Financial Crisis and FLFPR: Causal Links in Developing Economies

2020 ◽  
Author(s):  
Siddhartha Kumar Rastogi
Keyword(s):  
Financial Crisis ◽  
Developing Economies

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

Macroeconomic Shocks and Unconventional Monetary Policy

2019 ◽  
Keyword(s):  
Interest Rate ◽  
Financial Crisis ◽  
Emerging Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Spillover Effects ◽  
Macroeconomic Shocks ◽  
Monetary Policies ◽  
Developed Economies

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and, finally developed economies’ implementation of unconventional monetary policies. Especially the implementation of quantitative easing (QE), ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. One of the regions most profoundly affected by the crisis was Asia due to its high dependence on international trade and international financial linkages. The objective of this book is to explain how macroeconomic shocks stemming from the global financial crisis and recent unconventional monetary policies in developed economies have affected macroeconomic and financial stability in emerging markets, with a particular focus on Asia. In particular, the book covers the following thematic areas: (i) the spillover effects of macroeconomic shocks on financial markets and flows in emerging economies; (ii) the impact of recent macroeconomic shocks on real economies in emerging markets; and (iii) key challenges for the monetary, exchange rate, trade, and macroprudential policies of developing economies, especially Asian economies, and suggestions and recommendations to increase resiliency against external shocks.

Recent Credit Surge in Historical Context

2017 ◽  
Vol 08 (01) ◽  
pp. 1750003 ◽  
Author(s):  
Franziska Ohnsorge ◽  
Shu Yu
Keyword(s):  
Financial Crisis ◽  
Private Sector ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Historical Context ◽  
Distinctive Features ◽  
Credit Booms ◽  
Early Warning Indicators ◽  
The Global Financial Crisis ◽  
Warning Indicators

Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector in emerging markets and developing economies (EMDEs). In this paper, we first compare post-crisis credit booms with pre-crisis episodes of credit booms and document some distinctive features of post-crisis credit booms. We find that, credit booms in commodity-importing EMDEs in the immediate wake of the global financial crisis have subsided since 2012 but have left a legacy of credit to the nonfinancial private sector that has been considerably higher than in previous credit booms. In contrast, since 2014, credit growth in several commodity-exporting EMDEs has been near the pace observed in past credit booms. We then benchmark current credit-to-gross domestic product (GDP) ratios against thresholds identified in the literature as early warning indicators. Most EMDEs are still some distance away from those thresholds. However, since recent credit booms have not been accompanied by investment surges/booms, GDP growth may contract more when credit booms unwind.

scholarly journals Peak of SO2 Emissions Embodied in International Trade: Patterns, Drivers and Implications

2021 ◽  
Vol 13 (23) ◽  
pp. 13351
Author(s):  
Bin Wang ◽  
Dechun Huang ◽  
Chuanhao Fan ◽  
Zhencheng Xing
Keyword(s):  
International Trade ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Decomposition Analysis ◽  
Energy Structure ◽  
So2 Emissions ◽  
Trade Patterns ◽  
Developed Economies ◽  
Production And Consumption

International trade links countries consuming goods and services to those where products and related SO2 pollution are produced, thereby affecting national mitigation responsibilities. This study combined accounting and decomposition techniques to investigate the patterns and drivers of SO2 emissions embodied in international trade from 1995 to 2015 and quantified the contribution of each country or region on the production and consumption sides. The global embodied emissions increased at an accelerated rate before the global financial crisis and peaked at 51.3 Mt in 2008, followed by a fluctuating decline from 2008 to 2015. Spatially, the transfers of SO2 emissions tended to flow from developed countries to less developed ones, but the trend has weakened after the financial crisis. Our decomposition analysis suggests that the energy and production system transitions and the slowdown in international trade jointly accounted for the peak and decline in emissions. Our contribution analysis indicates that developing economies have contributed to decreased emissions due to their recent efforts in production technology upgrading, energy efficiency improvement and energy structure optimization. The influence of developed economies on emissions decreased due to their reduced dependency on imports. Targeted policy methods are provided from the production and consumption perspectives for developing and developed economies, respectively.

scholarly journals The Role of Management Information Systems in the Financial Crisis of a Developing Economy

2019 ◽  
Author(s):  
Richmond Kwesi Ansah ◽  
Kwabena Obiri-Yeboah ◽  
Patrick Bimpomg ◽  
Grace Akipelu
Keyword(s):  
Information Systems ◽  
Financial Crisis ◽  
Confidence Level ◽  
Developing Economies ◽  
Management Information Systems ◽  
Financial System ◽  
Secondary Data ◽  
Management Information ◽  
Daily News ◽  
Prior Literature

