Economic Crisis Research Articles

Neme priče: mikrozgodovinski pogled na samomor v sodnih spisih prve polovice 20. stoletja

Based on the archival materials from the Celje and Maribor District Courts (Kreisgerichte) and the specific cases from the Trbovlje County Court (Bezirksgericht), referring to the areas with the highest suicide rates in the Drava Banate, this article examines suicide in the first half of the 20th century. Based on individual cases from judicial practice, as well as newspaper reports, the article sheds light on the social, economic and regional conditions in the considered areas in the first half of the 20th century, as well as the position of women in society and the prevalence of family and sexual violence. At the time when the increasing suicide rates were attributed to the aftermath of World War I, the effects of the economic crisis, and alcoholism, the article analyses the presence and gradual dominance of psychological and psychiatric discourse in determining the causes of individual suicides. By analysing the individual cases, the author presents the attitude towards suicide in rural areas – the shame and stigma still felt by the family members when a relative of theirs commits suicide. The author analyses cases where either the suicide could not be identified or when the corps of the deceased was not found, as well as cases of suicide due to fear and/or shame due to crimes committed. Furthermore, the article focuses on the phenomenon of female suicide and, in this context, on the examples of murder-suicide and the role of women in them, analyses the contemporaneous media discourse, and describes the course of the investigations in the cases where it was not clear whether the death had resulted from suicide or murder.

Impact of Economic Crises on Banking Sector Performance- A Comparative Analysis of Conventional and Islamic Banks Across OIC Countries

This study investigates the impact of three significant economic crises—the Eurozone Debt Crisis (2010-2012), the COVID-19 Pandemic (2020-2021), and the Post-Pandemic Economic Recovery (2021-2022)—on the performance of conventional and Islamic banks in Organization of Islamic Cooperation (OIC) countries. Using a dataset of 4,381 observations from 34 OIC countries, panel regression techniques are employed to evaluate the influence of these crises on key financial performance metrics: Return on Shareholders' Funds (ROSF), Profit Margin (PM), Return on Total Assets (ROA), Current Ratio (CR), and Solvency Ratio (SR). The analysis reveals that while the Eurozone Debt Crisis did not significantly affect bank performance, the COVID-19 pandemic led to a notable decline in profitability but an improvement in liquidity. The results highlight that during the COVID-19 pandemic, banks faced substantial challenges in maintaining profitability, as evidenced by the significant decrease in PM. However, the improvement in CR suggests that banks enhanced their liquidity management strategies to cope with the crisis. The Post-Pandemic Economic Recovery phase brought positive changes in both profitability and liquidity, demonstrating the ability of banks to adapt and thrive as economic conditions stabilized. Macroeconomic variables, such as GDP growth and inflation, played crucial roles, with GDP growth positively affecting ROSF and inflation negatively impacting PM. These findings underscore the importance of a diversified banking system, including both conventional and Islamic banks, to enhance financial stability. Policymakers and financial regulators should consider the unique strengths of Islamic banking principles in regulatory frameworks and prioritize sound macroeconomic policies to promote stability and resilience in the banking sector. Future research should further explore the long-term impacts of economic crises on bank performance across different regions and banking models, as well as the interaction between regulatory environments and bank resilience. Keywords: Economic crises, bank performance, conventional banks, Islamic banks, OIC countries, COVID-19 pandemic, Eurozone Debt Crisis, post-pandemic recovery, financial stability, macroeconomic factors.

The Level of Perceived Stress and Affecting Factors due to Current Economic Crisis Among Undergraduates in Faculty of Health-Care Sciences, Eastern University Sri Lanka

