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The purpose of this paper is to examine the earnings quality of companies listed on Mexico’s primary stock market, the Bolsa Mexicana de Valores (Bolsa) before and during the global economic crisis of 2008. Previous research has shown that these economic events can have potentially conflicting effects on the quality of earnings of listed companies in capital markets around the world.

This paper operationalizes earnings quality based on earnings management. Therefore, four constructs to proxy for earnings quality are developed from previous literature, and multiple regression analysis along with tests of differences across two time periods, 2005–2007 and 2008–2010, are used to determine if there is a significant change in the accounting quality of companies listed on the Bolsa before and after the start of the global economic crisis.

Results indicate a statistically significant decrease of earnings quality on three out of the four constructs used to proxy for earnings management. There is only one construct in this category that shows a significant increase of earnings quality.

There are different number of constructs and methodologies used to test for earnings quality. This study draws on four different constructs on two dimensions of earnings quality from previous literature, but other methodologies and constructs can potentially be used as well, such as discretionary accruals. Furthermore, there is a chance that there can be confounding factors affecting the results of this study besides the effects of the global economic crisis. Finally, the sample used in this study comprises non-financial public companies listed on the Bolsa, which can affect the generalization of the results to countries other than Mexico.

The results of this study can be of interest to Mexican and foreign investors, standard setters and regulators of the Bolsa, as the results show a strong incentive to manage companies’ earnings using income smoothing in an emerging economy during an economic crisis even after converging to a higher-quality set of accounting standards. Results can also be of interests to investors and regulators in other Latin-American countries with economies similar to that of Mexico.

This is the first study to test the quality of earnings of Mexican companies before and during the global economic crisis of 2008. Thus, this study contributes to the accounting quality literature by offering evidence showing a significant increase of income smoothing during the global economic crisis for companies listed in a developing economy with a relevant history of economic crises, even when these companies were using recently converged, higher-quality accounting standards.

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.

The purpose of this paper is to examine the potential impact of the 2008 economic crisis on foreign direct investment (FDI), especially in the new member states of the European Union. Particular attention is paid to the activities of subsidiaries of multinational enterprises (MNE), which can follow different scenarios as a response to the crisis, including a reorganisation of their production systems, and a reduction or closure of activities.

The analysis is grounded on various streams of literature, including international business studies and research on transition. Evidence is derived from UNCTAD data, interviews and desk research. The method of descriptive analysis has been followed, combined with theoretical insights, conceptual discussions and case study evidence.

While the full magnitude and consequences of the crisis are yet to be extensively analysed, the authors' preliminary findings suggest that the response of MNE subsidiaries to the crisis hinges critically upon the type and the industry of such subsidiaries. Export platforms in automotive industries have been hardest hit. However, there are indications of the qualitative development of subsidiaries in other industries, despite the crisis, as well as growing attractiveness of new EU members FDI in services.

This paper is an explorative study on the impact of the crisis on subsidiaries. More academic research should be conducted to understand this phenomenon, especially when the full magnitude of the crisis can be assessed.

The authors' analysis points at important policy implications. The authors challenge the view that rising economic nationalism would be the right answer to the problems created by corporate restructurings. Further, the authors advocate selective host government support to subsidiaries, especially aimed at retaining R&D departments and skilled workforce.

So far, the global economic crisis has been analysed mostly in consultancy reports and in studies focusing on the macroeconomic impact. However, to the authors' knowledge, no academic study has examined the issue of MNE subsidiaries' responses to the crisis.

The purpose of this paper is to explain the reasons and development trend of the new round of restructuring of regional division of labor in East Asia after the global financial crisis and the role of China in the process.

The paper probes into four factors leading to the adjustment of regional division of labor in East Asia before analyzing its development trend trough comparing the change of roles of China and ASEAN in the process.

After the flying-geese division and regional production network, East Asia’s regional division of labor is getting a new round of structural adjustment. The analysis of this paper shows that this adjustment is mainly due to global financial crisis, post-crisis de-globalization, the rebalancing of East Asian economies and China’s economic transformation. From the adjustment direction, the main trend is ASEAN gradually replacing China to become the new assembly plant area, while China becomes a new manufacturing power by its rising status in the global value chain.

The paper describes the development trend of the new round of restructuring of regional division of labor in East Asia in the future and gives the policy implications for the East Asian countries.

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment, informal and vulnerable employment, working poor and youth unemployment, and on public health – hunger and malnutrition, suicides, domestic violence and child abuse. In all fronts, the Great Recession had serious adverse impacts and morphed into a global social crisis. The situation is made worse due to obsessions with fiscal consolidation in the midst of tepid and uncertain recovery. The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

The paper is a general review and it draws on the findings of the United Nations flagship publication, Report of the World Social Situation 2011. It is an analytical narrative of impacts of on‐going economic crisis.

