Search results for "crisis"
showing 10 items of 860 documents
Operational Programmes - Tools to Combat Economic Crisis
2013
Abstract This paper aims to present the state of implementation of operational programs 2007-2013 co-financed with structural instruments, to determine the level of absorption of these funds and the achievement of the strategic objectives set by European and national documents. The purpose of this analysis is to identify weaknesses and strengths that Romania has in this area and how it is likely to increase the success of absorption rate of EU funds. All these aspects are very important, as structural funds are considered an important tool in combating the effects of the financial crisis on the Romanian economy.
Evaluation of the Financial Threat Scale (FTS) in four european, non-student samples
2015
Abstract The Financial Threat Scale (FTS) was designed to assess levels of fear, uncertainty, and preoccupation about the stability and security of one's finances. In previous research with Canadian university students, it was shown that the FTS was a psychometrically sound measure, associated with failing personal financial conditions, threat-related personality characteristics, and depreciated psychological health. The present investigation further examines the FTS in a diverse set of non-student European samples. Data were collected in four countries using a self-report questionnaire which included measures of ones’ financial situation, personality, and psychological health. Results were…
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%.
The real effect of financial crises in the European transition economies1
2010
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 a propagator than a crises absorber, while the IMF c…
Financial crises in historical perspective: Parallels between the past and present
2014
The outbreak of the financial crisis in 2007 has increased the interest in the study of financial history and, mainly, from compared studies on international financial crises. To this end, Investigaciones de Historia Economica-Economic History Research has set out to publish a special issue, welcoming the research on past financial crises into its pages. This issue consists of five papers, summarized in this introduction, that revolve around three large topics: the significance of sources and their use to understand the origin of financial crisis as well as their regulatory consequences; comparisons between major crises, and the study of financial crises’ causes and the measures taken to ri…
Effects of the degree of financial constraint and excessive indebtedness on firms’ investment decisions
2021
Abstract The aim of this paper is to provide empirical evidence of the importance of financial variables in explaining differences in investment rates among firms. The main contributions of the study are twofold: the use of a variable that approximates the degree of financial constraint, and the effect of indebtedness on investment is allowed to be non-linear. The empirical application to the case of Spain is of interest because of the large proportion of SMEs among Spanish firms (SMEs being highly dependent on bank financing) and the drastic tightening of credit conditions in Spain during the banking crisis. The results provide evidence of the impact of financial constraints on firms’ inve…
Credit Risk Disclosure Practices in the Annual Financial Reporting of Large Italian Banks
2019
Risk disclosure in banking is particularly important for the efficacy of market discipline, the assessment of bank performance, the efficiency of the financial market, and the overall stability of the financial system. The European banking union and the financial crisis have enhanced the strategic role of credit risk disclosure in banking. The topic of this chapter is the evaluation of credit risk disclosure practices in banks’ annual financial reporting. The empirical research is conducted on a sample of ten large Italian banks. The authors employ content analysis and provide a hybrid scoring model for the assessment of credit risk disclosure. The chapter provides empirical findings which …
The Real Effect of Financial Crises in the European Transition Economies
2009
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 a propagator than a crises absorber, while the IMF c…
Crisis perception in financial media discourse:a concrete application using the Minskian/mainstream opposition
2014
Purpose– The purpose of this article is to highlight the need for renewed collaborative efforts between linguists and economists to develop a multidisciplinary approach to discourse studies to single out, in the case at hand, how financial media discourse might reflect either a prevailing mainstream or a Minskian conceptual apparatus in financial crisis related papers.Design/methodology/approach– The paper conducts exploratory research by focusing on semantic analysis, so as to indicate how the latter might possibly indicate a shift in the prevailing framework in contemporary financial media discourse. After a clear exposition of a theoretical dichotomy between the Minskian and mainstream a…
Forecasting Financial Crises and Contagion in Asia Using Dynamic Factor Analysis
2009
In this paper we use principal components analysis to obtain vulnerability indicators able to predict financial turmoil. Probit modelling through principal components and also stochastic simulation of a Dynamic Factor model are used to produce the corresponding probability forecasts regarding the currency crisis events affecting a number of East Asian countries during the 1997-1998 period. The principal components model improves upon a number of competing models, in terms of out-of-sample forecasting performance.