Abstract In 2021, the Sri Lankan government officially declared the worst economic crisis in the country. The ongoing economic crisis in Sri Lanka has been affecting the whole sector of the country. The undergraduate students who stayed in hostels had to suffer a lot due to restrictions of family income. The parents face difficulties in affording all expenses required by their children as university students. As a result, students had to cut down their daily expenditures. Due to this crisis, the students had to be affected by various levels of stress leading to disruptions in both physical and mental health. It also caused poor academic performance. Some students had to quit their studies. Stress is an emotional feeling affecting all ages and it appears at any time of the life cycle. The purpose of this study was to identify the level of perceived stress and affecting factors due to the current economic crisis among undergraduates in the Faculty of Health-Care Sciences (FHCS), Eastern University Sri Lanka (EUSL). A cross-sectional descriptive study was conducted using a self-administered online questionnaire to gather information and a complete enumeration was done. The Perceived Stress Scale (PSS) instrument was used to assess the severity of the undergraduate perceived level of stress-related current economic crisis. Demographic variables and affecting factors due to the current economic crisis were considered. The overall mean stress score in the study population was 22.91(SD=5.386). The majority of undergraduates reported moderate stress 70.8% (N=240). A multiple linear regression analysis was applied, Pearson correlation was used, and all necessary tests were performed. There was a statistically significant, positive correlation between the level of perceived stress and their family income per month (p=0.000). The contributing factors correlated with perceived stress were unable to enjoy meeting people, unable to frequently visit home, unable to take meals from outside and instead of cooking, trying to save extra expenditure money, unable to frequent shopping for dresses, cosmetics, jewelry. The level of perceived stress reported by the majority of the students was moderate. Mainly their family income per month contributed to stress among them. Policymakers and the university administration have to consider more about the stress levels of the students and plan suitable programs like scholarships to manage stress.

Cancer Treatment Disruption by Residence Region in the Aftermath of Hurricanes Irma and María in Puerto Rico

Since 2017, Puerto Rico has faced environmental, economic, and political crises, leading to the emigration of healthcare workers and weakening the healthcare system. These challenges have affected cancer treatment continuity, exacerbating healthcare access challenges island-wide. In this study, we estimate the effect of the residence region on cancer treatment disruption following Hurricanes Irma and María (2017). Telephone surveys were conducted with 241 breast and colorectal cancer patients aged 40 and older who were diagnosed within six months before the hurricanes and were receiving treatment at the time of the hurricanes. Treatment disruption was defined as any pause in surgery, chemotherapy, radiotherapy, or oral treatment due to the hurricanes. Prevalence ratios (PRs) of treatment disruption by residence region were estimated using the San Juan Metropolitan Area (SJMA) as the reference. Fifty-nine percent of respondents reported treatment disruption; among them, half experienced disruptions lasting more than 30 days, with 14% of these enduring disruptions longer than 90 days. Adjusted models showed a 48% higher prevalence of disruption outside the SJMA (PR = 1.48, 95% CI: 1.06–2.07). Specific geographic regions (Arecibo, Bayamón, Caguas, and Mayagüez) exhibited higher disruption prevalence. These findings emphasize the need for disaster preparedness strategies that ensure equitable healthcare access for all cancer patients following environmental calamities.

The Rising Cases of Suicide among Nigerians: What Are the Risk Factors, Prevention, and Remedies?

The escalating suicide rate in Nigeria, exacerbated by economic, political, health, and social crises, represents a pressing concern. The aftermath of the global COVID-19 pandemic and subsequent lockdowns has exacerbated this issue, particularly in African nations with bare-bones governmental support systems. This paper examines the underlying causes of the alarming number of suicides in Nigeria, utilizing interviews to explore the risk factors, preventative measures adopted, and crisis interventions. Our findings reveal that spousal conflicts, job loss, and bereavement are significant triggers of suicidal ideation. Recommendations include fostering supportive environments, crisis interventions, and psychological rehabilitation services. Urgent attention is warranted to address this growing trend and mitigate its socioeconomic repercussions in Nigeria.

The Transformation of International Relations in East Asia at the End of the XX – Early XXI Centuries

The author examines the role of various institutions and countries in the transformation of the world order in East Asia during the period of the late XX – early XXI centuries. The work notes that at the end of the XX century, the American model of the regionalization process, carried out within the framework of Asia-Pacific Economic Cooperation (APEC), dominated. However, due to the changes in the US foreign policy doctrine and the Asian economic crisis of 1997–1998, APEC, in the early 2000s, began to give way to ASEAN+, where Japan occupied the leading position. Since the mid-2000s, China has been strengthening due to successfully carried out economic reforms and the use of various integration platforms. As a result, China began to promote its own model of globalization and regionalization in the region, which challenged the American order not only in East Asia, but also in the Asia-Pacific region. In the late 2000s, Washington sought to regain lost positions in the region by promoting the Trans-Pacific Partnership integration project, which intensified the struggle between the leading powers for dominance in the region. As a result, in the 2010s. ASEAN+ and Japan are developing the Regional Comprehensive Economic Partnership (RCEP) project, China is beginning to promote the Belt and Road international cooperation organization. As a result of the transformation of international relations caused by the movement of the world from unipolar to multipolar, there is a change in the transformation of the geopolitical situation in East Asia. The United States returned to the «traditional» methods of confrontation, increasing tension in the region and the world

