Finance Crisis Research Articles

The Fisher’s hedge hypothesis: what about homogeneity and stability properties?

The purpose of this study is to see if the Fisher’s hypothesis validation is robust in year or/and countries dimensions. We investigate whether nominal or real stock market returns are hedged against inflation rate, so as to determine the appropriate time and markets to invest in (from the 32 countries) over a period covering the 2008 global finance crisis (GFC) and the Covid 19 outbreak. Hedging property is found to be homogenous within countries and stable in time. Using either nominal or real return, based on cross-sectional data results, Fisher’s hypothesis is generally validated with a few exceptions, while the time-series based results show that the hedge property is robust only in some countries. Using time series data (cross section data), in terms of homogeneity (homogeneity and stability), there is no difference between hedge property between Euro and non-Euro countries (groups of countries or between sub-periods) for both periods covering either 2008 GFC or the Covid 19 outbreak. Robust results are also the outcome of panel data investigations with or without the interest rate role as macro control variable.

When money talks, the science falls silent: Devastating effects of massification and the Third Mission on tertiary education system

Mayer (this issue) discusses several problems related to the financing crisis that characterizes science and tertiary education for already about half a century. First of all she focusses on the question how the ways of financing inhibit careers of young scientists. In this paper I take a look at the financing problems from a wider background. The financing crisis emerged because of the substantial increase of the expectations imposed on universities without increasing proportionally the financing: massification and the so called Third Mission. Instead of helping universities to cope with the new tasks without reducing any of the traditional tasks of them, universities are left alone with more tasks and less money. Universities are also pushed to replace meaningful and constructive activities with bureaucratic formal activities which contribution to the society is increasingly questionable. Massification and the Third Mission in the current form have increasingly devastating effect on the research and tertiary education.

National health examination surveys; a source of critical data.

The aim of this paper is to contribute technical arguments to the debate about the importance of health examination surveys and their continued use during the post-pandemic health financing crisis, and in the context of a technological innovation boom that offers new ways of collecting and analysing individual health data (e.g. artificial intelligence). Technical considerations demonstrate that health examination surveys make an irreplaceable contribution to the local availability of primary health data that can be used in a range of further studies (e.g. normative, burden-of-disease, care cascade, cost and policy impact studies) essential for informing several phases of the health planning cycle (e.g. surveillance, prioritization, resource mobilization and policy development). Examples of the use of health examination survey data in the World Health Organization (WHO) European Region (i.e. Finland, Italy, Malta and the United Kingdom of Great Britain and Northern Ireland) and the WHO Region of the Americas (i.e. Chile, Mexico, Peru and the United States of America) are presented, and reasons why health provider-led data cannot replace health examination survey data are discussed (e.g. underestimation of morbidity and susceptibility to bias). In addition, the importance of having nationally representative random samples of the general population is highlighted and we argue that health examination surveys make a critical contribution to external quality control for a country's health system by increasing the transparency and accountability of health spending. Finally, we consider future technological advances that can improve survey fieldwork and suggest ways of ensuring health examination surveys are sustainable in low-resource settings.

CRISIS MITIGATION MECHANISM AND TRAINING NEED OF SUGARCANE GROWERS- AN EMPIRICAL STUDY

A study was conducted to find out the Crisis Mitigation Mechanisms and Training needs of Sugarcane growers in Southern Karnataka during 2022-23. Mandya and Mysore district of Karnataka were selected purposively for the study. Mandya and Maddur blocks in Mandya district and Nanjanagud and Narasipura blocks in Mysore district were selected randomly. Eight villages, two from each block and 120 sugarcane growers, 15 from each village, with minimum five years of experience in sugarcane cultivation were selected as respondents randomly. Blocks, villages and respondents are selected through multistage simple random sampling. Data were collected with structured interview schedule through physical interview method. Statistical tools like frequency, percentage, SD, CV, RBQ, equidistant method was used for data analysis. Food grains, fuel storage followed by fodder storage and relocating to safer places are usually adopted as mitigation measures. They are less aware about various crisis mitigation mechanism to be taken at individual level like contingency crop planning, crop insurance etc. 50 per cent of the sugarcane growers belongs to medium crisis mitigation mechanism adoption category. It was found that they were in need of trainings on IPM, INM, organic farming, entrepreneurship and community disaster management. Training about individual approaches like contingency crop plannings, crop insurance and community approaches of disaster for crisis management to be provided. 43.33 per cent of the sugarcane growers were in high need of training for crisis management. Price crisis was the major crisis faced by farmers followed by labour and finance crisis. Provision of strict law from government to stop delayed payment by factories and maintaining uniform price for sugarcane farmers to be introduced.

