Deep Economic Crisis Research Articles

Структурна вразливість та фінансова нестабільність України: глобальний контекст

The Ukrainian economy has been suffering from financial instability for years, which manifests itself in the chronic devaluation of the hryvnia, regular financial, budgetary, debt and banking crises, cyclical inflation surges, excommunication of the public and private sectors from international financial markets, national dependence on external official loans, creditors and conditions for receiving their credits. Each further financial aggravation in Ukraine is accompanied by a deep economic crisis, an increase in unemployment, social tension and the spread of public disbelief. After all, such a picture has been observed in the country for 20 years in a row. According to a common glance that seems particularly obvious during each new explosion of financial /budget deficits, the root cause of all these problems is excessive state consumption, which provokes unproductive costs in all sectors of the economy, increasing its internal instability and vulnerability. In such circumstances, strict budgetary constraints are considered as the best safeguard for financial and economic stability. The article offers a different view on the causes of financial instability in Ukraine. In particular, as its key factor, structural and manufacturing imperfection is considered, which causes the country's financial dependence on fluctuations of the world conjunction on the raw materials it produces and exports. This approach is consistent not only with the logic of intoxication of the domestic economy during the last global financial crisis, but also with the results of relevant studies conducted after it has been overcome. Underlying circumstances of the financial dynamics of Ukraine is the global liquidity supply, the volume of which directly depends on the nature of the monetary policy applied by the world's leading central banks. In particular, its easing is accompanied by an increase in demand in world markets, including those of raw materials, which stimulates economic growth of Ukraine with simultaneous increase of its financial capabilities. Conversely, the introduction of a tighter monetary policy oppresses global demand, commodity prices and, consequently, the productive and financial prospects of the national economy. The analysis of empirical data confirms this hypothesis. In particular, the study concludes that the impact on the real GDP of Ukraine of world commodity prices and the exchange rate of the US dollar against the euro is, in certain circumstances, more significant than inflation in Ukraine (PPI) and the exchange rate of the hryvnia against the dollar. This allows to interpret the external monetary conditions as a significant factor for the economic and financial stability of Ukraine. It is so significant that, under certain conditions, its effectiveness succeeds that of the monetary and exchange rate policy of the NBU itself.

PECULIARITIES OF STATE POLICY IN THE FIELD OF ANTI-CYCLIC REGULATION OF ECONOMY - THEORY AND METHODOLOGY

Introduction. Economic cycles, the periodic emergence of economic imbalances, deep economic crises, the need for effective management of economic fluctuations have created the need to develop an effective mechanism for anti-cyclical economic regulation. As a result of the in-depth study of these problems, it has been established that the most effective instruments of anti-cyclical economic regulation are financial instruments owned by the state and divided into monetary and fiscal ones. They in turn are divided into discretionary and non-discretionary, and regulated by legislative acts and regulatory documents. As a result of a retrospective analysis of management of economic cycles through the use of financial means of the state, it has been proved that monetary policy is less sustainable than economic fiscal policy. On the contrary, for the last century, precarious monetary policy has caused many financial and economic upheavals; the world has seen at least three monetary and monetary systems that have been subject to a downturn every time. Therefore, it is not worth considering monetary policy sufficiently effective in the implementation of anti-cyclical regulation. While fiscal policies each time, in all economic crises, have played the role of a "lifeline" for countries that have taken anti-cyclical economic regulation measures. That is why the study of the problem of effective state management of socio-economic fluctuations is one of the most urgent issues of economic science. The goal of the work. To investigate the essence of monetary and fiscal instruments of counter-cyclical regulation of the economy, to identify their strengths and weaknesses, to propose effective mechanisms of counter-cyclical regulation of the economy, which would ensure economic development in the country. Methods. In the course of the research, general scientific and empirical methods of economic science based on a systematic approach are used, in particular: methods of scientific knowledge: dialectical and logical, analysis and synthesis, generalization, graphical, scientific abstraction - in the study of state financial policy in the field of anti-cyclical regulation of the economy. Results. The article deals with the essence of monetary and monetary systems, analyzes their weak and strong sides, identifies the causes of their decline. It was established that monetary factors influenced the emergence of centers of economic crises. The essence of fiscal policy, its types and models, and the way in which its instruments influence the course of the economic cycle are considered and deeply analyzed. The mechanisms of fiscal policy, which should be used by the state at different stages of the economic cycle, are singled out. It is proved that in economically developed countries during the economic crisis it is expedient to use a socially-oriented model of fiscal policy of acyclic nature that most effectively influences the overcoming of economic imbalances and is capable of ensuring the economic equilibrium in the country as soon as possible. Countries that effectively applied the liberal model of fiscal policy, in the conditions of the economic crisis, were forced to resort to transformation towards a more rigid fiscal intervention by the state in economic processes-they were forced to use socially-oriented, acyclic fiscal policies. Only the wider participation of the state in the regulation of economic processes have ensured the rapid and effective overcoming of economic crises, and contributed to the achievement of economic development in most countries of the world. Perspectives. The results of scientific research can be useful for scientists and practitioners who are engaged in research on problems of anti-cyclical regulation of the economy, state financial policy and, in particular, fiscal policy.

