Suchergebnisse

In the aftermath of the economic crisis of 2008 it is important to ask what ethics has to say to the many stakeholders in the U.S. economy. The crisis in the financial industry, precipitated by the bursting of a bubble in the housing sector, brought the U.S. economy to the brink of a major depression. Government officials, economists and financial executives intervened to implement measures to mitigate the damage, applying their expertise and using their best judgments to rescue the economy. The actions they took required technical competence, pragmatic judgments and controversial decisions.

Intro -- EUROPEAN RESPONSE TO THE FINANCIAL CRISIS -- EUROPEAN RESPONSE TO THE FINANCIAL CRISIS -- CONTENTS -- PREFACE -- Chapter 1 COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN COUNCIL: A EUROPEAN ECONOMIC RECOVERY PLAN -- 1. INTRODUCTION -- A. European Economic Recovery Plan -- 2. SUPPORTING THE REAL ECONOMY AND BOOSTING CONFIDENCE -- 2.1. Monetary and Credit Conditions -- 2.1.1. The Role of the European Central Bank and other Central Banks -- 2.1.2. The Role of Banks -- 2.1.3. The Role of the European Investment Bank and the European Bank for reconstruction and development -- 2.2. Budgetary Policy -- (1) It should be timely, temporary, targeted, and co-ordinated -- (2) It should mix revenue and expenditure instruments -- (3) It should be conducted within the stability and growth pact -- (4) It should be accompanied by structural reforms that support demand and promote resilience -- 2.3. Actions in the Four Priority Areas of the Lisbon Strategy -- 2.3.1. Protecting Employment and Promoting Entrepreneurship -- (a) People -- (b) Business -- 2.3.2. Continuing to Invest in the Future -- (c) Infrastructure and Energy -- (d) Research and Innovation -- 3. WORKING TOWARDS GLOBAL SOLUTIONS -- Keeping World Trade Moving -- Tackling Climate Change -- Supporting Developing Countries -- 4. CONCLUSIONS -- End Notes -- Chapter 2 THE FINANCIAL CRISIS: IMPACT ON AND RESPONSE BY THE EUROPEAN UNION -- SUMMARY -- OVERVIEW -- Financial Architecture -- Economic Performance -- THE FINANCIAL CRISIS AND THE EUROPEAN UNION -- PHASE I - BUILD-UP -- PHASE II - LIQUIDITY ISSUES -- Central Bank Operations -- Interest Rates -- Currency Swap Facilities -- Depositor Guarantees -- PHASE III - SOLVENCY AND DELEVERAGING -- The "European Framework for Action" -- "Bad Banks" -- PHASE IV - FISCAL INTERVENTION -- European Economic Recovery Plan -- Germany -- France.

The contributors provide an overview of developments in the affected countries during the 1997 Asian financial crisis; lessons learned and corrective measures taken; lessons learned by regional and international actors; how domestic, regional, and international politics have affected the outcomes; the identification of potential future problems, and levels of preparedness.

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has.

The global financial crisis as world politics -- Learning from the Great Depression -- From the first to the second U.S. postwar order -- Seeds of discord: the Asian financial crisis -- The new American model and the financial crisis -- The crisis and world politics -- The crisis and the international balance of power -- Conclusions, expectations, and speculations

This e-book explores the recent financial crisis. The first paper provides a clear and comprehensive account of how it has played out in Europe and of the resultant debate about its implications for banking regulation. The next two papers address the causes of the grave difficulties the banking industry has faced. Robert S. Clarkson raises some fundamental questions about both the theoretical foundations and the practice of modern finance and explains how important lessons can be drawn from actuarial science and the seminal work of Adam Smith. Robert Sollis deals with the calculation and inter