Exploring Crisis Mitigating Measures of Micro and Small Enterprises during the Coronavirus Pandemic Crisis in Indonesia

This study examines the crisis mitigation measures (CMMs) implemented by micro and small enterprises (MSEs) during the COVID-19 pandemic in Indonesia. The research has three main goals: (i) to assess the impact of COVID-19 on MSMEs; (ii) to identify the business risks encountered by MSMEs during the crisis; and (iii) to investigate the most frequently adopted CMMs by MSMEs during the pandemic. The analysis utilizes secondary data from the 2020 national survey on MSEs in the manufacturing sector and primary data from a field survey of 137 MSEs across various cities and industries in Indonesia, conducted between May and September 2020. The findings indicate that the primary business risks during the crisis were (i) market risk (decreased domestic demand); and (ii) production risk (production stoppages due to lockdown measures). Consequently, many MSEs had to temporarily cease, shut down entirely, or pivot to different industries to remain operational, which was a common CMM among the affected MSEs. The study’s limitation is its small sample size, which prevents comprehensive survival analyses that could reveal significant differences in the development trajectories of MSEs during the crisis. Despite this, the study adds valuable insights to the literature on MSEs during economic crises.

Covid-19 Led Vulnerability of Vegetable Production and Marketing: Insights from Marginal Farmers of Odisha

The global economic crisis due to COVID 19 pandemic has revealed how the supply chain of agricultural marketing has been devastated in general and vegetable farming in particular. So, this paper tried to examine the impact of COVID-19 on the vulnerability of vegetable farmers in Odisha. To execute the study, data were collected from vegetable growers through a direct personal interview method. Data were analyzed by using descriptive statistics and a multi-variable regression model to evaluate the vulnerability of farmers as well as to identify the factors affecting the extent of vulnerability. Survey findings indicate that 71 per cent of farmers were able to sell 60-80 per cent of their harvested product in the market and the rest products were wasted. The prime reasons for the losses are lockdown, lack of buyers in the markets and fear of coronavirus spreading among consumers as well as producers. The empirical study is evident that significant factors such as production quantum, land cultivated, and having personal vehicle have negative impact on the vulnerability extent of farmers. The study got its originality, as it considers marginal farmers with both rented and owned forms of land holdings.

Stability of subjective well-being during the economic crisis: A four-wave latent transition analysis in a national sample of Poles.

This study aimed to examine profiles of subjective well-being (SWB) and their stability during the economic hardships associated with the long-term impact of the COVID-19 pandemic and the Russian invasion of Ukraine. Selected sociodemographic, personality, and context-related variables were tested as covariates. Data were collected from 1755 participants (mean age 45.75 ± 15.99 years) in a nationwide panel over four waves (from November 2022 to June 2023; 34.3% dropout rate). SWB was measured using the Satisfaction with Life Scale and the Positive and Negative Affect Schedule, while personality traits were assessed with the Ten-Item Personality Inventory. Latent profile and transition analyses identified four SWB profiles (ambivalent, average, low, high) that remained stable over 8 months despite a significant drop in the inflation rate. Subjectively evaluated financial situation and the perceived impact of inflation on the household were significant covariates of profile membership, even after controlling for personality traits. The results of this study support the set-point theory of SWB and suggest that SWB is stable under socially shared circumstances of economic hardships, which may be attributed to both individual-level and country-level processes.

