Global Economic Slowdown Research Articles

Cropland/pastureland dynamics and the slowdown of deforestation in Latin America

Latin America has the planet’s largest land reserves for agriculture and had the most rapid agricultural expansion during the twenty-first century. A large portion of the expansion replaced forests, as shown by many local and regional studies. However, expansion varied regionally and also replaced other land covers. Further, it is important to distinguish between changes in cropland and pastureland as they produce food at different levels of efficiency and intensity. We used thirteen years (2001–2013) of MODerate Resolution Imaging Spectroradiometer satellite imagery to characterize cropland and pastureland expansion at multiple scales across Latin America. From 2001 to 2013, 17% of new cropland and 57% of new pastureland replaced forests throughout Latin America. Cropland expansion from 2001 to 2013 was less (44.27 Mha) than pastureland (96.9 Mha), but 44% of the 2013 cropland total was new cropland, versus 27% of the 2013 pastureland total, revealing higher regional expansion rates of row crop agriculture. The majority of cropland expansion was into pastureland within core agricultural regions of Argentina, Brazil, Bolivia, Paraguay, and Uruguay. On the contrary, pastureland largely expanded at frontiers, such as central Brazil, western Paraguay, and northern Guatemala. As others have suggested, regional agriculture is strongly influenced by globalization. Indeed, we find an overall decrease in agricultural expansion after 2007, coinciding with the global economic slowdown. The results illustrate agricultural cropland and pastureland expansion across Latin America is largely segregated, and emphasize the importance of distinguishing between the two agricultural systems, as they vary in land use intensity and efficiency.

Business Research and Development and its Effectiveness in the Case of Emerging and Transition Economies

The issue of business research and development effort and its effectiveness seems to be of special importance for economic development on both macroeconomic and microeconomic level, especially within the framework of knowledge based economy and in the period of global economic slowdown. On average, companies located in emerging and transition economies spend significantly less on research and development in relation to GDP (BERD/GDP) in comparison to average business R&D expenditure of firms located in advanced economies. The value of BERD/GDP index in the case of South Korea reaches the level of 3% and for many advanced economies is between 2% and 2.5%. In comparison, the value of BERD/GDP index for great majority of European emerging and transition economies is lower than 1% and for more than half of them hasn’t yet reached the level of 0.5%

India's Sweeping Regulatory and Policy Changes: Heralding a New Era in Investor Protection in M&A Transactions?

Strategic and financial investors often look to grow their asset-base by investing in jurisdictions having the best potential for economic development. In most instances they prefer countries that offer adequate protection for their investments and, certainty and clarity in relation thereto. Investors look for legal transparency and precision, and require the existence of mechanisms in a country’s commercial law that safeguard their interests, regardless of the size of such investor’s holding in a company.A significant number of India’s most successful companies today continue to be closely held and controlled by a select few of India’s most powerful business families. While such companies do invite foreign stakeholders to invest as minority shareholders, the companies expect the day-to-day management to be left with their Indian controllers. Historically, poorly drafted and disjointed Indian corporate and securities law has been one of the major causes of scarce foreign investment into India. In the aftermath of the global economic slowdown caused by the financial crisis of 2008, both the cross-border and domestic mergers and acquisitions (‘M&A’) spaces in India have witnessed relatively lean periods. However, after a somewhat dormant phase, recent times have seen a slew of policy and regulatory changes brought about by the Indian Government with myriad objectives and goals. Several of these modifications in the law suggest an overarching theme of improving the protection afforded to foreign investors in India and the creation of an M&A transactional atmosphere that is, in general, more conducive to augmenting inward fund flow and assisting in India’s inorganic growth. This article bases itself on a contemporary understanding of the expectations of foreign strategic and financial investor protection in India. It selects some of the most far reaching alterations in this area of Indian commercial law, brought about by the Indian Parliament, the Reserve Bank of India (RBI), the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI). Constraints of space do not permit all of the changes introduced in recent times to be captured and analysed comprehensively. However, an attempt has been made to choose certain interrelated themes most favoured by foreign investors, and, according to the author, are likely to have the greatest impact on foreign investor protection in the coming years. The article tries to offer a critical analysis of whether or not the selected initiatives are likely to be noteworthy catalysts in boosting investor confidence and bolstering M&A in India.The article focuses on two perspectives: (a) expectations in corporate governance and (b) the law relating to the need of securities regulation. Under the corporate governance perspective, the author begins with an analysis of optionality clauses and entrenchment in investor agreements, before taking a deeper look at India’s recently amended law on related party transactions. The analysis here will evaluate specifically whether the manner in which the laws are framed in these areas truly translate into enhanced protection for foreign investors. Next, the article moves on to a broader perspective of securities regulation law, where it discusses significant and wide-ranging proposals for change in India’s insider trading law and the utility attached to the newly permitted foreign listings for Indian companies. Here the author also investigates changes in Indian securities law in the context of taking listed Indian companies private. Ultimately, using these two perspectives, the article tries to make a critical evaluation of the legal implications of each of the selected investor protection reform efforts, to weigh their apparent successes and failures. The article’s thesis is that several recent changes have significant positive potential, but require thoughtful reconsideration in parts in order actually to impact investor comfort. With this in mind, it concludes by offering a normative outlook on foreign investor protection in India’s evolving corporate legal space.