Research on trust mechanism of supply chain finance under Industrial Internet embedded with blockchain.

In traditional supply chain finance, the financing of enterprise mainly relies on the credit segmentation of the core enterprise, resulting in a short trust transmission radius and poor financing ability. The development of Internet technology, while expanding financing channels, has also seen an increasing severity in issues such as information fraud and data breaches, which has further aggravated the trust crisis in supply chain finance. This paper integrates blockchain technology into the industrial internet platform and analyzes the applicability of both in empowering supply chain financial trust. Then a supply chain financial trust framework, which emphasizes information sharing, data security, and trust circulation, is proposed. Furthermore, combined with the theories of Funk-SVD and entropy value, this paper designs a global trust evaluation mechanism that facilitates the trust circulation in supply chain finance and proposes a recommendation algorithm for global trust. With the testing conducted using the Epinions dataset, it is found that the algorithm proposed in this paper has a strong data dimensionality reduction and concentration ability, especially for large sample data, it can obtain more accurate evaluation values with less space occupation, thus enhancing the trust circulation ability of supply chain finance. Finally, the paper puts forward specific policy recommendations for the implementation of the supply chain finance information mechanism, aiming to better improve the financing accessibility of enterprises in supply chain, particularly small and medium-sized enterprises.

Delving into sustainability reporting literature: The role of ethics

Research background: After major scandals in apparently reputable and solvent companies, added to the great economic crises of recent decades, accounting and finance have become a fundamental discipline for the correct study of these events from an ethical point of view. Philosophers, economists and even religious people have wanted to contribute their grain of sand to the study of the ethical behaviour of companies and make it go beyond mere administration. In recent years, non-financial reporting has been gaining ground, to the point that the legal system now makes it compulsory in most Western countries. Purpose of the article: This study aims to review and summarize the role of ethics in the sustainability reporting so as to develop a holistic framework of ethics in the sustainability reporting; review the evolution of the research field; and identify the most significant research tendencies enabling the proposal of several future research directions. Methods: Using the Scopus and Web of Science databases, a bibliometric analysis has been carried out in the field of accounting on this topic from its formal origins in the 1980s to the present day, in addition to highlighting the importance of sustainability. 271 articles have been used as a basis for developing the main trends at bibliographic, geographical and institutional levels. Findings & value added: This study highlights the importance of incorporating ethics in non-financial information as a field of research, through two very different lines of research that have gained importance in recent years: ethics in business and the growing relevance of non-financial information. It also incorporates a bibliometric analysis with information obtained from two major databases: Scopus and Web of Science. The use of both databases makes it possible to broaden the body of articles covered, compared to other bibliometric analyses previously carried out on similar topics, and allows for the inclusion of more relevant articles on this subject.

An old, novel idea: introducing G-Pub, an original dataset of public bank formation

Amidst growing financial internationalization, public banks are a reemerging mode of financial governance that can serve as a policy tool for counter-cyclical crisis financing, proactive investment (e.g. green finance), or protectionist lending. Yet no systematic studies examine what leads governments to form public banks in the first place, in part due to a lack of data. This paper introduces an original dataset, conceptual framework, and descriptive empirical insights to serve as the basis for future research. I discuss contending definitions of public banks to advance the more targeted conceptualization of ‘government-initiated public banks’ (G-Pubs), or banks that are formed by governments and remain under government control through ownership and/or management. The dataset includes 1,355 banks and spans 195 countries for the period 1401–2020. Using these data, I test prevailing assumptions suggesting G-Pubs are more likely to form in less developed or more autocratic countries. I show that for the period 1970–2020, G-Pub formation is instead associated with developed democracies. Descriptive analysis prior to the 1970s further supports a more complex view. These findings underscore the need for a renewed research agenda on public banking that considers both domestic and international political economic dynamics, including international diffusion, financial integration, and crisis mechanisms.

