PSN: International Financial Crises (Topic)最新文献_第8页

Regulatory Cycles: Revisiting the Political Economy of Financial Crises 监管周期:重新审视金融危机的政治经济学

PSN: International Financial Crises (Topic) Pub Date : 2016-04-01 DOI: 10.2139/ssrn.2772373

Jihad Dagher

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引用次数: 37

Financial Contagion: A New Perspective (and a New Test) 金融传染:一个新的视角(和一个新的测试)

PSN: International Financial Crises (Topic) Pub Date : 2016-04-01 DOI: 10.2139/ssrn.3139029

Matteo Cominetta

引用次数: 3

Are Firms in Corporate Groups More Resilient during an Economic Crisis? Evidence from the Manufacturing Sector in Poland 企业集团中的公司在经济危机中更有弹性吗?来自波兰制造业的证据

PSN: International Financial Crises (Topic) Pub Date : 2016-01-01 DOI: 10.7341/20161241

B. Jankowska, Katarzyna Mroczek-Dąbrowska, M. Gorynia, M. Dzikowska

{"title":"Are Firms in Corporate Groups More Resilient during an Economic Crisis? Evidence from the Manufacturing Sector in Poland","authors":"B. Jankowska, Katarzyna Mroczek-Dąbrowska, M. Gorynia, M. Dzikowska","doi":"10.7341/20161241","DOIUrl":"https://doi.org/10.7341/20161241","url":null,"abstract":"Corporate groups are specific types of business networks that generate particular advantages for firms. They allow corporates to reduce costs, develop the pool of resources and increase the flexibility of operations and responses to external shocks among others. The above mentioned benefits are of even greater importance during times of economic turbulence. Their involvement in a corporate group should theoretically allow firms to perform better. The aim of this study is to verify whether corporate group membership truly translated into a firm’s higher input competitiveness and a firm’s better performance during the recent economic crisis. First, we try to investigate if the input competitiveness is higher in the case of firms being members of corporate groups. Second, we test whether the involvement in a corporate group matters for the performance of the firms. Using critical in-depth literature studies and conducting the primary empirical research using the CATI (computer-assisted telephone interviewing) method we strive to verify the following hypothesis - the higher a company’s input competitiveness during the economic crisis, the better a competitive position the company achieves. The empirical research encompasses more than 700 corporates from the manufacturing sector in Poland during the global economic crisis and shortly afterwards. To investigate the issue we use the following methods of statistical analysis – cluster analysis, non-parametric tests and correlation coefficients. The results of the study show that firms involved in both Polish and international corporate groups were more resilient during the economic crisis than those which were not.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73296677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Minimum Wage and the Great Recession: Evidence from the Current Population Survey 最低工资与大衰退:来自当前人口调查的证据

PSN: International Financial Crises (Topic) Pub Date : 2015-12-01 DOI: 10.3386/w21830

Jeffrey Clemens

引用次数: 19

Income Distribution and Economic Crises 收入分配与经济危机

PSN: International Financial Crises (Topic) Pub Date : 2015-11-20 DOI: 10.2139/ssrn.2698582

B. Neyapti

{"title":"Income Distribution and Economic Crises","authors":"B. Neyapti","doi":"10.2139/ssrn.2698582","DOIUrl":"https://doi.org/10.2139/ssrn.2698582","url":null,"abstract":"This paper analyzes the relationship between income distribution and the severity of economic crises, where the severity is measured by the length and the depth of the recessions. Using an extensive panel dataset on income distribution and employing an event study framework, we find significant evidence that there is a negative association between the prevailing degree of income inequality and the severity of the recessions. In the case of high income countries that have bad income distribution, however, recessions are observed to be longer than the average. This observation is likely to result from the combination of the strong status-quo bias of the financially powerful income groups and the available means to redistribute towards the poor so as to help mitigate the pressures for reforms to improve income distribution via creative destruction. The longer period of recessions observed in developed countries than in less developed countries in the aftermath of the Great Recession is in support of this argument. The findings also reveal that recessions tend to be longer during the decade of the 1990s than the rest of the period studied. The evidence regarding the corrective effect on the recessions of accommodative fiscal or monetary policy stance, measured by the size of the government and the inflation rate, is observed to be only barely significant on average. With regard to the impact of recessions on income distribution, the evidence in the paper indicates that the post-crises income distribution worsens significantly with the length but improves with the depth of the preceding recession. We also note that, in addition to the persistence effect, the lack of monetary discipline worsens income distribution in the postcrises period significantly.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85989108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

An Agent-Based Model for Crisis Liquidity Dynamics 基于agent的危机流动性动力学模型

PSN: International Financial Crises (Topic) Pub Date : 2015-09-16 DOI: 10.2139/ssrn.2664230