Determinants of software exports during global economic slowdown

Purpose– The aims of this paper are twofold. First, the trends and patterns in key variables of performance of sample software companies during the study period are overviewed. Second, the determinants of information technology (IT) export across the sample companies during the period of economic slowdown have been analyzed.Design/methodology/approach– Secondary data have been used in the study. Regression analysis is concerned with the study of the dependence of one variable, the dependent variable, on one or more other variables, the explanatory variables, with a view to estimating and/or predicting the mean or average value of the former in terms of the known or fixed values of the latter. The data collected through survey were scrutinized, and statistical software were used for analysis. The variables documented in the study include the exports, capacity utilization, profits, exchange rate and dummy for recession, dummy for countries of export.Findings– The Indian IT sector was set for smaller growth due to global economic slowdown. Large IT service players were able to some extent cope with tighter client spends, but it was smaller IT companies which were facing the severe heat. Production of sample companies decreased at an average of 34 per cent in 2008. The profits of the sample companies have decreased by 34.34 and 78.67 per cent, respectively, during 2008. In case of determinants of software exports, it is observed that capacity utilization is positively related to exports. The estimated mean of exports increases by about 1.370.Originality/value– This paper focuses on originality in the sphere of scientific work. Secondary data have been used in the study. The data were collected from the Annual Reports of four randomly selected software companies. Both face-to-face interview and on-line survey based on a structured questionnaire to the sample companies were used to collect the data. All the work has been done in original by the authors and the work used has been acknowledged properly.

Organic production as an innovative trend in export-oriented development of Ukraine's agriculture

Despite the global economic slowdown, the sales of organic products on the international market continue to grow, and their production is becoming one of the most promising directions in agriculture. Given Ukraine's natural resources, export-oriented production of organic products has great potential. The purpose of this survey – to analyze the current trends on the global market for organic products, as well as the potential for organic farming in Ukraine, and to find the prospects and ways to develop exports. Using of general logical methods of induction and deduction, analyzing the trends on the global market for organic products and the potential of Ukraine's agriculture, organizational, economic, socio-cultural and regulatory conditions for the development of organic production in Ukraine are distinguished. The factors and promising directions of Ukraine's export specialization on the world market for organic products are explored, major methods of stimulating and supporting exporting producers are suggested.

