Search results for " Crises"
showing 10 items of 36 documents
Resilience and Convergence: Short vs.Long-Run Regional Effects of Economic Crises and Macroeconomic Policies
2020
Before the outbreak of the Great Recession, considerable attention was devoted to what makes a region successful, and why some regions grow faster than others, but researchers often overlooked how regions react to shocks and why this happens in a heterogeneous way. Furthermore, the classic literature on regional inequalities has mainly focused on the longterm relationship between economic growth and regional disparities and on the role of labor mobility, sometimes also as a mechanism of adjustment to labor demand idiosyncratic shocks. This literature trend has reversed since 2008, when investigation of the heterogeneous impact of shocks across areas became prominent in regional studies beca…
Sedimentology and biostratigraphy of a peritidal succession across the Triassic/Jurassic boundary: Monte Sparagio, north western Sicily
2016
A 490 m thick section of shallowing upward peritidal cycles spanning the Triassic-Jurassic boundary is exposed along the northern slope of Mount Sparagio in the San Vito Lo Capo Peninsula (Western Sicily). A detailed microfacies analysis allowed defining the aspects of cyclic sedimentation of this section and especially the stratigraphic occurrence patterns of benthic foraminifera and algae across the T/J boundary. The lower part of cycles commonly shows medium to low energy subtidal facies, typical of the inner lagoon of the carbonate platform. Subtidal facies such as coral bafflestone in some cycles suggest more open lagoonal conditions (patch reefs), while some higher energy layers such …
Network-Based Computational Techniques to Determine the Risk Drivers of Bank Failures During a Systemic Banking Crisis
2018
This paper employs a computational model of solvency and liquidity contagion assessing the vulnerability of banks to systemic risk. We find that the main risk drivers relate to the financial connections a bank has and the market concentration, apart from the size of the bank triggering the contagion, while balance sheets play only a minor role. We also find that market concentration might facilitate banks to withstand liquidity shocks better while exposing them to larger solvency chocks. Our results are validated through an out-of-sample forecasting that shows that both type I and type II prediction errors are reduced if we include network characteristics in our prediction model.
Evaluating currency crises: the case of the European monetary system
2007
In this paper we examine the nature of currency crises. We ascertain whether the currency crises of the European Monetary System (EMS) were based either on fundamentals, or on self-fulfilling market expectations driven by extrinsic uncertainty. In particular, we extend previous work of Jeanne and Masson (J Int Econ 50:327–350, 2000) regarding the evaluation of currency crisis. We contribute to the existing literature proposing the use of Markov regime-switching with time-varying transition probability model. Our empirical results suggest that the currency crises of the EMS were not due only to market expectations driven by external uncertainty, or ‘sunspots’, but also to fundamental variabl…
Acidification processes in a peritidal carbonate succession across the Triassic/Jurassic boundary (Sicily)
2017
For the first time, a correlation between biostratigraphic events and δ13C curve was attempted along an UpperTriassic-Lower Jurassic peritidal limestone succession cropping out in westernmost Sicily. The peritidal carbonates are organized in shallowing upward cycles characterized by subtidal skeletal mudstone to grainstone, intertidal microbial mats and supratidal paleosoils. About 300 meters of this succession covering the Triassic-Jurassic interval were studied in details. On the base of the macro- and microfossil assemblages from the subtidal facies, four informal units have been recognized along the studied section. Unit R1 (at the base, 111 m thick) is dominated by large megalodonts, r…
Social Justice and Financial Capitalism: Some Notions on Risks, Hierarchies, and Value
2018
The recurring financial crises and intensive financialisation force a reconsideration of theories of justice. This article analyses financial capitalism as an ideal-type. In ideal-typical financial capitalism, risks and positions of vulnerability take a pronounced role in the determination of social positions. Risks also come in a specific ontological form. Further, the analysis extends to the production of value in financial capitalism and its relation to a particular logic of determining social positions. The article discusses, how should theories of justice be updated to accommodate this particular ontology of risks. This requires also making a distinction between explicit and implicit p…
La subjectivité des adjectifs qualifiant les Flamands et leurs institutions dans La Libre Belgique
2013
Belgian viimeaikaiset poliittiset kriisit ovat saaneet paljon kansainvälistäkin huomiota. Ne pohjautuvat pääosin jännitteisiin hollantia puhuvien flaamien ja ranskaa puhuvien vallonien välillä. Tutkimuksessa tarkastellaan tilannetta kielellisestä näkökulmasta tarkastelemalla ranskankielisen konservatiivisen sanomalehden La Libre Belgique tapaa kuvata flaameja ja heidän instituutiotaan. Tutkimuksen kohteena ovat flaameihin ja heidän instituutioihinsa viittaavat adjektiivit, joiden subjektivisuutta tutkitaan tässä C. Kerbrat-Orecchionin teorian mukaan. Tämä ranskalainen kielitieteilijä luokittelee adjektiivit objektiivisiin ja subjektiivisiin; subjektiiviset jakautuvat edelleen affektiivisiin…
Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects
2012
The aim of this paper is to analyze the relationship between labor market flexibility and unemployment outcomes. Using a panel of 97 countries from 1985 to 2008, the results of the paper suggest that improvements in labor market flexibility have a statistically and significant negative impact on unemployment outcomes (over unemployment, youth unemployment, and long-term unemployment). Among the different labor market flexibility indicators analyzed, hiring and firing regulations and hiring costs are found to have the strongest effect.
How costly are debt crises?
2011
The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years. The results also suggest that debt crises tend to be more detrimental than banking and currency crises. The significance of the results is robust to different specifications, identification and endogeneity checks, and datasets.