Global Economic Crisis Research Articles

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.

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.

Features of the development of the Ukrainian and European print media market in the current conditions

The article analyses the state of the Ukrainian and European print market in the current conditions, which are caused by socio-political, military, economic and technological global processes. The author identifies the peculiarities of functioning and development of the print media market in the context of the Russian-Ukrainian war, which became a catalyst for a number of economic changes that led to a number of processes in financial terms: closure of publications, reduction of circulation, total transition to digital format, and, accordingly, transition to subscription. It is important to note that the above-mentioned processes took place in three stages: digitalization, the global economic crisis of 2013-2014 and Covid-19, and the war only accelerated them. The print media market cannot compete with other types of media. Falling circulation, closure of newsrooms or their mergers are typical for both the Ukrainian and European media markets. Today, this market and the online media market closely overlap, as print media, in order to survive financially and retain their audience in a highly competitive information environment, are actively moving to online platforms, often choosing social media as a place of operation. The study focuses on the print market in Poland, France, the UK, Germany and the Czech Republic. The European readership of traditional media consists of two parts: the older generation reads the printed version of publications, while the younger generation prefers to subscribe to digital analogues. It is more difficult for Ukrainian publications to retain their audience due to economic and military factors and a relatively young media market compared to the European one. The article emphasizes that the print media market is undergoing further active digitalization, which has particularly intensified during the Covid-19 period. This has given rise to the following trends: 1) updating of subscriptions to the digital format of printed publications; 2) transition to online formats of the same name, adaptation of the content of periodicals to social networks.

Electricity Price Bubbles and Global Crisis: Does Financial Development Make a Difference?

The aim of this study is to investigate the existence of electricity price bubbles and identify the factors that contribute to their formation by conducting a comparative analysis between a developed country, Germany, and an emerging country, Romania. We employ the generalized sup ADF test, utilizing bi-annual data spanning from 2007 to 2022. Our findings reveal the presence of 2 distinct electricity price bubbles in both Germany and Romania. In Germany, the first bubble emerged in the second half of 2008, coinciding with the onset of the global economic crisis. Conversely, Romania did not experience a bubble as a result of the economic crisis during this period. The second electricity price bubble in both countries was primarily driven by Russia’s decision to halt gas supplies to Europe. Additionally, the surge in energy consumption following the economic recovery from the COVID-19 pandemic played a significant role. This research contributes to the broader discourse on energy economics by elucidating the mechanisms behind electricity price fluctuations in different economic contexts. The comparative approach underscores the importance of tailored policy responses that consider country-specific factors while addressing global challenges. As energy markets continue to evolve, such studies will be instrumental in guiding strategic decisions and fostering sustainable economic growth. JEL Classification: Q41, E31

Development and activation of the innovative potential of the Russian economy: regional features, structural priorities, levels of implementation

Relevance. The idea of developing and implementing innovative solutions in various spheres of society implies the existence of ways to find such solutions, their active use and improvement. For this reason, the essence of innovative thinking on the scale of both a single enterprise and the state as a whole requires appropriate provision.The purpose of the research is a comprehensive analysis of the chronological cross-section of the level of innovative development of the subjects of the Russian Federation in the context of multiple global economic and political crises and the internal activation of strategic innovative trends in the formats of lawmaking and modernization.Objectives. To achieve this goal, within the framework of this study, the current legislative situation regarding the state's innovation policy and its projected consequences were considered; the factors of growth in the level of innovative development of the regions of the Russian Federation in the context of statistical dominants were studied; the complex results of regional innovation activity and the all-Russian state of the innovative sphere of development, production, export and import of goods and services were analyzed.Methodology. The methodological basis of this study is the method of chronological extrapolation analysis of trends with constant adjustment in conditions of the selective nature of the analytical data bank; in addition, a theoretical generalization of the indexed result and a priori trend forecasting within the observation period are used.Results. The general principles of the innovation segment development are the same for the whole state, but their applicability in different regions depends on the degree of their convergence with border territorial entities — the basis of the innovation development strategy is the assessment of regional potential in the sum of all indicators. Nevertheless, there is always the possibility of finding a thematic statistical trend.Conclusions. It is fundamentally important for the innovative development of the state to take into account the specifics of each individual region. With all the variety of means and methods of innovative development at all levels of management, priority is given to only a few. In this case, rating systems are an auxiliary element of management structures.

