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Begin New Search Topic Financial Crisis Publication Year within 25 Years

671. Financial Crises in Asia and Latin America: Then and Now

Author:
G. L. Kaminsky and C. M. Reinhart
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Bilgi
Institution:
Sakarya University (SAU)
Abstract:
2 Temmuz 1997 tarihinde Tayland Bahtı'nın devalüe edilmesinin ardından para ve menkul değerler piyasalarında, 1994 yılında Meksika Pesosu'nun devalüe edilmesinin ardından yaşanan “tekila” etkisini fazlasıyla aşan ölçülerde bir dalgalanma meydana gelmiştir. Kriz, ilk olarak, Doğu Asya'nın diğer ülkelerine bir dizi devalüasyon ve borsa çöküşü biçiminde yansımıştır. Sorunun derinlik kazanması ile birlikte, Hong Kong ve Güney Kore dahil, bölgedeki diğer ülkelerin para birimleri spekülatif baskılara maruz kalmıştır. Öte yandan kriz bölge dışına da taşmıştır. Arjantin, Brezilya ve Rusya gibi ülkelerin hisse senedi piyasalarında sert düşüşler yaşanmış ve ulusal para birimlerine dönük spekülatif saldırılar olmuştur. Döviz piyasalarında durum düzeldikçe, Tayland ve Güney Kore'de olduğu gibi, ülkelerin önemli bir bölümünde bankacılık sorunları, belki bunun da ötesinde büyük ölçekli bankacılık krizleri ortaya çıkmıştır.
Topic:
Financial Crisis
Political Geography:
Asia and Latin America

672. Russia and the Global Meltdown: Domestic and Foreign Policy Responses to the International Financial Crisis

Author:
Robert Jellinek
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
This paper has its origins in the observation that government responses to the global financial crisis are as much political phenomena as they are economic. The current global financial crisis, among its many consequences, has on a very high level shaken up the world political order. And while the crisis is international in origin—its roots lie in the breadth and the degree of the dispersal of risk associated with mortgagebacked securities, as well as the growing imbalance in international capital flows—its resolution is necessarily being carried out first and foremost on a domestic level. This is not least of all because, in the decade since the Asian financial crises, states have begun to play a dramatically increased role in international finance in relation to both multilateral financial institutions such as the IMF and traditional private actors. In an age where global economic ties are integral to domestic economies and where states themselves are becoming some of the biggest players in international capital markets, a state's global financial standing will more than ever determine its political clout on the world stage. With states acting as market makers, lenders of last resort, and regulators of last resort, the key to understanding the future of individual states in the global economic order can be found only by analyzing states' domestic and foreign policy decisions within the context of the specific constraints facing those states at home and abroad.
Topic:
Economics, Emerging Markets, Human Rights, International Trade and Finance, and Financial Crisis
Political Geography:
Russia and Asia

673. Recovery: The Global Financial Crisis and Middle-Income Countries

Author:
Alejandro Foxley
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially—have shown themselves to be particularly vulnerable. The crisis has highlighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds?and those that aspire to join their ranks—as they rebuild.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe, East Asia, and Latin America

674. Market Versus State: Postcrisis Economics in Latin America

Author:
Alejandro Foxley
Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
The global financial crisis has reignited the fierce debate about the roles of the market and the state in modern economies. Latin America, in particular, revisits this debate every time it suffers an external shock. While some blame unregulated markets, others fault states' inability to design institutions or implement policies capable of neutralizing the negative impact of these shocks on output, employment, and social welfare.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
Latin America

675. G20 Report: Stimulus and Regulation Compromise Needed

Author:
Robin Niblett, Alexei Monsarrat, and Aola Subacchi
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
What started last year as a growing international credit crunch and, by September, a global banking crisis has now spread into the real economy. International trade, investment and economic growth are all contracting. A drastic curtailment of credit, collapsing global demand and a loss of trade finance is having a devastating economic effect on both the developed and developing worlds, especially those economies that are heavily dependent on exports.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Financial Crisis

676. Renewing Globalization and Economic Growth in a Post-Crisis World The Future of the G-20 Agenda

Author:
Alexei Monsarrat and Kiron K. Skinne
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
This statement, delivered by Federal Reserve Chairman Bernanke in the understated manner of a central banker, was made nearly a year after the collapse of Lehman Brothers—the event that tipped the global financial system into full crisis. Bernanke's message starkly reveals the scope of the challenge facing the stewards of the global economy.
Topic:
Economics, International Cooperation, International Trade and Finance, and Financial Crisis

