The revolutions postponed

2020 ◽  
Vol 3 (2) ◽  
pp. 59-74
Author(s):  
Alexander Ruser ◽  
Keyword(s):  
Scientific Revolution ◽  
Global Financial Crisis ◽  
Scientific Progress ◽  
Theoretical Concepts ◽  
Scientific Revolutions ◽  
New Information ◽  
The Status ◽  
The Global Financial Crisis ◽  
Scientific Facts ◽  
New Evidence

Philosophers of Science have developed sophisti-cated models for explaining how scientific revolu-tions are brought about and more generally how scientists deal with facts that contradict pre-existing assumptions and theoretical concepts. Likewise historians of science and sociologists of knowledge have produced comprehensive studies on how scientific breakthroughs have sparked social revolution and how social factors fostered or hampered scientific developments. However, scientific revolutions and scientific “progress” always seem to be at the center of at-tention. The equally important question of why sometimes new evidence and contradicting evi-dence fail to trigger a scientific revolution has been largely neglected though. Improving our understanding of “called off” or “postponed” rev-olutions not only contributes to analyses of suc-cessful scientific revolutions. Understanding how defenders of the status quo manage to suppress new information and ignore scientific facts is cru-cial to understanding scientific and political con-troversy. This contribution therefore seeks to out-line a conceptual model for probing into the “black box” of scientific revoltions. In addition it will outline a potential framework for analyzing the survival of neoclassic economic theory after the global financial crisis.

scholarly journals Linkages between gold and emerging Asian stock markets: New evidence from the Chinese stock market crash

2021 ◽  
Vol 39 (2) ◽  
Author(s):  
Imran Yousaf ◽  
Shoaib Ali
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Chinese Stock Market ◽  
Stock Market Crash ◽  
Volatility Spillovers ◽  
Hedge Ratios ◽  
The Global Financial Crisis ◽  
New Evidence

This study examines the return and volatility transmission between gold and nine emerging Asian Stock Markets during the global financial crisis and the Chinese stock market crash. We use the VAR-AGARCH model to estimate return and volatility spillovers over the period from January 2000 through June 30, 2018. The results reveal the substantial return and volatility spillovers between the gold and emerging Asian stock markets during the global financial crisis and the Chinese stock market crash. However, these return and volatility transmissions vary across the pairs of stock markets and the financial crises. Besides, we analyze the optimal portfolios and hedge ratios between gold and emerging Asian stock markets during all sample periods. Our findings have important implications for effective hedging and diversification strategies, asset pricing and risk management.

Belén Gopegui’s literature in crisis: Anticipating the literatura de la crisis?

2020 ◽  
Vol 33 (1) ◽  
pp. 9-25
Author(s):  
Maite Usoz de la Fuente
Keyword(s):  
Short Stories ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Job Insecurity ◽  
Status Quo ◽  
The Status ◽  
Key Features ◽  
Financial Crisis Of 2008 ◽  
The Global Financial Crisis

In recent years, and in response to the global financial crisis of 2008, Spain has seen the surge of a new literary sub-genre, that of literatura de la crisis: novels, essays and short stories attempting to reflect and make sense of the crisis and its effects in the country. In this article, I propose that there is an alternative literature in crisis that, while at times overlapping with the aforementioned literatura de la crisis, also antedates it. Such literature shows a concern with socio-economic phenomena such as unemployment and job insecurity, precarity, the effects of globalization or the rise in inequality long before these issues became fashionable. In this article, I analyse four novels by Belén Gopegui that predate the crisis in order to trace the key features of her literature in crisis ‐ chief among them is her meta-literary exploration of her own assimilation of (or possible complicity with) the hegemonic discourses she seeks to critique. Finally, I contend that the vindication of this literature in crisis is timely and relevant not only because of its connection to the booming sub-genre of literatura de la crisis but also because it is only through the radical interrogation of the status quo carried out by this author that the full emancipatory potential of literature and culture may be realized.

Institutional work amidst the financial crisis: emerging positions of elite actors

Organization ◽  
2011 ◽  
Vol 18 (2) ◽  
pp. 187-214 ◽  
Author(s):  
Suhaib Riaz ◽  
Sean Buchanan ◽  
Hari Bapuji
Keyword(s):  
Financial Crisis ◽  
Research Agenda ◽  
Global Financial Crisis ◽  
Critical Discussion ◽  
Status Quo ◽  
Institutional Work ◽  
Mainstream Media ◽  
The Us ◽  
The Status ◽  
The Global Financial Crisis

