International Economic Crisis Research Articles

The Stock Market in Capitalism

The essay performs a theoretical and historical review of the foundations of capitalism, the stock market, and its functionality in capitalism, seen within the context of business development, economic development, and international economic crises. Through a bibliographic, historical-analytical and descriptive review, we have reached the conclusion that, despite the risks that may come from flexible limits on stock exchanges, as in the cases of the Great Depression of 1929 or in the Great Recession of 2008, the benefits of the existence of an stock market are greater because they it helps to generate increases in savings, capital investments, job creation and, in general, in the well-being of society. This role of the stock exchanges allows capitalism to strengthen and evolve over time.

Foreign Financial Inflows and Economic Growth in Nigeria: A Comprehensive Analysis

Several policy measures were targeted and adapted by governments globally to achieve and rapidly increase sustainable economic growth. In view of that, economies acclimatize to both monetary and fiscal policies in order to improve economic performance. A country's economic growth is an element of intuitive impacts of changing worldwide and homegrown powers. Attracting foreign financial inflows is one major policy strategy that the government has used, particularly in developing and emerging economies, to accelerate economic growth. This concentrate hence notices the Effect of Unfamiliar Economic Inflows, dominatingly, the degree to which Foreign Direct Investment, Foreign Portfolio Investment, Foreign Public Debts and Foreign Personal Remittances broadly control financial growth in Nigeria from 2000- 2021. The review utilized the Autoregressive Distributed Lag (ARDL) model to assess the information acquired. Discoveries uncovered that Foreign Direct Investment inflow altogether influences economic growth in Nigeria, and there is no huge long run connection between Foreign Portfolio Investment and financial growth in Nigeria. Besides, it was found that long run negative relationship exists among Settlement and Outer Public Obligation and economic growth in Nigeria. Last but not least, the study suggests that economic managers devise measures that will make it easier to mobilize more domestic investment to lessen the uncertainty that may accompany foreign investment during periods of local or international economic crises. In a similar vein, when making decisions that have an impact on the expansion of the economy, policymakers must take into account the potential benefits as well as the potential dangers associated with remittances.

Design and Build the Social Security Equity Crowdfunding Application as Funding Optimization for MSMEs

The existence of MSMEs for the economy in Indonesia is very strategic because of their contribution to gross domestic product (GDP) and high employment. In addition, the MSME sector has proven to be strong in facing national and international economic crises. Even though it has a high contribution it does not mean that MSMEs do not face problems. One of the problems faced by MSMEs is the low ability to develop their business due to limited access to capital. Therefore, this study aims to design and build a funding application (social security equity crowdfunding) for MSMEs. The design of this study uses a research and development approach with four main stages, namely (1). Carry out a preliminary study through theoretical studies and field studies in order to develop an application framework. (2) Compile applications according to the design carried out in the preliminary stage. (3) Conduct expert validation tests and limited-scale trials. (4). The final stage of this research was conducting a large-scale trial of 30 MSMEs in Tulungagung, Kediri and Blitar Regencies. Through research, a funding application is produced with a social security equity crowdfunding scheme that can assist MSMEs in developing alternative funding outside of financial institutions, so as to increase the business capacity and competitiveness of MSMEs at the national and international levels.
 Keywords: social security equity crowdfunding application, funding alternatives, MSMEs

Sukuk as an Islamic finance alternative for investment in Infrastructure in Kazakhstan: institutional perspectives

In recent years due to the international economic crisis, the most complex and long-term problems have aggravated in the Republic of Kazakhstan, the resolution of which is strategic importance for the economic well-being of the country and its resilience to external influences. The main goal of further economic development is not only the stabilization and growth of industry, but also the development of industrial and social infrastructure. Nevertheless, issue of infrastructure funding is still open and struggling. As a developing country it takes big deal to borrow from foreign banks. Moreover, the additional leverage appears in a face of currency volatility which is highly distress country economic growth. This paper unveils the actual issues of infrastructure development, adopting Islamic finance in Kazakhstan with legal perspectives and the solution for them in the form of Sukuk issuance model. In this regard, legal perspective should be addressed since regulation on Sukuk is not well accommodated in the existing regulation by both AIFC (Astana International Financial Center) as well as Kazakhstan jurisdiction. Sukuk can expand financial services, assist to develop domestic capital market and provide infrastructure funding without government budget support. Therefore, this paper implies to domestic regulation as set by both AIFC and Kazakhstan mainland jurisdiction.

