scholarly journals The High Levels of Excess Reserves 2008-2012: An Investigation into the Determinants of the U.S. Banks' Liquidity Hoarding during the Global Financial Crisis

2015 ◽  
Vol 3 (4) ◽  
pp. 141-148
Author(s):  
Mary Mattingly ◽  
Ahmed S. Abou-Zaid
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Excess Reserves ◽  
The Global Financial Crisis ◽  
The U.S

Did the Global Financial Crisis Break the U.S. Phillips Curve?

2016 ◽  
Vol 16 (126) ◽  
pp. 1 ◽  
Author(s):  
Stefan Laseen ◽  
Marzie Taheri Sanjani ◽  
◽  
Keyword(s):  
Financial Crisis ◽  
Phillips Curve ◽  
Global Financial Crisis ◽  
The Global Financial Crisis ◽  
The U.S

scholarly journals GLOBALIZATION EFFECTS ON CONTAGION RISKS IN FINANCIAL MARKETS

2020 ◽  
Vol 15 (1) ◽  
pp. 38-54
Author(s):  
Mariya Paskaleva ◽  
Ani Stoykova
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Member States ◽  
Eu Member States ◽  
Contagion Effects ◽  
The Global Financial Crisis ◽  
The U.S

Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis also caused massive stock price volatility due in part to global availability of market information. We explore ten EU member states (France, Germany, the United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, and Spain), and the USA. The explored period is March 3, 2003 to June 30, 2016, and includes the effects of the global financial crisis of 2008. The purpose of the article is to determine whether there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. We apply an augmented Dickey-Fuller test, DCC-GARCH model, autoregressive (AR) models, TGARCH model, and descriptive statistics. Our results show that a contagion between the Bulgarian capital market and the eight capital markets examined did exist during the global financial crisis of 2008. We register the strongest contagion effects from the U.S. and German capital markets on the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United State, which serves as an explanation of why the Bulgarian capital market was exposed to financial contagion effects from the U.S. capital market and the capital markets of EU member states during the crisis. We register statistically significant AR (1) for UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.

Moral Accounting by Organizations: A Process Study of the U.S. Financial Crisis Inquiry Commission

2017 ◽  
Vol 26 (3) ◽  
pp. 303-325 ◽  
Author(s):  
Chad Murphy ◽  
Shubha Patvardhan ◽  
Joel Gehman
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Rhetorical Strategies ◽  
Inductive Approach ◽  
Moral Accountability ◽  
Process Study ◽  
Sentence Level ◽  
The Global Financial Crisis ◽  
The U.S ◽  
Situational Constraints

We take an inductive approach to understanding the aftermath of crises, namely, the process by which organizations come to be viewed as morally accountable (or not) for such events. We studied the transcripts of the 2009 Financial Crisis Inquiry Commission (FCIC) that investigated the global financial crisis of 2007-2008. Our findings revealed a dynamic we call moral accounting, a process whereby supposed wrongdoers encounter narrative and situational constraints that make it difficult, if not impossible, to fully account for the (im)morality of their actions, a position that often induces moments of disorientation that only reinforce the perception of wrongdoing. To push back against such perceptions, supposed wrongdoers use rhetorical strategies and sentence-level linguistic tactics, which can likewise reinforce the perception of wrongdoing. Overall, our model suggests that organizational moral accountability is not simply assigned, accepted, or denied—rather, it is negotiated via an iterative, discursive process.

FACTORS RELATED TO THE RISK OF A SUBSTANTIAL INCOME DECREASE BETWEEN 2006 AND 2008 IN SOUTH KOREA

2019 ◽  
Vol 64 (01) ◽  
pp. 157-173
Author(s):  
EUNICE JIHYUN HONG ◽  
SHERMAN D. HANNA
Keyword(s):  
Logistic Regression ◽  
Financial Crisis ◽  
South Korea ◽  
Global Financial Crisis ◽  
College Education ◽  
Substantial Decrease ◽  
The Global Financial Crisis ◽  
The U.S

Between 2006 and 2008, 9% of Korean households had an income decrease of 50% or more, a rate almost identical to the U.S. despite the much lower impact of the global financial crisis on Korea. We ran a logistic regression to determine factors related to the likelihood of a substantial income decrease between 2006 and 2008 for Korean households. The likelihood of a substantial decrease was low for households below the 75th percentile of 2006 income, probably due to differences in composition of income. Households with college education were less likely than those without college to have a substantial decrease.

