Search results

1 – 10 of over 33000
To view the access options for this content please click here
Article

Stéphane Le Queux and David Peetz

The purpose of this paper is to examine the nature of union responses to globalisation and, in particular, the global financial crisis; the consequences of the financial

Abstract

Purpose

The purpose of this paper is to examine the nature of union responses to globalisation and, in particular, the global financial crisis; the consequences of the financial crisis for workers; and lessons from the experience.

Design/methodology/approach

The authors examined numerous union statements, declarations, reports and actions as well as extensive documentary evidence from other sources. The focus was on the behaviour of supranational trade unions, including the European Trade Union Confederation, the International Trade Union Confederation and Global Unions.

Findings

The supranational unions’ methods gradually shifted in the 2000s from reliance on institutional politics to collaboration with broader alter‐globalisation protest movements, though this carried risks. The global financial crisis appeared to be a strategic opportunity for trade unions, but while they developed sophisticated policy packages, they were unable to change the behaviour of global institutions. This accentuated the shift in union strategy. Governments initially set aside free market ideology for stimulus packages, but failed to regulate to prevent future crises. Workers bore the brunt of the crisis. The experience highlighted the contradictions facing unions dealing with global issues.

Practical implications

The outcomes of crises depend on the actions, strategies and prior strengths of the parties. Different outcomes emerged from prior crises and may emerge from future ones.

Originality/value

Few studies have examined the role of supranational unions in the context of the financial crisis. A clearer understanding of the weaknesses of and impediments to supranational union responses may increase the likelihood that future crises will be better understood and be followed by more effective responses.

Details

International Journal of Manpower, vol. 34 no. 3
Type: Research Article
ISSN: 0143-7720

Keywords

To view the access options for this content please click here
Book part

Minsoo Lee, Donghyun Park, Arnelyn Abdon and Gemma Estrada

This chapter investigates the impact of the euro crisis on Asia’s short-term economic outlook. This chapter tries to answer this question by examining both the trade and…

Abstract

This chapter investigates the impact of the euro crisis on Asia’s short-term economic outlook. This chapter tries to answer this question by examining both the trade and financial channels of crisis transmission. More specifically, it looks at the effect of euro crisis on Asian exports and growth, contagion from EU financial markets to Asian financial markets, and influence of EU bank lending on credit growth in Asia. The chapter also touches upon Asia’s policy space to assess how well the region is positioned to weather another major external shock. This chapter finds that the impact of euro crisis on developing Asia points to a sizable but manageable short-term impact. Furthermore, our analysis points to a significant effect on the region’s financial systems, especially its banking sector. This chapter informs policymakers of the impact of the euro crisis and advice to continue to keep a close eye on eurozone developments and their ramifications for their economies.

Details

Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

Keywords

To view the access options for this content please click here
Book part

Anastasia Nesvetailova

The article provides a comparative critique of the financial underpinnings of the Great Depression of the 1930s and the recent wave of financial crises. The collapse of…

Abstract

The article provides a comparative critique of the financial underpinnings of the Great Depression of the 1930s and the recent wave of financial crises. The collapse of the financial systems in many developing nations, the bankruptcies in the Anglo-Saxon corporate sectors and a threat of more sovereign defaults on behalf of emerging markets suggest that the current wave of global financial fragility and recession rivals that of the Great Depression of the 1930s. The paper examines key elements that account for the crisis-prone nature of global capitalism: the political discipline of neo-liberalism, debt-driven expansion of the privatised financial markets, and the profound disarticulation of the financial and real economies. These factors suggests that the risk of a global depression is by no means hypothetical, and unless effective and collaborative efforts are made to tame the inherently unstable regime of global finance, even major world economies are faced with a prolonged period of financial turbulence and economic stagnation. The paper concludes by pondering the possibility of a paradigmatic shift in the transnational political consensus that can prevent a global repetition of the 1930s. While the increased awareness of financial instability and crisis may indeed prompt some ad hoc adjustments in national and foreign economic policies of major capitalist powers, in the long run these measures will be insufficient to prevent a major financial and economic disaster.

