Search results for " financial crisis."

The changing structure of banking firms and industry: an analysis through the European banks' balance sheets

2013

This paper analyzes the changing structure of the Italian and European banking firms and industry. The main aim is to identify the fundamental changes of the underlying economics of banking through the analysis of banks’ balance sheets. In this paper, we provide evidence that commercial banks have progressively moved from traditional banking to new forms of financial intermediation. The paper discusses the implications of this changes in terms of business models of banking firms, business operations of banks, structure of the financial system and banking industry. The research points out that the role of traditional bank is in decline. It is changing the fundamentals of banking business. Ba…

Effects of the Italian financial crisis on the photovoltaic dissemination in a southern city

2013

Abstract The aim of this paper is to estimate how the profitability of grid-connected PV (photovoltaic) systems may vary month by month due to the changes in all parameters involved in the economic evaluation (discount rate, PV electricity selling price, inflation rate, price of PV devices etc.). The effects of these variations were investigated for a district of a city in the South Italy (Palermo). The results of the analysis provided the trend of the actual coverage of the district power demand from June 2010 to August 2012. In particular the load match index, which considers the daily energy demand covered by PV systems, ranged from almost 30% to less than 12%, which is less than the val…

The EU’s urban policy through the 2008 financial crisis: A perspective from the case of Oporto

Many European countries are currently faced with a difficult situation fostered by a set of financial, socioeconomic and environmental problems. The last decade has been particularly rough for the Southern Europe countries due to the political reactions from the European Union (EU) to the strong economic crisis that affected the great majority of the developed economies. The EU’s actions, placed in order to face such challenges, can be characterised as a series of austerity measures that clearly diverged from the original ongoing strategies. The debate on the causes of the crisis remains unsettled and the dominant studies on the crisis focus the socioeconomic national indicators. Since the …

FINANCIAL DEVELOPMENT OPPORTUNITIES OF LATVIA’S SOCIAL SYSTEM AGAINST THE BACKDROP OF CRISIS

2010

Latvian social system is ahead of serious financial problems. The article analyses causes and beginnings of the crisis, in the context of the 1st budget level of social systems in relation to the national budget, as well as the negative impact of the state budget on the social security budget for the financial future. The government also discussed the measures taken by the social system of financial regulation and their impact on society's social environment. Recommendations have been developed for improvement of the situation.

Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity

2005

Abstract This paper examines whether a monetary policy tightening (i.e., an increase in the domestic interest rate) was successful in defending the exchange rate from speculative pressures during the Asian financial crisis. We estimate a bivariate VECM for four Asian countries, and improve upon existing studies in two important ways. First, by using a long data span we are able to compare the effects of an interest rate rise on the nominal exchange rate during tranquil and turbulent periods. Second, we take into account the endogeneity of interest rates and identify the system by exploiting the heteroscedasticity properties of the relevant time series, following Rigobon [Identification thro…

Child Protection in Mediterranean Countries: Italy and Greece

2023

Abstract This chapter explores the child protection systems in Italy and Greece. Both countries have to deal with immigrant children due to the conflict between the rights of minors and immigration laws on control and defense. In Italy, the child protection system is the result of a patchwork of norms and regulations addressing different societal demands and pressures. Family and cash-transfers are fundamental factors in Italy’s child welfare system. Greece, on the other hand, has adopted fragmented measures and policies connected with financial benefits, income support, social security, social care for disabled people, and rehabilitation for children at risk. The chapter also notes how the…

Switching to floating exchange rates, devaluations, and stock returns in MENA countries

2012

Abstract We test for the impact of the announcements of floating and/or devaluating the exchange rate on stock returns in three MENA countries after the financial crises they experienced. We, first, use an event-study methodology to test for event-induced abnormal volatility of stock returns in Egypt, Morocco and Turkey. We, then, use three different methodologies to test for abnormal returns: a traditional approach and two approaches that control for event-induced volatility. We find clear evidence of abnormal volatility and abnormal returns due to the floating of the Egyptian and Turkish exchange rates in 2003 and 2001, respectively. In contrast, our results do not show that the devaluati…

The Global Financial Crisis and the New Monetary Consensus

2013

International audience; The Global Financial Crisis has reshuffled the cards for central banks throughout the world. In the wake of the biggest crisis since the Great Depression, this volume traces the evolution of modern central banking over the last fifty years. It takes in the inflationary chaos of the 1970s and the monetarist experiments of the 1980s, eventually leading to the New Monetary Consensus, which took shape in the 1990s and prevailed until 2007. The book then goes on to review the limitations placed on monetary policy in the aftermath of the global meltdown, arguing that the financial crisis has shaken the new monetary consensus.

Arbitrios frente a la crisis y oposición municipal : El Consejo General de Valencia ante la coyuntura financiera de 1610-1612

2004

A su ya crónico déficit financiero la Ciudad de Valencia sumó desde 1610 los efectos derivados de las acuñaciones clandestinas de “menuts” falsos por los moriscos, las dificultades de abastecimiento de cereal y la falta de numerario, factores que la condujeron a una profunda agudización de la crisis. Para afrontarla, la junta de expertos nombrada al efecto propuso, entre otros arbitrios, la aplicación de nuevas sisas. Esta medida, impuesta finalmente por Felipe III, provocó una fuerte oposición en el Consejo General, algunos de cuyos miembros –en un evidente intento de impedir la imposición de los gravámenes exigidos por el rey se esforzaron en elaborar memoriales que ofrecían soluciones di…

Impact of Global Economic Crisis on the European Welfare States

2013

The global economic crisis and the subsequent weaker growth are putting under pressure welfare states in the EU. This paper aims at discussing the effects of the crisis at the social level and at identifying whether the classic European welfare state models (Nordic, Continental, Anglo-Saxon and Mediterranean) are still valid in today’s economy. An answer will be tried using the mathematical tool of principal components analysis. The results will be observed in graphs where the states taken into consideration respect the classical welfare models or they regroup themselves into new circumstances’ adapted models. Even though the classical welfare models are generally still checked up with the …