The divided Venezuela

Venezuela is one of the biggest oil producers in the world. This seems, however, to have brought Venezuela much more trouble than it has helped the country to solve problems. With the discovery of oil in Venezuelan territory, the country developed and industrialised; nevertheless, it too became a focus of international interest. This brought to Venezuela a period of political stability with wealth for some and poverty for the majority. As popular unrest rose, Hugo Chavez came to power, a politician who declared war on capitalism and left a divided society and a country currently afflicted by a deep economic crisis. The main actors in this conflict and their interest were the subjects of our analysis.

НАПРЯМИ ЗАБЕЗПЕЧЕННЯ ЗБАЛАНСОВАНОГО РОЗВИТКУ МІСТ (НА ПРИКЛАДІ МІСТА ЧЕРНІГІВ)

The article reveals the main features of the development of the urban environment. The structure of the urban economy, the environmental aspects of the development of modern cities are considered. The economic progress of any city is closely related to the territory in which it is located. Prioritization of use by individual territories depends on changes in the socio-economic sphere. The main factors of transformational changes in the urban economy are highlighted, among them – the development of human society, which stimulates the emergence of new industries and technologies, the gradual loss of the cities industrial function due to the increasing influence of the services sector, concentration in the cities large numbers of the population, which causes the renovation of the infrastructure, development of service, cultural and entertainment facilities, the environmental degradation, which encourages cities to refuse dirty production and road transport. The ecological state of Chernihiv and the dynamics of its changes are characterized. Chernihiv belongs to the type of cities with relatively high level of industrial development. Industrial complex of the city, having significant share in the real sector of economy of the city, considerably influences the level and quality of life of city inhabitants. Industrial enterprises of the city went through a deep economic crisis, and beginning since 2002, stood on the way of post-crisis development, that means stabilization and rebirth of production. One of the peculiarities of industrial infrastructure of the city is that most of industrial facilities are located outside residential areas of the city. Analyzed the results of a survey among residents of the city on the idea of sustainable (balanced) development. According to the data, the population is characterized by insufficient information about the Sustainable Development Goals (SDGs). The results of a sociological study record the trend of the gradual spread of eco-regulatory practices among the population. First of all, it concerns energy conservation, cycling and rational use of natural resources.

