Search results for " Crisis"
showing 10 items of 561 documents
Digitalization and sustainability: virtual reality tourism in a post pandemic world
2022
The government-imposed COVID-19 pandemic control measures brought the tourism sector to a complete halt. However, virtual reality (VR) tourism offered people a way to escape the isolation. Media reports and research have noted heightened activity in VR tourism, which has been touted as “alternative tourism” and “eco-tourism”. However, scholars have yet to determine whether this shift is temporary or will persist after the pandemic is over. Questions also remain regarding the factors driving this behaviour. The present study uses stimulus-organism-response theory (SOR) to propose a sequential mechanism of the interplay of antecedents and outcomes, theorising VR tourism as a sustainable touri…
DISTRIBUTISM - WAY FOR SUSTAINABLE ECONOMIC RECOVERY
2013
As history of the last centuries has shown, the capitalism and the communism are generating economic crisis, in connection with a deeper crisis, i.e. the spiritual crisis, driven by the tendency of man’s massification,, by which his spiritual qualities are strongly tainted over time. Distributism, promoting widespread ownership of productive ownership, is the only economic frame adequate to the anthropology of the person, namely of a true man.
Monetary Policy and the Exchange Rate During the Asian Crisis: Identification Through Heteroscedasticity
2003
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 (2002). We find that while ti…
Portfolio diversification in the sovereign credit swap markets
2018
We develop models for portfolio diversification in the sovereign credit default swaps (CDS) markets and show that, despite literature findings that sovereign CDS spreads are affected by global factors, there is sufficient idiosyncratic risk to be diversified. However, we identify regime switching in the times series of CDS spreads and spread returns, and the optimal diversified strategies can be regime dependent. The developed models trade off the CVaR risk measure against expected return, consistently with the statistical properties of spreads. We consider three investment strategies suited for different CDS market participants: for investors with long positions, speculators that hold unco…
The Real Effect of Financial Crises in the European Transition Economies
2010
Working Paper GATE 2009-20; International audience; The aim of this work is to assess the impact of financial crises on output for 11 European transition economies (CEECs). The results suggest that financial crises have a significant and permanent effect, lowering long-term output by about 17 percent. The effect is more important in smaller countries, with relative higher dependence on external financing, and in which the banking sector noticed more important financial disequilibria. We also found that fiscal policy measures have been the most efficient tools in dealing with the crises, while the role of monetary policy instruments has been rather blinded. Exchange rate resulted to be more …
Le due crisi: crisi del capitalismo e crisi ambientale. Una soluzione sostenibile?
2015
Le due crisi in titolo sono due facce di una stessa medaglia; e il tema verrà trattato su questa rivista in due parti divise solo al fine di agevolare la lettura. Nella Parte I si evidenzia come la crisi ambientale derivi dal generale rapporto di predazione e spoliazione delle risorse naturali, caratteristico del modo capitalistico di produzione e consumo; ancor più devastante nella sua attuale fase “iperliberista”. I danni sociali della crisi economica sono drammaticamente evidenti alla maggior parte dell’opinione pubblica – la critica alle attuali teorie e modelli economici sarà oggetto della Parte II – mentre le altrettanto drammatiche conseguenze della crisi ambientale faticano a diveni…
La acción social ante la crisis global
2010
La crisis global exige profundas mutaciones en todos los subsistemas de la sociedad, y requiere de nuevas conceptualizaciones, mapas conceptuales y transiciones técnicas en el ámbito de la intervención social. A partir de las convulsiones del Estado de Bienestar, de las reducciones presupuestarias, del aumento de las demandas en situación de emergencia, de las exigencias de la cultura actual del derecho y de los procesos de mundialización, se recrea el lugar de la acción social: como atención a las privaciones, despliegue de las capacidades y fomento de la acción conjunta. Asimismo, se necesita abrir la acción social a distintos actores: al Estado con sus administraciones, al mercado con su…
Better Access to Terminology for Crisis Communications
2016
International audience; Crisis management depends on efficient communications with professional staff and with people who are affected by the crisis. The correct interpretation of general language and technical terms is crucial to take good actions and to save valuable time. To reduce the risk of misunderstandings we need a well-established crisis management terminology. Several collections of terms have been prepared for hazard areas such as pollution, radiation, fire safety, and dangerous goods. Today such terminologies can be provided on different websites, depending on how the national crisis management is organised. This distribution and a variation of different formats and user interf…
How Do Institutions Affect Structural Unemployment in Times of Crises?
2012
This paper examines the effect of economic crises on structural unemployment using an Autoregressive Distributed Lags model and accounting for the role of institutional settings on an unbalanced panel of 30 OECD economies from 1960 to 2006. We found that downturns have, on average, a significant positive impact on the level of structural unemployment rate. The maximum impact varies with the severity of the downturn. Institutions (such as employment protection legislation, average replacement ratio and product market regulation) influence both the extent of the initial shock and the adjustment pattern in the aftermath of an economic downturn.
Crisis and credit: social and political challenges of the Malian tea market
2020
This article examines the manifold facets of crisis situations in Mali since the 1990s. Most prominent was la crise, the political crisis of 2012 that resulted from the rise of armed separatist gro...