Economic Crisis Research Articles

Stigmatization and perceptions of Venezuelan migrants in Peru in the context of Venezuela’s political and economic crisis

This study analyzes the social and individual stigmatization toward Venezuelan immigrants in Peru within the context of the largest migratory movement in Latin America, driven by the political, economic, and humanitarian crisis in Venezuela. The study employs a qualitative approach, using semi-structured in-depth interviews with a diverse sample of 24 participants from major Peruvian cities, including Lima, Arequipa, Cusco, and Trujillo. These in-depth interviews provide insights into the complexity of perceptions toward Venezuelan migrants, ranging from stigmatizing views driven by associations with economic threats and criminality to more positive perceptions that acknowledge the migrants’ adaptability and economic contributions. The findings reveal that while negative stereotypes perpetuate social exclusion and pressures for cultural assimilation threaten the preservation of migrant identities, there are also narratives highlighting resilience and successful integration. The study emphasizes the importance of implementing intercultural education programs, promoting labor integration policies, and collaborating with the media to combat stigma. It concludes that addressing these challenges through a multidimensional, human-rights-based approach can foster greater social cohesion and better integration of migrants, benefiting both the migrant population and Peruvian society.

Environmental Efficiency of Agriculture in Visegrád Group Countries vs. the EU and the World

The production of foodstuffs for an ever-increasing population is the basic, irreducible and unalienable function of agriculture. It involves environmental impacts, including greenhouse gas emissions. This is what makes it so important to examine the levels of environmental efficiency of agriculture. As countries differ in their emission levels, it is reasonable to look for what determines them. Hence, the purpose of this study was to identify the changes in the environmental efficiency of agriculture in Visegrád Group countries and worldwide in 1961–2020. These countries share a similar economic history and demonstrate comparable environmental and geographic conditions, making it possible to pinpoint the factors responsible for how the parameters covered by the study change over time. The research used data from the FAOSTAT database. Environmental efficiency of agriculture was defined as the relationship between production volumes in kilocalories and emissions. Initially, this parameter deteriorated in the Visegrád countries, but since the late 1970s it has improved, first linked to the crisis of the socialist economy and its collapse (including a drastic decline in livestock production) and then to the implementation of CAP instruments.

The Historical View of Banking System in Greece During the Financial Crisis

This paper explores the complex dynamics of Greece’s banking system amid the financial crisis that deeply impacted both the nation and the global economy. Anchored in two primary objectives, the research investigates the roots of the crisis that destabilized the Greek financial sector and assesses the broader implications of the eurozone crisis, which reverberated internationally. This analysis reveals a confluence of domestic and global catalysts that spurred a severe credit contraction and disruption within Greece’s banking industry. In response to the unfolding crisis, Greek banks undertook an extensive, globally-oriented examination, utilizing data from major financial centers worldwide to mitigate the crisis’s impact and foster resilience. The study also expands its scope to examine the cross-border interconnectedness of the financial system, which allowed actions in other countries to amplify the economic turmoil in Greece. This work further emphasizes the humanitarian consequences of economic crises, addressing the societal and personal hardships endured and advocating for empathy as a crucial component of economic recovery. Ultimately, this research underscores the need for a global perspective, resilience strategies, and compassionate policies to effectively manage and recover from financial crises.

Challenges in the diagnosis and management of patients with rare coagulation disorders in Lebanon and consequences of a social and economic crisis.

Rare coagulation disorders (RCDs) constitute an important health risk. Data on epidemiology, quality of life (QoL), access to care, and impact of the ongoing economic crisis on RCDs in Lebanon is limited. We aimed to address these gaps by evaluating effect of the crisis on themanagement of RCDs. We performed a retrospective chart review of RCD pediatric patients in a tertiary hospital between 2003 and 2023. Patients with deficiencies of fibrinogen, factor (F)II, FV, combined FV and FVIII, FVII, FXI, FXII, FXIII, and congenital deficiency of vitamin K-dependent factors (VKCFDs) underwent a qualitative assessment of the impact of the economic crisis on care and quality of life by an interview aimed at investigating obstacles to diagnosis, disparities in access to treatment, impact of the crisis on QoL and disease management, and opinion on governmental efforts to solve the health crisis. 46 patients were included. The response rate for the interview was 63%. Among the cohort, 21 (72.4%) reported difficulty accessing treatment since the start of the crisis and 18 (62%) reported "lack of healthcare coverage for necessary treatments" as the main issue. Most participants reported that the Lebanese government did not adequately address their needs during the crisis. Our study showcased that management of RCD patients in Lebanon has been severely affected by the economic crisis. Combined efforts by public and private sectors are needed to appropriately address this issue. Lessons can be learned from the Lebanese experience to appropriately screen for actionable factors in vulnerable populations.