Konvergenz von Lohnentwicklung und Makropolitik für eine stabile Europäische Wirtschafts- und Währungsunion

National wage and price developments are decisive for domestic demand, competitiveness and the current account. Balanced growth in the Euro area requires that, not only in the aggregate but in each member state, inflation is commensurate with nominal unit labour cost developments and both variables with the inflation target of the European Central Bank. Yet some member states deviated, in both directions and persistently, from this “Golden Rule of wages and prices”. This led to a massive build-up of imbalances regarding domestic demand, current and capital accounts, whose tensions were only resolved via a deep economic and financial crisis. Wages and prices are both drivers of, and are driven by, macroeconomic developments. Thus both the social partners and fiscal and monetary policy makers bear responsibility for adhering to the Golden Rule. This requires cooperation between the macroeconomic policy actors which must be appropriately institutionalised. The authors present a reform proposal that would bring together representatives of monetary and fiscal policy and the social partners in a formal dialogue tasked with respecting the Golden Rule, tailoring their policies towards achieving it while maintaining their autonomy.

Policy for Growth and Public Discourse in Greece during the Crisis

Almost for a decade now, Greece has experienced a deep economic crisis. According to the theory of economic growth, as well as the experience of other countries, the prioritization of knowledge-intensive activities might be a useful tool for growing the economy. Mass media discourse exerts influence on the public sphere and popular opinion, but in most of cases, articles dealing with research, technology, and innovation (RTI) seem to have been focused—before and after the crisis’s onset—mainly on failures of the national RTI system, without considering RTI as a potential growth factor. However, the RTI sector has gained some ground in the national policy agenda, especially in terms of policy planning for 2020. It seems, though, that this should be attributed to the limited space for political maneuver that Greek governments have at their disposal to exit the crisis, which is directly related to the new policy framework advanced by the EU’s cohesion policy.

From Integrated Capitalism to Disintegrating Capitalism. Scenarios of a Third World War

In the last decade significant changes in capitalism are appearing, it entered a new stage. After the political breakdown of Feudalism in World War 1 a stage of capitalism that aimed at integration of all parts of society was slowly developing. 15 years later the authoritarian regimes of national socialism, Fascism, intermitted the evolution of Integrated Capitalism. Since 1945 it flourished again, though its political governance on a global level in recent decades ran into more and more contradictions. After the deep economic crisis of 2008 a turning point towards authoritarian governance of capitalism - in particular in the USA - is evident. Since this type of new nationalist authoritarian capitalism destroys global integration it is called Disintegrating Capitalism. An immediate consequence of the global contradiction between worldwide interwoven production processes and rivalries between nationalist regimes is a rapidly rising danger of a third World War. The second, more speculative part of the paper explores possible forms, which this WW3 could take on. A conclusion provides some ideas on possibilities to react to war tensions.

Importancia de la minería en Puno

This document deals with the Peruvian economy, Peruvian mining and Puno region, its potential, its social problems, the urgent issues to solve, among them: malnutrition, infantile anemia, employment generation, among others. The regional economy is described in terms of GDP, employment and per capita income indicators. Also includes some recommendations to be implemented. After the deep economic crisis (late 1989); the Peruvian economy presents a recovery and during the last two decades, we lived an amazing economic recovery in which mining plays a very important role, putting value on other activities. What made this possible? A new legal framework that promotes and guarantees private investment in addition to the right management of fiscal and monetary policies. However, mining in the Puno region has not been similar to the national advancement, because, Puno is not a mining region like the other regions of Peru, although it may seem otherwise, due to the news of informal mining and the illegal mining that is practiced in the region. Mining in Puno in terms of production, mining reserves, problems and future perspectives on what should be done. The great challenge is to incorporate informal miners to be formal so that they can receive benefits from government services and can pay their taxes. In recent weeks, the discovery of a lithium deposit in Macusani, Carabaya Province, that has been reported. The development of this mining project would change the regional economy and the country, even more if it is given added value.

External Debt Problem and Global Financial Architecture

Liberalisation of the global financial market in 90-s last century and early in XXI has resulted in increasing dependence of many countries (both advanced and developing ones) on external financing and significant growth of the sovereign external debts that has become a real threat to the stable development of the world economy. The paper is focusing on the problem of growing external debt of many countries. It has an analysis of the methods aimed at settling and managing the external debt by the state authorities. I paid special attention to the problem of predicting the possibility of the sovereign external debt default. The author concludes that an aggravation of the global external debt problem may become one of the main triggers of a deep financial and economic crisis not only in separate countries or a group of related countries but on a global scale.

