruth Navarro-Artieda2 1Research Unit, Badalona Serveis Assistencials SA, 2Medical Documentation Unit, Hospital Germans Trias i Pujol, Badalona, Barcelona, Spain Objective: To describe antidepressant (AD use in the treatment of major depressive disorder during a period of economic crisis.Patients and methods: This was a retrospective, observational study using population-based databases. Two periods were considered: 1 2008–2009, precrisis, and 2 2012–2013, economic crisis. Certain inclusion/exclusion criteria were taken into account for the study (initiation of AD treatment. Patients were followed up for 12 months. The main measures were use (defined daily doses, epidemiologic measures, strategies used and treatment persistence, referrals, and use of resources. Statistical significance was set at P<0.05.Results: In the precrisis period, 3,662 patients were enrolled, and 5,722 were enrolled in the period of economic crisis. Average age was 58.8 years and 65.4% were women. Comparing the two periods, major depressive disorder prevalence was 5.4% vs 8.1%, P<0.001. During the period of economic crisis, AD use rose by 35.2% and drug expenditures decreased by 38.7%. Defined daily dose per patient per day was 10.0 mg vs 13.5 mg, respectively, P<0.001. At 12-month follow-up, the majority of patients (60.8% discontinued the treatment or continued on the same medication as before, and in 23.3% a change of AD was made.Conclusion: Primary health care professionals are highly involved in the management of the illness; in addition, during the period of economic crisis, patients with major depressive disorder showed higher rates of prevalence of the illness, with increased use of AD drugs. Keywords: consumption, antidepressants, economic crisis
Andreea Paula Dumitru
Full Text Available The current economic environment is characterized by uncertainties related to price volatility, difficulties in the valuation of financial instruments, as well as of assets and liabilities in general. More and more companies face liquidity issues that could even threaten their existence. Under these circumstances, saving such companies becomes a major concern for the ones directly interested, “survival” being the term most used in the current state of the world’s economy. In the context of this economic turmoil at international level, the main stakeholders and the accountants professionals find themselves in the position of revising their procedures, objectives, strategies, but also their behaviour, their attitude in general, in order to limit or even eliminate the negative consequences of the financial crisis. From our perspective, the communication among company, stakeholders, and auditors represents the fundament of a successful business strategy. However, communication difficulties could be encountered, especially under conditions of uncertainty and crisis. The present article intends to identify the opportunities and threats generated by the economic crisis and to analyze the information flows among company, stakeholders and accountants professionals under circumstances in which the going concern assumption is threatened. Our paper emphasizes the importance of communication among company, stakeholders, and auditors in saving the firms affected by the economic crisis.
Criqui, Patrick; Mima, Silvana; Peytral, Pierre-Olivier; Simon, Jean-Christophe
In an article published in these pages in 2011 (no. 373), Patrick Criqui presented a series of scenarios on possible energy and climate trends, taking note of the agreement on climate change signed in late 2009 at the Copenhagen Conference. He pointed out that a paradigm shift was on the cards, which would mean less use of the top-down approach - with national objectives set as a function of international objectives formulated at major conferences - and greater implementation of a bottom-up logic based on national policies put in place in the energy field and as part of the battle against global warming. On the basis of this latter logic, the authors were able to elaborate scenarios at a world level. A few days before the publication of that article, the Fukushima accident occurred in japan, lending fresh impetus to the energy debate in most of the countries using nuclear power. Does that event, combined with the persistence of the debt crisis, the increased extraction of unconventional hydrocarbons (shale oil and gas ) and the fact that international negotiations on climate change (Durban) have merely marked time, modify the projected scenarios -and, if so, to what extent ? Patrick Criqui, Silvana Mima, Pierre-Olivier Peytral and jean-Christophe Simon consider this question in detail here. They begin by examining the impact of these recent events and developments on the current energy and climate situation. Then, after reminding us of the four world energy scenarios (to a time-horizon of 2030-2050) that were developed in 2009 (together with two 'discontinuity scenarios'), they propose an updating that takes account of the perceived consequences of the change of context, stressing two crucial scenarios in particular: the probable (leading to warming in the order of 4 deg. C) and the desirable (limiting warming to 2 deg. C). Lastly, they propose various levers aimed at 'making the desirable trajectory possible' (technological agreements, economic instruments