Details

Neoliberalism in Crisis, Accumulation, and Rosa Luxemburg's Legacy
Type: Book
ISBN: 978-0-76231-098-2

To view the access options for this content please click here
Article

Nargiza Alymkulova and Junus Ganiev

The global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in early 2009. The purpose of this study is to examine the impact…

Abstract

Purpose

The global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in early 2009. The purpose of this study is to examine the impact of the global financial economic crisis on the transition economy of the Kyrgyz Republic. As there is a low level of the Kyrgyz Republic’s integration into the global financial and economic processes, it is obvious that channels of transmissions are different.

Design/methodology/approach

The empirical model is the vector autoregression approach. The quarterly data from 2005 to 2013 of the remittances from abroad, trade volumes, exchange rates, credits, deposits and liquidity of the banking system, gross domestic product (GDP) and foreign direct investment (FDI) were used in the empirical analysis.

Findings

The authors found a significant positive relation between transmission channels such as remittances flow, banking sector, international trade and GDP within the first six months. Thus, a decline in the aforementioned variables has a significant affirmative effect on the country’s GDP. Notwithstanding, the exchange-rate channel adversely influences GDP. Thereby, the depreciation of the national currency leads to an increase in GDP.

Originality/value

The study findings allow the Kyrgyz policymakers to foresee the global crisis transmission through the primary channels of transmission mechanism. Nevertheless, a decrease of the deposit level by 1 per cent leads to 2.91 per cent decline in FDI inflows. On the contrary, an increase of the exchange rate by 1 per cent leads to 1.54 per cent decrease in imports.

To view the access options for this content please click here
Article

Minh Quang Dao

The purpose of this paper is to empirically assess the effect of the factors contributing to the recovery from this crisis in terms of national GDP growth among the G7…

Abstract

Purpose

The purpose of this paper is to empirically assess the effect of the factors contributing to the recovery from this crisis in terms of national GDP growth among the G7, Asian7, and Latin American7 countries.

Design/methodology/approach

The author uses a multivariate regression analysis of the determinants of the global financial crisis recovery.

Findings

Based on data from 21 developed and developing emerging market economies the author found that good macroeconomic fundamentals together with more open financial policy, financial liberalization, financial depth, domestic performance, and favored global conditions do linearly influence national GDP growth. Over 85 percent of cross-country variations in GDP growth during the recovery phase of the global financial crisis can be explained by its linear dependency on pre-crisis national GDP growth, financial liberalization, financial depth, domestic performance, as well as interaction terms between various explanatory variables. Cross-country differences in national GDP growth also linearly depend on macroprudence and on favorable global conditions.

Originality/value

Results of such empirical examination may enable governments in developing countries devise resilience strategies that may serve as powerful tools for dealing with future global financial crises.

Details

Journal of Economic Studies, vol. 44 no. 1
Type: Research Article
ISSN: 0144-3585

Keywords

To view the access options for this content please click here
Article

Lukasz Prorokowski

The purpose of this paper is to focus on Initial Public Offering (IPO) investments, performance and activity in times of the global financial crisis.

Abstract

Purpose

The purpose of this paper is to focus on Initial Public Offering (IPO) investments, performance and activity in times of the global financial crisis.

Design/methodology/approach

The paper utilizes, in a pioneering attempt, a modified regression model that is widely used in medical research (i.e. measuring the effectiveness of painkillers, aspects of breastfeeding, cancer research) but proved efficient and informative for the studied area. Embarking on Cox's Hazard Model perfectly mirrored investors' approach to IPO investments. Henceforth, the empirical findings reported in the paper became practical for IPO investors. The quantitative findings are then discussed with high‐profile practitioners, in order to inject more realism into the study. The qualitative research framework expands the empirical analysis to cover significant issues related to IPO activities and proves invaluable in the process of constructing practical implications.