Shadow economy growth in Ukraine as a negative factor of its development

Shadow economy growth in Ukraine as a negative factor of its development

O posicionamento territorial a partir dos Itinerarios Culturais: o caso de Arzúa nos camiños de Santiago

Nas últimas décadas, foi aumentando a importancia das estratexias baseadas nos recursos endóxenos como forma de desenvolvemento das áreas rurais, sobre todo aquelas relacionadas co turismo. Así, a posta en valor de Itinerarios Culturais considérase unha ferramenta importante para o posicionamento territorial e o impulso de oportunidades empresariais neses espazos. O Camiño de Santiago, o máis coñecido dos Itinerarios Culturais Europeos nos que participa Galicia, constitúe un instrumento desexado por moitos territorios galegos que enfrontan problemas de perda de poboación e competitividade rural, a pesares de que gran parte dos municipios do interior por onde pasa o Camiño continúan nunha profunda crise económica e demográfica. A través do estudo de caso centrado no municipio de Arzúa, veremos que a integración real de elementos identitarios e recursos locais na estratexia de desenvolvemento turístico vinculado ao Camiño resulta fundamental para que este recurso xere impactos económicos no territorio.

State policy on the cultural heritage protection during the Ukrainian Revolution of 1917 – 1921

The purpose of the article is to analyze the activities of the ministries of internal affairs, education, justice, provincial and county assemblies, provincial and district departments of culture, city dumas during the Ukrainian Revolution of 1917 – 1921, regarding the cultural heritage protection in Ukraine. Methodological principles of research: historical method, which allowed to observe the genesis of the activity of state authorities and local self-government in the cultural heritage protection sphere; methods of analysis and synthesis, its application assisted for legal analysis of key normative acts and power decisions; method of comparative analysis – made it possible to compare the cultural heritage protection policy in the Ukrainian People's Republic during the period of the Ukrainian Central Rada and the Directory and in the Hetman Pavlo Skoropadsky Ukrainian State. Scientific novelty. The emphasis was placed on the main steps and measures of state authorities and local self-government (there was no separate Ministry of Culture in Ukrainian governments during the period from 1917 to 1921) regarding the organizational and methodological support for the cultural heritage protection and the development of relative educational work, aimed at raising organizational and cultural level of the people. It was argued that in the conditions of constant military operations and a deep economic crisis, the Ukrainian authorities at that time pursued a purposeful state policy not only to protect the cultural heritage in their own territory, but also to return the cultural heritage of Ukrainians illegally exported from Ukraine. Conclusions. The analysis of the activities of the higher authorities, the ministries of internal affairs, education, justice, provincial and county assemblies, provincial and district departments of culture, city dumas during the period of the Ukrainian Revolution of 1917 – 1921 allows to concluding on the generally consistent policy to ensure the cultural heritage protection in Ukraine. However, because of the lack of a particular governing body in the relevant sphere (ministries of culture) and frequent power changes, more attention was paid to the cultural heritage protection by local self-government bodies, which participate significant public support. A number of important problems of the memorial sphere, which had to be solved by the authorities a hundred years ago, are also relevant today, so the experience of their successful solution deserves attention of contemporaries.

Organización laboral y perfiles profesionales de los nuevos medios digitales españoles creados por periodistas en tiempos de crisis

La transformación digital de la prensa española se ha desarrollado en paralelo a una profunda crisis económica y propiciando el principio de nuevas formas de hacer periodismo y redefiniendo los perfiles profesionales. El cierre de 375 medios españoles desde el inicio de la crisis económica en 2008 ha favoreciendo la creación de medios digitales creados y/o dirigidos por los propios periodistas. En este estudio se han analizado 298 nuevos medios digitales para conocer si existen cambios estructurales respecto a los medios tradicionales y saber si incluyen nuevos roles profesionales adaptados a las posibilidades que ofrece internet. Los resultados indican que la mayoría de los nuevos medios han optado por una organización piramidal reflejando las dinámicas de los medios tradicionales y no incluyen perfiles profesionales acordes a su naturaleza digital. No obstante, nuestros resultados no indican que estas funciones no se realicen sino que quizá son realizadas por los mismos redactores.