Identifying policy determinants of bank default risk during the COVID-19 pandemic: empirical evidence from the U.S. and Canada

ABSTRACT This study examines the policy determinants of bank default risk, proxied by credit default swap (CDS) spreads, using quarterly data from the U.S. and Canada for the period 2020 to 2022. The analysis considers four determinant groups: the COVID-19 pandemic shock, aggressive monetary and fiscal policy responses, macroprudential-related bank financial fundamentals, and macroeconomic and market conditions. Utilizing General Least Squares (GLS) and dynamic panel models with system General Method of Moments (GMM), the findings reveal that rising COVID-19 deaths significantly widen CDS spreads. Expansionary monetary policies reduce bank default risk, though the effectiveness under conventional monetary policy is reduced by increasing COVID-19 deaths. In contrast, expansionary fiscal policies and inflation broaden CDS spreads. The combined analysis highlights policy stances as dominant factors, with macroprudential-related fundamentals having minimal impact. The findings are robust using both 5-year and 10-year CDS measures. This study has significant policy implications during health and economic crises. For financial stability, policymakers should prioritize reducing pandemic-related deaths, utilize expansionary monetary policies with health support strategies, balance fiscal support to avoid excessive government spending, and implement measures to control inflation. It is essential to enhance coordination between healthcare, fiscal, and monetary authorities for effective policy implementation.

Should South Asian Stock Market Investors Think Globally? Investigating Safe Haven Properties and Hedging Effectiveness

In this study, we examine the critical question of whether global equity and bond assets (both green and non-green) offer effective hedging and safe haven properties against stock market risks in South Asia, with a focus on Bangladesh, India, Pakistan, and Sri Lanka. The increasing integration of global financial markets and the volatility experienced during recent economic crises raise important questions regarding the resilience of South Asian markets and the potential protective role of global assets. Drawing on methods like VaR and CVaR tail risk estimators, the DCC-GJR-GARCH time-varying connectedness approach, and cost-effectiveness tools for hedging, we analyze data spanning from 2014 to 2022 to assess these relationships comprehensively. Our findings demonstrate that stock markets in Bangladesh experience lower levels of downside risk in each quantile; however, safe haven properties from the global financial markets are effective for Bangladeshi, Indian, and Pakistani stock markets during the crisis period. Meanwhile, the Sri Lankan stock market neither receives hedging usefulness nor safe haven benefits from the same marketplaces. Additionally, global green assets, specifically green bond assets, are more reliable sources to ensure the safest investment for South Asian investors. Finally, the portfolio implications suggest that while traditional global equity assets offer ideal portfolio weights for South Asian investors, global equity and bond assets (both green and non-green) are the cheapest hedgers for equity investors, particularly in the Bangladeshi, Pakistani, and Sri Lankan stock markets. Moreover, these results hold significant implications for investors seeking to optimize portfolios and manage risk, as well as for policymakers aiming to strengthen regional market resilience. By clarifying the protective capacities of global assets, particularly green ones, our study contributes to a nuanced understanding of portfolio diversification and financial stability strategies within emerging markets in South Asia.