Lean manufacturing practices and industry 4.0 technologies in food manufacturing companies: the Greek case

PurposeFood manufacturing companies which are essential for national economies, need to attach importance to the adoption of both the lean manufacturing (LM) operational excellence methodology and the Industry I4.0 (I4.0) technologies that empower LM to achieve operational improvement. This study aims to focus on the Greek food manufacturing companies and determine the degree of implementation of LM practices and I4.0 technologies and the impact of I4.0 on LM.Design/methodology/approachA survey was conducted based on a structured questionnaire which included items reflecting LM practices and I4.0 technologies. A sample of Greek food manufacturing companies were approached and 102 of them fully completed the questionnaire. Descriptive statistics were applied to determine the degree of implementation of LM practices and I4.0 technologies, while the impact of I4.0 on LM was determined through the linear regression analysis.FindingsThe degree of implementation of LM practices in the responding food manufacturing companies is high, while the degree of implementation of I4.0 technologies is low to medium. The findings also support a significant and positive impact of I4.0 on LM.Research limitations/implicationsThe small size of the sample of the responding Greek food manufacturing companies, the subjective character of the data collected and the cross-sectional nature of the study, constitute the main limitations of the study. Based on these limitations, further studies can be designed.Practical implicationsThe present study findings can guide the managers of the food manufacturing companies to further increase the degree of implementation of LM practices through adopting I4.0 technologies. Therefore, they can improve quality, eliminate waste, survive and be more competitive in the current difficult business environment. Academics can also benefit from the present study, given that it provides the LM practices and I4.0 technologies that can be further tested and validated in the food sector.Originality/valueTo the best of the authors’ knowledge, this is the first study that focuses on LM and I4.0 in the Greek food manufacturing companies operating in a business environment where the crises of finance, energy and the Covid-19 pandemic dominate.

Will the Import Ban Prove Effective?

Pakistan has for decades now been facing a financing crisis. The expenditures have always remained significantly higher than the revenues making the governments look to various sources to finance this gap. One major reason for the country’s lackluster performance in managing its expenses stems from the import dependency of the economy. Not only do we import the raw materials for our industries, but the local demand for commodities, agricultural and manufactured, is met through imports. While Pakistan’s import per capita remains lower than other regional countries, the low export value which has remained rather stagnant over years is a major cause of concern. Figure 1 below depicts Exports and Imports of Pakistan during the last decade.

Will the Import Ban Prove Effective?

Pakistan has for decades now been facing a financing crisis. The expenditures have always remained significantly higher than the revenues making the governments look to various sources to finance this gap. One major reason for the country’s lackluster performance in managing its expenses stems from the import dependency of the economy. Not only do we import the raw materials for our industries, but the local demand for commodities, agricultural and manufactured, is met through imports. While Pakistan’s import per capita remains lower than other regional countries, the low export value which has remained rather stagnant over years is a major cause of concern. Figure 1 below depicts Exports and Imports of Pakistan during the last decade.

International regime complexity in sovereign crisis finance: a comparison of regional architectures

The theory of international regime complexity that frames this study specifies expectations for international cooperation stemming from different combinations of hierarchy and differentiation among institutions in regime complexes. This paper compares relationships between regional financial arrangements and the International Monetary Fund in the regional complexes for crisis finance in East Asia, Latin America, and the euro area during 2000-2019 and tests these expectations. Creditor states that sit at the nexus between global and regional institutions are particularly influential in the choice of architecture (the combination of hierarchy and differentiation) for these complexes but are constrained by arrangements inherited from previous decades. Once chosen, the complex’s architecture in turn shapes policy adjustment in borrowing countries and influences whether states pursue regime shifting or competitive regime creation when dissatisfied with institutions. These findings generally coincide with expectations, but exceed the degree of policy adjustment that the core theory expected for the euro area. Interinstitutional collaboration, the dynamics of which are elaborated, fills this explanatory gap. The paper concludes that relations among institutions are essential for understanding the outcomes and evolution of regime complexes and underpin a more complete explanation than provided by singular institutionalism, the power-gap hypothesis and other alternative approaches.

