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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.

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.

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.

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.

This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis.

We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama and French (1998). Baker et al. (2016) news-based index (BBD index) is employed to calculate measures of economic policy uncertainty. Our research sample includes 103,474 observations from 11,000 firms across 19 countries over the period 2004–2016.

We find that economic policy uncertainty is negatively “positively” related to value of cash in the pre-crisis “post-crisis” period. Moreover, we also document that the positive effect of economic policy uncertainty in the post-crisis period is stronger in financially constrained firms.

While prior studies find a relationship between economic policy uncertainty and cash levels or the effect of firm-level uncertainty on value of cash, this paper shows how economic policy uncertainty as an institutional environment factor affects value of cash. Moreover, it documents that economic policy uncertainty has opposite effects on value of cash before and after the global financial crisis.

本研究旨在探討經濟政策不確定性在全球金融危機之前及之後對現金價值的影響。

我們基於法馬及佛倫奇(1998) (Fama and French (1998)) 的估值模型，來探討經濟政策不確定性與過剩現金價值的關係。我們採用了貝克等人(2016) (Baker et al. (2016)) 以新聞訊息為基礎的指數 (BBD指數) 、來計算經濟政策不確定性的程度。我們的研究樣本包括橫跨19個國家、涵蓋期為2004年至2016年、取自11,000間公司之103,474個觀察。

我們發現經濟政策不確定性與現金價值在危機前時期成負相關,在危機後時期則成正相關。而且,我們也記錄了在危機後時期經濟政策不確定性的正面影響於財務受限的公司會較大的情況。

過去的研究發現了經濟政策不確定性與現金水平之間存有關係、及企業層面的不確定性對現金價值的影響。唯本研究顯示了經濟政策不確定性作為一機構環境因素,如何影響現金價值；同時，亦記錄了經濟政策不確定性在全球金融危機之前及之後對現金價值會有相反影響的情況。

The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.

The purpose of this paper is to understand and compare the extent and nature of the impact of foreign portfolio investment (FPI) on the stock market volatility, particularly in the Southeast Asian emerging markets, and compare that against the corresponding experience of Indian economy, in the context of a global financial crisis of the recent past.

The Asian emerging markets are now being perceived as becoming financially more and more vulnerable to international events because of their growing exposure to unstable foreign investment flows. The daily net FPI inflow and the daily leading stock market composite index of four countries, namely, Thailand, the Philippines, Indonesia and India, have been analyzed using autoregressive conditional heteroscedasticity (ARCH)-generalized ARCH group of models dividing the study period from 2000 to 2014 among pre-crisis, crisis and post-crisis period separately.

The study reveals that the net inflow of FPI has been a significant determinant of stock market returns in all countries. The impact of volatility spillover from the FPI market to the stock market in the sample countries has been found to be different under different market conditions. The past information and volatility clustering have been significantly influencing the stock market return volatilities of all these Southeast Asian countries on average.

However, there are significant country-wise differences in the relative importance and direction of the relationship of each of these effects with the volatility of the FPI and the stock markets. These effects have been different in these four different markets and they have significantly altered in strength and significance during the global financial crisis and in the post-financial crisis period.

The global crisis, originating in the US financial sector, affected the Asian region primarily through three channels – declining trade volumes, exchange rate pressure and asset deflation. The purpose of this paper is to focus on how the crisis impacted the four major economies of South Asia, viz. Bangladesh, India, Pakistan and Sri Lanka and how, by a combination of swift actions on the monetary, fiscal and exchange rate fronts, the worst consequences of the crisis were averted.

The regulatory and supervisory systems in these four economies are then benchmarked against certain desirable norms, which have emerged out of post‐crisis international deliberations.

It is felt that the South Asian regulatory systems perform fairly well vis‐à‐vis these norms.

The paper also touches upon the major highlights of the crisis impact, policy responses and post‐crisis recovery in the Southeast Asian region.

The several similarities and the few contrasts between the two regions on these aspects are also presented.

The context conditions for third sector organizations (TSOs) in Europe have significantly changed as a result of the global economic crisis, including decreasing levels of public funding and changing modes of relations with the state. The effect of economic recession, however, varies across Europe. The purpose of this paper is to understand why this is the case. It analyses the impact of economic recession and related policy changes on third sector development in Europe. The economic effects on TSOs are thereby placed into a broader context of changing third sector policies and welfare state restructuring.

The paper focusses on two research questions: how has the changing policy environment affected the development of the third sector? And what kind of strategies have TSOs adopted to respond to these changes? The paper first investigates general trends in Europe, based on a conceptual model that focusses on economic recession and austerity policies with regard to the third sector. In a second step of analysis, the paper provides five country case studies that exemplify policy changes and responses from the third sector in France, Germany, the Netherlands, Poland and Spain.