Employee engagement in the shipping industry: a study of engagement among Indian officers

Industries across the world have been battling the effects of the global economic slowdown, adopting strategies to remain competitive and viable. It has been realized that sustainable competitive advantage can only be created through the workforce, the people who are the organization. In order to get the best from employees so that they go the extra mile for the organization, they must be “engaged.” Employee engagement as a construct has become very popular in recent times as it has shown correlations with productivity, profitability, employee turnover, safety, absenteeism, etc. The shipping industry is also going through a lean period where efficiency of operations is becoming fundamental to survival. In such a scenario, the use of engagement practices, as practiced ashore, may greatly assist ship owners in developing an engaged, motivated, and dedicated work force. This paper analyses the drivers of engagement from a review of literature, identifies the drivers in shipping, and develops a questionnaire to measure engagement levels of Indian seagoing officers and compares this with levels reported from other industries. It explores whether engagement levels increase with tenure with the shipping company, as reported in literature, and whether senior officers are more engaged in their jobs as compared with junior officers. The drivers of engagement were found to be similar, but engagement levels were found to be much lower than reported in other industries. Additionally, engagement was negatively correlated with tenure, while senior officers were found to be marginally more engaged than junior officers.

Technological Reforms and Mobile Banking in India

Corporations, the world over are adapting quality banking practices and opting for latest advancements in banking technology. All banks including those, which were cautious in past intended to offer access to their banking products and services via Internet with the major distribution and communication channel. The fundamental objective of efficient banking is customer satisfaction. In today’s highly competitive environment, where time is considered as valuable as other factors of production only speedy and cheapest medium of communication is internet. E-Banking is introduced as a vague desktop access to bank but now it has tremendous applications and mode of transactions for banking sector. Global economic slowdown has an impact on work force recruitment and deployment of staff to render basic routine tasks does not make economic sense. A global economic pressure, competition and technological reforms are forcing economies to introduce E banking: web based corporate/retail banking, m-banking, e-money, electronic transfer of funds, e-billing, e-payments, ATMs, smart cards, even debit and credit cards. On the contrary, e-security of funds with the help of passwords, PIN, TIN, firewall system, and detection of transaction are other important aspects of e-banking. As a sequel, cash management and e-banking today is not what it used to be in 80’s. E-banking began as a passive computer access to bank balances, transactions and easy statement enquiries. Presently e-banking and m-banking is emerging into complex processes of liquidity management through numerous advanced techniques. Today we have access to mobile banking, m-payments, sms banking, net-banking. Banks are using their websites and portals for ease and efficient CRM practices. Commercial banks in the Western countries realised the tremendous potential in providing cash management services to improve their profitability and quality. In a report titled ‘The Future of Wholesale E-Banking: The Portal’ which was published by Celent Communications it was projected that by 2003, 40 per cent of the top 100 US banks will be offering ‘Advanced Internet Portals’ to their business customers. Indian banking sector displays wider scope for bankers as the number of persons who use online banking, ATMs, mobile banking, net banking is still not more than 50% of the total population.

A DEA-investigation of efficiency of the Indian general insurance during recession

Purpose – The purpose of this paper is to investigate the efficiency analysis of the Indian general insurance sector using data envelopment analysis (DEA) and subsequently assess the impact (if any) of the global slowdown on the performance of the allied sector. Design/methodology/approach – The paper aims to analyze the operating performance of 12 general insurance companies in India between 2006-2007 and 2009-2010 using DEA based on secondary data collected from Insurance Regulatory and Development Authority Annual Reports. Findings – Findings clearly indicate that the global economic slowdown has severely affected the performance of the private sector companies; while the public sector companies exhibited relatively lesser variation in performance levels. Research limitations/implications – The methodology employed in the study estimates relative efficiencies without assuming any functional form; as a result the proper comparison of input utilized with the output produced is not possible. Several other tools like Malmquist Index and two-stage procedure have not been used. Originality/value – The study brings into light the operating characteristics and efficiencies of the Indian general insurance sector during the global slowdown and therefore holds practical value for policy makers and practitioners as well as for the decision makers of the firms employed in the study.