There has been rampant fold-ups, merger and acquisitions occurring in the Ghanaian banking industry. Then, the questions arise: Is the Ghanaian Financial System in Crisis? This study was conducted to find answers to these problems unsolved with prior literature. A sample of seventy customers of the Royal Bank, 8 employees of the Royal Bank and 2 managers of the Royal Bank were selected for a case-survey. The study also monitored the Trend of the Ghanaian Financial System through the reading and monitoring of daily news on the Financial System and reports of banks. The data from the field and the secondary data from news and reports were analysed symmetrically. The study drew on Minsky’s Financial Crisis Theory to explain the phenomenon in the Ghanaian economy and to draw predictions of what would happen in other developing economies. The study found out that: (1) The Ghanaian financial system is fragile and it holds true for most developing economies; (2) The financial system suffers greatly when the confidence level of customers falls significantly; (3) Management information systems raises the confidence level of customers (borrowers and lenders) such that there is a greater fall and impact in times of instability in the economy; (4) The higher the level of MIS adoption in an unstable economy, the more fragile the Financial System becomes and (5) A higher adoption of Management Information Systems in a Fragile Financial System indirectly contributes to Financial Crisis of the Financial System.

scholarly journals An Evaluation of the Major Indicators of Economical Crisis in Central Asian Countries within the Framework of Global Financial Crisis of 2008

2012 ◽  
Author(s):  
Volkan Öngel ◽  
Serdar Kuzu
Keyword(s):  
Soviet Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Asian Countries ◽  
Future Expectations ◽  
Central Asian ◽  
The Usa ◽  
Central Asian Countries ◽  
The Global Financial Crisis

Several financial crises that have different causes and effects occured in financial markets in which globalization takes its effect increasingly. Central Asian Countries which have gained their independence after the disintegration of the Soviet Union in 1991 both faced important socio-cultural and political changes and were affected many global crises during 1991-2012. The global financial crisis which occured in the USA in 2008 as a mortgage crisis spreaded as a result of globalization and affected the developing economies. 2008 global financial crisis caused trouble especially in macroeconomic issues such as employment, production, supply, demand, level of welfare, openness, price stability, economic growth, inflation and unemployment. This study aims to imply how the selected Central Asian Countries have been affected by the 2008 global financial crisis and their future expectations by analysing leading macroeconomic indicators. In this context, the effects of the global financial crisis on macroeconomic variables of Kazakhistan, Azerbaijan, Kyrgyzstan, Turkmenistan and Uzbekistan will be interpreted. In the light of these indicators, it will be analysed if there are leading indicators for a coming economic crisis in Central Asian Countries and also how their economic structure will be in the near future.

Green Economy Development under the Financial Crisis: The World Practice and Experience

2021 ◽  
Vol 39 (9) ◽  
Author(s):  
Oleksandr Tregubov ◽  
Serhii Podrieza ◽  
Nataliia Hoi ◽  
Tamara Ivanova ◽  
Tetiana Kulinich
Keyword(s):  
Economic Development ◽  
Financial Crisis ◽  
Best Practices ◽  
Developing Economies ◽  
Environmental Security ◽  
Green Economy ◽  
Financial Resources ◽  
Green Growth ◽  
The World

The article aims to examine the world trends in green economy development under the financial crisis for further implementation (subject to adaptation) of best practices in Ukraine. Based on the study of foreign experiences in green economy development, the authors have defined the factors, which, under the shortage of financial resources, are of interest for Ukraine and countries with developing economies and suggested basic strategic directions for green growth. The strategic directions for green economy development are suggested aimed at ensuring a balance between economic development and a sufficient level of environmental security of a state.

scholarly journals Convergence to shareholder primacy corporate governance: evidence from a leximetric analysis of the evolution of corporate governance regulations in 21 countries, 1995-2014

2019 ◽  
Vol 19 (5) ◽  
pp. 849-883
Author(s):  
Navajyoti Samanta
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Financial Crisis ◽  
Rate Of Convergence ◽  
Developing Economies ◽  
Shareholder Primacy ◽  
Content Type ◽  
The Past ◽  
Governance Regime ◽  
The Continuum

Purpose For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries where countries with little or no corporate governance regime have adopted “world class” standards. While there can be a debate on whether law in books actually translates into law in action, in the meantime it might be interesting to analyse the law in books to understand how the corporate governance regime has evolved in the past 20 years. This paper quantitatively tracks 21 countries, most of them being developing and emerging economies, over a period of 20 years. The period covers 1995 to 2014; thus, it traverses the pre and post crisis period in 1999 and 2008. Thus, the paper also provides a snapshot of the macrolegal changes that the countries engage in hoping to stave off the next crisis. The paper uses over 50 parameters modelled on the OECD Principles of Corporate Governance. The paper confirms the suspicion that corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down. Design/methodology/approach The paper uses data collected from experts. They filled up detailed questionnaire which quizzed them on the rules relating to corporate governance norms in their country and asked them to retrospectively check their data every five years for the past 20 years. This provided an excellent overview as to how the law has evolved in the past two decades on corporate governance. The data were then tabulated using a scoring sheet and then was put together using item response theory (IRT) which is a Bayesian method similar to factor analysis. The paper then follows a comparative approach using heatmaps to analyse the evolution of corporate governance in developing countries. Findings Corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down. Originality/value This is the first time that corporate governance panel data analysis has been carried out on top developing countries across so many parameters for such a long period. This paper also uses Bayesian IRT modelling to analyse the evolution which is novel in its approach especially in the corporate governance literature. The paper thus provides a clear view on the evolution of corporate governance norms and how they are converging on a particular ideology.

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