Search results for "Financial Crisis"
showing 10 items of 200 documents
DETERMINANTS OF PROFITABILITY IN SPANISH FINANCIAL INSTITUTIONS. COMPARING AIDED AND NON-AIDED ENTITIES
2015
The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue component…
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…
Changes in Young Europeans’ Values During the Global Financial Crisis
2019
We investigate the impact of the global financial crisis (GFC) on the personal values of youth and young adults (age 16–35 years) from 16 European countries. Using time series cross-sectional data from seven waves (2002–2014) of the European Social Survey, we examined (1) whether the GFC led to value shifts between cohorts of young people and (2) whether welfare state provision moderate the expected value shifts. Multilevel analyses showed that, following the GFC, the importance of security, tradition, benevolence, and, to a lesser extent, conformity values increased. In contrast, hedonism, self-direction, and stimulation values decreased. In line with our moderation hypothesis, power, and…
Internal Public Audit in the Financial Crisis Context
2013
Abstract The financial crisis effects have left their mark on the area of internal audit, but the attention on the responsibility that internal auditors could have in preventing the onset of such a crisis is quite low. Audit plays a vital role in the entities functioning by contributing to economic credibility. In this paper we have presented the role and objectives of internal audit, the organization and activity of internal audit in local government in Romania, the outsourced system and how it helped in preventing and/or managing the economic downturn.
Diritti sociali, istituzioni, risorse e la sfida dell'effettività
2019
This article concernes the effects of the financial and economic crisis on the effectiveness of social rights and on the sustainability of social spending. The Author discusses the relationship between rights and resources and between rights and institutions in order to deepen the factors that produce inequality in EU and in its member states. The article revises the European Pillar of Social Rights, criticizing the lack of innovative content ant its impossibility to found the revival of a social Europe
Conclusion and Discussion
2021
It would seem that European Politics are currently enrolled in a constant flux of uncertainty and anxiousness. The Institutional Matrix and Community of states that make up the Union seemingly cannot catch a break as they meander through a succession of crises and challenges. These are taking their toll on the EU, its unity in decision making, and countries’ commitment to ever closer Union. The sovereign debt crisis and so-called Greek Euro Crisis shook the tacit belief in the current economic architecture of the bloc and questioned the belief in intra-European solidarity. Shortly thereafter, the refugee crisis saw European States adopt ad hoc and sometimes contradictory measures for border…
Effects of the Italian financial crisis on the photovoltaic dissemination in a southern city
2013
Abstract The aim of this paper is to estimate how the profitability of grid-connected PV (photovoltaic) systems may vary month by month due to the changes in all parameters involved in the economic evaluation (discount rate, PV electricity selling price, inflation rate, price of PV devices etc.). The effects of these variations were investigated for a district of a city in the South Italy (Palermo). The results of the analysis provided the trend of the actual coverage of the district power demand from June 2010 to August 2012. In particular the load match index, which considers the daily energy demand covered by PV systems, ranged from almost 30% to less than 12%, which is less than the val…
The information content of Eonia swap rates before and during the financial crisis
2013
Abstract Before August 2007, implied forward rates in the overnight interest swap rates closely reflected market expectations about the future path of the Eonia, and therefore, about the future course of the ECB’s monetary policy stance. Nevertheless, this link was weakened considerably during the most acute episode of the financial crisis. Using the expectations hypothesis of the term structure as a benchmark model for the determination of the overnight interest swap rates, we find that after May 2010 the monetary transmission mechanism was partially restored when the ECB implemented various ‘unconventional measures’ in response to the financial crisis. On the contrary, liquidity and credi…
ECR2 Economic Crisis: Resilience of Regions
2014
The picture of the economic situation in Europe resulting from the crisis that began in 2008 looks rather asymmetrical and diverse with regions that were not or hardly touched by the crises at all, with regions that were touched but that seem to recover rather progressively and with regions that still suffer quite a lot from the crisis. The fast and successful recovery of some particular regions strikes the eye and raises the question of what is behind this success. The economic crisis and recovery are at the core of all recent policy initiatives that set the framework for territorial development and cohesion policy. The objective of this project is to expose territorial evidence that suppo…
Systemic financial crises and the housing market cycle
2017
Using quarterly data for a group of 20 industrialized countries and both continuous- and discrete-time duration models, we show that financial crisis recessions are associated with a two- to three-fold increase in the likelihood of the end of a housing boom. Additionally, recessions preceded by booms in mortgage credit are especially damaging, as their occurrence coincides with an increase in the duration of housing market slumps of almost 90%.