We draw on the institutional work literature to analyse the rhetoric in mainstream media spawned by the global financial crisis. We identify the emerging positions (status quo, neutral and change) of actors on major themes (policy, practices, recovery and regulation) related to the crisis and the rhetorical processes used (appeals to expert authority, finding someone to blame, use of scenarios, and avoidance of critical discussion) to communicate these positions. We find that academics lead the charge for change in policy, relying mostly on rhetorical processes that involve the use of past scenarios and blame, but also often avoid critical discussion through over-generalization. In contrast, banks focus on changes in practices, mostly using future scenarios, finding specific others to blame, and also appealing to expert authority. The US Federal Reserve takes the lead on maintaining the status quo on regulation-related issues, largely through using various scenarios and appeals to expert authority. We also find a large number of neutral positions and interpret this as tacit support for existing institutions. We conclude by charting out a broader research agenda for further investigation of the actors-institutions interplay, particularly within the context of the financial crisis.

scholarly journals Status and features of the Korean labor market (2008-2018)

2020 ◽  
Vol 2 ◽  
pp. e020002
Author(s):  
Kyungran Kim
Keyword(s):  
Labor Market ◽  
Global Financial Crisis ◽  
Wage Gap ◽  
Structural Characteristics ◽  
Youth Unemployment ◽  
Major Area ◽  
The Status ◽  
Size Of Firms ◽  
The Global Financial Crisis

This article examines the status and structural characteristics of the Korean labor market since the global financial crisis in 2008. Even though the Korean labor market was resilient in the wake of that crisis, there are issues that require attention, which is including high earnings inequality, an aging labor force, increasing non-regular jobs, and rising youth unemployment rates. The Korean workforce has clearly divided not only by type of employment, but also by size of firms (large corporations and SMEs). Therefore, the main problem of employment is basically originated from the deepening dual structure in the labor market. This paper presents a brief characterization of the Korean’s labor market, analyzing in detail the main employment indicators. It also analyzes wage gap, and working conditions by employment type and firm size, focusing on the dual labor market. Additionally, examines the current situation of platform work, which has emerged as a major area of the labor market, and the trend of minimum wage, which has fluctuated in the last two years

scholarly journals International Real Estate Review

2018 ◽  
Vol 21 (2) ◽  
pp. 145-168
Author(s):  
Yang Deng ◽  
◽  
Helen X. H. Bao ◽  
Pu Gong ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Global Financial Crisis ◽  
Tail Dependence ◽  
Sampling Period ◽  
Real Estate Market ◽  
Securities Markets ◽  
Real Estate Markets ◽  
The Global Financial Crisis ◽  
Real Estate Securities ◽  
New Evidence

This study examines the tail dependence of returns in international public real estate markets. By using the daily returns of real estate securities in seven cities/countries from 2000 to 2018, we analyze how the interdependence of international securitized real estate markets has changed since the Global Financial Crisis. We divide our sampling period into the pre-crisis, crisis, and post-crisis periods, and estimate both upper and lower tail dependence coefficients for each sub- period. Our empirical results confirm that most city/country pairs have changed from tail-independent to tail-dependent since 2007. Strong tail dependence persists during the crisis and post-crisis periods. The findings from the post-crisis sub-sample provide new evidence on increased tail dependence in the global real estate market in recent years. We conclude that international real estate securities still offer diversification benefits nowadays but to a lesser extent than in the pre-crisis period. Investing in the global real estate securities markets is beneficial for cross-region, mixed-asset portfolios.

scholarly journals Effects of the Global Financial Crisis on the Agency Cost of Islamic Banks and Conventional Banks

2017 ◽  
Vol 4 (1) ◽  
pp. 44
Author(s):  
Talla M Aldeehani
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Gulf Cooperation Council ◽  
Agency Cost ◽  
Islamic Banks ◽  
Empirical Testing ◽  
Before And After ◽  
The Status ◽  
Conventional Banks ◽  
The Global Financial Crisis

In this paper, we investigate the effect of the 2008 global financial crisis on the agency cost (AC) of Islamic banks (IBs) and conventional banks (CBs). Many pioneering scholars (see, for example, Archer et al., 1998) have recognized fundamental differences in the capital structures and risks of IBs compared to CBs and called for more empirical testing of these issues. This effort is in response to those calls. Focusing on AC, we collected data for all Gulf Cooperation Council (GCC) banks satisfying the period from 2001-2014. The data was split into “before” and “after” the 2008 crisis. Although statistically insignificant, the analysis shows higher AC for IB compared to CBs before and after the crisis. However, we provide evidence of significant differences in AC causal models for the two types of banks. For conventional banks, only profitability factors explain variability in AC before and after the crisis. For Islamic banks, however, in addition to profitability, liquidity, deposits and financing facilities matter depending on the status of the economy. We provide further discussions, implications, and recommendations.

scholarly journals Monetary Constitutionalism: Some Recent Developments

2018 ◽  
pp. 67-105
Author(s):  
Ludwig Van Den Hauwe
Keyword(s):  
Great Recession ◽  
Global Financial Crisis ◽  
Scientific Progress ◽  
Jel Classification ◽  
Constitutional Political Economy ◽  
Palabras Clave ◽  
Monetary Constitution ◽  
Recent Developments ◽  
The Global Financial Crisis ◽  
Made In