The Phenomenon of Homelessness during the Greek Economic Crisis 2009-2018

This research focuses on the phenomenon of homelessness in Greece, especially during the deep economic crisis that has lasted from 2009 until this day. Unfortunately, in large part, homelessness also affects welfare policy, as well as social cohesion and healthcare. The significance of the study lies in the fact that there are no official data from governmental institutions concerning the number of homeless people across the country. For this reason, this study attempts to collect all available data in order to present the evolution of the phenomenon of homelessness from 2009 to present. Homelessness is examined in relation to poverty and other factors of deprivation. In addition, countermeasures addressing homelessness, adopted by both public and private organizations, are also examined. Public institutions usually provide small pensions, only for seniors over sixty-seven years old, meal cards, free soup kitchens and several shelters. At the same time, a large number of private organizations, such as NGOs, provide free accommodation, meals, and showers. Unfortunately, the rising number of homeless people during the ongoing socioeconomic crisis and the lack of communication among institutions deteriorate the problem. On these grounds, this research analyzes the phenomenon of homelessness in Greece in order to provide the appropriate solutions for its containment.

PSY132 - ECONOMIC CRISIS AND THE EFFECT ON PHARMACOECONOMICS IN A REGIONAL GENERAL HOSPITAL

Since 2009, our country and its National Healthcare System are experiencing the effects of a deep economic crisis. The study was performed in a regional 560-bed public hospital. The aim is to investigate the impact of the economic crisis at the cost of the drugs administrated. The total cost of the drugs administered, the pharmaceutical cost per patient and per ATC category (J and L01) and the share of Originators and Orphan drugs for the years 2009 to 2016 were measured. The cost of drugs dispensed during 2009 was 16,541,037€ (65% Originators), 793€/patient. During 2014 was 7,518,901€ (62% Originators), 393€/patient and in 2016 8,920,488€ (72% Originators), 478€/patient. The cost of Orphan drugs during 2009 was 203,479€ (1% of the total), in 2014 was 452,450€ (6% of the total) and in 2016 was 1,508,322€ (17% of the total; for elosulfase alfa, agalsidase beta, agalsidase alfa was 12% of the total). The cost of the Antiinfectives for systemic use decreased from 3,938,153€ (24% of the total) in 2009 to 1,612,503€ (18% of the total) in 2016. The cost of Antineoplastic agents decreased from 3,012,696€ in 2009 (18% of the total) to 1,878,968€ (21% of the total) in 2016. The number and the percentage of Antineoplastic’s Originators cost increased from 2009 (29 drugs, 74% respectively) to 2016 (63 drugs, 92% respectively). The total cost of medications and per patient has declined significantly until 2014, with possible causes, the decrease in drug supply prices and a reduction in Originators’ use. Instead, there was an upward trend in the years 2014-2016, possible because of the increased use of expensive Orphan drugs and Antineoplastic Originators agents. A number of actions should be taken to decrease the budget: negotiating prices, frequent reassessment and monitoring of patients receiving Orphan drugs and Antineoplastic agents.

Young People’s Critical Politicization in Spain in the Great Recession: A Generational Reconfiguration?

