Search results for "Crises"
showing 10 items of 54 documents
L'apport du sentiment de l'investisseur dans l'explication des crises boursières : Une analyse en données de panel
2011
Un debat tres anime portant sur le lien entre les aspects comportementaux des investisseurs et les marches financiers s’est largement developpe au cours de la derniere decennie. La presente etude teste l’impact du sentiment de l’investisseur sur un panel de marches boursiers internationaux. Nous etudions l’influence du sentiment de l’investisseur sur la probabilite de survenance des crises boursieres. Nos resultats montrent que les crises boursieres sont precedees de periodes de montee de l’euphorie des investisseurs.
Intranasal midazolam for treating acute respiratory crises in a woman with stiff person syndrome.
2020
Stiff person syndrome (SPS) is a rare neurologic disorder characterized by progressively worsening rigidity and spasms of the axial and limb muscles. Dyspnea has been recently recognized as a common symptom in SPS,1 and life-threatening respiratory crises have been occasionally reported and suspected to be responsible for sudden death in these patients.2,3 The pathophysiologic mechanisms of these respiratory manifestations remain unclear. Some authors have hypothesized that rigidity and/or spasm of the muscles of the trunk could prevent normal rib cage movements and excursion of the diaphragm.1
Climate fluctuations and trajectories to complexity in the neolithic: towards a theory:
2009
Theories about the emergence and spread of farming in western Eurasia have a long research history. Occasionally, climate fluctuations have served as explanations for short-term culture change. However, the entire Holocene climate fluctuation sequence has so far not been regarded. First steps towards a theory which combines the successive stages in Neolithization and early to Mid-Holocene climate fluctuations are described.
The Consequences of Banking Crises for Public Debt
2010
The aim of this paper is to assess the consequences of banking crises for public debt. Using an unbalanced panel of 154 countries from 1980 to 2006, the paper shows that banking crises are associated with a significant and long-lasting increase in government debt. The effect is a function of the severity of the crisis. In particular, for severe crises, comparable to the most recent one in terms of output losses, banking crises are followed by a medium-term increase of about 37 percentage points in the government gross debt-to-GDP ratio. Measuring the increase in debt in this manner seems more appropriate than some of the measures used in the literature that have provided off-quoted and very…
Contingent convertible bonds for sovereign debt risk management
2015
We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign's creditworthiness breaching a distress threshold. This financial innovation limits ex-ante the likelihood of debt crises and imposes ex-post risk sharing between creditors and the debtor. Drawing from literature on contingent contracts, neglected risks, and bank CoCo, we extend prevailing arguments in favor of sovereign CoCo (S-CoCo). We discuss issues relating to their design: which market trigger, market discipline and sovereign incentives, and errors of false alarms or missed crises, and provide supporting evidence with eurozone data and a simple simulation on t…
Banking Crises and Output Losses in Developing Countries: The Role of Structural and Policy Variables
2010
The aim of this work is to assess the short and medium term impact of banking crises on developing economies. Using an unbalanced panel of 159 countries from 1970 to 2006, the paper shows that banking crises produce significant output losses, both in the short and in the medium term. The effect depends on structural and policy variables. Output losses are larger for relatively more wealthy economies, characterized by a higher level of financial deepening and larger current account imbalances. Flexible exchange rates, fiscal and monetary policy have been found to be efficient tools to attenuate the effect of the crises. Among banking intervention policies, liquidity support resulted to be th…
Crises, Labor Market Policy, and Unemployment
2013
Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of financial crises is less pronounced but more persistent in countries with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term.
Banking Crises, Labor Market Reforms and Unemployment
2013
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 …
Misrecognizing Asylum. Causes, modalities and consequences of the crisis of a fundamental human right.
2017
The so-called contemporary refugee crisis can be defined as a European “right to asylum crisis”, a crisis of its fundamental principles: the protection of asylum seekers’ rights and the related principle of non-refoulement. Modalities and trends marking the recognition of asylum applicants as refugees, and of migrants as asylum seekers, will be considered along with the current implementation of the notion of a “safe country” within the context of EU texts on migration developed since 2015. This “right to asylum crisis” is then briefly analyzed as both a symptom and a cause of the European Union project’s wider political and cultural crisis.