The Principle of Cost-Based Supervision in Practice

A key response of financial regulators around the world to the financial and economic crises of ten years ago has been the formation of supervisory committees. Such committees now exist in several countries worldwide. Consequently, many regulators fund their supervisory function by charging their supervisees. The objective of this paper is to compare how these regulators charge fees, identify common practices, draw conclusion from observations, and provide relevant recommendations. This paper especially focuses on the Federal Reserve, the European Central Bank and the Bank of England that charge fees just enough to recover the cost of supervisory function, or those that follow what this paper refers to as the “principle of cost-based supervision.” A discussion on how selected examples of regulators practice the principle of cost-based supervision follows. Simulations of fees using selected procedures to supervisees in the Czech Republic and Greece follow. Then this paper introduces the asset elasticity of cost notated as n and simulates the hypothetical supervisory fee if n is constant.

Creating Industrial Ecosystems as a Tool for Anti-Crisis Management

In the current economic climate, the Russian industrial sector needs significant structural reform to facilitate its transition to a new, more advanced technological level. To achieve this goal, it is recommended to introduce new management tools, one of which is the establishment of industrial ecosystems.The purpose of the article is to prove that industrial ecosystems have a positive effect on the sustainable development of the Russian economy, especially during economic crises.The subject of the study includes industrial ecosystems as a crucial tool for managing economic crises. It also explores the historical context of industrial collaboration and the formation of clusters during economic downturns. This paper explores two industries that have been significantly affected by recent economic crises: pharmaceutical and automobile manufacturing. It is shown that during times of crisis, some industries develop characteristics similar to ecosystems. The authors propose a method for analysing and evaluating the performance of industrial ecosystems.The theoretical and practical significance of the study of this study lies in identifying the key factors that contribute to the development of effective industrial ecosystems. Furthermore, it aims to develop a trustworthy tool for evaluating their influence on socio-economic processes. The establishment of industrial symbioses is seen not only as a way to overcome economic crises but also as the foundation for the strategic long-term development of the Russian economy.

Physical and mental well-being of older adults: examining the impact of financial support from male migrant children on Indian left-behind parents.

Amid high youth out-migration, India's older parents face severe social, economic, psychological, and health crises due to their children's separation. However, remittances from their migrant children alleviate economic hardships, improve healthcare access, and partially compensate for their absence. So, this study examines how adult-child migration affects older parents' physical and mental health and how remittance support helps mitigate these challenges. This study used the 2011 Building a Knowledge Base on Population Ageing in India (BKPAI) dataset, the current study (n = 5122) employs bivariate statistics, logistic regression, and mediation analysis to address the objectives. Logistic regression determines the factors of self-rated health and depression, while mediation analysis is implied to understand the intermediate effect of financial support i.e. remittance on left-behind older adult health. The findings indicate that approximately 43% of the study populations were left behind, meaning they have at least one migrant child. Notably, 20% of these left-behind older adults report poor health conditions, and 17% exhibit depressive symptoms, while the poor health and having depressive symptoms were lower among the non-left-behind older adults i.e., 13% and 12% respectively. The mediation analysis indicates that the likelihood of good self-rated health increased 1.35 times through the effect of remittance, which compensates for around 55% of the total adverse effect of migration. The consistent inflow of remittances serves to alleviate the impact on household finances, ensure food security, and address medical expenses. However, it is crucial to recognize that while remittances contribute significantly to economic stability, they cannot fully replace the physical presence of adult children, especially in terms of caregiving.

Lessons from the SARS-CoV-2 Pandemic: Perspectives in the Medico-Legal Field

Background: The SARS-CoV-2 pandemic led to an enormous global health, social and economic crisis. The pandemic caused considerable upheaval and considerable difficulties due to an unforeseen and devastating health condition. Materials and Methods: We discuss the numerous challenges encountered in the fields of forensic medicine and public health during the COVID-19 pandemic. Particularly during the first wave of the pandemic, forensic pathologists faced significant difficulties due to the lack of safe autopsy protocols and insufficient personal protective equipment. Mainly in Europe, they had to manage a substantial number of potential cases of medical liability related to COVID-19. The widespread outbreak of the virus in residential care homes and prisons posed another significant challenge. Furthermore, forensic pathologists had to address the issue of complications arising from vaccination campaigns. Conclusions: This article underscores the need for continued efforts in scientific research and healthcare preparedness to effectively manage such complex crises. Forensic pathologists must be equipped with the necessary resources and training to address unpredictable, complex situations with far-reaching social implications.