IN FINANCE OF THE CRISIS ROLE AND HIS MANIFESTATION TO BE

Finance crisis concept news not. Him initial surface came times to the 17th century go is worn From the 17th century to the present until times a lot in finance crises , crisis cases to the eye thrown away Crisis and about him briefly information this in the article statement i did In economics happened giving internal and external changes of course never who indifferent does not leave Because this effects country development enough for level important is considered Current at the time economic crises , especially to young people extremely big negative effect is showing . The unemployed main part young people organize is doing

Is There a Replication Crisis in Finance?

ABSTRACTSeveral papers argue that financial economics faces a replication crisis because the majority of studies cannot be replicated or are the result of multiple testing of too many factors. We develop and estimate a Bayesian model of factor replication that leads to different conclusions. The majority of asset pricing factors (i) can be replicated; (ii) can be clustered into 13 themes, the majority of which are significant parts of the tangency portfolio; (iii) work out‐of‐sample in a new large data set covering 93 countries; and (iv) have evidence that is strengthened (not weakened) by the large number of observed factors.

KFF survey finds gaps remain in implementing crisis services

State Medicaid programs, considered the single largest payer of behavioral health services in the country, are taking steps to help implement and fund crisis services, though gaps remain, according to a new Kaiser Family Foundation (KFF) survey examining the development, implementation and coverage of crisis services.

Shock transmission between crude oil prices and stock markets

This paper investigates the connectedness between crude oil prices and several financial stock markets from January 2000 to February 2023, applying a Dynamic Conditional Correlation Skew Student Copula model and the connectedness index by Diebold and Yilmaz (2012). The Kendall’s Tau correlation findings show that prior to the Global Finance Crisis, equity markets were less linked to BRENT than after the crisis, likely because of economic growth reducing the importance of oil prices. However, from late 2008 to 2023, global uncertainty due to various crises and conflicts led to greater correlation among oil prices and major equity indices. Importing countries showed negative pairwise dependence with BRENT more frequently than exporting countries, which can be attributed to their economic structure and dependence on oil. Thus, BRENT can serve as a hedge asset for equity investments in importing countries and just as a diversifier for exporting countries due to its weak negative correlation. Additionally, stock markets within oil-exporting countries, such as Norway (OSEAX) or Russia (RTS), are net receivers. The study concludes with a detailed analysis of connectedness in terms of the returns and volatility among crude oil prices and stock markets not only during different political and financial events but also in the aftermath of natural disasters that have affected the interdependencies between them. The results prove that the occurrences that influence the correlation between stock markets and BRENT do not have such a significant impact, but the spillover effect of these events dissolves at a leisurely pace. The findings of this study clearly show implications for various market participants, policymakers, and portfolio managers.

The Global Financial Crisis and Economic Growth: An Analysis of the East Asian Economies

Along with more its integrated economy in middle globalization era, crisis finances that occur in a country can with easy spread to countries other and become a global financial disaster in period time which short. On incident sort of this, very strong economic fundamentals important for maintain something country from effect crisis which "infectious". As proof, because it is fundamental economy Which fragile And lack of credibility government, East Asian economies can attacked with easy by crisis on year 1997 so market confidence is deteriorating. however , Asia This East has Study Lots from incident on year 1997 is so it can be prove its resilience in face crisis finance global that hit in 2008 with increase fundamentals the economy as well as credibility para policy makers. This paper started with theory about growth economy And crisis finance. Furthermore, empirically test so far where crisis finance on year 1997 And 2008 affected Asian economies East with use data panel econometrics. The evidence shows that, though second crisis has give impact bad on economy East Asia, crisis wave 2008 relatively No more critical than crisis year 1997. Finally, study this also provides an explanation more carry on about how economy Asia East has succeeded in minimizing the impact of the crisis global on year 2008.