A Conceptual Model for Understanding the Factors Influencing Student Retention in Higher Education Institutions Offering Foreign Degrees during Sri Lanka's Economic Crisis

In early 2020, Sri Lanka faced the COVID-19pandemic, which led to nationwide lockdowns. These lockdowns exacerbated an economic crisis, resulting in wide spread job losses across various sectors, including higher education. The higher education sector in Sri Lanka is divided primarily into state universities and private institutions offering foreign degrees. The government funds state universities, and education is typically free for students, while private institutions that offer foreign degrees charge tuition fees. During the economic crisis, authorities observed a significant increase in student dropouts from these private institutions. Additionally, many students considered discontinuing their studies after completing their current courses. Although administrators implemented several immediate measures to address this issue, many of these efforts were unsuccessful, as the underlying reasons for the dropouts were not thoroughly investigated. While some research has been conducted to understand student dropouts, few studies have focused on the factors influencing educational continuation in the context of an economic crisis.

Keeping Up with the Joneses during an Economic Crisis: The Effect of Different Types of Pay Cuts on Employee Performance

ABSTRACT Many firms implement pay cuts to reduce labor costs during organizational crises and there are different ways to distribute pay cuts among employees. We experimentally investigate how employees respond to equal-share pay cuts compared to performance-based pay cuts. We predict and find that the effect of different ways of allocating pay cuts is moderated by employees’ relative performance before the pay cuts. Compared to equal-share pay cuts, performance-based pay cuts lead to higher performance but only for employees who underperform their peers before the pay cuts. Performance-based pay cuts also result in higher team performance. Interestingly, we also find that when pay cuts are caused by an organizational crisis, low performers do not perceive it as unfair to receive a larger share of pay reduction. Our findings contribute to both literature and practice on pay reduction during organizational crises. Data availability: Data are available from the authors upon request. JEL Classifications: D91; J33; M40.

Analysis of the ‘Good’ performance indicators of Non-Governmental Development Organizations

The current economic and political crisis has brought about a change in the environment in which Non-Governmental Development Organizations (NGDOs) have traditionally operated. This change can be summed up as a reduction in the funds received accompanied by an increase in the population they must serve. It is thus important to possess mechanisms that allow an analysis of the excellent work performed by NGDOs. A knowledge of the NGDOs’ efficiency in managing previous projects can contribute to improving their future achievements. This research aims to establish some objective indicators that permit an evaluation of the efficiency of these organizations. Firstly, a detailed analysis of the Spanish Agency for International Development Cooperation (AECID) regulation is conducted. This allows us to synthesise the indicators of a good performance by an NGDO based on a study of the eligibility criteria of public donors. The study concludes that the internal good practices criteria of the NGDOs of the AECID can be grouped into four criteria: experience, transparency and internal operations, human resources, and financial resources. Subsequently, a global performance measure of the NGDOs is built using a multi-criteria decision-making approach that minimises the distance from an ideal point whilst maximising the distance from an anti-ideal point. Our approach has been applied in the evaluation of 20 Spanish NGDOs.

Winter is Coming: A Tale of Two Futures – Entrepreneurial State or Creative Destruction?

This paper aims to explore the fundamental principles of sound monetary policy, fiscal prudence, and entrepreneurial innovation, which have historically supported the economic prosperity of nations. It seeks to identify the factors leading to an impending financial crisis and proposes countermeasures based on market liberalization and individual entrepreneurial resilience. Using a critical analysis of prevailing economic conditions, this paper evaluates the unchecked expansion of the monetary supply, fiscal policies, and government interventions. The methodology includes a review of historical economic trends and the application of theoretical frameworks concerning monetary policy, fiscal responsibility, and market innovation. The research identifies that the unchecked expansion of the monetary supply has contributed to inflationary pressures, diminished savings incentives, and led to the misallocation of capital. In addition, fiscal looseness and increased government intervention have exacerbated these economic vulnerabilities, creating conditions ripe for an economic crisis of substantial magnitude, possibly surpassing previous crises such as the Great Recession and the COVID-19 pandemic. The paper concludes that this impending crisis is not an unforeseeable "black swan" event but rather one with clear warning signs that require immediate action. The findings advocate for a departure from interventionist policies and emphasize the importance of returning to foundational economic principles, including market liberalization and fostering individual creativity and entrepreneurial innovation. This paper serves as a timely call for policymakers to address these challenges before the full impact of the crisis is realized.