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.

국제개발협력과 로컬라이제이션: 이론적 변천과 실천적 적용

Purpose: By introducing localisation and exploring its key issues, this study aims to raise awareness of localisation within the context of international development cooperation in Korea and derive implications. Originality: Localisation is an approach for promoting sustainable development by strengthening local capacities and expanding the use of locally available resources, with its necessity being increasingly highlighted amid the global economic crisis and various international challenges. Methodology: This study analyzes key discourses of international development cooperation, the theoretical background and major concepts of localisation, as well as evaluation frameworks and issues, through a literature review. Result: Localisation is regarded as a key paradigm in international development cooperation, as it enhances the autonomy of partner countries and incorporates the local social and cultural context. Moreover, it has been identified as playing a significant role in reshaping power dynamics between donors and local actors, while fostering the active participation of local communities. Conclusion and Implication: The successful implementation of localisation necessitates equitable partnerships, active engagement of local communities, resolution of conflicts over control between donors and local entities, and a development approach that prioritizes sustainability. Addressing these challenges requires establishing a forum for dialogue grounded in mutual trust and cooperation between donors and local actors, thereby enhancing the sustainability of international development cooperation.

Gender Disparities in Kazakhstan’s Labor Market: Evidence from the Quality Employment

Gender disparities in the labor market have remained a critical area of economic research, particularly in understanding how men and women experience different employment conditions. This study aims to assess the quality of employment for men and women, focusing on the multidimensional quality of jobs, including formal and informal employment, unemployment, and access to highly qualified professions. The research employs a standardized approach using Z-scores to analyze deviations from average labor market indicators across genders, enabling a comparative evaluation of employment trends over the past decade. Data were drawn from national labor force statistics, covering a wide range of indicators such as labor force participation, employment rates, unemployment, and sectoral distribution. The results of the study show significant gender differences. The average level of the involvement of women in the labor force during the study period was 64.96%, while for men this figure reached 76.38%. The employment rate among women was 4.5% lower on average compared to men, and for women in informal employment, it was 20.16% versus 20.76% for men. Women also showed a higher unemployment rate: 5.71% versus 4.36% for men. The study also highlights the impact of external economic shocks, such as the COVID-19 pandemic, on labor market dynamics, exacerbating gender disparities. Future research should focus on developing policies that reduce informal employment and increase job stability for women. Further study of the long-term effects of global economic crises on gender differences in the quality of employment is also necessary to develop effective measures.

ИЗ ИСТОРИИ СОВЕТСКО-ШВЕДСКИХ ВОЕННЫХ СВЯЗЕЙ В 1920-М – 1930-Е ГГ.

The article is devoted to Soviet-Swedish military relations in the 1920s - 1930s. It is based on sources from the Russian State Archive of Economics and the Archive of Foreign Policy. Most of them are being introduced into scientific circulation for the first time. The relevance of the article is due to its low level of study. As a result of the study, it was found that Soviet-Swedish military ties included transactions for the purchase of weapons, engines for warships, uniforms for military personnel and other goods for the Red Army. Especially impressive was the interaction with the Bofors company, where Soviet representatives ordered light and heavy weapons. Moreover, Turkey assisted in the transportation of goods from this company to the USSR. Some of the transactions with Swedish companies ("Husqvarna " and JSC "Atlas-Diesel") continued the contacts established before the revolution. The article also shows the dynamics of interaction. In 1920, the interest in Moscow and Stockholm in military relations was mutual – the Bolsheviks needed goods for the Red Army, and the Swedes wanted to make money selling them for gold. In subsequent years, the USSR took more initiative in military cooperation. Especially in 1923 and 1927, which was caused in the first case by preparations for the German and, consequently, the world revolution, in the second by the expectation of a military clash with Great Britain and, possibly, with the union of Western countries. Since 1929, the USSR and Sweden have been interested in cooperation to about the same extent. Moscow was interested in the latest weapons, and the Swedes wanted to minimize losses due to the global economic crisis.

