Search results for "FINANCIAL CRISIS"

Silvio’s Party

2015

Italy is going through a new crisis in its party system comparable in many respects to the one that brought down the First Republic at the beginning of the 1990s. On 12 November 2011, against the background of a global economic and financial crisis that hit the southern countries in the euro zone particularly severely with Italy according to the experts threatened with bankruptcy in the same way as Greece and Portugal, Silvio Berlusconi, under pressure from Brussels and the financial markets, was forced to tender his resignation as Italy’s Prime minister. A few days later, the President of the Republic, Giorgio Napolitano, appointed Professor Mario Monti who quickly put together a governmen…

The IMF Lending Activity – A Survey

2014

Abstract This paper presents the evolution of the IMF lending arrangements approved between 1953-2013. The study covers both non-concessional and concessional loans. The findings show that the volume of the IMF loans has fluctuated significantly and the value of the IMF lending has increased over a period of economic or financial crisis, as the debt crisis of the 1980s, the Tequila crisis in 1994-1995, the Southeast Asia crisis in 1997-1998, Russia in 1998, Brazil in 1998-1999 and Argentina in 1999-2002 or the global financial crisis since 2008.

CHANGES IN THE EUROPEAN CENTRAL BANK (ECB) APPROACHES IN MATTERS OF MONETARY POLICY AFTER THE OUTBREAK OF THE INTERNATIONAL FINANCIAL CRISIS

2012

The problem of monetary policy is a current one, given the fact that now, through this component of the economic policy, the monetary authority of each state tries to solve the problems considered essential for each economy separately. Through this article I have tried to capture the major changes regarding the implementation of the ECB's monetary policy before and after the outbreak of the international financial crisis. Following the analysis I have shown that the monetary policy of the ECB is not a constant one in its actions and instruments used but it is adapted to a conjuncture context through which the European economy is passing through. Therefore, in this paper I have broadly shown…

Differences in wage determination in the Eurozone: A challenge to the resilience of the common currency

2019

Abstract Different developments in wages and unit labor costs across countries can reduce the synchronization of business cycles within a currency area and therefore be a potential source of asymmetric shocks and/or asymmetric response to a common shock. In this paper, we use novel econometric methods to identify differences and similarities in wage determination across Eurozone countries. Results show that wages have different determinants across euro area countries, among which two relatively distinct groups can be identified. In particular, wages in Germany, Austria, Belgium, Luxembourg, the Netherlands and Finland behave more similarly, are less sticky and respond more to macroeconomic …

Stock Market Integration and the Global Financial Crisis

2014

We study the dynamics of stock market integration and its consequences during the recent financial crisis for twenty-three developed and sixty emerging markets. We find that integration increased slightly for emerging markets but decreased for developed countries during the crisis. Moreover, we argue that the high degree of integration propagated the crisis across the global financial markets at the beginning of the crisis, but it had little effect during the crisis. We also find that integration is mostly affected by financial openness, the institutional environment, and global financial uncertainty but that these determinants vary slightly between emerging and developed markets.

The need for a special restructuring procedure for insolvent entrepreneurs due to SARS-CoV-2

2020

This text refers to the need for simple restructuring proceedings for entrepreneurs due to the crisis caused by the coronavirus epidemic. Some countries may be more deeply affected by the crisis, others may be more resilient to economic shocks. The comments are abstract. They do not refer to any particular legal system. Their purpose is to provoke a general discussion on the need to introduce into the legislation special rules regarding business insolvency as a result of the SARS-CoV-2 pandemic. The main assumption is as follows. The main purpose of insolvency law is to maximize creditors’ satisfaction. Meanwhile, in the event of a common, structural crisis, a more important value may be ma…

I credit derivatives nell’economia dei sistemi finanziari tra innovazione e criticità

2011

Il lavoro è volto a comprendere il ruolo degli strumenti credit derivatives nell’economia dei sistemi finanziari. I credit derivatives rappresentano una significativa forma di innovazione finanziaria che incide direttamente sull’attività degli intermediari finanziari e, in particolare, bancari. Il ricorso al mercato dei credit derivatives rende possibile il trasferimento integrale o parziale dei rischi di credito senza il contestuale trasferimento delle singole esposizioni creditizie. Ciò dischiude una varietà di scelte aziendali di de-integrazione della catena del valore dell’intermediazione creditizia e di diversificazione del portafoglio crediti che, tuttavia, non sempre conducono ad una…

economics in the mirror of the financial crisis

2011

The structure of the Chapter is as follows. In Section 2 I discuss some of the factors that may have played a role in causing the crisis and emphasise that supporters of different economic theories will assign different weights to each factor in their analyses. As a consequence, suggested economic policies are highly sensitive to the economic theory employed in evaluating the set of causes. In Section 3 I seek to defend economists from the common charge that their inability to foresee the crisis is a clear sign of the lack of scientific status of their discipline. In my view, the main liability of mainstream economics lies elsewhere, in its excessive trust on the self-equilibrating mechanis…

Metamorphosis of Euro Metaphors: The power of mathematical models and drama in economics storytelling.

2013

Retail banking in the aftermath of the financial crisis

2018

This thesis considers the effects of the global financial crisis that started in 2008 on the retail banking environment and on banks’ behavior during and in the aftermath of the crisis. The thesis consists of an introductory chapter and three empirical articles that use unique datasets on Finnish cooperative banks. The introductory chapter provides background and an overview of the thesis and considers the effects of the crisis on retail banking from an overall perspective. The empirical articles investigate the roles of a competitive environment, a low interest rate environment, and relationship banking during the crisis and in the post-crisis period. The first article looks at whether the…