Financial Crisis

In the wake of the financial crisis a new wave of litigation looms. This paper presents an " aloof " analysis of legal arguments involved in securitisation cases. First, it identifies the relevant facts. Second, it focuses on key legal liability elements for fraudulent/negligent statements in securitisation litigation. In so doing, it identifies the aspects where public debate and legal argument differ, and where they concur; and it takes a broad view on the implications of tipping the balance one way or the other. It is concluded that the current wave of litigation has consequences for the long-term future of the financial industry.

Partindo da literatura marxista clássica e contemporânea, o texto visa analisar a reconfiguração monopolista-financeira do capital, tendo como objeto a análise do capitalismo a partir da ótica financeira, expondo os seus mecanismos parasitários, como a implementação de uma especulação financeira em determinados setores econômicos. Nesse sentido, o grande mote impulsionador desse trabalho foi a crise global de 2008 como parte de um contexto geral e dialético de descontrole inevitável. Dessa forma, a partir dessas reflexões é possível compreender o caráter estacionário das economias capitalistas modernas que adotam a financeirização como norte econômico.

Basel III is a framework to protect the global banking system. This article provides a policy discussion on Basel III in Africa. The significance of Basel III is discussed, and some ideas to consider when implementing Basel III to make it work in Africa, are provided. Under Basel III, the African banking industry should expect better capital quality, higher capital levels, minimum liquidity requirement for banks, reduced systemic risk, and differences in Basel III transitional arrangements. This article also emphasizes that (i) there should be enough time for the transition to Basel III in Africa, (ii) a combination of micro and macro-prudential regulations is needed; and (iii) the need to repair the balance sheets of banks, in preparation for Basel III. The discussions in this article will benefit policymakers, academics and other stakeholders interested in financial regulation in Africa such as the World bank and the International Monetary Fund (IMF). JEL codes: E44, G21, G28

En septiembre de 2007 se hizo evidente una grave crisis financiera en los países desarrollados debido a graves errores de política económica. Aun contra su propia ideología, los gobiernos no han escatimado medidas para reducir sus efectos, no han logrado contenerla y avanza hacia una recesión mundial de profundidad y duración inciertas. Ya ha producido cambios en los paradigmas teóricos y prácticos que han dominado la academia y la política en las últimas tres décadas. También tendrá fuertes efectos en los frágiles equilibrios económicos, sociales y políticos de los países en desarrollo, en particular de América Latina por su dependencia de la producción de materias primas, remesas y flujos de capitales externos que se están reduciendo rápidamente. La crisis llevará a una nueva relación Estado-mercado y a nuevos paradigmas con fuerte influencia keynesiana, y de ella nacerá una nueva oportunidad para América Latina si logra consolidar una nueva manera de gestionar su economía.

The impressive developments of new media-focused technologies have brought about turbulence and significant problems in the financial performance of the media industry in Greece. This is particularly with reference to the impact on newspapers and other print media. Furthermore, the financial crisis which has plagued Greece for well over a decade has also impacted on this. Estimates of linear multiple regressions show a highly significant relationship between the number of newspapers in circulation and an explanatory number of variables such as the proportion of the population having access to the internet, is representative of the evolution of technology. In other estimates of multiple regressions, the developments in technology and the nation's financial crisis seem to have had a major impact on the financial performance of these companies as evidenced by their effect on the main financial ratios in the industry, which generally show a decline.

The accounting rules from each country evolve in time in order to respond the social, cultural and economical environment needs. After some communist countries (as Romania, Bulgaria, Poland, Hungary, Czech Republic, Slovenia, Estonia, Lithuania, s.o.) joined the European Union an important number of local companies became to apply accounting regulation according with International Financial Reporting Standards (IFRS). This paper surveys

This article considers some of the theories and ways in which some modern scientists and economists have claimed that a "new economy" could emerge; the shift from manufacturing to services, technological transformation and flexible labour markets or telework. The advantages and disadvantages of economic change, its benefits and costs, are discussed as people desperately try to balance the pressing demands of work and personal life in times of crisis.