The Importance and Requirements of the Application of the International Financial Reporting Standard IFRS 9 ) In Reducing Potential Financial Default. Applied Study in Islamic Banks

Much of the economy is affected by factors that limit growth and cause financial crises for many of the s acts of worship that operate within it , and that there is no doubt it is investigating the financial default and bankruptcy on various kinds. Led Collapse Some Major Companies Own During Contract the past And effect the crisis Finance Which Updated Recently to me Shed the light On Importance Pressing To manage Risks As a a tool Allows Dealing With Risks That lead to real tripping And processed within border Reasonable. (Cihan and Estefan, 2010, p. 2.Financial and economic studies have given serious importance to overcoming the financial problems facing companies in various business sectors and banks in particular, and in a report by UNCTAD at the United Nations Conference on Trade and Development in 2014 that Test Short at Public 2009 And half the first From Public 2010 , For measures Expansive Finance at Confrontation the threat Direct For a crisis Finance International Severe The brunt, Include Mix User policies at Economies Advanced, In degrees Varying, Mix From Financial procedures and policies or not at that leads to a plus confidence Investors, And elasticity Market the work, and more Competitiveness, And the relevance and reliability of the data and information contained therein Budgets Banks in various investment decisions .(UNCTAD, 2014, p. 8).The-Box criticism International that essence the reasons Leading Insolvency Financial he is Expansion at Grant Credit And trading Loans and create Deposits Proportions Excessive And deal By derivatives Finance the list On Gambling And betting, And getting into Operations Investment Related Risks High No Fit And ability Bearing Institutions Financing Nor Consistent and categorized (Farhan, 2010), (Orabi & Abdous, 2012) Keywords: IFRS 9, Financial Default, investment credit DOI: 10.7176/RJFA/14-9-06 Publication date: May 31 st 2023

Official British Aid Policy, External Economic Relations, and Development, 1947-1974: Contingent Continuities from Empire to Post-Empire

ABSTRACT This essay analyses the shifting rationales of official British aid policy between the sterling crisis of the late 1940s and the oil crisis of 1973-74. In spite of changes during the transition from the colonial empire to independent states at the time, the period shows considerable continuities in Britain’s aid policy, conceptions of development, and approaches to external economic and financial relations. In the immediate post-war period, development aid was closely connected to colonial development policy and imperial economy-building. In the late 1950s, however, British aid policy separated from colonial development as the result of a crisis of both development finance and the imperial bond. During the 1960s, the Overseas Development Ministry formulated a dedicated aid policy geared towards development in independent post-colonies. Yet, aid was ultimately an integral part of Britain’s economic management in a wider world. In this setting, while the hierarchical organisation of aid for imperial development came to a close, official British aid policy still sought to align overseas aid to the requirements of Britain’s external economic and financial relations, especially during economic crises. The argument about the contextual formation of aid policy has relevance beyond the period under review.

Risk contagion in financial markets: A systematic review using bibliometric methods

AbstractWe explore evolving research trends and hotspots in financial contagion through keywords co‐occurrence and co‐citation network analyses. 2,071 articles have been collected from Web of Science Core Collection database from 2005 to 2021 and been analyzed by using bibliometric methods. The results indicate a tremendous growth in research on financial contagion, especially following the Global Finance Crisis. The current research mainly focuses on understanding the causes and consequences of past financial crises and recessions, examining the network effects of banks and other important financial institutions on risk contagion, developing new systematic approaches to modelling financial contagion, and providing empirical evidences for financial contagion among various asset classes and across different countries and regions. We find that there is still no consensus regarding the causes and measures of financial contagion, however, new promising perspectives have emerged to expand research in this area. We also propose several future directions for studies on financial contagion based on the research gap identified in this review.

Реструктуризация задолженности: как защитить интересы независимых кредиторов?

This article is devoted to the issues of taking into account the interests of the debtor’s minority creditors when approving rehabilitation procedures, both those regulated by the Bankruptcy Law and out-of-court agreements on restructuring. Author analyses the risks for creditors when concluding agreements on restructuring without their participation, as well as the problems of applying the rehabilitation privilege to creditors’ claims resulting from crisis financing. In addition, author considers the problem of coercing the minority by the majority when voting on conclusion of a settlement agreement in a bankruptcy case and analyses the case law of the Supreme Court and arbitration courts on disputes on the approval of settlements. A draft reform of the Bankruptcy Law is also considered in the context of expanding the practice of rehabilitation procedures and protecting the interests of minority creditors.