677. NATO and the Economic and Financial Crisis

Author:
Keith Hartley and Binyam Solomon
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
NATO Defense College
Abstract:
These is some consensus among economic forecasters and international economic organizations that the world economy is stabilizing after the worst global contraction since the end of the Second World War. While it is difficult to ascertain empirically whether the massive fiscal policy support played a role or not, the improving credit conditions and the return of demand in the housing market in North America and the UK point to some evidence that the stimulus is providing the necessary short-term boost. Nonetheless, there remain significant challenges that may constrain a quick recovery including the decline in household wealth (debt-laden consumers rebuilding their savings), persistent unemployment and deleveraging (decreasing the amount of debt a firm holds by paying it off) in the financial system together with future long-term prospects of inflation.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
United Kingdom and North America

678. Governance Challenges and the Financial Crisis: Seven Key Questions

Author:
Terry F. Buss and Lois Fu
Publication Date:
06-2009
Content Type:
Working Paper
Institution:
The National Academy of Public Administration (NAPA)
Abstract:
We are in the midst of a global economic crisis. The federal government has responded on an unprecedented scale and scope, with injections of trillions into financial markets, infusions of cash to troubled industries, state and local governments, and people in need. Government is employing tools in ways never befo re considered and inventing new tools, in the hope of stabilizing the economy and spurring economic recovery.
Topic:
Economics, International Trade and Finance, Financial Crisis, Governance, and Reform

679. The Politics of Credit Rating Agencies in the European Union

Author:
Lucia Quaglia
Publication Date:
06-2009
Content Type:
Working Paper
Institution:
Centre for Global Political Economy, University of Sussex
Abstract:
Why did the European Union (EU) decide to regulate Credit Rating Agencies (CRAs), instead of relying on the revised rules agreed at the international level and the revised US law to which the main CRAs operating in the EU but headquartered in the US were subject to? This research addresses this key question concerning the multi-level governance of financial services using a 'soft' rational choice institutionalist framework. It is argued that the global financial crisis, acting as an exogenous shock, triggered three causal mechanisms that led to a new institutional equilibrium within and without the EU, namely the issuing of EU rules on CRAs.
Topic:
Political Economy, Financial Crisis, European Union, Finance, and Credit
Political Geography:
Europe

680. The Global Financial Crisis: Effects on Bolivia

Author:
Luis Carlos Jemio and Osvaldo Nina
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Institute for Advanced Development Studies (INESAD)
Abstract:
The global financial crisis is expected to have a negative impact on the Bolivian economy. Effects will transmit into the economy through lower export prices and quantities, reduced amount of remittances and depressed foreign direct investment (FDI) flows. These shocks will bring about deficits in the current account and fiscal balances, foreign exchange reserves losses, sluggish economic growth and higher unemployment rates. The latest data available show that the economy is already experiencing the effects of the economic downturn, in the form of decreased exports revenues, sharp reductions in the rates of growth of foreign of exchange reserves and bank lending and a tendency towards a redollarisation of financial assets and liabilities. The Bolivian economy, however, is better prepared, at least in the short run, to cope with the negative effects of the crisis. The commodity export boom experienced between 2005 and 2008 has permitted the country to run sizable external and fiscal surpluses and accumulate foreign exchange reserves. The financial system has exhibited more prudent behaviour in recent years, by not expanding credit too much and increasing investments in highly liquid public bonds. Therefore, although banks are expected to be affected by the global financial crisis, they have high liquidity ratios and are not extremely exposed to risk. The capacity of the Bolivian economy to offset the negative effects of the global crisis will depend on several factors, such as the severity and duration of the crisis and, above all, the quality of the policies that policymakers will implement to cope with the crisis. The government faces several trade-offs in implementing policies in order to cope with the effects of the crisis. The central bank, for instance, is committed to maintaining a fixed exchange rate, in order to reduce inflationary pressures and to avoid a re-dollarisation of the financial system. However, a fixed exchange rate policy has already brought about an exchange rate appreciation, which is hurting competitiveness of tradable activities. Furthermore, the government has room to implement countercyclical fiscal policies, by resorting to the deposits accumulated in the central bank during the export boom years. During 2009, the government is planning to expand public investment and to increase direct transfers to the population. However, these policies are not likely to offset the negative effects that the crisis will have on growth and employment. More efforts should be made to improve the quality of public spending, in order to maximise its impact on economic growth, employment creation and poverty reduction.
Topic:
Development, Financial Crisis, Economy, and Exports
Political Geography:
South America and Bolivia