Conceptual Trends in Internal Audit

The evolution of the economic environment amidst multidimensional changes, i.e. development, globalisation, economic crises, pandemics, stakeholder interest in credible, relevant and transparent information, has led to continuous changes in the framework for doing business. These changes have generated for entities operating in a globalised economic environment business opportunities, significant profits, financial downturns, but also exposure to diverse and complex risks and therefore proactive risk management. From this perspective, internal audit has gradually, over time, become the key actor supporting the entity in achieving its objectives, adding value as well as corporate governance. In this context, the objective of the research is to identify the internal audit trend and related conceptual connotations. The research approach includes a literature review of the Web of Science from Clarivate Analytics. The research involves a systematic analysis on internal auditing, conducted through a quantitative research methodology. The research sample includes 29 articles extracted from the Web of Science Core Collection database, covering the publication period 2005-2024. The sample was established after several stages of keyword filtering. This analysis focuses on identifying author affiliations, content of papers, research methods used, and citations and references to highlight significant trends and changes in the field of internal audit. The results demonstrate a concrete and consistent interest in the field of internal audit, highlighting the identification and analysis of significant trends and changes in internal audit practices and roles over time. In addition, it highlights a trend towards a more holistic approach to internal audit that goes beyond its traditional assurance role and extends to providing strategic advice and support to organisations. The research will thus contribute to the identification of future research directions and to a deeper understanding of the role and importance of internal audit in today's economic environment.

Improving dietary diversity and food security among low-income families during financial crisis using cash transfers and mHealth: experience from two selected districts in Sri Lanka.

The economic crisis in Sri Lanka worsened food insecurity, with millions facing moderate-to-severe food shortages. This study evaluates the effectiveness of cash transfers combined with mobile health education in enhancing dietary diversity and food security among Sri Lankan households during the crisis. This quasi-experimental single-group pre-post study involved 1040 eligible individuals selected through stratified random sampling from eligible households of Samurdhi beneficiaries and smallholder farmers. The intervention included a cash transfer of LKR 22,500 and weekly nutrition awareness messages via WhatsApp and SMS complemented by a one-time awareness session. Dietary diversity and food security were assessed using standard validated tools such as the Diet Quality Questionnaire and Food Security Questionnaire. Food insecurity decreased significantly from 89.3% (n = 681) in the pre-test to 76.9% (n = 533) in the post-test, with a 12.4% reduction (95% CI, 8.57 to 16.24, p < 0.05). The Minimum Dietary Diversity for Women improved from 44.5 to 67.8% [23.3% increase (95% CI, 15.89 to 30.63; p < 0.05)]. The mean NCD-Protect and GDR scores increased significantly, indicating a higher adherence to global dietary recommendations, whereas the NCD-risk scores remained unchanged. This study demonstrated that cash transfers combined with mobile phone-based nutritional education significantly improved dietary diversity and food security among low-income families in Sri Lanka during the financial crisis. Not applicable.

Femmes ouvrières, la part sensible du travail : L’Excès-L’Usine de Leslie Kaplan et Daewoo de François Bon

For a long time reduced to a mere energy power, to a machine for production, the working body regains its human and sensitive dimension in the literary production that accompanied the economic crisis of the last three decades. Starting from the 1980s, literary representations of the body are indeed impacted by social and economic changes and the physical and psychological damage they have caused. Incorporated into the flesh and mind, these social violences make the bodies of workers the very principle of their identity and, therefore, the place of questioning for the entire contemporary society.