Is It Germane to Sustain Higher Education Research in The Post-Covid-19 Era?

The COVID-19 pandemic has severely impacted developing countries, causing educational and economic crises globally. This study explores the necessity of maintaining research in Higher Education (HE) amidst the pandemic's disruptions. It questions whether Higher Education Institutions (HEIs) can sustain research post-COVID-19 while balancing essential functions to avoid risks. Despite extensive studies on HEIs' research sustainability post-pandemic, there is a notable gap in understanding the precise strategies needed to balance essential functions, address risks, and foster resilience amid uncertainties. To bridge this gap, the study highlights the importance of reassessing research priorities and methods in the changing HE landscape. A systematic literature review was conducted, gathering relevant literature from various databases. The study employed an exclusion and inclusion design for research selection. It points out that maintaining HE research post-pandemic has not been sufficiently investigated, leaving a critical gap in understanding research practices. The conceptual model, serving as the study's theoretical foundation, offers an organized means of evaluating the need for HE research considering the pandemic's global economic impacts. This study underscores the importance of multi-stage educational research in the post-COVID-19 era, given the interconnectedness of HEIs. It advocates for a flexible and dynamic research environment and suggests comprehensive approaches to anticipate and meet emerging trends in higher education. The study emphasizes that future research should focus on mitigating post-pandemic challenges and preparing for shifts in HE, promoting resilience and creativity in the field.

Deep learning-derived optimal aviation strategies to control pandemics

The COVID-19 pandemic affected countries across the globe, demanding drastic public health policies to mitigate the spread of infection, which led to economic crises as a collateral damage. In this work, we investigate the impact of human mobility, described via international commercial flights, on COVID-19 infection dynamics on a global scale. We developed a graph neural network (GNN)-based framework called Dynamic Weighted GraphSAGE (DWSAGE), which operates over spatiotemporal graphs and is well-suited for dynamically changing flight information updated daily. This architecture is designed to be structurally sensitive, capable of learning the relationships between edge features and node features. To gain insights into the influence of air traffic on infection spread, we conducted local sensitivity analysis on our model through perturbation experiments. Our analyses identified Western Europe, the Middle East, and North America as leading regions in fueling the pandemic due to the high volume of air traffic originating or transiting through these areas. We used these observations to propose air traffic reduction strategies that can significantly impact controlling the pandemic with minimal disruption to human mobility. Our work provides a robust deep learning-based tool to study global pandemics and is of key relevance to policymakers for making informed decisions regarding air traffic restrictions during future outbreaks.

Current economic crisis in the Republic of Moldova: characteristics and trends

The economic crisis represents a deep dysfunction in the activity of the mechanisms of an economy, which can manifest itself at the national, regional and world level. The purpose of this article is to present the basic characteristics of the current economic crisis in the Republic of Moldova. The research related to this article was carried out by examining information from the reports of authorized institutions and official databases in order to test the state of the economy of the Republic of Moldova, as well as the views of some experts on the topic addressed. As a result, it was found that currently, the economy of the Republic of Moldova is affected by a severe economic crisis. The anti-crisis measures undertaken by the current government of the Republic of Moldova have positive results. This article presents a synthesized, completed and specified picture of the current postpandemic crisis.

Do Supply Chain Pressures Affect Consumer Prices in Major Economies? New Evidence from Time-Varying Causality Analysis

This study explores the dynamic causality between the consumer price index and supply chain pressure index in two large economies. Despite extensive research into the role of supply chains at the firm level, literature on their impact on time-varying inflation and macroeconomic stability is scarce. Using data from the United States and the European Union from January 2000 to December 2021, we employ novel time-varying causality techniques to examine the evolving relationships among inflation, supply chains, real gross domestic product, interest rates, and oil prices. Our findings show that supply chains have a significant dynamic relationship with consumer prices, particularly during economic crises like the 2008 global financial crisis and the COVID-19 pandemic. Robustness tests including impulse response functions and the autoregressive distributed lag model confirm this causality. These results are critical for policymakers, emphasizing the importance of supply chains in controlling inflation and achieving global economic resilience and stability.