Küreselleşme sonrası Türkiye’de dış ticaret açığının reel efektif döviz kuru ve dış ticaret hadleriyle modellenmesi: NARDL yaklaşımı

Fluctuations in the real effective exchange rate and changes in the terms of trade can cause predictable or unpredictable changes in the overall economy. The most important consequences of these fluctuations and changes are the effects of regional or global economic crises on macroeconomic variables (employment, unemployment, inflation, GDP, balance of payments, foreign trade deficit). Anticipating the consequences of the dynamic effects of these changes is crucial for policymakers. This study analyzes the effects of changes in CPI-based real effective exchange rates and terms of trade on the trade deficit in 1994-2022. Since the impact of CPI-based real effective exchange rate and terms of trade changes on the trade deficit is likely to be asymmetric, the Nonlinear Auto Regressive Distributed Lag (NARDL) method is used in this study, and it is concluded that the factor that affects the trade deficit the most is the decline in the terms of trade. One of the most important reasons why the foreign trade deficit does not decrease at the desired level, even in periods of depreciation of the TL, is the decline in the country’s terms of trade.

The 5-M Downsizing Communication Model for Survivor-Employee Engagement

The global economic crisis has led to downsizing, creating survivor-employees and affecting employee-engagement. This study aimed to assess the relationship between banks’ internal communication strategies and their survivor-employee engagement. The research involved in-depth interviews and descriptive design, focusing on 15 commercial banks in Nigeria. The findings revealed that downsizing is prevalent in the industry, with no protection from Nigerian labour laws. The downsizing-communication from top management to survivor-employees is minimal, leading to survivor syndrome and declining employee-engagement. The study created and proposed the 5M-model for downsizing communication and employee engagement. The 5M-model framework connotes Mobilisation, Management, Motivate, Monitor and Measure. However, the 5M-model for downsizing-communication and employee-engagement amplifies the media richness theory, integrates employee-engagement theory and caters for downsizing communication phenomena, a new solution-dimension for optimal employee-organisation relationship. The 5M model communication gradient transits from green to yellow indicating efficacy of communication, the capacity to convey meaning between sender and receiver, record reactions and get immediate feedback. This novel model is a template to improve survivor-employee engagement and employee-organization relationships.

The Role of the U.S. Dollar in Global Trade Finance: A Study of Its Dominance and Future Prospects

This paper digs deep on what reason has led the U.S. dollar to be a dominant force for years mainly due to its stability, liquidity, and greater usage within international markets. It has made it the world's reserve currency did not just serve as an enabler for far-flung international trades and investments but also led to the establishment of the United States in terms of standing in economic and geopolitical standing. Historical factors concerning the dollar's increasing popularity over time are addressed in this paper-from the post- WWII establishment of the Bretton Woods system to the moments well after the death of the gold standard. It further explores shifting threats to the supremacy of the dollar and key drivers that might change the financial environment in the world. These are the economic ascension of emerging markets, particularly China, seeking to internationalize the yuan; extension of the BRICS bloc, composed of Brazil, Russia, India, China, and South Africa, and their joint thrust toward depolarization. Digital currencies and blockchain technology provide an emerging alternative that would allow countries to bypass traditional banking systems or lessen their dependency on the dollar when making cross-border transactions. The discussion explores how geopolitical stress - whether a trade war or the imposition of sanctions, as examples - may push the shift away from the dollar, based on a focus on increasing foreign reserves' diversity and insulation against the over-reach of the US. In addition, the paper went through how adjustments in global financial regulation, technological innovation, and central banks' policies may have an impact on the safe-haven status the dollar enjoys. Through a combination of both quantitative and qualitative methods, this paper examines the continued relevance of the dollar at the international level in terms of trade and finance. Indeed, it envisions possible scenarios: the continued reign of the dollar, the emergence of rival currencies, and the new politics of global economic crises over currency dynamics. But if nothing else, it provides a more refined and multi- dimensional view of what is going on with the dollar today and what may go on in the future in an increasingly multipolar world economy. These insights will be critical when policymakers, financial institutions, and global businesses negotiate their way through uncertainty in changing currency landscapes. Keywords: U.S. dollar, global trade, finance reserve, currency economic, uncertainty emerging economies, digital currencies, geopolitical shifts currency competition.