How to avoid profiles of failure when supporting entrepreneurs in an economic crisis

Purpose In times of economic crisis, many eyes turn to entrepreneurship, which has become a key element of the economy. Consequently, interest in supporting entrepreneurs has increased. This study aims to detect the configurations of success or failure that may help entrepreneurs’ public orientation. Design/methodology/approach This study used data from the latest economic crisis in a region with high levels of unemployment. The authors studied 2,210 entrepreneurs from Andalusia (Spain). From each, the authors analysed 207 variables and applied the fuzzy version of qualitative comparative analysis (fsQCA). This methodology allowed the authors to infer causality between combinations of factors and positive/negative effects. Findings The authors concluded that there are at least two profiles that should be avoided when starting a business; both refer to projects in quite attractive sectors: an environment with high concentration and survival rates, and when not enough education or high assets turnover is expected. Research limitations/implications It was difficult to obtain a complete database to replicate a study in another region. Moreover, the data corresponded to a period of economic crisis, and the results may not be valid for a more favourable period. Regarding the implications, there have been several unsuccessful attempts in the literature to find a linear association between factors and entrepreneurial success. For instance, linear regressions do not allow us to properly relate the simultaneous presence/absence of various characteristics to success/failure; hence, it is necessary to consider the non-linear and asymmetric relationships between the variables. Practical implications The most attractive sectors for entrepreneurs carry considerable risk for the success of the future business, since “greed clouds judgment”, and high expectations can outweigh other motivations. Support services should filter out candidates with insufficient training or excessive expectations. Originality/value The techniques used in this study allow the consideration of explanatory variables that are not independent of each other, and the subjective aspects of some of the analysed characteristics are examined.

Reconceptualising Security-development Paradigm: A Critical Analysis of Chinese ‘Development Peace Model’ in the Middle East

In recent years, China has emerged as a significant player in the intersection of international security and development in the Middle East. This development coincides with a decline in the enduring dominance of the US in the region’s security and development affairs. In contrast, China has pursued a cautious, impartial and novel concept of zero enemy policy with regional states. While existing research has explored Chinese economic engagement in the Middle East, literature focusing on the ‘Development Peace Model’ in relation to the Belt and Road Initiative (BRI) remains limited. This article aims to provide a critical analysis of how China’s pursuit of a multi-polar world order, based on principles of neutrality and partnership for promoting stability through the ‘Development Peace Model’, offers an alternative approach to ‘Liberal Democratic Peace’ in the Middle East. Furthermore, the article examines why Middle Eastern states are receptive to China’s ‘Development Peace Model’ as they seek to address their economic crises.

Effectiveness of protected areas in the Caucasus Mountains in preventing rangeland degradation.

As land use intensifies globally, it increasingly exerts pressure on protected areas. Despite open, nonforested landscapes comprising up to 40% of protected areas globally, assessments have predominately focused on forests, overlooking the major pressures on rangelands from livestock overgrazing and land conversion. Across the southern Caucasus, a biodiversity hotspot extending over 5 countries, we conducted a broadscale assessment of the extent to which protected areas mitigate land-use pressure on rangelands in them. Using satellite-based indicators of rangeland vegetation greenness from 1988 to 2019, we assessed the effectiveness of 52 protected areas. This period encompassed the collapse of the Soviet Union, economic crises, armed conflicts, and a major expansion of the protected area network. We applied matching statistics combined with fixed-effects panel regressions to quantify the effectiveness of protected areas in curbing degradation as indicated by green vegetation loss. Protected areas were, overall, largely ineffective. Green vegetation loss was higher inside than outside protected areas in most countries, except for Georgia and Turkey. Multiple-use protected areas (IUCN categories IV-VI) were even more ineffective in reducing vegetation loss than strictly protected areas (I & II), highlighting the need for better aligning conservation and development targets in these areas. Mapping >10,000 livestock corrals from satellite images showed that protected areas with a relatively high density of livestock corrals had markedly high green vegetation loss. Ineffectiveness appeared driven by livestock overgrazing. Our key finding was that protected areas did not curb rangeland degradation in the Caucasus. This situation is likely emblematic of many regions worldwide, which highlights the need to incorporate degradation and nonforest ecosystems into effectiveness assessments.