The paper finds a worsening employment situation – rise in unemployment, informal and vulnerable employment, youth unemployment, and working poverty. It also finds adverse public health impacts in terms of rise in malnutrition and hunger, suicide rates, domestic violence and child abuse. Finally the paper finds that policies matters in mitigating worst impacts as well as sustaining recovery.

The findings are tentative as the social impacts of economic crisis become obvious after a long time lag.

The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

The aim of this paper is to determine the impact of the global economic crisis on University of Malawi Libraries and Mzuzu University Library.

A case study methodology was adopted, and data were collected using both interview guides and questionnaires.

Findings show that libraries in this study were not affected much by the global economic crisis. Budgets of the libraries had registered steady increments, and this had positively impacted on collection development activities, staff recruitment and training, infrastructure development, and internal and external travels etc. Effects of the economic crisis, though minor, were evident by the stagnation of some college budgets and absence of scholarships for training abroad.

The study covered four of the five libraries in the University of Malawi namely the Polytechnic, College of Medicine, Bunda College, Kamuzu College of Nursing and Mzuzu University. Chancellor College Library did not participate because the researcher faced challenges in getting permission from authorities. So much as the results do give a general picture of libraries under the University of Malawi, the findings may not necessarily apply to Chancellor College Library.

In light of the findings, libraries were encouraged to strengthen existing income generating activities, and also explore other ways of generating revenue to cover for shortfalls in the budget that may be prompted by withdrawal of donor funds and cuts in government subvention should the global economic crisis persist.

Acknowledging the important role of the media in shaping a European public sphere, the purpose of this paper is to explore how the recent economic crisis is discursively construed in the context of the British media discourse. It investigates discursive constructions of the economic crisis in two political magazines of different ideological positioning by placing emphasis on the economic crisis in Greece, the “weak link” of the Eurozone.

The study draws on systemic functional linguistics which views language as social semiotic and conducts a transitivity analysis of a corpus consisting of 59 articles (a total of 61,820 words) from two weekly British political magazines, one of conservative and one of centre-left political position. The analysis is assisted by Wordsmith 6.0 concordance corpus tool.

It is argued that the articles of the conservative magazine construe the crisis as primarily local and financial, discussing its effects on the British economy. On the other hand, the articles of the centre-left magazine view the crisis as a systemic one derived from and, at the same time, affecting European Union policies and stress its political and economic implications in all of Eurozone.

The findings of the study contribute to the body of studies which investigate the role of language in the construction of the economic crisis and also adds to the on-going discussion regarding the development of a European public sphere as part of the wider European Project and the process of European integration.

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.

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

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.

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.

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 purpose of this paper is to analyze the impact of the recent (2008‐) economic crisis on information communication technology (ICT) spending. The empirical findings are discussed within a broader theoretical framework of technological trends/diffusion and economic cycles.

First, the paper introduces the innovation diffusion theory and theories of economic cycles. Next, it presents the analyses of the data from official statistics, international agencies and research companies. Finally, it summarizes the empirical findings within theoretical contexts.

In general, crises always reduce spending and therefore also ICT spending. However, focusing on the recent crisis, it affected the ICT market selectively and also much less than other sectors. In addition, the empirical findings indicate that after decades of fast ICT expansion (1971‐2000) we are now in the period of slower sectoral growth, which is in line with theories of super cycles, although, the authors also propose alternative explanations.

The impact of the economic crisis on the ICT market strongly depends on countries' economic situation and development stage. Nonetheless some ICT segments that allow cost savings, greater productivity and efficiency, have been strengthened during the latest (2008‐) economic crisis, which also pinpoints the directions for further transformation of ICT.

Despite usually reduced budgets during the crisis, managers should put increased attention to new/alternative ICT solutions (e.g. virtualization, outsourcing, cloud computing) and lowered prices of ICT products/services to increase competitiveness. The crisis can be thus an opportunity to re‐examine the contribution of ICT to productivity, workflow efficiency and introduce new methods for better exploitation of ICT capital.

The aim of this paper is to contribute to the understanding about the transformation of ICT in economic crises. It also demonstrates that recent crises caused another microwave within the last super cycle.

The paper provides empirical insight into the link between economic situation and ICT spending in past 15 years, with special attention to the changes observed during the latest (2008‐) crisis. The analysis is also put into a broader theoretical framework, where it proposes alternative explanations supported by empirical evidences.