A Decade of Monitoring Primary Healthcare Experiences through the Lens of Inequality.

Health care is not exempt from harboring social inequalities, including in those countries with a universal public system. The objective was to ascertain whether the population's assessment of primary care (PC) changed between 2006 and 2016, the decade that included the economic crisis of 2008, and also if it exhibited patterns of social inequality in Barcelona (Spain). This was a cross-sectional study using Barcelona Health Surveys 2006 and 2016. Samples (4027 and 3082 respectively) comprised residents in Barcelona, over 15 years old. Primary Care (PC) index. age, social class, and birthplace. Analyses included means and percentiles of PC index, and Somers' D test to compare the distribution of the groups. Comparing 2016 with 2006, the distribution of the PC index remained in women (median of 73.3) and improved in men (from 70 to 73.3). By social class, the pattern of inequality observed in 2006 in men with perceived poor health status disappeared in 2016. Inequalities according to birthplace persisted in women, regardless of perceived health status, but disappeared in men. In the 10 years between which the global economic crisis occurred, the assessment of PC did not worsen, and it did improve for men, but the study points to the need for more focus on people born abroad.

The new face of book value of listed companies in the era of global economic crises

The new face of book value of listed companies in the era of global economic crises

Delays Factors for Construction Projects in South of Iraq

This study seeks to identify and categorize the factors responsible for delays in construction projects in southern Iraq. Using a sequential research approach that includes a literature review, interviews, and surveys, data were collected from 115 industry professionals, including clients, consultants, project managers, contractors, and engineers. The analysis utilized both descriptive and conclusive statistical methods, with a specific emphasis on the Spearman rank correlation coefficient to verify the reliability of the delay factor rankings. The research identified 45 major delay factors, with the most critical being global and local economic crises, bureaucracy and corruption, public holidays, delays in securing municipal permits, and frequent change orders initiated by clients. These factors were further classified into eight categories: inaccuracies in the tendering process, technical performance management, government interference, rework in construction practices, among others. The results indicate strong consensus among the different respondent groups regarding the main causes of project delays, as demonstrated by high correlation coefficients and a Chi-squared test confirming the agreement's significance. The findings provide valuable insights for practical applications and academic research, supporting the selection of project leaders, anticipating potential delays, and improving project management practices in Iraq. The study suggests future research should focus on strategic economic planning, exploring alternative funding sources, combating corruption, and implementing regulatory reforms to address the identified delay factors.

Securing Survivability for Urban Poor: A Review on Food Accessibility and Food Affordability

There are multifaceted challenges, including poverty, international and domestic food supply disruptions, labor shortages, global economic crises, natural disasters, and burgeoning global population, precipitating a formidable food security predicament. This predicament manifests in the form of compromised affordability, unreliability in accessibility, and inadequacy of available nutritious sustenance. This study is part of a larger study exploring affordable food supply via accessibility, particularly for the urban poor in Malaysia. The purpose of this study is to analyze how policymakers could improve food affordability via food accessibility for the urban poor. This study reports a desktop survey using the systematic literature synthesis process based on the keywords "urban poor", "food accessibility", and "food affordability". The results found that urban poor could improve food security by utilizing their local supply chain (LSC) with a selective coping strategy (CS). The results led to the developing a proposed Urban Poor Secured Survivability Model. This study is significant because the results identified the limitations among the urban poor in accessing nutrient-rich, safe, affordable and quality local food. The benefits of this study include guiding potential local supply chain development with local food resources. It is recommended that future studies develop a local supply chain for urban poor food security and propose a management system to enable its successful implementation.

