Parts of Greek economy will be unreformed post-bailout

2018 ◽  
Keyword(s):  
Ageing Population ◽  
International Capital ◽  
Content Type ◽  
Balance Sheets ◽  
International Capital Markets ◽  
Reform Agenda ◽  
The Public ◽  
Part Time ◽  
Greek Economy

Significance Greece will re-enter international capital markets solely on the strength of its economy, after a near-decade-long recession that wiped out one-quarter of its output and left one-fifth of the working population unemployed. Although Greece turned a corner in 2017, with year-on-year growth that continued into the first quarter of 2018, the economy remains fragile and continuing reforms depend on the government’s willingness and ability to adhere to the reform agenda. Impacts The burden of non-performing loans on banks’ balance sheets (close to 50%) will constrain credit growth and slow down economic recovery. In the long term, an ageing population will weigh heavily on the public finances, complicating achieving agreed primary budget surpluses. A shift towards temporary and part-time employment will delay recovery in productivity levels.

Orthodox debt strategy may not pay off for Mexico

2020 ◽  
Keyword(s):  
Capital Markets ◽  
Public Debt ◽  
Fiscal Deficit ◽  
International Capital ◽  
Foreign Investors ◽  
Content Type ◽  
International Capital Markets ◽  
Borrowing Costs ◽  
Bond Issues

Significance Public debt increased from the second quarter of 2020, mainly due to the sharp economic contraction and peso depreciation. Impacts A debt downgrade would not cut off Mexico’s access to international capital markets, but it would increase borrowing costs significantly. Efforts to avoid a higher fiscal deficit, and debt, will weigh on growth expectations for 2021. As Mexico becomes less attractive for foreign investors, long-term bond issues in dollars will become more popular than those in pesos.

Shades of blue in financing: Transforming the ocean economy with blue bonds

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Joywin Mathew ◽  
Claire Robertson
Keyword(s):  
Social Impact ◽  
International Capital ◽  
Public And Private ◽  
Content Type ◽  
International Capital Markets ◽  
The Public ◽  
Market Participants ◽  
Market Framework ◽  
Sustainable Finance ◽  
Transformative Impact

Purpose To provide an overview of how blue bonds can have a transformative impact on the blue- and ocean-based economies. Design/methodology/approach This article provides an overview of what a blue bond is, the process for issuing a blue bond, the transformative effects blue bonds can have on ocean economies, and the areas ocean economies should focus on to attract investors and catalyze investment into their ocean economies. Findings This article concludes blue bonds present an opportunity to not only achieve strong financial returns but to also contribute to a meaningful environmental and social impact on ocean economies. As the public and private sectors develop initiatives to catalyze investment into ocean initiatives, it is likely the investment community will eagerly adopt blue bonds into the suite of sustainable finance products, driving greater investment into ocean economies and supporting the health of our oceans. Practical implications One of the key constraints for blue-bond growth is the lack of familiarity to this product among market participants. Unlike its other ESG-labeled counterparts, blue bonds are not regulated by a set of principles such as those prescribed by the International Capital Markets Association (ICMA). Clarifying the alignment of globally recognized standards such as the ICMA principles and its correlation to blue financing may help ocean industries to achieve greater recognition within the sustainable bond market framework and can make the market aware of important characteristics of ocean industries, including differing risks and opportunities. Originality/value Practical guidance from experienced lawyers in ESG bonds and blue economy initiatives.

Estimating competitiveness of Greek food and beverage industry: a comparison between Greek flour milling industry and Greek food and beverage industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Christos Konstantinidis ◽  
Stamatis Aggelopoulos ◽  
Maria Tsiouni ◽  
Evanthia Rizopoulou
Keyword(s):  
Manufacturing Industry ◽  
Sustainable Growth ◽  
Content Type ◽  
Balance Sheets ◽  
Research Perspective ◽  
Flour Milling ◽  
Beverage Industry ◽  
Food And Beverage Industry ◽  
Food And Beverage ◽  
Greek Economy