Findings

Since the main purpose of the paper is to test the profitability of targeting IPOs from the Polish stock market, the main research question attempted in the paper refers to finding out whether IPO investments constitute an attractive alternative for direct equity investments, especially during the global financial turmoil. On this occasion, the current paper advises on trading strategies that involve targeting IPOs and shield investors from experiencing crisis‐induced losses. These findings remain topical as they contribute to the current debate on tailoring investment approaches to the global financial crises. Furthermore, focusing on the issues related to the overblown deficit reported by the transition economy delivers novel and important implications for policymakers striving to stabilize budget in the aftermath of the nascent financial crisis.

Originality/value

What distinguishes the paper from previous studies is the original methodology, three‐dimensional approach to IPO activities (adopting a company's, investor's and policymaker's perspectives) and focusing on the systemically important European market that somehow was overlooked by previous studies in this area but recently vaulted into prominence among international investors who regard the Polish stock market as a regional leading bourse.

To view the access options for this content please click here
Book part

Carolina Herrera-Cano and Maria Alejandra Gonzalez-Perez

The purpose of this study is to show how socially responsible investment (SRI) could represent a powerful tool (trust recovering in political and economic institutions) in…

Abstract

Purpose

The purpose of this study is to show how socially responsible investment (SRI) could represent a powerful tool (trust recovering in political and economic institutions) in the case of failure or stagnation of economic and financial growth. The purpose of this chapter is to evaluate the current status of SRI in the context of the recent financial and economic crises. The main objective of this analysis is to consider the different benefits and challenges that this type of investment transactions bring into the international economy, and how SRI entrance could represent a major benefit not only for investors a different approach to corporate sustainability but as an important possibility in times of global economic and political crisis.

Methodology/approach

By analysing the literature about SRI, it has been developed a discussion regarding its benefits and obstacles in today’s financial scenario. By evaluating the performance of SRI in the context of the global financial crisis and the important opportunities regarding development, we would like to present the SRI as an important tool in today’s Post 2015 development agenda.

Findings

After revising the existent literature, it has been found that there are two important discussions in the field of SRI. The first one is related with the financial performance of SRI in contrast with the conventional investment funds while the second one is related with important considerations about the SRI in the context of the global financial crisis. After considering the arguments from the different authors, we address some conclusions regarding the importance of SRI in nowadays sustainable development discussion.

Practical implications

Due to failure in the traditional modus operandi of financial institutions and the recent global crises, investors, corporate executives and governments are increasingly paying more attention on the social, environmental and ethical behaviour of individual managers, shareholders and institutional investors. Therefore, it is being observed a shift and maturing process in SRI from an exclusive practice of few and specialised niche investment funds with minor financial implications and limited economic importance, to mainstream adopted by a growing number of institutional investors at the international level. This shift may influence companies and managers to adopt universal values and to assume a committed and strategic CSR agenda to respond to markets and societal expectations, in order to have guilt-free and sustainable investment and sustainable financial markets.

Originality/value

Within the context of the Post 2015 development agenda, the role of business and the private sector has become crucial for funding the new sustainable development goals (SDGs). This chapter not only discussed the relationship between SRI as an alternative to overcome financial crises and lack of sustainability in investment, but it does also conceptually demonstrates the potential of SRI to achieve the funding of the SDGs.

Details

Lessons from the Great Recession: At the Crossroads of Sustainability and Recovery
Type: Book
ISBN: 978-1-78560-743-1

Keywords

To view the access options for this content please click here
Article

Lukasz Prorokowski

This paper attempts to provide insights into the functioning of innovative companies in times of the global financial crisis. In doing so, the following study investigates…

Abstract

Purpose

This paper attempts to provide insights into the functioning of innovative companies in times of the global financial crisis. In doing so, the following study investigates whether innovations protected companies from the adverse effects of the global recession. On this occasion, the paper analyzes the economic performance of innovative industries in Poland, highlighting institutional and systemic barriers that curb their development. The main purpose of this paper is to clarify whether targeting innovative companies for equity investments proved beneficial during the global financial crisis.