The Job Loss Insurance Program as a Government Policy Response to Address the Impact of National Economic Fluctuations and Layoffs

Fluctuations in the national economy caused by several things, such as a decline in economic growth, the global economic crisis, and the COVID-19 pandemic, often lead to layoffs (PHK). Layoffs have various negative impacts on life, such as depression, mental health, financial problems, social relationships, decreased physical health, and impacts on careers. The JKP program is one of the policies to overcome these negative impacts. The JKP program is designed to provide financial support, job training, and access to labor market information for laid-off workers, with the aim of reducing the social and economic impact of layoffs and helping workers return to the labor market with better skills. The aim of this research is to explain the JKP program as a response to government policy in overcoming the negative impacts of layoffs. This research uses a qualitative and quantitative descriptive approach. The implementation of the JKP program has shown positive results, such as increasing people's purchasing power and contributing to economic recovery. However, there are several challenges in its implementation, including infrastructure, technical problems and uneven socialization. Periodic program evaluation is needed to address this problem and ensure the long-term effectiveness of the JKP program. This article also emphasizes the importance of collaboration between government and industry in improving the relevance and quality of vocational training. It is hoped that the JKP program can continue to adapt and improve protection for workers in Indonesia, thereby providing better economic and social stability

The collateral effects of COVID-19 on coastal and marine environments

The COVID-19 pandemic has generated a global health and economic crisis, significantly impacting coastal and marine environments. Lockdowns and restrictions, while necessary for public health, led to both positive and negative environmental consequences. Reduced human activity resulted in decreased pollution and habitat disruption, allowing for ecosystem recovery and improved water quality. However, the surge in single-use plastics and personal protective equipment (PPE) during the pandemic exacerbated plastic pollution. Additionally, the economic downturn severely affected coastal communities reliant on tourism and fisheries, highlighting the need for sustainable recovery strategies. This Special Issue explores these collateral effects, emphasizing the importance of adaptive management and resilient governance in safeguarding coastal and marine ecosystems against future crises.

The relationship between inflation and economic growth: Empirical evidence from Vietnam in 1996-2023

Together with the impact of the post-COVID-19 pandemic, the world economy has had many fluctuations, especially the global economic crisis, which has reduced economic growth and caused inflation to rise in many countries. However, the goal of high and sustainable economic growth along with low inflation is often the main goal of each country's macroeconomic policy. So, this study aims to determine the relationship between inflation and economic growth in Vietnam, in the period 1996-2023, to determine the inflation threshold and make effective recommendations. The regression will use the least squares method (OLS) with the Newey-West standard error. This study shows that inflation supports growth in the short term and harms growth in the long term, at a light level, but does not find a converse impact, which is economic growth affecting inflation. The relationship between economic growth and inflation is a long-term relationship. Simultaneously, the study also agrees that effective control of inflation is essential for economic growth in Vietnam by proposing some solutions.

Second Bread: Potato Cultivation and Food Security in Kyrgyzstan

Kyrgyzstan experienced a remarkable boom in potato production over the past thirty years, driven almost entirely by small farms. Today, potatoes are at once the backbone of national food security, a central source of income for many Kyrgyz households, and a non-trivial source of export earnings. This paper documents the central characteristics of the Kyrgyz potato economy and explains the conditions of its emergence and resilience. We show that Kyrgyzstan’s potato economy is driven by three main features: land reforms that dispersed ownership of land early in the post-Soviet transition, dense social networks that connect producers to input suppliers and markets, and a match between the potato and the country’s mountainous terrain and continental climate. Together, these features have given rise to a food security model that leverages the potato’s well-known nutritional qualities, its cultural status as a food staple across the region, and Kyrgyzstan’s geography and climate. We term this the Kyrgyz Potato Model (KPM). Unlike critics that stress the inefficiencies of Kyrgyz potato production, we highlight the model’s strengths: it is extremely effective in feeding citizens, generates much-needed household incomes, and has been remarkably resilient in the face of recent global economic crises.