How Perceptions of the Global Economic Slowdown Impact and Local Risks Adversely Affect Perceived Opportunities and Subsequent Startup Activities

The Great Recession which began in 2008 is the worst global recession since World War II. Arguably, this global economic slowdown began with failures in financial regulation and housing policies. Undisputable are the adverse effects of this global financial crisis. Worldwide wealth was destroyed. Unemployment rose precipitously. Small businesses and medium businesses found it difficult to access funding sources. Large businesses reduced investments. However, little has been empirically established regarding the effects of the global slowdown on entrepreneurial startups. This study applies a cognitive lens to examine the effects of the perceived global slowdown impact along with the effects of perceived local risks on startup activities when mediated by perceived opportunities. All hypothesized relationships are found to be significant. Equally important, perceived opportunity is found to fully mediate the relationship between perceived global slowdown impact and startup activity. It is also found to partially mediate the relationship between perceived local risks and startup activities. Hence, this manuscript establishes the basis for beginning to understand how the perceived global slowdown impact is relevant for global startup activity.

The New Chinese Model of Public Housing: A Step Forward or Backward?

After three decades of housing reform, Chinese government embarked on a large-scale expansion of public housing provision over the last few years. This very ambitious plan of public housing construction aims at reducing the negative impacts from global economic slowdown since 2008; at the same time, tackling the huge inflation in and achieve the harmonious society development strategy. This initiative signals a sharp change in housing policy from that in previous decades. It also put China on a different track in housing provision when many other countries tried to cut back public spending to maintain economic stability. This paper aims to provide a timely analysis of the recent resurgence of public housing sector in urban China by examining the policy framework, the new structure of provision, and the driving forces behind this new initiative. We will also assess the similarities and differences of this approach from the Chinese pre-reform housing system and public housing practice in other industrialized countries.

The Use of Accounting in Supporting Sustainable Tourism The Case of the Sri Lankan Hotels

Around the world sun-and-sand tourism has become matured as a market compelling thetourism industry to focus on experiential tourism which encompasses sustainable tourism aswell. With the recovery of the global economic slowdown and end of North East conflict, thetourism sector in Sri Lanka is poised to mark a steady growth. The Sri Lankan hotels havetaken various sustainability strategies to attract tourists who are getting increasinglyconcerned of the impact of their activities on the environment/society. In this context,Environmental and Sustainability Management Accounting (EMA) emerges as a potentialaccounting tool that can support the sustainability strategies pursued by hotels. Due to thepaucity of research in this area, the study attempted to identify the drivers of EMA, theprocess of implementation and the challenges faced.The study followed a qualitative multiple case study approach in order to facilitate an indepth analysis. Primary data were collected by conducting eighteen semi structuredinterviews covering six publicly listed hotels. This was then supported by observations ofsome environment-related facility centres. Sustainability reports, annual reports, internalcompany records such as Green Book, daily and monthly material and energy records, etc.were content analysed as secondary sources of data. While collecting data, actions were takento improve the validity and reliability. The data gathered were analysed thematically.The study identified that favourable public image as the main driver of EMA practices of thehotels. Internal pressures such as group affiliation, top management compulsion and the needfor environmental management system accreditation also had an impact in shaping the EMApractices. When implementing these strategies the hotels seek the support of employees,guests and suppliers. It is further identified that engineers play a key role in implementing theenvironmental and EMA practices. Lack of proper guidance/awareness and fragmentedconventional management accounting principles were identified as the main challenges facedby the hotels for better application of EMA. This has resulted in a low level development interms of accounting. Thus, the Sri Lankan hotels can be benefited greatly if accounting canplay a vital role in implementing strategies aimed at promoting sustainable tourism.

QUARTERLY ANALYSIS: THE DYNAMICS OF MONETARY, BANKING AND PAYMENT SYSTEM, QUARTERLY II, 2013

The national economy showed lower growth than the first quarter of 2013 due to the impact of the global economic slowdown and rising inflation in the country. After registering a growth of 6.0% (yoy) in the first quarter of 2013, Indonesia’s economic growth slowed to 5.8% (yoy) in the second quarter of 2013. Despite positive growth, exports are still not strong enough to support economic growth as a result of the weakening global economic demand. Exports are not strong and the weakening purchasing power due to inflation has increasing influence to slowdown household consumption as well as non-construction investment.

