Financial Crises Explanations, Types, and Implications

Financial Crises Explanations, Types, and Implications
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
Total Pages: 66
Release: 2013-01-30
Genre: Business & Economics
ISBN: 1475561008

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Collaborative Crisis Management

Collaborative Crisis Management
Author: Fredrik Bynander
Publisher: Routledge
Total Pages: 211
Release: 2019-11-27
Genre: Political Science
ISBN: 0429534515

Public organizations are increasingly expected to cope with crisis under the same resource constraints and mandates that make up their normal routines, reinforced only through collaboration. Collaborative Crisis Management introduces readers to how collaboration shapes societies’ capacity to plan for, respond to, and recover from extreme and unscheduled events. Placing emphasis on five conceptual dimensions, this book teaches students how this panacea works out on the ground and in the boardrooms, and how insights on collaborative practices can shed light on the outcomes of complex inter-organizational challenges across cases derived from different problem areas, administrative cultures, and national systems. Written in a concise, accessible style by experienced teachers and scholars, it places modes of collaboration under an analytical microscope by assessing not only the collaborative tools available to actors but also how they are used, to what effect, and with which adaptive capacity. Ten empirical chapters span different international cases and contexts discussing: Natural and "man-made" hazards: earthquakes, hurricanes, wildfires, terrorism, migration flows, and violent protests Different examples of collaborative institutions, such as regional economic communities in Africa, and multi-level arrangements in Canada, the Netherlands, Turkey, and Switzerland Application of a multimethod approach, including single case studies, comparative case studies, process-tracing, and "large-n" designs. Collaborative Crisis Management is essential reading for those involved in researching and teaching crisis management.

Crisis

Crisis
Author: Sylvia Walby
Publisher: John Wiley & Sons
Total Pages: 174
Release: 2015-10-30
Genre: Social Science
ISBN: 150950320X

We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.

The Term Structure of Growth-at-Risk

The Term Structure of Growth-at-Risk
Author: Tobias Adrian
Publisher: International Monetary Fund
Total Pages: 40
Release: 2018-08-02
Genre: Business & Economics
ISBN: 1484372360

Using panel quantile regressions for 11 advanced and 10 emerging market economies, we show that the conditional distribution of GDP growth depends on financial conditions, with growth-at-risk (GaR)—defined as growth at the lower 5th percentile—more responsive than the median or upper percentiles. In addition, the term structure of GaR features an intertemporal tradeoff: GaR is higher in the short run; but lower in the medium run when initial financial conditions are loose relative to typical levels, and the tradeoff is amplified by a credit boom. This shift in the growth distribution generally is not incorporated when solving dynamic stochastic general equilibrium models with macrofinancial linkages, which suggests downside risks to GDP growth are systematically underestimated.

Thriving in Crisis

Thriving in Crisis
Author: Dewei Zhang
Publisher: Columbia University Press
Total Pages: 268
Release: 2020-05-19
Genre: History
ISBN: 0231551932

Late imperial Chinese Buddhism was long dismissed as having declined from the glories of Buddhism during the Sui and Tang dynasties (581–907). In recent scholarship, a more nuanced picture of late Ming-era Buddhist renewal has emerged. Yet this alternate conception of the history of Buddhism in China has tended to focus on either doctrinal contributions of individual masters or the roles of local elites in Jiangnan, leaving unsolved broader questions regarding the dynamics and mechanism behind the evolution of Buddhism into the renewal. Thriving in Crisis is a systematic study of the late Ming Buddhist renewal with a focus on the religious and political factors that enabled it to happen. Dewei Zhang explores the history of the boom in enthusiasm for Buddhism in the Jiajing-Wanli era (1522–1620), tracing a pattern of advances and retrenchment at different social levels in varied regions. He reveals that the Buddhist renewal was a dynamic movement that engaged a wide swath of elites, from emperors and empress dowagers to eunuchs and scholar-officials. Drawing on a range of evidence and approaches, Zhang contends that the late Ming renewal was a politically driven exception to a longer-term current of disfavor toward Buddhism and that it failed to establish Buddhism on a foundation solid enough for its future development. A groundbreaking interdisciplinary study, Thriving in Crisis provides a new theoretical framework for understanding the patterns of Buddhist history in China.