In dieser Dissertation werden drei Fragestellungen der Corporate Finance empirisch beantwortet. Kapitel 1 untersucht die negativen Auswirkungen auf Investitionen und Unternehmensfinanzierungsaktivitäten im Realsektor, die im Rahmen der Finanzkrise 2007-09 durch den Kollaps von drei führenden Investmentbanken hervorgerufen wurden. Unsere Ergebnisse zeigen, dass Firmen, die vor der Krise mit diesen Banken verbunden waren, signifikant niedrigere Investitions- und Finanzierungsaktivitäten nach der Krise aufweisen als Unternehmen, die vor der Krise keine Verbindung zu den jeweiligen Investmentbanken hatten. Die Effekte variieren systematisch mit den Charakteristika der Geschäftsbeziehungen zwischen Bank und Klient. Unsere Ergebnisse sind robust gegenüber mehreren Modellmodulationen und -erweiterungen als auch generell inkonsistent mit alternativen Erklärungsmöglichkeiten. Kapitel 2 untersucht die Bepreisung von impliziten Kreditrisiken in strukturierten Produkten. Unsere Ergebnisse zeigen, dass Investoren erst nach der Unternehmensinsolvenz von Lehman Brothers für das in strukturierten Produkten enthaltene Kreditrisiko entlohnt werden. Die Kompensation beschränkt sich auf Produkte ohne implizite Kreditabsicherung, d.h. auf Fälle ohne ausreichend positive Korrelation zwischen Produktauszahlungen und dem finanziellen Wohlstand des Emittenten. Wir argumentieren, dass Investoren erst durch die Insolvenz von Lehman Brothers gelernt haben, das in strukturierten Produkten enthaltene Kreditrisiko besser abzuschätzen. Vor der Finanzkrise als auch während der Finanzkrise aber vor der Insolvenz von Lehman Brothers werden Investoren demnach nicht für das Kreditrisiko entlohnt. Wir interpretieren dieses Ergebnis als Anhaltspunkt dafür, dass die Höhe der Kreditrisikokompensation nicht nur mit der Höhe des Kreditrisikos zusammenhängt, sondern vor allem mit dessen Salienz. Unsere Ergebnisse haben wichtige Implikationen für

"The Financial Crash that convulsed the world in 2008 had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators, taken in by the hubris of economics, declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted. In this compelling and explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and offers a realistic, monetary approach to economics that can warn of crises before they happen. He shows how ever-rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become "The Walking Dead of Debt", and those that are next in line to join them - including China, Canada and Australia. A major intervention by a fearlessly iconoclastic figure in modern political economy, this book is essential reading for anyone who wants to understand the true nature of the global economic system and the challenges facing it."

The global economic crisis and governance of human mobility / Bimal Ghosh -- 2. Migration and development linkages re-examined in the context of the global economic crisis / S. Irudaya Rajan and B. A. Prakash -- 3. The global economic crisis and impact on migration from South-Asian and South-East Asian countries : what are the lessons to be learned? / Vanessa Steinmayer -- 4. The effect of the global economic imbalance on migrant workers and economies of the Gulf Cooperation Council / Olga Marzovilla -- 5. The financial crisis in the gulf and its impact on South Asian migration and remittances / S. Irudaya Rajan and D. Narayana -- 6. The Dubai model and the impact of the financial crisis on South Asian migrant workers in the United Arab Emirates / D. Narayana and Vinoj Abraham -- 7. Global financial crisis and its consequences on migrants in Qatar : macro and micro perspectives / Hrushikesh Mallick and Udaya Shankar Mishra -- 8. Global financial crisis and the migrant labour market : a study of Kuwait / K. Pushpangadan and M. Parameswaran -- 9. Low-skilled Indian construction workers in the gulf, Singapore and Malaysia : return to India, reintegration and re-migration / Auke Boere -- 10. Impact of the global recession on migration and remittances : the Kerala experience / K.C. Zachariah and S. Irudaya Rajan -- 11. Global financial crisis and return of South Asian Gulf migrants : patterns and determinants of their integration into local labour markets / Vinoj Abraham and S. Irudaya Rajan -- 12. Inclusive growth and economic crises : labour migration and poverty in India / Arjan de Haan -- 13. Food inflation and financial crisis in India : impact on women and children / S. Mahendra Dev -- 14. Migration, human rights and development / S. Irudaya Rajan and Charles Nellari -- 15. Remittances and financial participation : a household-level analysis in Kerala / Deepa Iyer -- 16. International labour migration : global words, national leads and local deeds / S. Krishna Kumar -- 17. Broadening exchanges and changing institutions : multiple sites of economic transnationalism / S. Irudaya Rajan and V. J. Varghese.

We in the ASEAN Studies Centre at the Institute of Southeast Asian Studies in Singapore have compiled in this volume a lead article, five commentaries on it, and a previously published article about the current global financial crisis, its implications for ASEAN, and what ASEAN can do about it. We thus hope to contribute to the analysis of the crisis, to the mitigation of its impact, and to the search for an eventual solution. Such a solution necessarily entails transboundary cooperation, glo