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In July 1994, a stream of Rwandan refugees entered the southern part of North Kivu Region, Zaire. The public health consequences of this crisis for the host population and health services have not been analysed up to now. The lack of human and financial resources did not prevent Zairian health structures and personnel from taking care of the many refugees settled outside the camps, following their arrival. The public health consequences of the crisis for the local population should be considered an integral part of the disaster. ; Peer reviewed

"The international dynamic to which the global financial crisis has led in the international summit architecture offers a grand opportunity to effect the global governance reform that had begun so auspiciously in the period leading up to 2005, the year of UN reform, in order then to falter. Here the Heiligendamm Dialogue Process (HDP) can play an important role as a forum for intensive, policy-specific, and in-depth reform debates. The Heiligendamm Dialogue Process, created by the G8 in 2007, may play an important role as a forum for intensive, policy-specific, and in-depth reform debates, providing a contribution to giving North-South relations a new and more inclusive shape. The present paper analyses what results the HDP has generated thus far, inquiring into the conditions required if it is to be continued successfully. The paper offers suggestions for various reform scenarios, taking current global dynamics into account (in particular the G20 financial summit). The study is based on the premise that global problems like the financial crisis or climate change can be effectively addressed only with the aid of a more inclusive and representative coordination body at the top level of global governance." (excerpt)

Following the most recent global crisis, the necessity for a new structuring in which developing countries more actively participate in the processes of global governance has become a current issue. The aim of this paper is to offer answers to the question that how should be a governance model in which China, Turkey, Brazil, India and other G-20 countries are more active decision-makers, instead of an international monetary system dominated by the USA. Firstly, the cause of the crisis, that is, the fact that USD relatively ceased to be the reserve money will be analyzed. Secondly, the process of transformation in the IMF administration in a way to allow G-20 countries a more active participation will be addressed. Finally, Turkey's role in the restructuration of the global financial system -a process which had stemmed from the emergence of global governance through the integration of capital markets and excessive deregulation- will be analyzed, and policy recommendations for better global governance will be discussed.

International audience ; The article discusses about the objectively increasing the role of Government during post-crisis periods. In this aspect Governments realized their through following activites certain priorities: social sustainability and Innovation Policy, monetary policy and regulation of the banking system.Crisies usually have periodic character, that assumes the contents in effective situation mechanisms of their overcoming by timely response of their negative influence to social and economic processes. ; Հետճգնաժամային ժամանակահատվածներում օբյեկտիվորեն մեծանում է պետության դերը տնտեսական կյանքում: Վերջիններս իրենց գործունեությունն իրականացնում են՝ հիմնվելով որոշ գերակայությունների վրա, որոնցից հիմնական են համարվում սոցիալական կայունության և բնակչության սոցիալական լիարժեք պաշտպանության ապահովումը, դրամավարկային քաղաքականությունը և բանկային համակարգի կարգավորումը, նորաստեղծական ակտիվ քաղաքականությունը: Ճգնաժամերը պարբերական բնույթ են կրում, ինչը ենթադրում է, որ դրանց հաղթահարման կառուցակարգերը պետք է մշտապես լինեն գործուն վիճակում` նման երևույթներին ժամանակին արձագանքելու և սոցիալ-տնտեսական գործընթացների վրա ազդեցությունը մեղմելու համար:

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial crisis, which could be blamed on excessive financialization of the economy.

The world economic crisis started in 2007, when the real-state bubble bursted in United States. But it was just the beginning, like a trigger, in a very hard process, more and more complex as time goes on, during the last five years. The crisis behavior has shown its ability to mutate: it changes and takes new features, making each political response inadequate to the conditions of the crisis. So far, at the beginning of 2012, there has not been any satisfactory solution at hand, but the risks and challengers still remain at an extraordinary magnitude. Given its traits, this situation defies, if not the capitalism itself, like the dominating economic system all over the world, but at least the theoretical and ideological bases of the neoliberal version of it, during the last decades. This means, at the same time, a challenge to the neoliberal model that has been hegemonic in Costa Rica during the last twenty and eight years. ; La crisis económica mundial empieza en 2007, cuando estalla la burbuja inmobiliaria en Estados Unidos. Ese es el detonante que pone en marcha un proceso acumulativo, de creciente complejidad, que se extiende por ya casi cinco años, sin salida a la vista. La crisis se comporta como al modo de un organismo mutante: evoluciona y asume forma nuevas, de un modo tal como si quisiera burlar las respuestas de política a través de las cuales se la trata de poner bajo control. Al entrar a 2012, no solo no se ha alcanzado una solución relativamente satisfactoria, sino que los desafíos e incertidumbres, lejos de ceder, parecieran ser cada vez más acuciantes. Lo cierto es que una crisis con tales características pone en cuestionamiento, sino el capitalismo como sistema económico dominante a escala planetaria, cuanto menos los paradigmas teórico-ideológicos y las ejecuciones concretas al nivel de las políticas, las instituciones, la producción y el consumo, dominantes durante los últimos decenios a nivel mundial. Pero ello también convoca a un replanteamiento del modelo neoliberal de crecimiento vigente en Costa Rica durante los últimos veintiocho años.

