Search results for " Financial crisis"
showing 10 items of 35 documents
Il credito alle imprese nell’attuale congiuntura economico-finanziaria: dinamiche di mercato e scelte organizzative bancarie
2014
This paper aims to examine the underlying causes of the sharp reduction in bank lending, which in turn is highlighting some structural weaknesses of Italian firms and financial system. The structure of this paper is as follows. Section 1 introduces the paper. Section 2 analyzes some drivers of the bank loans market in the current financial crisis. Section 3 examines the increasing role of standardized bank lending practices that have enlarged the organizational and strategic differences between transaction-based lending and relationship-based lending. Section 4 concludes.
Editorial
2016
The purpose of this special issue is to offer different perspectives on finance sustainability and to develop analytical frameworks for the analysis of the drivers of sustainability at a firm and industry level. Financial mechanisms, instruments, markets, risk management techniques, and business models are identified and their interactions are examined and discussed in the following papers.
Current challenges and prospective analysis of the Third Sector of Social Action (TSSA) in Spain
2020
This paper analyses the current conditions and future challenges faced by the Third Sector of Social Action (TSSA) in Spain to consolidate itself as an institutional sphere of sustainable welfare and as a strategic actor in the development of social policies. The empirical basis of this work has been obtained with the use of qualitative methods such as in-depth interviews, focus groups and the mixed method of Delphi. The use of these methods is aimed at interpreting TSSA leaders' discourses, the collective voice of Non-governmental organisations (NGO) managers and representatives, and the opinions of experts on: the nature and past development of the sector. This research was carried out un…
Some Considerations on the Sustainable Urban Development in Romania
2015
Abstract (Promoting an integrated approach is important for sustainable urban development. Most priorities identified during 2007-2013 were not achieved due to the global financial crisis, but also because of the lack of mature projects concerning regional development. As during the previous period, much development needs remain unresolved, including the level of high pollution in the urban areas, vacant, unused and degraded urban areas corresponding to the cities of Romania, as well as valuable resources of cultural heritage which are poorly capitalized. ROP continues during 2014-2020 with a strategic vision on regional development in Romania, contained in the 2007-2013 National Developmen…
Emerging Markets and the Global Financial Crisis
2010
Over the 1990s, crises developed in emerging markets and, while they did send shockwaves across the world, their effects were perceived mostly by other emerging markets.1 The domestic and international policy recommendations that followed focused on strategies to reduce this instability, seen as a threat to the world economy. At the end of the 2000s, the world seems to have gone upside down. The 2008/2009 global financial crisis started earlier in 2007 with a sharp rise in defaults on sub-prime mortgages in one of the most advanced nations, the US, and quickly spread through the interbank market to become an international credit and liquidity squeeze. The credit crisis involved other indust…
Credit derivatives e catena del valore del rischio di credito: le determinanti delle scelte di de-integrazione.
2013
This paper analyses the drivers of the credit risk transfer market in the credit risk value chain. The central line of my research is to explain why the credit derivatives market is a case of credit risk value chain disintegration. I examine the determinants that explain the use of credit derivatives by banks in the lending business. Transaction cost economics represents the starting point of my research. Competitive advantages of banking firms, standardization of information and financial instruments, financial regulation and shareholder value view help us understand the creation of credit risk transfer markets.
Innovazione finanziaria e instabilità: il trasferimento del rischio di credito
2011
This paper aims to point out the role of credit risk transfer market in the financial system. The advent of a credit risk market has profoundly altered the role of banking firms into one of asset originator and asset distributor rather than the asset holder. The traditional economics of banking has changed in an important way and the new business model has evolved as a result of financial innovation. The main results of the paper are that the lending process disintegration and the development of the credit risk transfer market represent a key element in the recent financial risis. Incentive structures faced by various agents in the financial intermediation chain also became dysfunctional. B…
Financial Fragmentation and Economic Growth in Europe
2015
Using industry data from Eurostat and applying the Rajan-Zingales methodology, we investigate the real growth effects of banking sector integration in the European Union. Our sample stretches from 2000 until 2012 and includes the phase of rapid financial integration before the global financial crisis as well as the following phase of financial fragmentation and bank deleveraging. We find evidence that banking sector integration had a more than four times stronger growth effect during the crisis than in normal times. Growth effects are also stronger in times of domestic bank deleveraging. We conclude that concerns of European policy makers about fragmentation in the European banking sector a…
How publicly quoted family business organizational behavior reflects financial crisis : a content analysis of the annual reports from 2008 to 2011
2012
The aim in this research is to analyze the strategic reactions the entrepreneurs in public traded family business take towards the global financial crisis. It is mainly based on a bilateral contextual structure: the internal context concerns the Entrepreneurial Orientation (EO) five-dimension theoretical framework (Lumpkin & Dess, 1996) under family business background; the external con-text refers to the global financial crisis as a macro environment. Hence, the re-search question can be concluded as “how the entrepreneurs in large publicly traded family firm organizational behavior, named EO, reflects the global financial crisis?” Furthermore, during the analysis process, several assumpti…
Geometric Brownian Motion (GBM) of Stock Indexes and Financial Market Uncertainty in the Context of Non-Crisis and Financial Crisis Scenarios
2022
The present article proposes a methodology for modeling the evolution of stock market indexes for 2020 using geometric Brownian motion (GBM), but in which drift and diffusion are determined considering two states of economic conjunctures (states of the economy), i.e., non-crisis and financial crisis. Based on this approach, we have found that the GBM proved to be a suitable model for making forecasts of stock market index values, as it describes quite well their future evolution. However, the model proposed by us, modified geometric Brownian motion (mGBM), brings some contributions that better describe the future evolution of stock indexes. Evidence in this regard was provided by analyzing …