Search results for "Financial Crisis"
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Annals of the 'Constantin Brrncuui' University of Targu Jiu: Letters and Social Sciences Series No. 3/2014 (Analele Universitatii 'Constantin Brancus…
2014
English Abstract: In this issue are included scientific articles who debate problems from social science fields: globalization, European Union, Entrepreneurial, Romanian fiscal decision, development, human resources, excess power, educational climate, heritage, financial crisis, Mircea Eliade, Teaching, urban development, consolidation of democracy, contemporany Romanian state, nato's cyber security, capital structure, India."Constantin Brancusi" University Annals from Targu Jiu, Letters and Social Sciences Series is published by "Academica Brâncusi" Press of "Constantin Brancusi" University from Targu-Jiu, a state university, institutionally certified. The journal includes articles from th…
The Spanish Case: The Housing Market Bubble and External Disequilibria
2013
The chapter recalls the major issues at stake in the Spanish economy since 1996, a time when financial markets started to discount the Spanish entry into the Eurozone. We start with a brief analysis of the most recent economic developments, and the current macroeconomic imbalances. As of 2007, the Spanish economy underwent its worst period in recent history, since the Stabilisation Plan was implemented in 1959. When 2008 came, however, what was most worrying was the sense of disarray that the Government projected: it simply took measures against the global financial crisis, as though this were the major, and indeed, the only crisis to cope with. Nevertheless, what affected the Spanish econo…
Sovereign Debt Litigation in Argentina: Implications of the Pari Passu Default
2015
On 31 July 2014, Argentina defaulted on its sovereign bonds for the second time in the 21st century. It was also its eighth default since independence1; at such frequency, this was perhaps not an especially noteworthy event. What made it so extraordinary was not that another domestic financial crisis triggered the payment default, but rather an injunction handed down by a federal district court in New York. However, despite public outrage, the wider impact of this decision is likely to be limited. That is even more so if reforms that have already started continue to be implemented. The case dates back to Christmas Eve 2001, when the interim Saa administration declared a payment suspension o…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Banking Crises and Short and Medium Term 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…
Child Protection in Mediterranean Countries: Italy and Greece
2023
Abstract This chapter explores the child protection systems in Italy and Greece. Both countries have to deal with immigrant children due to the conflict between the rights of minors and immigration laws on control and defense. In Italy, the child protection system is the result of a patchwork of norms and regulations addressing different societal demands and pressures. Family and cash-transfers are fundamental factors in Italy’s child welfare system. Greece, on the other hand, has adopted fragmented measures and policies connected with financial benefits, income support, social security, social care for disabled people, and rehabilitation for children at risk. The chapter also notes how the…
Imbalanced Job Polarization and Skills Mismatch in Europe
2016
Abstract This paper considers the education of the labour force based on an analysis of trends in and the relationships between job polarization and skills mismatch. Both job polarization and skills mismatch have become topics of increasing interest, but relationships between the two have been relatively neglected in the literature. We argue that the relationship between polarization and skills mismatch is an empirical matter, which we analyse at both the macroeconomic and microeconomic level in European countries. A novel job polarization index (JPI) is proposed to measure imbalanced job polarization. It takes into account not only the change in the share of medium-level jobs, as is typica…
Identifying Resilient and Non-Resilient Labour Conditions in Europe Using Qualitative Comparative Analysis
2016
Based on the concept of labour market resilience, this paper is aimed to determine the combination of initial conditions behind resilient and non-resilient labour markets after the financial crisis in 2008 in Europe. We start from the assumption that some initial conditions in 2007 are crucial to achieve a specific labour result when a shock appears. In this sense, the effect of temporary employment in cyclical sectors, labour market flexibility, the level of education among the workforce, and the expenditure on Labour Market Policies (LMP) have been tested using crisp-set Qualitative Comparative Analysis (csQCA) in 25 European countries. Whilst our results do not explain labour market resi…
Unemployment Transitions to Stable and Unstable Jobs Before and During the Crisis
2014
Using administrative records data from Spanish Social Security, we analyse the pattern and the determinants of individual unemployment benefit spell durations. We compare a period of expansion (2005-2007) and the recent recession (2009-2011), allowing us to determine the impact of the current crisis. In line with the duality that characterizes the Spanish labour market, we distinguish between exits to a stable job and exits to an unstable job. We estimate a Multivariate Mixed Proportional Hazard Model for each time period. We find similar effects of the crisis for stable and unstable jobs, which are particularly strong in the first year of the spell. Moreover, slight negative duration depen…
A comparative statistical analysis between the italian local banks, the effects of the financial crisis on funding and credit policies
2014
This work intends to carry out a comparative statistics between Italian banks (both co-operative banks that banks) about their economic and corporate profiles in the period immediately before (2006-2007) and in the immediate aftermath (2008- 2011) to the international financial crisis. In this way, we will try to investigate whether the global economic shock caused any differences between these banks in their funding policies, credit policies.