The paper argues that three different development paths can be identified across Europe. In some countries (France and Spain), TSOs face a strong effect of economic recession. In other countries (Germany and Poland) the development of the third sector remains largely stable, albeit at different levels, whereas in the Netherlands, TSOs rather experience changes in the policy environment than a direct impact of economic decline. The paper also shows that response strategies of the third sector in Europe depend on the context conditions. The paper is based on the European project “Third Sector Impact.” It combines an analysis of statistical information with qualitative data from interviews with third sector representatives.

The paper contributes to our understanding of the interrelation between economic recession, long-term policy changes and third sector development in Europe.

This paper aims to contribute an Islamic critique of various competing economic system’s theories of interest, which have evolved within the distinct ideological frameworks of distinct rival economic systems and religions from the point of view of discovering potential effective Islamic economic solutions of the interest-driven modern economic, financial and banking and debt crises and the related problems of inflation, extreme, wealth inequalities and extreme poverty.

This historical research paper portrays the chronological evolution of competing narratives and theories of interest in realms of religions, philosophies and rival economic systems for contributing their comparative review and critique from an Islamic point of view in light of the pertinent literature of multidisciplinary history of religions, philosophies and economic thought. It develops an Islamic critique of theories of interest in light of interactions among history of religious thought on interest, history of economic thought on interest and economic theories of interest and the interest-driven economic crises for highlighting potential Islamic interest-free solutions of the modern economic crises in the framework of the Islamic political economy. In light of an Islamic critique of various competing theories of interest, the paper presents pertinent economic policy recommendations for the governments of the countries of the contemporary Muslim world.

The interest-free Islamic economic, as well as banking theories and models, offer the potential practical exploitation-free and injustice-free humanitarian solutions of the contemporary persisting macroeconomic crises (national, regional and global economic crises, financial crises, debt crises and banking crisis). Current Islamic discourses on interest and interest-free Islamic banking have effectively promoted the popularity and growth of global Islamic banking industry in the Muslim world in the 21st century.

Keeping in view a general universal consensus of the Islamic jurists on the elimination of interest of all types from the economy, it is recommended for the Governments of the Muslim countries to implement a consensus-based Islamic banking model, which uses only the Islamic juristic consensus-based Islamic modes of banking and finance – Musharikah, Mudharabah and Al-Qardh Al-Hassan (interest-free loan) – for precluding the possibilities of emergence of controversies about the prospective Riba-free Islamic economic and banking system. Litmus test of the practical success of the interest-free Islamic universal economic and banking system is the successful elimination of all forms of Riba (interest) and all possibilities of its involvement in extractive and exploitative activities in letter and spirit.

This research paper contributes a comprehensive logical and objective critique of various competing prominent theories of interest from an Islamic economic point of view and highlights their pertinent practical macroeconomic problems-cum-consequences as well as the potential Islamic macroeconomic policy responses in the form of interest-free Islamic banking/monetary/fiscal policies.

The COVID-19 pandemic caused unprecedented global turmoil and a halt on international tourism. This study aims to evaluate the scientific literature about tourism crisis and disasters and depicts how this research stream evolved in the face of economic, security, health, environmental or trust crises, further providing insights about a research agenda on this stream.

This study uses bibliometric methods and topic models, specifically latent Dirichlet allocation (LDA) methods to evaluate the nature and course of the tourism crises and disasters scientific literature. Data from 2,810 documents were retrieved from the Web of Science database and were used to perform the analysis.

The results show an increase of tourism crises and disasters scientific literature departing from 2010, and a surge in 2020 and 2021 due to the COVID-19 pandemic. Furthermore, themes such as tourism competitiveness, tourism demand, crisis management, perceived risk, natural disasters and destination recovery are among the most relevant themes in the research line, showing that the effect of economic and financial crises on tourism industry, sustainable tourism and tourism demand are set to be among the most relevant in the upcoming years.

This study fills a void in the tourism literature by providing a roadmap to understand the past, present and future of the tourism crises and disasters research line and the avenues for future research in this field, including methods, in the period post-COVID-19.

Previous studies on tourism crises and disasters were focused on literature review and on the relationship between crises and disasters and the tourism industry. This study uses a set of methods unused before in the research stream, namely, a combination of bibliometric methods and LDA methods, to provide a road map for the present state-of-the-art of tourism crises and disasters research and promising future research lines.

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.

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

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.

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.

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.

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.

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