During the last decade, Spain has experienced, like other surrounding countries, a deep economic crisis accompanied by an unprecedented political and institutional crisis. This has led to a growing mistrust in institutions and a dissatisfaction with democracy, but also an increase in interest in politics, which implies an interesting change regarding other situations. Young people of the so-called ‘crisis generation’, who have socialized in a new and changing context, also participate in this process of change, and have moreover played a leading role in the public space. In order to analyze young people’s politicization process, in this article we use data from the European Social Survey (rounds 1–7, from 2000 to 2014) and the Young People in Spain Survey (2016). We developed a typology of attitudes towards politics and identified, using discrete choice models, the demographic and socioeconomic profile of young people particularly dissatisfied with politics. Our results show that, although young people socialized in the context of the crisis are very critical of politics, instead of moving further away from democratic politics or rejecting it openly, in most cases they politicize their discontent. Even those most critical of the way in which democracy works in the country have a very participatory political behavior, both in forms of nonelectoral and electoral participation.

La confrontación entre dos modelos societarios y económicos en Argentina 2003-2017

Tras la profunda crisis económica, social y política que atravesó la Argentina en diciembre de 2001, se sucedieron una serie de gobiernos que, a tono con la etapa que se abrió en Sudamérica a inicios del presente siglo, cristalizaron la reemergencia del pensamiento nacional-popular. El período que abarca el ciclo político que se extiende entre 2003 y 2015 estuvo signado por el despliegue de una racionalidad política y económica claramente opuesta al neoliberalismo. Sin embargo, en octubre de 2015, por primera vez en la historia argentina, una coalición de derecha accedió al Poder Ejecutivo por medio de elecciones democráticas y libres de toda proscripción. En el presente artículo se analizan las principales medidas adoptadas desde 2003 a la fecha, que configuran el enfrentamiento entre dos racionalidades políticas y económicas que guían la traducción de sendos modelos societarios, los que encuentran en el ejercicio del gobierno del Estado el centro de gravedad de tal confrontación.

Social Work and Social Welfare from a Multidisciplinary Perspective - A Challenge for Researchers

In 2008, a deep economic crisis started in the US and rapidly spread around the world. The financial and economic crisis, called “The Great Recession”, continues in many countries today and has been considered as the most severe recession in the history of US (after “The Great Depression”). The crisis brought very fast growth in unemployment and it is foreseeable that it will be long lasting and that recovery will be very slow. Hence, such economic change obviously had a significant impact on workers worldwide......

Integration of information literacy skills into the core business curriculum at the University of Puerto Rico Río Piedras

ABSTRACTThis case study assesses the integration of information literacy (IL) skills into the undergraduate business curriculum at the University of Puerto Rico, Rio Piedras Campus. Using Detlor's et al. theoretical model, we identified the salient contributing factors. The questions are: Which factors advanced or impeded progress toward the integration? How do the experience and knowledge gleaned help to improve the model? Our major findings are: the success is contingent on the level of commitment to collaboration among the faculty, librarians and the administration and the external factors such as political changes and the deep economic crisis wrecked the process. We suggest include the external factors.

Thinking the ‘Culture Wars’ and the Present Political Crisis with the Young Marx (and Friends)

We stand at a key juncture: a Western political crisis arose in 2016-17 to match the deep economic crisis of the preceding decade. Events and new social movements of recent years seem to hail the collapse of the project of liberal democracy, though it is hard to see what will replace it. Among the conceptual and analytic tools bequeathed by Marx are those necessary to better understand and anticipate the direction of this key historical moment – from Donald Trump, Brexit and the so-called ‘culture wars’ to the horizon of liberal democracy itself. In this reflection, I suggest some ways in which Marx’s early thoughts on the liberal state and civil society can and should help us to better understand and explain our present predicament. To say that the Young Marx can help us today with what he called ‘the ruthless critique of everything existing’ is not to say that he can do so alone. It is precisely the issues overlooked or ‘fudged’ by Marx and Marxism – gender, sexuality, and race/racism for example – that now sit at the centre of our ‘culture wars’, alongside but never reducible to the contradictions and crises of capitalism. I conclude that it is only with the help of other writers of the 20th and 21st centuries, from Antonio Gramsci to Frantz Fanon and bell hooks, that we can usefully mobilise the Young Marx today, to critique the world as we find it and especially – the very ‘point’ of theory according to Marx – to change it.