PurposeThe objective of this study is to estimate the competitiveness for both the Greek food and beverage industry as a whole and the flour and milling industry, justifying the certain economic factors and the way which these factors affect on it.Design/methodology/approachThe Greek food and beverage firms which published their balance sheets for the studying period were studied. According to the existing literature two equations were created and estimated as a simultaneous equations system.FindingsSummarizing the results both for the whole food and beverage industry and the flour milling industry are observed significant similarities on how certain economics factors such as profitability, market share, sustainable growth, age and operating costs affect on competitiveness as measured in this work. This may happen due to the high degree of concentration but also in the special characteristics which present both the Greek food and beverage industry and the flour milling sector.Research limitations/implicationsThe fact that this work referred only in Greek firms can be a limitation of this research, in spite of that it can provide useful and safe conclusions for the Greek food manufacturing industry.Practical implicationsThe provision of proposals for increasing firm competitiveness to managers as well as to policymakers.Social implicationsThe importance of food and beverage industry for the Greek economy as well as that the flour milling industry holds an important position in the Greek food and beverage industry makes the study of the competitiveness for both of them to be important from both an academic and research perspective.Originality/valueThe Greek food and beverage industry is the strength of Greek manufacturing and at the same time an important lever for the development of the entire Greek economy. The high quality products it produces and the organized promotion of its products in international markets are elements that give it an advantage and stimulate its competitiveness. The flour milling industry is one of the sectors in which there is intense competition and whose presence in terms of sales, turnover, employment and gross value is particularly important, so a simultaneous study of these cases is very important.

scholarly journals The woes of Swedish private archival institutions

2017 ◽  
Vol 27 (3) ◽  
pp. 275-285 ◽  
Author(s):  
Proscovia Svärd
Keyword(s):  
Systematic Investigation ◽  
Digital Information ◽  
National Narrative ◽  
Digital Repository ◽  
Content Type ◽  
The Public ◽  
Active Involvement ◽  
Organization And Management ◽  
Long Term Preservation

Purpose The purpose of this paper is to highlight the long-term preservation challenges that the Swedish private archives are faced with. In as much as they offer a complement to the public archives and hence offer a nuanced national narrative, they lack both financial and human resources to effectively deal with the digital information management environment. Design/methodology/approach Participatory Action Research (PAR) was used to identify the challenges of long-term preservation together with the six private archives institutions that were involved in the collaboration. The collaboration was financially facilitated by the Södertörn University. PAR is defined as a systematic investigation, with the collaboration of those affected by the issue being studied, for the purposes of education and taking action or effecting social change. What is distinctive of PAR is the active involvement of people whose lives are affected by the phenomenon under study. Findings The private archival institutions face long-term preservation challenges such as lack of a digital repository that would facilitate the capture, organization and management of digital records that are of different formats and in a dispersed environment. There are no stringent legal requirements to facilitate the creation and management of the records in a standardized way and the institutions fear that imposing such requirements might deter their clients from depositing archival materials with them. The institutions will also need to espouse the business-oriented archival descriptions where private organizations are concerned to identify relevant archival materials and to promote participatory archival descriptions that would allow the creators to tag their records with metadata. Digital information requires a proactive approach, that is, planning for the long-term preservation of the information before it is created. Private archives need to invest in education packages that will facilitate their clientele’s understanding of the challenges of digital long-term preservation. Research limitations/implications The findings cannot be generalized to all private archival institutions, as it was only six institutions that participated, but the issues discussed are relevant to most archival institutions. Practical implications A lot of research has been carried out in the area of long-term preservation, but researchers have not paid enough attention to the woes of the private archives. To sustain a nuanced national narrative, the private archives need all the support to be able to live up to their mission of preserving archives of the private sector that are not captured by the public archival institutions. This is important in a pluralistic society such as Sweden. Highlighting the challenges might enable the institutions to work towards finding common challenges. Social implications The private archives are part of Sweden’s national heritage. Their preservation matters to the society as a whole and to enhancing the voices of the underrepresented. Originality/value The literature review revealed that not much research has paid attention to the challenges being faced by the private archives. This paper, therefore, contributes to this knowledge gap.