Do safe banks create safe systems?

The aim of this paper is to contribute to the discussion on the anticipated long-term impact of the post-crisis regulatory environment on bank stability and efficiency, with a focus on Central and Eastern European (CEE) banks. The main research question is whether relatively stable CEE banks, operating in an unstable global environment, will be negatively affected by post-crisis European regulatory architecture. To answer this question, this paper analyses how CEE banks performed in two different periods: the pre-crisis period of dynamic credit market expansion and the period of global economic slowdown after 2008 crisis. Bank efficiency and performance is measured using DEA methodology, competitive conditions’ measures (H-statistics) and Z-score index.

Role of cloud computing as technology innovation in small and medium enterprises in South Africa

The paper discusses cloud computing as a technology innovation for small and medium enterprises (SMEs) in South Africa to improve competitiveness, retain sustainability and maintain cost-effectively. The concept of duality of structures (DoS) of Giddens’ Structuration Theory was used as a lens through which to understand and interpret the factors influencing the readiness of SMEs to adopt cloud computing as a lens to innovate their businesses and become competitive in the face of global economic slowdown, high cost of IT services and inadequate e-competency. The purpose of the study was to determine the readiness of SMEs to innovate their businesses using technology solutions such as cloud computing. An extensive investigation on sixteen (16) SMEs from Gauteng and Mpumalang Provinces indicated a number of factors suggested by DoS have influenced the readiness of SMEs to adopt technology. The perspective is that clouding computing adoption as a technology innovation suggests a significant trend with the potential to increase agility and lower costs of IT services. The finding of the study is a general framework to guide SMEs to assess their readiness to adopting these technologies to save costs, improve their efficiency and competitive position

Zinc Oxide and Related Materials

AbstractThe 7th International Workshop on Zinc Oxide and Related Materials (IWZnO 2012) was held in France at the ACROPOLIS conference center in Nice on 11–14 September 2012. This workshop was organized by three different French laboratories: GEMAC in Versailles, LETI in Grenoble and CRHEA in Sophia Antipolis.Let us recall that the IWZnO international workshops are held every two years, and alternated so far between America, Asia and Europe. The last workshops took place in Dayton, USA (1999, 2002), Sendai, Japan (2004), Giessen, Germany (2006), Ann Arbor, USA (2008), Changchun, China (2010), and Nice, France (2012).Despite the global economic slowdown, a great number of high quality, varied and creative abstracts from 37 different countries were submitted for this workshop. We would like to warmly thank the International Program Committee of IWZnO 2012 for having undertaken the most challenging task of selecting papers. As a result, the workshop offered 13 oral sessions and 2 poster sessions, covering all aspects of ZnO, from basic to applied research, clearly emphasizing the unique physical and material properties of ZnO. Therefore, this workshop was the leading international forum for announcing and discussing advances in challenging scientific and technological issues related to ZnO, such as progress gained on growth, optical and electric properties, nanostructures, doping, theory, spintronics, and devices.This issue of physica status solidi contains 27 papers that were presented as oral and poster contributions, and 2 invited papers written by Professors Lambrecht and Shan. The proceedings have been divided in four sessions: “doping and applications”, “growth and heterostructures”, “nanostructures” and “magnetism”. We wish that the reader would appreciate to rediscover some of the best presented results at the workshop.We are very grateful to all the participants, contributors, our sponsors, the international committees as well as the referees, who made this workshop and proceedings a success. Finally, we hope that all of you keep a great memory of your stay in Nice, this famous historical old town sandwiched between the Mediterranean and the Alps.Nice, September 2013

Global threats, cyber-security nightmares and how to protect against them

While the global economic slowdown has been putting pressure on IT budgets, security is expected to remain a priority. According to Gartner, investment in security is expected to reach $86bn by 2016.1 The Internet age has fostered many opportunities for cyber-criminals to attack organisations and while the motivation behind and the execution of these attacks varies, businesses simply cannot afford to ignore the risks they present. In 2012, the Dell SecureWorks Counter Threat Unit (CTU) team documented 7,696 new software vulnerabilities. The increasing volume and complexity of cyber-attacks has meant that investment in security is expected to reach $86bn by 2016. Rafe Pilling, principal security consultant at Dell SecureWorks discusses the key IT security threats that put businesses at risk.