We identify the connections between financial institutions from different sectors of the financial industry based on joint extreme movements in credit default swap (CDS) spreads. First, we estimate pairwise co-crash probabilities (CCP) to identify significant connections among 193 international financial institutions and explain CCPs with shared country and/or sectoral origin indicators. Second, we use network centrality measures to identify systemically important financial institutions. Third, we test if bailouts stabilized network neighbors and thus this financial system. Financial firms from the same sector and country are most likely significantly connected. Inter-sector and intra-sector connectivity across countries also increase the likelihood of significant links. Central network indicators based on significant CCPs identify many institutions that failed during the 2007/2008 crisis. Excess equity returns in response to bank bailouts are overall negative and significantly lower for connected banks.

The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and s.

Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial panics. He delivered sound public finances and financial stability. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to search for lessons from early U.S. history.

In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky's work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky's "financial instability hypothesis" (FIH), serves as yet another useful guide to explaining why regulation and supervision in the lead-up to the 2008 financial crisis were flawed - and why the approach to reregulation after the crisis has been incomplete.

PurposeSeveral studies have shown that economic shock and crisis trigger companies to move forward innovatively. This paper aims to compliment this research topic by investigating how SMEs activate their organization resilience to adapt to changes generated by a crisis, with specific focus on how digitalization is used as an opportunity on this road. COVID-19 pandemic provided the context to investigate this situation.Design/methodology/approachThe research approach combines literature review, quantitative data survey and data analysis and modeling using PLS-SEM. The quantitative data survey provided the database for building the structural equation model, exploring the structural relationships between the constructs and testing the hypotheses. Expert discussions contributed to the validation and interpretation of the results.FindingsThe model reveals that while organizational resilience has no direct effect on digitalization, combined with available resources, it realizes its indirect impact. Resilient companies require less external financial support to achieve their digitalization goals. The results also confirm that an uncertain environment encourages SMEs to go digital.Originality/valueSeveral research studies highlighted the importance of SMEs in recovery from crises. Knowing more about how they can be supported and what capabilities they should develop is essential. This research explores the relationship between organizational resilience, resource availability and digitalization for SMEs in crises like the COVID-19 pandemic, revealing the self-reinforcing effect of organizational resilience and the level of digitalization that was not previously studied.

Surging energy prices in recent years – worsened by the Russian invasion of Ukraine and geopolitical tensions – have caused much financial hardship, particularly among vulnerable groups. Policy changes are urgently needed to improve energy efficiency and resilience, writes Filip Mandys.
The post The impact of the European energy crisis: the case of Czech Republic appeared first on Bennett Institute for Public Policy.

Three years into the protracted Eurocrisis "all choices are ugly," as former British prime minister Tony Blair comments. Indeed, the high cost of bad options is prompting some to question whether Europe is worth saving the euro.Along with Tony Blair, the former Italian prime minister Romano Prodi as well as two of the best financial minds around—Nouriel Roubini and Mohamed el‐Erian—warn of the dire consequences of a euro breakup. One of France's most prominent philosophers, André Glucksmann, wonders whether the idea of a united Europe—a reaction to the horrors of World War II—can hold everyone together in the future when peace is the norm.

The depth of deprivation in the Third World & the concomitant series of human rights abuses have led to an increasing number of asylum seekers worldwide, as well as to skyrocketing financial & social costs. A global response to the dilemma is crucial because the ability of European states to absorb these costs is being severely tested, as is their ability to solve the social crises that prompt these massive waves of migration. It is argued that the right of asylum will prevail if it is based on a multilateral commitment to human rights. On the other hand, it will fail if European states adopt a policy of deterrence & restriction -- in reality, a way to abdicate responsibility. 3 Tables, 1 Figure. M. Maguire