Search

Begin New Search Topic Financial Crisis Publication Year within 25 Years

11. Afghanistan After 18 Months: Its Humanitarian, Financial, and Governance Crisis

Author:
Wolfgang Danspeckgruber
Publication Date:
11-2023
Content Type:
Policy Brief
Institution:
Liechtenstein Institute on Self-Determination, Princeton University
Abstract:
The Liechtenstein Institute on Self-Determination (LISD) announces the publication of a new series – The Triesenberg Papers – and presents the first installment, entitled: “Afghanistan after 18 Months: Its Humanitarian, Financial, and Governance Crisis.” The paper is available to download here. Key findings of this first Triesenberg Paper demonstrate that the Taliban expects the international community to continue financial and humanitarian assistance as well as to provide food for more than 28 million Afghans, while it apparently keeps enriching itself through taxation (almost $2 billion in 2022), as well as sales of arms, natural resources, and drugs. Afghanistan under Taliban rule is the world’s only country with complete gender apartheid and oppression of girls and women. The paper argues that the Taliban must not be (economically) successful because this can contribute to regional instability and inspire radical (Islamic) forces elsewhere to follow this model in trying to create similar repressive states. It reiterates that Afghanistan has once again become a pawn in the great power game—including Russia, Pakistan, India, China, and others, with tensions between India and China looming large—while Taliban policies and ambitions are being instrumentalized. The paper warns that ignoring the plight of the Afghans in our crisis-prone world increases the existing problems and resulting security risks particularly for Afghanistan’s neighborhood and Europe, by permitting Afghanistan to become a hornet’s nest for international terrorism. The paper proposes concrete steps on how to move forward constructively. The Triesenberg Papers are a new publication series edited by Wolfgang Danspeckgruber and published through the Liechtenstein Institute on Self-Determination at Princeton University. Subjects emanate from the Liechtenstein Colloquia on European and International Affairs (LCM) as well as other specialized meetings on critical topics in contemporary geopolitics, communal relations, security, technology, society, and cultural-religious issues. The LCM have been active since 1989. The meetings and publications seek to produce meaningful, non-polemic, analytical and substantial analysis and to develop innovative and sustainable solutions.
Topic:
Financial Crisis, Governance, Taliban, and Humanitarian Crisis
Political Geography:
Afghanistan and South Asia

12. Recessions, the energy mix and environmental policy

Author:
Pragyan Deb, Davide Furceri, Jonathan Ostry, and Nour Tawk
Publication Date:
10-2023
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
How do severe recessions, such as those brought about by the Global Financial Crisis or the COVID-19 pandemic, affect the composition of energy generation between green and dirty sources? Does creative destruction during recessions result in a sustained greening of the energy mix? The empirical analysis presented in this paper highlights that recessions and crises result in permanent, albeit small, increases in energy efficiency and in the share of renewables in total electricity. These effects are larger, however, when complemented with strong environmental policies – both market-based measures such as taxes on pollutants, trading schemes and feed-in-tariffs, and non-market measures such as emission and fuel standards and R&D investment and subsidies – that incentivise and hasten the transition towards renewable sources of energy.
Topic:
Environment, Financial Crisis, Electricity, Renewable Energy, Energy, and Recession
Political Geography:
Global Focus

13. Eight Contradictions of the Imperialist ‘Rules-Based Order’

Author:
Tricontinental: Institute for Social Research
Publication Date:
03-2023
Content Type:
Case Study
Institution:
Tricontinental: Institute for Social Research
Abstract:
We are now entering a qualitatively new phase of world history. Significant global changes have emerged in the years since the Great Financial Crisis of 2008. This can be seen in a new phase of imperialism and changes in the particularities of eight contradictions.
Topic:
Economics, Human Rights, Imperialism, Financial Crisis, Capitalism, Global South, Socialism, and International Order
Political Geography:
China, Asia, Global Focus, and United States of America

14. Argentina 20 Years After La Crisis del 2001

Author:
María Félix Herrera and María Félix Herrera
Publication Date:
04-2022
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
As the government closed a new agreement with the International Monetary Fund, Argentine societyrevisited painful memories from its biggest financial crisis in recent history.
Topic:
Financial Crisis, Economy, and IMF
Political Geography:
Argentina and South America

15. Boom-bust Cycles Revisited: The Role of Credit Supply

Author:
Hyo Sang Kim, Sangyup Choi, and Yuri Kim
Publication Date:
02-2022
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
This study investigates the impacts of credit supply on economic growth and financial crisis. Excess credit supply can make the economy and financial markets more vulnerable. While credit supply can drive economic growth by reallocating resources, it can also make the economy and financial markets more fragile. Asset prices sharply fall when deleveraging occurs in the case of a negative shock to the financial or real sector in a system where credit is excessively supplied. Furthermore, economic activity might be substantially reduced, extending the length and breadth of the recession.
Topic:
Markets, Financial Crisis, Economy, Economic Growth, and Credit
Political Geography:
Global Focus

16. Lebanon in Crisis

Author:
Randa Slim and Edward M. Gabriel
Publication Date:
03-2022
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
Randa Slim and Amb. Edward Gabriel discuss the daunting trifecta of economic, financial, and political crises Lebanon currently faces and what they anticipate for the country's future.
Topic:
Financial Crisis, Political Crisis, and Economic Crisis
Political Geography:
Middle East and Lebanon