Po-kryzysowa architektura regulacyjna a banki Europy Środkowej i Wschodniej

The article aims to contribute to the debate on the implications of changes in the regulatory architecture for banks in the wake of the global financial crisis. The main research question is whether the post-crisis regulatory architecture will have a positive or negative long-term impact on bank stability and efficiency, with a focus on Central and Eastern European (CEE) banks. To answer these questions, the article analyzes how CEE banks reacted to two different periods: the pre-crisis period of dynamic credit market expansion and the period of the global economic slowdown after the 2008 crisis. Efficiency is analyzed using the Data Envelopment Analysis (DEA) method, in addition to competitive conditions measures (H-statistics), and the Z-score index. The empirical part of the article supports the assertion that safe and efficient banks in CEE create sound systems and have survived the global financial crisis in better condition than their counterparts in Western Europe. However, post-crisis regulatory restructuring will likely have a negative impact on their long-term growth, the authors say.

The global economic crisis and domestic political agendas

There is an ongoing debate within the economic voting literature about whether the economy's salience systematically fluctuates over time or is constant. The recent global economic slowdown provides leverage to test the proposition that voters give greater weight to economic performance when it is weak. Data on voters' issue priorities from 2000 to 2011 shows that voters were more likely to consider the economy an important issue during periods of bad or volatile economic performance. A weak economy also focuses voter attention on corruption and crime while reducing attention to social policy and foreign affairs. Crime rates, terrorist attacks, globalization, and the level of development also affect the economy's place on the electoral agenda. Thus one impact of the recent financial downturn was a shift toward economic voting in countries where it was deepest.

Debt intolerance and the 90 per cent debt threshold: two impossibility theorems

Two propositions underpin the retreat from post-crisis fiscal expansion instituted by several G7 governments in the summer of 2010. One is that the threat of debt intolerance is general: the reasoning is that the sharp rise in government debt levels caused by post-crisis fiscal expansion will force investors to abandon government bonds in favour of some other asset class. The other proposition is that there is a one-size debt threshold: the reasoning is that no government, those of the G7 countries included, can escape the serious consequences of debt intolerance and the threat of exit should its debt to GDP ratio reach 90 per cent. This paper argues that neither of these propositions can have credibility at a time of continuing global economic slowdown and consequent contraction in the global supplies of investable assets. At such a time investors cannot possibly hold up the threat of intolerance to core economy governments because they have no choice but to store substantial portions of their wealth in the latter's bonds, a fact which in turn means that the debt thresholds for core economy governments cannot possibly be the same as the average for other governments.

Trade Liberalisation: Can Restriction and Protectionism Ever Be a Sound Policy

Trade liberalization or free trade is a highly contested subject, especially in the current global financial scenario and ongoing economic recession and slowdown, which draws feverish support and equally violent condemnation. Whether trade liberalization hurts the poor or not is itself a matter of great debate and difference of opinion, one that can be seen in the recent latest move to allow Foreign Direct Investment (hereinafter FDI) by the Indian Government, and the varied reactions from both sides of the spectrum. There are arguments that Trade liberalization helps in growth and growth ultimately helps in lowering poverty, but on the other hand the uniformity of the benefits of globalisaion and trade liberalization is questioned. Arguments against trade liberalization claim that it can cost jobs and even lives, due to cheaper goods not facing the stringent checks at the market, or due to the loss of livelihood due to competition. Proponents and supporters, claim trade liberalization ultimately lowers consumer costs, fosters economic growth while maximizing efficiency. In this essay an effort is made to point down the basic aspects of trade liberalization and free and open market, how they benefit, and how they hurt poor, if at all, and when.