The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically. Keywords: Constitutionalism, Constitutional Political Economy, Monetary Con-stitution, Monetary Systems. JEL Classification: B53, E02, E50, H40, P16. Resumen: El volumen editado por Leland Yeager hace más de 50 años y pub-licado en 1962 con el título In Search of a Monetary Constitution, ha resultado ser notablemente premonitorio, ya que por aquella época iba a comenzar la Gran Inflación. Podría esperarse que, a raíz de la crisis financiera global y la Gran recesión, hubiese aumentado el interés por las cuestiones monetari-as-constitucionales y, efectivamente, este ha sido el caso. En este trabajo se intenta evaluar si, y hasta qué punto, se ha logrado un progreso científico en la definición de la naturaleza y las características de una constitución mone-taria para el mundo posterior a la crisis. Para ello se revisan críticamente algu-nas contribuciones recientes de la literatura. Palabras clave: Constitucionalismo, Economía Política Constitucional, Con-stitución Monetaria, Sistemas Monetarios. Clasificación JEL: B53, E02, E50, H40, P16.

Bank of Russia and bank supervision: Together forever?

2019 ◽  
pp. 85-98 ◽  
Author(s):  
Oleg V. Buklemishev ◽  
Dmitriy O. Vatolin
Keyword(s):  
Financial Markets ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Banking Supervision ◽  
Bank Supervision ◽  
Macroprudential Policies ◽  
The Status ◽  
The Global Financial Crisis ◽  
Phase Out ◽  
The Impact

The paper discusses the feasibility of institutional changes in the Russian banking regulation (supervision). The historical and modern practice of the organization of regulatory activity in financial markets is described. Traditional theoretical arguments in favor of and against combining the functions of monetary policy and banking supervision within the Bank of Russia are considered and analyzed under current conditions. The impact of the global financial crisis is taken into account in terms of the need to institutionalize macroprudential policies and to coordinate them with microprudential policies. Based on this analysis the conclusion is made about the absence of fundamental preconditions for preserving the status quo in relation to banking supervision by the Bank of Russia in the context of considerable costs of correcting its errors. There commendation to phase out seniorage financing of banking supervision is given.

Analysis of Current Interregional Industry Transfer and Its Features in China Based on Three Dimensions

2016 ◽  
Vol 04 (03) ◽  
pp. 1650021 ◽  
Author(s):  
Deyou XU
Keyword(s):  
Global Financial Crisis ◽  
Relevant Literature ◽  
Three Dimensions ◽  
Market Forces ◽  
Dynamic Changes ◽  
Factor Endowments ◽  
External Demand ◽  
The Status ◽  
The Global Financial Crisis ◽  
China’S Economy

Imbalanced spatial development of China's economy leads to the transfer of industries between different regions. Such interregional transfer of industries not only reflects the dynamic changes of factor endowments between regions, but also is an important way to promote the development of underdeveloped regions. After the global financial crisis in 2008, along with the deterioration in external demand and expansion of domestic market, as well as driven by market forces and regional policies, China's interregional industry transfer presents new features and trends. Based on the reflections on relevant literature and cases, the author discusses China's industry transfer from three perspectives: why, where, and how to transfer industries, referring to three aspects: the impetus and resistance, scope and direction, as well as patterns and policies of industry transfer, so as to make a comprehensive and in-depth elaboration of the status quo, features and causes of interregional industry transfer in China.

scholarly journals Profitability of commercial banks revisited: new evidence from oil and non-oil exporting countries in the MENA region

2017 ◽  
Vol 14 (3) ◽  
pp. 62-73 ◽  
Author(s):  
Nermeen Abdullah ◽  
Yong Tan
Keyword(s):  
Fixed Effects ◽  
Global Financial Crisis ◽  
Policy Implications ◽  
Mena Region ◽  
Financial Openness ◽  
Bank Profitability ◽  
Using Data ◽  
The Global Financial Crisis ◽  
The Impact ◽  
New Evidence

This paper investigates the determinants of commercial bank profitability in oil and non-oil countries of the Middle East and North Africa (MENA) region using data from 11 countries over the period 2004–2014. Since banks are under no obligation to fill reports to Bankscope database, irregular reporting banks are omitted from the sample and the model is re-estimated using only regular reporting banks, and a comparative analysis between total banks’ sample and regular reporting banks’ sample is provided. Using the two-step system GMM and fixed effects models, the results indicate that credit risk is negative and highly significant when irregular reporting banks are omitted from the sample, particularly in the non-oil group, unlike the oil countries case, which indicates that adding irregular reporting banks to the sample could lead to bias in some estimated coefficients if they constitute a considerable percentage of the total banks’ sample. Diversification is a key determinant for profitability in oil countries. No enough evidence to support the impact of financial inclusion and financial openness on bank profitability. In addition, the global financial crisis has significantly affected bank profitability in oil countries. Several policy implications are provided to the bank management to follow based on each country group.

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