The influence of part-time work on graduates' careers

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Carl Evans ◽  
Ceri Vaughan
Keyword(s):  
Career Aspirations ◽  
University Teaching ◽  
Small Element ◽  
Structured Interviews ◽  
Content Type ◽  
Time Work ◽  
Part Time ◽  
Personal Skills ◽  
Part Time Work

PurposeThe purpose of this paper is to explore university students' perceptions about career development in relation to their part-time working and to examine whether students maximise opportunities arising in their part-time job in order to enhance their personal profile and career aspirations.Design/methodology/approachSemi-structured interviews were held with 20 degree students at a UK university. The interview was based around 19 questions, split into three sections: general; career and the part-time job.FindingsThe findings indicate that while students are aware that part-time work helps in developing personal skills, there is a lack of awareness on how part-time work can provide differentiation in the graduate jobs market and support long-term graduate careers. The conclusion discusses the implications of the findings suggesting greater awareness among students of how part-time work can drive work readiness and long-term career aspirations. It also recommends greater involvement of career advisors and university teaching colleagues in supporting this endeavour.Originality/valueWhile other papers on student working have included a small element regarding careers, this paper offers originality by focussing solely on the relationship between students' part-time work and career aspirations. Moreover, most works in this area have been quantitative studies, whereas this study is qualitatively-based.

Afghan aid flows will resume, bypassing the Taliban

2021 ◽  
Keyword(s):  
Public Sector ◽  
Healthcare Workers ◽  
Economic Impacts ◽  
Female Employment ◽  
Service Members ◽  
Content Type ◽  
The Public ◽  
Security Service ◽  
Wage Payment

Significance The Taliban government has allowed UN agencies to start paying salaries directly to teachers and healthcare workers. It initially stalled on this, but has now conceded for fear of losing legitimacy if it fails to address the looming crisis. Impacts Western concerns about reprisal killings of former security service members will further complicate relations with the Taliban. The public-sector wage payment scheme established by UN agencies may become the norm for many years. Taliban restrictions on female employment will have long-term economic impacts but will fall down the list of Western priority concerns.

Large US household balance sheets pose macro risks

2021 ◽  
Keyword(s):  
Interest Rates ◽  
Health Costs ◽  
Gdp Growth ◽  
Lower Growth ◽  
Content Type ◽  
Balance Sheets ◽  
Trade Growth ◽  
Productivity Gains ◽  
Macroeconomic Risks

Significance An examination of the factors behind the expansion indicates that outsized balance sheets will persist and will pose a number of macroeconomic risks. Impacts Slower workforce growth will pressure GDP growth, trade growth and long-term interest rates, unless productivity gains can offset this. A record number of US business deaths and births in 2020 will affect productivity and have unpredictable impacts on the economy. Lower growth makes it harder to stabilise debt-to-GDP ratios, just as pension and health costs rise as populations age in major economies.

Accounting for gaming in the time of plague: COVID-19 in Macau

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Carlos Noronha ◽  
Jieqi Guan ◽  
Sandy Hou In Sio
Keyword(s):  
Critical Event ◽  
Gaming Industry ◽  
Content Type ◽  
The Public ◽  
The Social ◽  
Social Account ◽  
The Government ◽  
The Impact ◽  
Practical Implications