Crises and Opportunities

Crises and Opportunities
Author: Youssef Cassis
Publisher: OUP Oxford
Total Pages: 217
Release: 2013-03-14
Genre: Business & Economics
ISBN: 0191652687

As the world's political and economic leaders struggle with the aftermath of the Financial Debacle of 2008, this book asks the question: have financial crises presented opportunities to rebuild the financial system? Examining eight global financial crises since the late nineteenth century, this new historical study offers insights into how the financial landscape - banks, governance, regulation, international cooperation, and balance of power - has been (or failed to be) reshaped after a systemic shock. It includes careful consideration of the Great Depression of the 1930s, the only experience of comparable moment to the recession of the early twenty-first century, yet also marked in its differences. Taking into account not only the economic and business aspects of financial crises, but also their political and socio-cultural dimensions, the book highlights both their idiosyncrasies and common features, and assesses their impact in the broader context of long-term historical development.

Bank Competition and Financial Stability

Bank Competition and Financial Stability
Author: Mr.Gianni De Nicolo
Publisher: International Monetary Fund
Total Pages: 39
Release: 2011-12-01
Genre: Business & Economics
ISBN: 1463927290

We study versions of a general equilibrium banking model with moral hazard under either constant or increasing returns to scale of the intermediation technology used by banks to screen and/or monitor borrowers. If the intermediation technology exhibits increasing returns to scale, or it is relatively efficient, then perfect competition is optimal and supports the lowest feasible level of bank risk. Conversely, if the intermediation technology exhibits constant returns to scale, or is relatively inefficient, then imperfect competition and intermediate levels of bank risks are optimal. These results are empirically relevant and carry significant implications for financial policy.

Oil and the Western Economic Crisis

Oil and the Western Economic Crisis
Author: Helen Thompson
Publisher: Springer
Total Pages: 127
Release: 2017-05-18
Genre: Political Science
ISBN: 3319525093

This book explains the place of oil in the economic and political predicaments that now confront the West. Thompson explains the problems that the rising cost of oil posed in the years leading up to the 2008 crash, and the difficulties that a volatile oil market now poses to economic recovery under the conditions of high debt, low growth and quantitative easing. The author argues that the 'Gordian knot' created by the economic and political dynamics of supply and demand oil in the present international economy poses a fundamental challenge to the assumption of economic progress embedded in Western democratic expectations.

Crisis and Emergency Management

Crisis and Emergency Management
Author: Ali Farazmand
Publisher: Routledge
Total Pages: 852
Release: 2017-09-25
Genre: Business & Economics
ISBN: 1351570579

More than 12 years have passed since the publication of the first edition of Crisis and Emergency Management. During that time numerous disasters—from 9/11 to massive earthquakes in Iran and China, to the giant Asian Tsunami, Hurricane Katrina, and the Fukushima Tsunami and ensuing nuclear meltdown—have changed the way we manage catastrophic events. With contributions from leading experts, this second edition features 40 new chapters that address recent worldwide crises and what we have learned from emergency responses to them. See What’s New in the Second Edition: Up-to-date concepts, theories, and practices Analysis of recent disasters and their effect on emergency management Policy and managerial lessons Suggestions for capacity building in crisis and emergency management The book covers a wide range of international issues using critical, empirical, and quantitative analyses. It discusses various approaches to topics such as resolving political tension and terrorism issues, the potential use of biological weapons, and the role of public relations in crisis. The author offers insight into organizational and community resiliency development; a "surprise management" theory in practice for upgrading the knowledge and skills in managing crises and governing emergencies; and better and more effective organizational, political, social, and managerial coordination in the processes. He presents case studies that enhance and advance the future theory and practice of crisis and emergency management, while at the same time providing practical advice that can be put to use immediately. Managing crises and governing emergencies in such an age of challenges demands a different kind of knowledge, skills, and attitudes that were not available yesterday. This book gives you valuable information with applications at the macro, micro, organizational, and interorganizational levels, preparing you for emergency management in an increasingly globalized and uncertain world.