Search results for "Financial crisi"
showing 10 items of 202 documents
Institutions, crises, and political confidence in seven contemporary democracies. An elite-mass analysis
2017
There is ample consensus in the literature that institutional confidence by the public is needed in democracies and at the same time elites, particularly political elites, need to share this confidence in their guidance of state institutions, if political stability in established democracies and the consolidation of new democracies are desired. The research takes the form of a quantitative analysis based on the World Values Surveys and the elite surveys (parliamentarians) conducted in 2006 (before the financial crisis) and in 2012–2013 (post the crisis when apparently, the worst of the economic crunch had lessened up) in the 7 countries selected. We explore what lies at the base of politica…
Trend Switching Processes in Financial Markets
2010
For an intriguing variety of switching processes in nature, the underlying complex system abruptly changes at a specific point from one state to another in a highly discontinuous fashion. Financial market fluctuations are characterized by many abrupt switchings creating increasing trends (“bubble formation”) and decreasing trends (“bubble collapse”), on time scales ranging from macroscopic bubbles persisting for hundreds of days to microscopic bubbles persisting only for very short time scales. Our analysis is based on a German DAX Future data base containing 13,991,275 transactions recorded with a time resolution of 10− 2 s. For a parallel analysis, we use a data base of all S&P500 stocks …
Inequality and economic growth across countries of the Eurozone
2018
The EU economic recovery after the financial crisis is being accompanied by sluggish and unsteady growth with high levels of inequality. The relationship between income inequality and the rate of economic growth still remains a controversial issue with discrepancies in the results reported in many empirical and theoretical studies of growth and development. We explore the impact of income inequality, poverty, and wealth on the rate of economic growth in the Eurozone. We find that the effect of income inequality on economic growth is statistically insignificant, whereas poverty and savings have a negative, statistically significant effect on growth, while the effect of financial assets is po…
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…
COVID-19 Drives Consumer Behaviour and Agro-Food Markets towards Healthier and More Sustainable Patterns
2020
This study examines the extant state of research into our understanding of the impact of the coronavirus pandemic in its early stages on food-purchasing behaviour. As such, it includes a summary and categorisation of the findings, extending to consumption preferences worldwide. After the indiscriminate stockpiling of food, which was witnessed in many countries following the implementation of the lockdown, the impact of COVID-19 (COronaVIrus Disease-2019) on consumer habits has inversely varied in function of personal attitudes, individual and household experiences, and characteristics. Specific contexts, and the financial, economic, and logistic nature of these contexts, have also been foun…
Evolución de los riesgos ambientales en el contexto de la crisis económica. Informe SESPAS 2014
2014
ResumenNuestro objetivo es analizar el impacto de la crisis económica-financiera en los determinantes ambientales de la salud. La Organización Mundial de la Salud estima que entre un 13% y un 27% de la carga de enfermedad de los países podría prevenirse mejorando el medio ambiente. Los efectos son de mayor magnitud en poblaciones más vulnerables, en especial entre los más pobres. En la última década, la contaminación atmosférica exterior (el riesgo ambiental más relevante, en términos de salud, para la mayoría de los países europeos) se ha reducido moderadamente, sobre todo por las políticas europeas de reducción de emisiones y por la disminución de la actividad con la crisis económica. En …
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.
Risk Management for Sustainable Sovereign Debt Financing
2021
We model sovereign debt sustainability with optimal financing decisions under macroeconomic, financial, and fiscal uncertainty, with endogenous risk and term premia. Using a coherent risk measure we trade-off debt stock and flow risks subject to sustainability constraints. We optimize static and dynamic financing strategies and demonstrate economically significant savings from optimal financing compared with simple rules and consols, and find that optimizing the trade-offs can be critical for sustainability. The model quantifies minimum refinancing risk and maximum rate of debt reduction that a sovereign can achieve given its economic fundamentals, and an extension identifies optimal timing…
Monetary Policy and the Exchange Rate During the Asian Crisis: Identification Through Heteroscedasticity
2003
This paper examines whether a monetary policy tightening (i.e., an increase in the domestic interest rate) was successful in defending the exchange rate from speculative pressures during the Asian financial crisis. We estimate a bivariate VECM for four Asian countries, and improve upon existing studies in two important ways. First, by using a long data span we are able to compare the effects of an interest rate rise on the nominal exchange rate during tranquil and turbulent periods. Second, we take into account the endogeneity of interest rates and identify the system by exploiting the heteroscedasticity properties of the relevant time series, following Rigobon (2002). We find that while ti…
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 …