Purpose While the COVID-19 virus has been spreading worldwide, some studies have related the pandemic with various aspects of accounting and therefore emphasized the importance of accounting research in understanding the impact of COVID-19 on society as a whole. Recent studies have looked into such an impact on various industries such as retail and agriculture. The current study aims at applying a sociological framework, sociology of worth (SOW), to the gaming industry in Macau, the largest operator of state-allowed gambling and entertainment in China, which will allow for its development during the COVID-19 pandemic to be charted. Design/methodology/approach The study uses the theory of SOW as a framework and collects data from various sources, such as the government, gaming operators and the public, to create timelines and SOW frameworks to analyze the impact of the virus on the gaming industry and the society as a whole. Findings Detailed content analysis and the creation of different SOW matrices determined that the notion of a “lonely economy” during a time of a critical event may be ameliorated in the long term through compromises of the different worlds and actors of the SOW. Practical implications Though largely theory-based, this study offers a thorough account of the COVID-19 incident for both the government and the gaming industry to reflect on and to consider new ways to fight against degrowth caused by disasters or crises. Social implications The SOW framework divides society into different worlds of different worths. The current study shows how the worths of the different worlds are congruent during normal periods, and how cracks appear between them when a sudden crisis, such as COVID-19, occurs. The article serves as a social account of how these cracks are formed and how could they be resolved through compromise and reconstruction. Originality/value This study is a first attempt to apply SOW to a controversial industry (gaming) while the effects of the COVID-19 pandemic are ongoing. It offers a significant contribution to the social accounting literature through its consideration of the combination of unprecedented factors in a well-timed study that pays close attention to analyses and theoretical elaboration.

Real estate risk, yield modelling and market sentiment: the impact on pricing in European office markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tony McGough ◽  
Jim Berry
Keyword(s):  
Real Estate ◽  
International Capital ◽  
Content Type ◽  
International Capital Markets ◽  
Real Estate Markets ◽  
Market Sentiment ◽  
Office Markets ◽  
Risk Pricing ◽  
Changes In Risk ◽  
The Impact

PurposeThe financial and economic turmoil that resulted from the Global Financial Crisis (GFC), included a marked increase in the volatility in real estate markets. Property asset prices were impacted by the real economy and market sentiment, particularly concerning the determination of risk. In an economic downturn, the perception of investment risk becomes increasingly important relative to overall total returns, and thus impacts on yields and performance of assets. In a recovery phase, and particularly within an environment of historically low government bonds, risk and return compete for importance. The aim of this paper is to assess the interrelationships and impacts on pricing between real estate risk, yield modelling outcomes and market sentiment in selective European city office markets.Design/methodology/approachThis paper specifically considers the modelling of commercial property pricing in relation to the appetite for risk in the financial markets. The paper expands on previous work by determining a specific measure of risk pricing in relationship to changing financial market sentiment. The methodology underpinning the research specifically examines the scope for using national and international risk pricing within specific real estate markets in Europe.FindingsThis paper addresses whether there is a difference between the impact of risk on the pricing of real estate in international versus regional cities in Europe. The analysis, therefore, determines which city centre office markets in Europe have been most impacted by globalisation including the magnitude on real estate prices and market volatility. The outcome of the paper provides important insights into how changes in risk preferences in the international capital markets have driven and continues to drive yield movements under different market conditions.Research limitations/implicationsThe paper considers the driving forces which have led to the volatile movements of yields, emanating from the GFC.Practical implicationsThis paper considers the property market effects on pricing of commercial real estate and the drivers in selected European cities.Originality/valueThe outcome of the paper provides important insights into how changes in risk preferences in the international capital markets have driven and continue to drive the yield movements in different real estate markets in Europe.

Sovereign Wealth Funds - A Work Agenda

Policy Papers ◽  
2008 ◽  
Vol 2008 (8) ◽  
Author(s):  
Keyword(s):  
Oil Prices ◽  
Abu Dhabi ◽  
International Capital ◽  
Asian Countries ◽  
Investment Funds ◽  
Sovereign Wealth Funds ◽  
International Capital Markets ◽  
Rapid Accumulation ◽  
Set Up

Sovereign Wealth Funds (SWFs) are becoming increasingly important in the international monetary and financial system, attracting growing attention. SWFs are government-owned investment funds, set up for a variety of macroeconomic purposes. They are commonly funded by the transfer of foreign exchange assets that are invested long term, overseas. SWFs are not new, and some of the longer-established funds—for example those of Kuwait, Abu Dhabi, and Singapore—have existed for decades. However, high oil prices, financial globalization, and sustained, large global imbalances have resulted in the rapid accumulation of foreign assets particularly by oil exporters and several Asian countries. As a result, the number and size of SWFs are rising fast and their presence in international capital markets is becoming more prominent.

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