The primary purpose of this article is to analyze the government-debt crisis in Greece between 2008 and 2015 from a historical and psychological perspective, utilizing Jungian theory of archetypes. Thus, the proposed archetypes, responsible for the internal and external culture clashes, are the Intellectual, the Merchant, and the Patriarch. The secondary purpose of this article is to draw an analogy between the happenings of the Greek government-debt crisis and the current chaos of coronavirus era and offer several lessons that may help to change the course of the history, or at least individual perception of it.

Banking crises are recurrent phenomena, often induced by excessive bank risk-taking, which may be due to behavioural reasons (over-optimistic banks neglecting risks) and to conflicts of interest between bank shareholders/managers and debtholders/taxpayers (banks exploiting moral hazard). We test whether US banks’ stock returns in the 2007–8 financial crisis are associated with bank insiders’ sales of their own bank’s shares in the period prior to 2006Q2 (the peak and reversal in real estate prices). We find that top-five executives’ sales of shares predict bank performance during the crisis. Interestingly, effects are insignificant for the sales of independent directors and other officers. Moreover, the top-five executives’ impact is stronger for banks with higher exposure to the real estate bubble, where a one standard deviation increase of insider sales is associated with a 13.33 percentage point drop in stock returns during the crisis period. Finally, even though bankers in riskier banks sold more shares (furthering their own interests), they did not change their bank’s policies, for example, by reducing bank-level exposure to real estate. The informational content of bank insider trading before the crisis suggests that insiders knew that their banks were taking excessive risks, which has important implications for theory, public policy and the understanding of crises, as well as a supervisory tool for early warning signals.
This is the authors’ original version. The version of record [Anticipating the Financial Crisis: Evidence from Insider Trading in Banks, Ozlem Akin, José M. Marín and José-Luis Peydró, Economic Policy, 2020, 35(102), 213-267] is available online at https://academic.oup.com/economicpolicy/article-abstract/doi/10.1093/epolic/eiaa012/5862015?redirectedFrom=fulltext
DOI: https://doi.org/10.1093/epolic/eiaa012

President Andrew Jackson’s conflict with the Second Bank of the United States was one of the most consequential political struggles in the early 19th century. A fight over the Bank's reauthorization, the “Bank War,” provoked fundamental disagreements over the role of money in politics, competing constitutional interpretations, equal opportunity in the face of a state-sanctioned monopoly, and the importance of financial regulation—all of which cemented emerging differences between Jacksonian Democrats and Whigs. As Stephen W. Campbell argues here, both sides in the Bank War engaged interregional communications networks funded by public and private money. The first reappraisal of this political turning point in American history in almost 50 years, The Bank War and the Partisan Press advances a new interpretation by focusing on the funding and dissemination of the party press.
Drawing on insights from the fields of political history, the history of journalism, and financial history, The Bank War and the Partisan Press brings to light a revolving cast of newspaper editors, financiers, and postal workers who appropriated the financial resources of pre-existing political institutions, and even created new ones, to enrich themselves and further their careers. The Bank propagated favorable media and tracked public opinion through its system of branch offices, while the Jacksonians did the same by harnessing the patronage networks of the Post Office.
Campbell’s work contextualizes the Bank War within larger political and economic developments at the national and international levels. Its focus on the newspaper business documents the transition from a seemingly simple question of renewing the Bank’s charter to a multi-sided, nationwide sensation that sorted the American public into ideologically polarized political parties. In doing so, The Bank War and the Partisan Press shows how the conflict played out on the ground level in various states--in riots, duels, raucous public meetings, politically orchestrated bank runs, arson, and assassination attempts. The resulting narrative moves beyond the traditional boxing match between Jackson and Bank president Nicholas Biddle, balancing political institutions with individual actors, and business practices with party attitudes.