Analyzing Multimodal Construction of China’s Image Based on the Illustrated Articles in The Economist

The shaping of national image is a two-way process, including “self-shaping” and “shaping by others”. Magazines are one of the important channels for disseminating information. Taking The Economist’s China-related reports in 2023 as a case, this article focuses on 195 reports on politics and diplomacy as well as economy, conducting quantitative and qualitative analyses of the visual images from the perspective of visual grammar, and further exploring the multimodal construction of China's image in The Economist. The research shows that the images in The Economist fully realize the representational meaning, interactive meaning and compositional meaning. In terms of the representational meaning, narrative representation is the major process. Images that reflect the reactional process, action process and symbolic process are used more frequently. In terms of the interactive meaning, “offer” images, long shot images and images with horizontal perspective appear more frequently. In addition, information value, salience, and framing are interrelated to achieve the compositional meaning. The political and diplomatic image of China constructed by The Economist is that China is a country with increasing power, which is authoritarian internally and threatening externally. In terms of economy, China is portrayed as a country with a fast growing economy which can withstand the global economic crisis, but its economic prospects are not optimistic, and the “China threat theory” still exists.

EU Citizens’ Perception of Risks Posed to the Sustainability of EU Food Security

Food security is a core global sustainability challenge and priority of the UN Sustainable Development Goals. Events like COVID-19, extreme weather, and global conflicts have significantly impacted food prices, as evidenced by the FAO food price index rising from 95.1 in 2019 to 143.7 in 2022, heightening EU food security concerns. The European Commission responded with a food supply contingency plan. According to Eurobarometer data, our study shows that EU citizens’ food security concerns vary by demographic, political, and socioeconomic factors. While men prioritize external factors like climate change, women express greater concern for local social issues, including small farm viability. Age influences the concern focus, with younger people worried about agricultural stagnation, and older individuals recalling past economic crises. Education and income also play roles, with educated and wealthier citizens worried about environmental risks, and less educated, poorer individuals more concerned about socioeconomic impacts. Political leanings and urban/rural divides shape concerns, as well as EU policy dissatisfaction, which links to worries over economic vulnerability and nationalism. Effective EU food security policies require understanding complex factors, stakeholder collaboration, and tailored strategies for diverse needs. Our findings suggest the need for EU policies to incorporate demographic nuances, ensuring food security sustainability across socioeconomic and political spectrums.

Improving the Laboratory Investigation Price Revising Process at Sri Jayawardhanapura General Hospital

Sri Jayawardhanapura General Hospital (SJGH) is a non-profit public enterprise that offers reasonable services. The hospital relies on government grants and revenue generated by patient care services for funding. One of its crucial departments is a laboratory, which serves as a vital support service and the main profit center. However, the frequent rise of consumable prices during economic crises significantly impacts the variable costs of laboratory tests, resulting in financial losses.Calculating the cost incurred by laboratory investigations is essential for implementing a price revision strategy to address this issue. Given the absence of a recognized method for calculating investigation costs, adopting the World Health Organization's Laboratory Test Costing Tool (LTCT), a user-friendly Microsoft Excel-based tool, is recommended. This tool is specifically designed to assist in calculating laboratory test costs, ensuring a more accurate understanding of expenses incurred.Additionally, establishing key indicators to signal the need for price revision and assigning responsibility to initiate the price revision process when these indicators are triggered will streamline the process and improve its responsiveness to financial challenges. By employing such a system, SJGJ can better manage its laboratory costs, maintain service quality, and ensure sustainable operations even during economic hardships.

Analysis of Challenges and Opportunities for Improving the Health System in Afghanistan: Innovative Approaches and Sustainable Solutions

This research explores the challenges and opportunities for improving the health system in Afghanistan. The healthcare system is critical to any country's social and economic development. Equitable and comprehensive access to health and medical services is vital for public health and plays a critical role in improving quality of life, reducing poverty, and enhancing workforce productivity. Afghanistan, a country that has experienced decades of war, political instability, and economic crises, faces significant challenges in healthcare. The main objective is to identify the significant issues within the healthcare system and propose sustainable solutions to enhance the quality of health services. Using a mixed-method approach (qualitative and quantitative), data were collected through semi-structured interviews with experts and a review of credible scientific sources. The findings indicate that a lack of healthcare infrastructure, a shortage of specialized human resources, and management issues are among the primary challenges facing Afghanistan's healthcare system. Additionally, opportunities such as international support and utilizing modern technologies in healthcare have been identified. The study concludes that investment in infrastructure, human resource training, and strengthening international collaborations are essential to improve the healthcare situation in Afghanistan.