Design/methodology/approach

This paper employs the mean return per unit of risk (MRPUR) analysis in order to investigate international portfolio diversification opportunities delivered by targeting innovative companies for equity investments in times of the global financial crisis. The paper also uses interviews and questionnaires to broaden the knowledge about issues related to the functioning of innovative companies. This is motivated by the fact that the research remains under-researched by the reviewed studies.

Findings

The paper links innovations in business strategy and production to the ability of companies to resist the global financial crisis. This paper argues that innovative approach to business strategies proved far more profitable for companies than relying on novelties in production. Furthermore, the paper provides strong evidence that innovative companies could contribute to mitigation of the global economic downturn by stimulating the sustainable economic growth in Poland. As far as the main purpose of this paper is concerned, the current study delivers useful and informative insights into the international portfolio diversification processes that assume targeting innovative investees.

Practical implications

This paper delivers practical implications for innovative companies, market regulators, policymakers and international investors.

Originality/value

The current paper addresses the absence of the academic literature devoted to the analysis of financial performance of the Polish investee companies representing innovative industries. In doing so, this paper advises on changes in regulations that would facilitate further development of innovative companies. Moreover, the paper paints the picture of the investment environment prevailing in the Central European emerging stock market of Poland. Hereto, delivering general insights into the functioning and regulatory framework of the Polish stock market proves useful in assessing the economic and financial development of Poland.

Details

Qualitative Research in Financial Markets, vol. 6 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

To view the access options for this content please click here
Article

Syed Tariq Anwar

The purpose of this paper is to investigate textual issues and communication patterns of CEOs/chairmen/presidents’ letters to shareholders in the post-2008 financial crisis

Abstract

Purpose

The purpose of this paper is to investigate textual issues and communication patterns of CEOs/chairmen/presidents’ letters to shareholders in the post-2008 financial crisis period. By taking a global perspective, the work specifically explores how 307 banks from 15 countries communicated the issues of financial crisis with shareholders, customers and other stakeholders in their letters to shareholders published in the banks’ annual reports.

Design/methodology/approach

By using content analysis and qualitative research, the work specifically analyzes 307 letters to shareholders that constitute 1,028 pages.

Findings

Results of the work suggest that textual features and communication patterns of letters to shareholders remain distinct regarding corporate messages that banks delivered to their shareholders. There was little resemblance between financial institutions regarding their communicative patterns. This could be the result of cultural issues, diverse business environments, regulatory standards, discursive information and hidden business practices.

Research limitations/implications

Within our limited data (307 banks), the significance of this paper lies in its timeliness and relevance to the post-2008 financial crisis period and its worldwide business disruptions.

Practical implications

Practitioners need to use the results of this research and should be familiar with the main causes of the crisis that remain controversial and complex.

Social implications

Global markets and society as a whole were impacted by the severity and longevity of this crisis because of losses, socioeconomic disruptions and business bankruptcies.

Originality/value

Original value of this work falls within the domains of global financial markets and multinational banks.

Details

International Journal of Commerce and Management, vol. 25 no. 4
Type: Research Article
ISSN: 1056-9219

Keywords

To view the access options for this content please click here
Book part

Carlo Gola and Francesco Spadafora

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the International Monetary Fund's activities. This chapter surveys the various…

Abstract

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the International Monetary Fund's activities. This chapter surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterised by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first ‘official’ phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues ‘up-to-par’ with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS. The Fund's financial sector surveillance, particularly on advanced economies, is of paramount importance for emerging market and developing countries, as they are vulnerable to spillover effects from crises originated in advanced economies. Emerging market and developing economies, which constitute the majority of the Fund's 187 members, are currently the recipients of over 50 programmes of financial support from the Fund (including those of a precautionary nature), totalling over $250 billion.

Details

The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
ISBN: 978-0-85724-754-4

Keywords

1 – 10 of over 33000