In diesem Aufsatz soll erklärt werden, wie aus dem Zusammenspiel von zwei unterschiedlichen Anlagestrategien, nämlich Chartisten und Fundamentalisten, Booms und Crashs entstehen können. Dazu leiten wir eine Differentialgleichung her, welche die Auswirkungen der Nachfrage der Chartisten und Fundamentalisten auf einen Leitindex wie beispielsweise den Dax und dessen Rückwirkungen auf die Nachfrage wiedergibt. Anhand dieser Differentialgleichung können wir analysieren, unter welchen Bedingungen Crashs und Booms auftreten können. Anschließend werden Vorschläge gemacht, wie man mithilfe gesetzlicher Regelungen das Entstehen von Krisen möglicherweise verhindern und die Auswirkungen von Booms und Crashs minimieren kann.

Based on an ethnographic fieldwork in Greece, this study focuses on the government's attempt to provide education for children living in Athens's refugee camps, as well as the actors involved in this effort, interrogating the problematic phenomena and interconnectedness of crisis, hospitality, and solidarity. During the past decade, Greece has become the center of international attention in connection with the two crises that are both also local variations of wider global problems. First, being hit hard by the financial crisis and subsequent austerity measures, present-day Greece can be taken as a case of a country in chronicity, where crisis has become normalized. Second, as a consequence of interrelated international phenomena, Greece witnessed an increase in immigration, and the EU-Turkey deal of 2016 created a bottlenecked country, where presently about 65,000 refugees wait in so-called frozen transience. The issue of refugee education is investigated in this context. This article argues that refugee education cannot be understood solely on economic or political terms but needs to be situated into a broader cultural context, as well.

Η απότομη διακοπή πολλών οικονομιών δραστηριοτήτων τον Μάρτιο του 2020 για να αποτραπεί η εξάπλωση της πανδημίας που προκάλεσε ο Convid-19 οδήγησε σε μια ύφεση μεγαλύτερη ακόμη κι εκείνης του 2008. Όλες σχεδόν οι χώρες του κόσμου παρενέβησαν αποφασιστικά και σχετικά έγκαιρα έλαβαν μέτρα άμβλυνσης των συνεπειών που η αξία τους μέχρι τις 27 Μαρτίου ανερχόταν σε 7 τρισ. δολ. (CNN, 2020). Το ποσό ωστόσο όσο μεγάλο κι αν φαίνεται υπολείπεται των περιστάσεων μιας και δεν κατάφερε να αποτρέψει την μεγαλύτερη ύφεση από την εποχή του Δεύτερου Παγκόσμιου Πολέμου, για τις περισσότερες χώρες του κόσμου. Τα μέτρα που ανακοινώθηκαν στρέφονταν κυρίως σε τρεις κατευθύνσεις: Πρώτο, άμεσες εισοδηματικές ενισχύσεις, δεύτερο, παρατάσεις στην εξόφληση φορολογικών και ασφαλιστικών υποχρεώσεων προς το δημόσιο και σπανίως προς τις τράπεζες και, τρίτο, παροχή εγγυήσεων για δάνεια κι ευνοϊκότεροι όροι δανεισμού.
Η πείρα του 2008 έδειξε ότι η πλημμυρίδα νέων δανείων μπορεί βραχυπρόθεσμα να εγγυήθηκε την αποπληρωμή προηγούμενων δανείων, μακροπρόθεσμα ωστόσο οδήγησε στην υπερχρέωση και αύξησε την αστάθεια του συστήματος. Μείωσε την ικανότητα ακόμη και κυρίαρχων κρατών να αντεπεξέρχονται σε εσωτερικά και εξωτερικά οικονομικά σοκ. Χαρακτηριστική περίπτωση είναι οι χώρες του ευρωπαϊκού Νότου. Από την άλλη, όπου εφαρμόστηκαν δημοσιονομικά μέτρα με την μορφή άμεσων ενισχύσεων επέτρεψαν την ταχύτερη έξοδο από την κρίση. Χαρακτηριστική περίπτωση είναι η Κίνα και σε μικρότερο βαθμό οι ΗΠΑ.
Μέχρι στιγμής, η προτίμηση που δείχνουν τα ευρωπαϊκά όργανα και πολλές κυβερνήσεις σε δάνεια και παρατάσεις στην εξόφληση φόρων και ασφαλιστικών
εισφορών, αφιερώνοντας ελάχιστους πόρους σε άμεσες εισοδηματικές ενισχύσεις, δεν προδιαγράφουν μηδενικές απώλειες για τους μισθωτούς, τους αυτοαπασχολούμενους και τις μικρομεσαίες επιχειρήσεις. Όλες οι εκτιμήσεις δείχνουν πώς η άρση των μέτρων περιορισμού της κυκλοφορίας θα συνοδευτεί από αυξημένη ανεργία για μεγάλο χρονικό διάστημα, καθήλωση μισθών και λαϊκών εισοδημάτων και περαιτέρω μονοπώληση της αγοράς, σε βάρος των μικρομεσαίων επιχειρήσεων. Τα μέτρα οικονομικής παρέμβασης επομένως δεν κρίνονται μόνο πολύ λίγα σε σχέση με την πρόκληση, αλλά και πολύ …τοξικά.

