scholarly journals Major Crises of the XXIst Century and Impact on Economic Growth

2020 ◽  
Vol 12 (22) ◽  
pp. 9373 ◽  
Author(s):  
Iulia Cristina Iuga ◽  
Anastasia Mihalciuc
Keyword(s):  
Economic Growth ◽  
Great Recession ◽  
Central And Eastern Europe ◽  
Independent Variables ◽  
The Great Recession ◽  
Several Variables ◽  
Macroeconomic Indicators ◽  
Xxist Century ◽  
Global Economic Growth ◽  
Growth Indicator

Global economic growth is noted to have been severely affected by the Great Recession in 2009, reaching its lowest level since the series began in 2019. This low was exceeded in 2020, in the sense that the level of economic growth in Q1 and Q2 2020 is well below 2009 due to countries’ efforts to stop the COVID-19 pandemic. Cases of coronavirus that have occurred since February–March 2020 have started to produce significant effects on economic growth, and the evolution of the economic growth indicator is in decline for the countries analysed. The article is aiming to develop two models (using Empirical Regression Model) that analyse the influence of macroeconomic indicators on economic growth. Our study covers EU member countries in Central and Eastern Europe from 2001–2020 Q2. Using the same variables and coefficients for both models, six for the first model and seven for the second model with the addition of coronavirus cases, we see a change in the behaviour of independent variables. The authors consider that this variable influences the economic situation in a country because it has caused the change in the unfavourable direction of certain macroeconomic indicators with a direct influence on economic growth. By adding cases of coronavirus (Cc) the equation becomes broader and contains several variables that explain the evolution of economic growth. Each of the indicators changes its value, but it is noted that variables with negative coefficients decrease further (e.g., Cs, GvS). Our findings in this article confirm that of all the determinants analysed, CsGw, Ret, GvS, and Cc overwhelmingly influence economic growth.

scholarly journals Financialization at a watershed in the USA

2018 ◽  
Vol 22 (5) ◽  
pp. 488-508 ◽  
Author(s):  
Costas Lapavitsas ◽  
Ivan Mendieta-Muñoz
Keyword(s):  
Great Recession ◽  
Structural Breaks ◽  
Financial Regulation ◽  
Financial Sector ◽  
State Intervention ◽  
Mortgage Debt ◽  
The Great Recession ◽  
Us Economy ◽  
Macroeconomic Indicators ◽  
The Usa

In the period following the Great Recession of 2007–2009 the financialization of the US economy reached a watershed characterized by stagnant financial profits, falling proportions of financial sector and mortgage debt, and rising proportion of public debt. The main macroeconomic indicators of financialization in the USA show structural breaks that can be dated around the period of the Great Recession. The reliance of households on the formal financial system appears to have weakened for the first time since the early 1980s. The financial sector has lacked the dynamism of the previous three decades, becoming more reliant on government. The state has increased its own indebtedness and supported large financial institutions via unconventional monetary policy measures. At the same time, state intervention has tightened the regulatory framework for big banks. The future path of financialization in the USA will depend heavily on government policy with regard to state debt and financial regulation, although the scope for boosting financialization is narrow.

scholarly journals Making Management (More) Relevant: Breaking Down Disciplinary Walls and Pursuing Neglected Independent Variables

2020 ◽  
Vol 44 (5) ◽  
pp. 651-662
Author(s):  
Rikki Abzug ◽  
Adeyinka Adewale ◽  
Rae André ◽  
Pamela Derfus ◽  
Peggy Hedges ◽  
...  
Keyword(s):  
Economic Growth ◽  
Socioeconomic Status ◽  
Environmental Impact ◽  
Management Education ◽  
Organizational Variables ◽  
Independent Variables ◽  
Several Variables ◽  
Business Curricula ◽  
Systemic Variables ◽  
Social And Environmental Impacts

The Walls Project encourages educators to broaden management teaching beyond individual and organizational variables and outcomes to systemic variables and outcomes. Its focus is on discovering independent variables that have social and environmental impacts and are currently neglected. Founded by six individuals who met at a RMLE UnConference in 2017, the Project decided to share pedagogical materials, examine them for commonalities, and present their findings at the MOBTC conference in 2019. This article summarizes these materials with an eye to revealing several variables of consequence, such as socioeconomic status and belief in economic growth, which are studied and taught infrequently in business schools. We suggest that researchers examine business curricula for similar neglected variables, study their impact across systems levels, and then develop them pedagogically to enhance management education that has a social and environmental impact.