Geithner and Bernanke Amid The Global Financial Crisis

2017 ◽  
pp. 1-28
Author(s):  
Francis E. Warnock
Keyword(s):  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Bank Lending ◽  
Early Spring ◽  
Working Capital ◽  
Impossible Task ◽  
The Global Financial Crisis ◽  
Monetary And Fiscal Policy ◽  
The U.S

In mid-February 2009, amid the global financial crisis, the news was grim. The U.S. economy had been in recession since December 2007. If the downturn lasted into early spring, it would become America's longest postwar recession. The economy had shed 3.5 million jobs over the previous 12 months, the worst 12-month period on record. Bank lending was plummeting; the few banks with funds available were holding onto them. With this massive shift into liquid assets (cash and cash equivalents) and away from lending of any sort (even for productive uses or, in many cases, the working capital firms needed to survive), the economy would likely grind to a halt. On this brisk mid-February day in Washington, Timothy Geithner and Ben Bernanke rolled up their sleeves and reevaluated their plans to address the nearly impossible task of righting the ship. In terms of monetary and fiscal policy, were they doing all they could to halt this epic slide? Were they doing too much?

Multiple Imperialisms: The Federal Reserve's Response to the Global Financial Crisis

2015 ◽  
Vol 8 (1) ◽  
pp. 1-14
Author(s):  
Hannes Gerhardt
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Growth Model ◽  
Global Financial Crisis ◽  
Capitalist Class ◽  
Global Political Economy ◽  
The Global Financial Crisis ◽  
The U.S ◽  
Imperial Rivalry

This article reviews three theories of U.S. imperialism: super-imperialism, ultra-imperialism, and imperial rivalry, in the context of the U.S.'s relation to the current dollar dominated, financialized growth model. Instead of ultimately choosing one theory over others, based on an analysis of the Federal Reserve's response to the financial crisis of 2007/8, the article finds evidence for all three approaches, each emphasizing a particular aspect of the global political economy. The U.S. is currently torn among three tendencies: (1) a hegemonic state that dominates geoeconomically; (2) a state serving the interests of a transnational capitalist class: (3) a state increasingly in geopolitical competition and rivalry with other states.

Features of Reserve Assets’ Management in Asian Countries

2011 ◽  
pp. 28-36
Author(s):  
P. Malyshev
Keyword(s):  
Financial Crisis ◽  
Rapid Growth ◽  
Global Financial Crisis ◽  
Asian Countries ◽  
Excess Reserves ◽  
The Global Financial Crisis ◽  
Currency Composition ◽  
Assets Management

The article focuses on reasons and consequences of rapid growth of reserve assets in Asian countries over the last decade. The main trends related to changes of structure, currency composition and management of reserve assets in the region are considered by the example of China, Japan, Korea, Singapore and India. Special emphasis is placed on the problem of excess reserves and their diversification during the global financial crisis.

scholarly journals Central Bank Currency Swaps and Their Implications to the International Financial Reform

2016 ◽  
Vol 02 (01) ◽  
pp. 135-152
Author(s):  
Xu Mingqi
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Ad Hoc ◽  
Global Financial Crisis ◽  
Financial System ◽  
Central Banks ◽  
Financial Reform ◽  
International Financial System ◽  
The Global Financial Crisis ◽  
The U.S

Since the outbreak of the global financial crisis, a series of currency swap arrangements among central banks have been reached, and many short-term ad hoc mechanisms have been later transformed into permanent institutions, with the decentralized role of the USD and increasing significance of other currencies. It is important to note, however, that currency swaps by Western countries are generally not intended to reform but to maintain stability of the U.S.-dominated international financial system and the USD hegemony. The comprehensive currency swap arrangements made among six major developed economies since the financial crisis exemplify their resistance to the international financial reform. Meanwhile, developing countries have also laid out their own blueprints, highlighted by China’s currency swap arrangements with 33 foreign central banks and the accelerating RMB internationalization. The currency swaps promoted by the People’s Bank of China (PBOC) between the RMB and other currencies would inject supplementary liquidity to a turbulent market and offset impact from the selective currency swaps of the U.S. Federal Reserve, thus proving beneficial to developing countries. While such currency swaps are far from replacing the IMF’s role in stabilizing the global financial market, they are posing both challenges and new opportunities to the reform of the international financial system.

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