scholarly journals IMPACT OF THE GLOBAL CRISIS ON THE GOVERNANCE STRUCTURES OF INTERNATIONAL FINANCIAL INSTITUTIONS

2011 ◽  
Vol 1 (2) ◽  
pp. 1-12
Author(s):  
Gökhan Özkan
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Financial Institutions ◽  
Global Financial Crisis ◽  
Governance Structures ◽  
International Financial Institutions ◽  
Global Crisis ◽  
Structural Problems ◽  
The Global Financial Crisis ◽  
The Impact

The global financial crisis dragged many countries into recession, demonstrated that the internationalfinancial system has structural problems and started discussions about restructuring of the international financialinstitutions. The main objective of this paper is to investigate the impact of the global financial crisis on thegovernance structures of the international financial institutions. To this end, studies made at different internationalplatforms were evaluated. The debates and negotiations among the developed and developing countries aboutgovernance structures of the international financial institutions were analyzed. Developing countries’ demand toreform the decision-making mechanisms of the Bretton Woods institutions, the IMF and the World Bank anddeveloped countries’ reservations were investigated. It was concluded that the new shape of the internationalfinancial architecture and governance structures of international financial institutions will depend on internationalpolitics as well as the evolution of the global crisis and the economic dynamics.

scholarly journals Impact of Global Financial Crisis on IDB Member Countries: The Case of Gulf Cooperation Council and Sub-Saharan Africa

2008 ◽  
Vol 47 (4II) ◽  
pp. 583-601
Author(s):  
Zafar Iqbal
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Foreign Minister ◽  
Sub Saharan Africa ◽  
Fuel Prices ◽  
Sub Saharan ◽  
The Global Financial Crisis ◽  
The Impact

The year 2008 witnessed three major crises (food, energy, global financial and economic crises) and their impacts were increasingly felt worldwide. Since the eruption of global financial crisis from September 2008, international financial markets have become more turbulent, and the global economic slowdown is expected to deepen further. Virtually no country, developing or developed, has escaped from the impact of the global financial turbulence, although countries that entered the crisis with less integration into the global economy have generally been less affected. There is an increasing concern that the ongoing global financial turbulence is likely to transform into human crisis, particularly in the developing world. Although, it will take sometime to assess the full impact of the these crises on developed as well as developing countries, various preliminary estimates have been reported about the losses due to these crises. For example, Kuwait Foreign Minister revealed in Arab Economic Summit that Arab investors lost $2.5 trillion just in four months (September to December 2008) due to credit crunch.1 Similarly, according to the latest estimate by the Asian Development Bank, the global financial market losses reached $50 trillion in 2008, which is equivalent to one year of world GDP.2 Like other developing countries, the impacts of these crises have also been increasingly felt in IDB member countries. Firstly, a large number of member countries were affected due to high food and fuel prices and since September 2008, they are being affected directly and indirectly by the global financial crisis although the channels of transmission are different from those operating in relatively more developed member countries.

The Troika’s conditionalities during the Greek financial crisis of 2010–2014: the Washington Consensus is alive, well, and here to stay

2021 ◽  
pp. 1-25
Author(s):  
John Marangos
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Tax Policy ◽  
Global Financial Crisis ◽  
Washington Consensus ◽  
Tax Revenue ◽  
International Financial Institutions ◽  
The World ◽  
The Global Financial Crisis

There is a widespread perception around the world that the Washington Consensus is dead. In contrast to the world tide prior to the global financial crisis of 2008, this paper aims to demonstrate that the conditionalities inspired by the Washington Consensus and imposed by the international financial institutions are still pertinent. Using as a case study the Greek financial crisis of 2010–2014, it is verified that the Troika’s austerity imposed conditionalities that neatly fit within the Washington Consensus framework. However, consistent with the neoclassical framework, the Washington Consensus recommends the reduction in taxes, whereas the Troika’s austerity conditionalities entail an increase in taxes. It appears that a striking paradox is present, in that the neoclassical tax conditionality policy is sacrificed in the name of increased tax revenue. This allegedly perplexing tax policy and blatant conflict, which appears to controvert the very essence of the neoclassical ideological framework of the Washington Consensus and the IMF, will be further explored.

scholarly journals Income Distribution in Turkey during the Global Financial Crisis

2017 ◽  
Vol 9 (3) ◽  
pp. 91
Author(s):  
Sinem Sefil-Tansever
Keyword(s):  
Financial Crisis ◽  
Income Inequality ◽  
Global Financial Crisis ◽  
Income Source ◽  
Labor Earnings ◽  
Income Sources ◽  
Gini Decomposition ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Earning Inequality

The aim of this study is to examine mechanism responsible for the behavior of the income and earning inequality in Turkey during the global financial crisis based on data from the 2006 to 2014 Income and Living Conditions Survey. Gini decomposition by income source is employed in order to provide an analysis of the contribution of the various income sources to the evolution of income inequality and to assess the impact of a marginal percentage change in the income from a particular source on income inequality. For examining the contributions of specific variables (education, position in occupation, economic sector) to the interpretation of labor earnings inequality in terms of their gross and marginal contribution, we use static decomposition of Theil T index.

scholarly journals Russia and the CIS in 2008: Axis of Authoritarianism??

Asian Survey ◽  
2009 ◽  
Vol 49 (1) ◽  
pp. 135-145 ◽  
Author(s):  
Charles E. Ziegler
Keyword(s):  
Financial Crisis ◽  
Economic Performance ◽  
Domestic Politics ◽  
Global Financial Crisis ◽  
Great Power ◽  
The Caucasus ◽  
Central Asian ◽  
Presidential Succession ◽  
The Global Financial Crisis ◽  
The Impact

Russia's seamless presidential succession produced no major changes in domestic politics or foreign policy. Ties with Asia remained strong, though several key relationships——with China, Japan, and the Central Asian states——frayed under the impact of Russia's military action in Georgia. Impressive economic performance in the first half of the year boosted Russian confidence as a great power, but its vulnerability to the global financial crisis together with the heavy-handed operation in the Caucasus undermined Moscow's standing with both Asia and Europe by the end of the year.

A Discussion of Aida H. Hozic and Jacqui True’s Scandalous Economics: Gender and the Politics of Financial Crises

2017 ◽  
Vol 15 (2) ◽  
pp. 503-504
Author(s):  
Dara Z. Strolovitch
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Financial Institutions ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Economic Order ◽  
Macroeconomic Models ◽  
Gender And Race ◽  
Back Cover ◽  
The Global Financial Crisis

“Critical analyses of the global financial crisis of 2008 (GFC) have neglected the ways in which structural inequalities around gender and race factor into (and indeed make possible) the current economic order. Scandalous Economics breaks new ground by arguing that an explicitly gendered approach to the GFC and its ongoing effects can help us to understand both the root causes of the crisis and the failure to significantly reform financial institutions and macroeconomic models.” These words, from the blurb on the back cover of Scandalous Economics, nicely summarize the book’s topic and the general approach to it. Because the book contains contributions from a number of the top political scientists writing about the gendering of political economy, and because this topic is such an important one, we have invited a range of political scientists to comment on the book and on the broader theme of the gendering of political economy.

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