This research discusses mainly about the effect of the short sell ban on the performance of stocks. The performance is measured through the liquidity, overvalue, and price efficiency of the stocks. This research is conducted after the revocation of the short sell ban after the preceding crisis of 2008. The result of this research is the enactment of short sell will increase the liquidity of stocks. Besides that, it's also found that stocks undergo overvaluing when the ban was still enacted. Lastly, the enactment of short sell will increase the efficiency of stocks.

ABSTRACT. An increase in the frequency and intensity of environmental crises associated with accelerating human-induced global change is of substantial concern to policy makers. The potential impacts, especially on the poor, are exacerbated in an increasingly connected world that ...

Turkish Lira lost almost 45 per cent of its value against the U.S. Dollar in 2018. The losses accelerated notably in recent months and particularly in the second week of August, which included the two days in which Lira lost the most against USD since the 2001 crisis.

Suddenly, it became “all about Turkey” as the Bloomberg commentators said and many pundits expressed their opinions about the reasons as well as the dire consequences of a currency crisis.

This paper analyzes the laws and policies employed by the Puerto Rican government to address the economic and financial crisis that has been affecting Puerto Rico since 2005. This analysis is built upon the concept of the internal state of exception; a concept that aims to provide a better understanding of the correlation between neoliberalism, colonialism, economy, and law. This paper proposes: 1) a depiction of the state of exception and its uses as an economic and financial crisis management dispositive; 2) an exposition of the Puerto Rican government's uses of the internal state of exception as a dispositive to tackle the eco nomic and financial crisis between 2005 and 2016; and 3) an analysis of the uses of the inter nal state of exception by the Puerto Rican government in 2017. Thus, this paper reinterprets the uses of the state of exception as a strategy to manage economic and fiscal crises from a colonial and global south experience and proposes a new understanding of this legal and political paradigm.

El gobierno de las grandes corporaciones (gubernamentalidad corporativa), conformado
históricamente, que fue transformando la sociedad en su conjunto, en un gobierno sobre
todos los demás, induciendo el desarrollo de una serie de aparatos del gobierno y de
saberes. Teniendo como eje central a la economía, que se materializa en el
neoliberalismo, y es a partir de 1971 con el abandono del patrón-oro, cuando esta nueva
gubernamentalidad comienza su periodo de consolidación.
En estos casi cincuenta años, se desarrolla de la mano de la gubernamentalidad
corporativa, la mayor desigualdad económica, una enorme precarización de la clase
trabajadora y el fuerte incremento de los costes sociales del capitalismo. Este trabajo
describe el proceso de concentración de la riqueza y sus efectos en la sociedad.
También en este periodo, se produce el desplazamiento del eje central del capitalismo y
de su sistema de apropiación, como lo fue el sistema de producción capitalista, por la
apropiación mediante el sistema financiero-monetario (apropiación indirecta). Junto al
traspaso de la planificación del Estado a manos de las empresas privadas.
Finalmente este artículo, describe las debilidades del actual sistema de apropiación
capitalista y el fin del imperio financiero angloamericano.