Richard M. Bookstaber, M. Paddrik

引用次数: 19

Mobile Collateral Versus Immobile Collateral 流动抵押品与固定抵押品

PSN: International Financial Crises (Topic) Pub Date : 2015-07-29 DOI: 10.2139/ssrn.2638886

Gary B. Gorton, Tyler Muir

引用次数: 25

Restructuring and Forgiveness in Financial Crises C: The Swedish Banking Crisis of 1990-1994 金融危机中的重组与宽恕——1990-1994年瑞典银行业危机研究

PSN: International Financial Crises (Topic) Pub Date : 2015-07-15 DOI: 10.2139/SSRN.2723501

C. McNamara, Lars H. Thunell, Andrew Metrick

{"title":"Restructuring and Forgiveness in Financial Crises C: The Swedish Banking Crisis of 1990-1994","authors":"C. McNamara, Lars H. Thunell, Andrew Metrick","doi":"10.2139/SSRN.2723501","DOIUrl":"https://doi.org/10.2139/SSRN.2723501","url":null,"abstract":"In the Spring of 1992 the Swedish government faced a dilemma. The country was in the midst of an economic downturn stemming from the collapse of asset prices (especially in real estate) that had spiked as a result of a credit boom that followed the deregulation of the Swedish banking system in the mid-1980s. Initially the impact of the downturn on the country’s banks had seemed to be limited to a small number of specific firms that the government moved to assist on an ad hoc basis in 1991. However, evidence was mounting that the banking crisis was reaching a systemic level. Guided by such principles as the need for broad political consensus, prompt action, transparency, and the imposition of strict conditions including shareholder losses in exchange for support, the Swedish government crafted a response centered around a blanket guarantee of all bank liabilities, an immediate recognition of all bank losses, support for banks that was based on each bank’s specific financial condition and prospects, and the use of asset management companies to resolve the troubled assets of struggling banks. This approach, coupled with an improving economy, helped restore the Swedish banking system to profitability by 1995. While the fact that the Swedish banking sector of the early 1990s was much less complex than most major financial systems today cautions against drawing any firm conclusion about the appropriateness of deploying specific Swedish policy responses in new crises, the various principles that guided the Swedish response could well be of interest in addressing future systemic events.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"87 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87409062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

GRexit and Why It Will Not Happen: Catastrophic for Greece and Destabilizing for the Euro 希腊退欧及其不会发生的原因:希腊的灾难和欧元的不稳定

PSN: International Financial Crises (Topic) Pub Date : 2015-06-08 DOI: 10.2139/ssrn.2616278

Platon Monokroussos, Theodoros G. Stamatiou, S. Gogos

{"title":"GRexit and Why It Will Not Happen: Catastrophic for Greece and Destabilizing for the Euro","authors":"Platon Monokroussos, Theodoros G. Stamatiou, S. Gogos","doi":"10.2139/ssrn.2616278","DOIUrl":"https://doi.org/10.2139/ssrn.2616278","url":null,"abstract":"Severe cash constraints faced by the Greek Government due to a pretty demanding schedule of interest and amortization payments in the second half of 2015 have engineered a new explosion of sovereign bond spreads and rekindled fears of a GRexit down the road. Such fears have been exacerbated further in late April 2015 as the progress in implementing the February 20th 2015 Eurogroup agreement has proven to be rather slow and the cash-strapped Greek Government was struggling to meet sizeable debt service obligations. As a result, media reports had been speculating on a number of disastrous scenarios, ranging from the imposition of capital controls or the payment of civil servants and various state suppliers with promissory notes to a sovereign default, either within or outside the Economic and Monetary Union. This paper refrains from analyzing the legal and technical complications involved in the materialization of any of the aforementioned scenarios. Instead, it leans on purely economic and political economy considerations to argue that calls for exit are ill advised, potentially involving immense risks not only for Greece, but also for the EMU project as a whole. We take a close look at Greece’s past history of drachma devaluations and their outcome, the current high sovereign indebtedness, and the country’s persisting competitiveness gap vis-a-vis its main trading partners as well as the effects of financial contagion during the ongoing European Sovereign Debt Crisis. We explain why a GRexit would be a hugely suboptimal (and, in fact, a highly dangerous) strategy to address these problems.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82442882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Notes on Bonds: Liquidity at all Costs in the Great Recession 债券笔记:大衰退中不惜一切代价的流动性

PSN: International Financial Crises (Topic) Pub Date : 2015-05-03 DOI: 10.2139/ssrn.3680151

David K. Musto, Greg Nini, Krista Schwarz

引用次数: 0