The Causes and Legacy of the Great Recession in Spain

2020 ◽  
pp. 115-131
Author(s):  
Sebastián Royo
Keyword(s):  
Economic Growth ◽  
Great Recession ◽  
Political System ◽  
Economic Consequences ◽  
The Political ◽  
The European Union ◽  
New Parties ◽  
Political Consequences ◽  
The Great Recession

After over two decades of prolonged economic growth, Spain suffered its worst economic crisis in decades between 2008 and 2014. The political, social, and economic consequences of this crisis were very severe: unemployment increased sharply reaching over 27 per cent; inequalities deepened; and the two-party political system was transformed by the emergence of new parties. The implementation of structural reforms, which intensified as a result of the European Union financial sector bailout of 2012, led to economic recovery. As a result, credit was restored, strong economic growth resumed, and the political system did not implode. Yet, persistently high unemployment (particularly as regards youth and long-term) as well as inequality (and to a certain extent poverty) still persist a decade after the crisis. This chapter looks at the genesis of the crisis and examines the responses to the crisis, as well as its economic, social, and political consequences.

Capital accumulation and economic growth after the Great Recession

2019 ◽  
pp. 24-46 ◽  
Author(s):  
Leonid M. Grigoryev ◽  
Ekaterina A. Makarova
Keyword(s):  
Economic Growth ◽  
Great Recession ◽  
Capital Accumulation ◽  
Slow Recovery ◽  
Stylized Facts ◽  
The Great Recession ◽  
Theoretical Approaches ◽  
Current Trends ◽  
Advanced Economies ◽  
Per Capita

The Great Recession in 2008—2009 and slow recovery after it became a significant challenge both for economic policy and theory, especially for economic growth studies. New circumstances have revealed new stylized facts, for instance, the decrease in growth rates and capital accumulation in advanced economies. The paper analyzes responses to and outcomes of the Great Recession for countries at different stages of development. The authors consider the investment impact on economic growth varying through seven clusters of countries, determined according to GDP (PPP) level per capita. An attempt has been made to reveal new stylized facts based on current trends and to revise some theoretical approaches to the analysis of economic growth.

Anti-Pluralism

2018 ◽  
Author(s):  
William A. Galston
Keyword(s):  
Economic Growth ◽  
Soviet Union ◽  
Great Recession ◽  
Liberal Democracy ◽  
Political Elites ◽  
Cultural Issues ◽  
The Great Recession ◽  
Liberal Democratic ◽  
The Soviet Union ◽  
Democratic Life

The Great Recession, institutional dysfunction, a growing divide between urban and rural prospects, and failed efforts to effectively address immigration have paved the way for a populist backlash that disrupts the postwar bargain between political elites and citizens. Whether today's populism represents a corrective to unfair and obsolete policies or a threat to liberal democracy itself remains up for debate. Yet this much is clear: these challenges indict the triumphalism that accompanied liberal democratic consolidation after the collapse of the Soviet Union. To respond to today's crisis, good leaders must strive for inclusive economic growth while addressing fraught social and cultural issues, including demographic anxiety, with frank attention. Although reforms may stem the populist tide, liberal democratic life will always leave some citizens unsatisfied. This is a permanent source of vulnerability, but liberal democracy will endure so long as citizens believe it is worth fighting for.

The Great Recession, Global Conditions from West to East and Back Again: A Forward Looking Commentary

2009 ◽  
Vol 10 (2) ◽  
pp. 79-102
Author(s):  
Darryl Mitry ◽  
David Smith
Keyword(s):  
Great Recession ◽  
The Great Recession ◽  
The Future ◽  
Global Economic Growth ◽  
Future Consequences ◽  
National Economies ◽  
The Relationship ◽  
Global Financial System ◽  
East West ◽  
Subsequent Failure

This article examines national economies, the processes of the global financial system, the relationship to the expansion of global enterprise and the future. The article describes how the process of global economic integration was largely accomplished by a monetary amplification that supported chronic East-West trade imbalances that are unsustainable. The mechanism for much of the recent global economic growth is identified and shown to be untenable because the consequences of the process eventually results in a subsequent reversal and global contraction. Tracing the reactions in terms of who assumes the costs and who receives the benefits helps to illuminate the nature of the process and the subsequent failure. The future consequences are examined, contrasting policies are compared and recommendations for solving the problems are offered.

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