COVID-19’S IMPACT ON FOOD STALL WORKERS: NIGHT MARKETS’ RESILIENCE IN PENANG, MALAYSIA

The COVID-19 pandemic has left an enduring mark on Southeast Asia, with lasting repercussions on financial markets, employment, and gender equality in the workplace. Various activities were halted in order to curb the virus’s spread, which dealt a severe blow to Malaysia’s thriving economy. The informal sector, a cornerstone of the Asia-Pacific service industry, felt these effects acutely, as it heavily relies on informal workers. Given that more than three quarters of Malaysia’s service sector comprises informal workers, the country’s economic recovery is now significantly reliant on this workforce. Considering the contribution of the informal sector to Malaysia’s food market, this study aims to explore the impact of social shocks and economic crises on the resilience of informal workers during the COVID-19 pandemic. Using a multistage probability sampling method, the study employed a questionnaire survey involving Penang’s food stalls in night markets. Findings reveal significant variations in workers’ lifestyles, attitudes, and family dynamics. Gender-related factors also exert a substantial influence on their behavior, attitudes, and engagement levels. While many studies have examined night markets as tourism spots in terms of how to increase sales or attract visitors, this study is among the first to focus on the vendors themselves, exploring the impact of COVID-19 on food stalls as an unseen vulnerable community.

The impact of economic crisis, COVID-19, and the Beirut Blast on colorectal cancer patients in Lebanon: A trend to operate more late-stage complex cases.

The convergence of the economic crisis, COVID-19 pandemic, and Beirut Blast has precipitated unprecedented challenges for the healthcare system in Lebanon, particularly for cancer patients. Amidst these crises, our study evaluates its contribution to a concerning trend of operating on more late-stage and complex colorectal cancer (CRC) cases. We included 155 patients operated for CRC between 2017 and 2023. Patients age; sex; operation type (emergency or elective); tumor size, grade, and location; tumour, node, metastasis stage; lymphatic, vascular and perineural invasions; American Society of Anesthesiologists (ASA) score, presentation and previous history, and complications were examined. Surgical outcomes remained relatively consistent before and after the crisis. However, there was a notable increase, with patients being 3.59 times more likely to undergo resection of adjacent organs in metastatic disease post-crisis. Patient characteristics also exhibited notable shifts, with a 9.60-fold increase in the likelihood of having an ASA score of at least 2 after the crisis. Additionally, there was a 5.36-fold decrease in the odds of patients undergoing a colonoscopy before their diagnostic one post-crisis. Preoperative carcinoembryonic antigen levels were significantly elevated post-crisis compared to pre-crisis levels. Pathological findings revealed increased odds of perineural, vascular, and lymphatic invasion post-crisis. Additionally, there was a notable increase in the likelihood of hepatic synchronous metastases post-crisis. Furthermore, a trend to operate on complicated diseases was noted with an increased number of colostomies. The economic crisis in Lebanon has profoundly affected early intervention and comprehensive treatment for CRC patients, resulting in a concerning rise in late-stage cases requiring surgical intervention.

Financing Freedom: Self-Purchase and Reenslavement in Seventeenth-Century Andalucía

Abstract: This article explores cases in which slaveholders, enslaved and freed people, and courts battled over the customary interpretation of the rights of wage-earning slaves in seventeenth-century Andalucía. Throughout the Spanish Empire, enslaved people could purchase their freedom through the processes of cortación (later known as coartación ) and ransom ( rescate ). People paid their purchase price in installments and eventually received freedom papers, which were notarized agreements that reflected the terms of both parties upon receipt of payment. However, freedom papers do not reveal what happened when contracting parties experienced changed circumstances, and many of the particularities of waged enslavement on the Iberian Peninsula and in the Spanish Empire have remained obscure to scholars. Wage-earning slaves inhabited an ambiguous legal space of conditional liberty with rights determined by custom or social practice rather than legislation. Legal cases can shed new light on how the conditions of waged enslavement and conditional liberty were understood and contested in historical moments of economic crisis in seventeenth-century Andalucía. By focusing on stressful moments of property confiscation and currency devaluation, we can see the meanings ascribed to conditional liberty and the attendant legal rights that people who inhabited this conditional status wielded or struggled to enforce in the absence of legislation or codified doctrine.