17. The European Banks’ Role in the Financial Crisis of 2007-8: A Critical Assessment

Author:
Photis Lysandrou
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
Since the outbreak of the financial crisis in 2007, opinion has been divided over whether its root cause was credit arbitrage or safe asset demand. New research on the European banks' role in the crisis may finally help to resolve the issue. Far from being peripheral players in the crisis, European banks were deeply implicated in its causal origins as evidenced by their activities in the two US debt markets that were at the heart of the crisis: those for collateralised debt obligations (CDOs) and for asset backed commercial paper (ABCP). These activities would seem to lend weight to the credit arbitrage story, a conclusion that has been reached by several authors. However, it is a conclusion only made possible by ignoring the connection between the federal funds rate and the rate of ABCP demand from the institutional money market mutual funds (MMMFs) in the pre-crisis era. This paper argues that when this connection is closely examined, it turns out that the evidence surrounding the European banks' role in the financial crisis gives greater weight to the safe asset demand explanation of the crisis.
Topic:
Markets, Financial Crisis, Banks, Debt Securities, Assets, and Federal Funds Rate
Political Geography:
Europe and United States of America

18. The Cyclical Behaviour of Fiscal Policy During the Covid-19 Crisis

Author:
Philipp Heimberger
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
This paper analyses the cyclicality of fiscal policy (discretionary versus automatic) for 28 advanced economies over 1995-2021 by paying special attention to the Covid-19 crisis. We find evidence that discretionary fiscal policy during the Covid-19 crisis (2020-2021) was significantly more countercyclical than before – in particular in the Eurozone. We do not find comparable evidence for more counter-cyclicality during the financial crisis or Euro crisis, which lends support to the argument that discretionary fiscal policy responded especially forceful to stabilise the economy during the Covid-19 crisis. Furthermore, automatic fiscal stabilisers contributed significantly to counter-cyclical stabilisation, although their performance over 2020-2021 was more in line with the past than for discretionary fiscal policy. Overall, fiscal policy in non-Eurozone advanced countries is more countercyclical than in the Eurozone. However, the cyclicality varies markedly across countries. Our findings shed light on how the cyclical behaviour of fiscal policy varies across countries and time.
Topic:
Financial Crisis, European Union, Fiscal Policy, and COVID-19
Political Geography:
Europe

19. COVID-19 and the Health of Banking Sector in Japan and South Korea: A Comparative Study

Author:
Munim Kumar Barai
Publication Date:
07-2022
Content Type:
Working Paper
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
The economies of Japan and South Korea are dominated by banks. Both countries have created a complex financial structure, including a well-established banking industry at their heart that supports economic operations. However, both countries’ banking sectors have previously faced crises such as the Asian Financial Crisis (mostly in South Korea), the Japanese economic slowdown, and the financial crisis of 2007-08 (both). While the Bank of Japan (BOJ) approved the quantitative easing (QE) monetary policy and lowered interest rates to manage the crises, the Bank of Korea (BOK) pursued interest and financial restructuring as well as banking system digitization to overcome the crises. Covid-19 has disrupted the normal operation of banks, and the central banks and governments of both countries have implemented a variety of monetary and other measures to mitigate its economic and financial consequences. This study aims to identify and assess the health of domestic banks in Japan and South Korea for the Covid-19 ex-ante and interim periods. Several important variables, i.e., portfolios of assets and liabilities, asset productivity, stockholders' equity, profitability, and operating efficiency, have been included to evaluate the health of their banks. This compari-son of health metrics for 2010 to 2020 could help identify changes or shifts in the banking sector of Japan and Korea. The study has used ex-ploratory and descriptive methodologies to undertake qualitative and quantitative evaluations of important bank health indicators in the ex-ante and interim periods of Covid-19. It also used a hybrid method to produce research goals and arguments, including a framework based on what was already known in the field.
Topic:
Financial Crisis, Economy, COVID-19, and Banking
Political Geography:
Japan, Asia, and South Korea

20. The IMF should enhance the role of SDRs to strengthen the international monetary system

Author:
Edwin M. Truman
Publication Date:
12-2022
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The special drawing right (SDR), issued by the International Monetary Fund (IMF), has the potential to strengthen dramatically the international monetary system. Established in 1969 and allocated twice during its first decade, the SDR was in the institutional closet from 1980 until 2009, when $250 billion in SDRs was allocated to members of the IMF to help address the global financial crisis. In 2021 another $650 billion in SDRs was allocated to help address the coronavirus pandemic. The SDR has proved itself as a crisis instrument. This paper addresses critically the arguments against SDR allocations. It proposes regular annual SDR allocations, along with measures to make the SDR more attractive to critics and measures to build out the SDR system in support of the international monetary system. The paper includes an appendix on the history of the SDR. A second appendix analyzes SDR use following the 2009 and 2021 allocations and finds that contrary to the popular myth, many countries other than low-income members of the IMF benefited directly in multiple ways from those allocations.
Topic:
International Trade and Finance, Financial Crisis, Finance, and IMF
Political Geography:
Global Focus