Diversity Management: Architecture And Perspectives

Abstract The initial idealistic perspective associated with the concept of globalization has turned into a bleak evidence in the present, which has taken on the appearance of a disharmonious liberalism in which it is possible to observe a common worldwide increase in economic and social inequalities. The current international economic crises – characterized by a common inflationary growth – have led to a re-evaluation of the principles of the autarkic economy, economically self-sufficient and relatively independent from the external environment: an approach to which economists attribute the term “deglobalization” (Ajami, 2022; Ho et.al, 2022; Paul, 2023). These foregoing points a duty – also in business economics – to review the models proposed over time in search of new hybrid patterns oriented towards a common social vocation, suggested as a dual attention to both internal (facing the aspects regarding the going concern accounting principle) and external (relevant to the economic and social sustainability of its main stakeholders). Therefore, the article assumes as a research question the declination of the new corporate hybrid patterns and the related “competitive advantage” drivers, among which Diversity Management assumes a decisive role in the pursuit of fair and sustainable progress.

International reserves, economic crisis and monetary autonomy in Asia: a panel data analysis

ABSTRACT A country cannot simultaneously have an independent monetary policy, fixed exchange rate and freely mobile capital. This paper uses data from 10 Asian economies in recent years to investigate the macroeconomic trilemma. It makes special reference to the role of exchange rate regimes, capital controls, economic crisis, and international reserve holdings to analyse how interest rate changes in the centre country affect peripheral countries’ interest rates. The main findings support the existence of a macroeconomic trilemma. Moreover, we find that international reserves help to provide monetary autonomy with a buffer even under a fixed exchange rate and free capital mobility regime.

ANALYSIS OF THE PRICING SYSTEM FOR DESIGN WORK IN A NUMBER OF FOREIGN COUNTRIES

The article presents the results of the analysis of the pricing system for design works in a number of foreign countries. The current pricing mechanism in different countries is analyzed. The basic methods for determining the cost of design work and ways to pay for professional services of specialists in the practice of a number of foreign countries are considered. Examples of current documents of a number of foreign countries on determining the cost of design work for construction, in which various pricing methods are applied, are given. The international economic crisis primarily affects the construction industry, where investments are accumulating. One of the main tasks facing the economy of Ukraine and requires serious reflection is the implementation of measures aimed at stabilizing the work of construction enterprises, including design enterprises.

“The rulers are the causes of the war […] They are the reason there is no bread in our town:” women’s food riots in the Hungarian countryside, 1917–1918

ABSTRACT The essay discusses women’s food riots in the Hungarian territories of the Habsburg Empire during World War I between spring 1917 and summer 1918. While the existing literature has primarily focused on urban contexts in a variety of European countries, this essay analyses the Hungarian countryside with a focus on small towns and villages where and around which inhabitants were mostly agrarian workers. The agrarian population was especially hard hit by the increasingly coercive wartime economic measures, and especially by the high cost of living and the break-down in food supply. Using archival sources and news reports, the article approaches food riots as a form of labour activism signalling (agrarian) women’s efforts to improve their desperate living and working conditions and, thus, as a local political response to the international and national political and economic crisis that unfolded in the Dual Monarchy shortly before its disintegration during the second phase of the Great War. It pays particular attention to participants’ social/ethnic background, agendas, and repertoires of action, including the antisemitic character of some of the riots and authorities’ reaction to these uprisings. The essay, thus, also examines the interactions between members of local-level (un)organized activism and regional and national governance.

Analyzing the Factors of Formation and Positioning of Brand in International Markets by the Attribute of Innovativeness

In the study of world development along with scientific and technological processes, analysts’ attention is focused on the cause-and-effect relationships between global changes at the macroeconomic level (international economic integration, economic growth and crises, competition, maturation and emergence of new markets) and innovations, technical changes. This necessitates consideration of the impact of technological, systemically integrating, market, political and cultural changes on business systems, their consequences regarding the emergence of new forms and methods of organization, management, interaction, cooperation at the global, interregional and national levels. The results of the analysis of global brand ratings confirm that companies that give preference to innovation, digitalization and smartization of business processes, development and implementation of new business models, create new markets and new revenue sources, lead the competition in international markets, and widen the gap with less successful competitors. The article develops methodical support for the analysis of global brands by stages-tasks: the common attributes of global brands are defined; a system of indicators for calculating an integral indicator for assessing the company’s brand has been formed; models of dependence between the integral indicator and the ratings of the global brand and the company’s innovativeness have been built. To calculate the integral indicator of globality and innovativeness of the company’s brand, the following indicators were used: value of equity, current assets, operating and net profit, share price, sales income, goodwill.

History of Nepalese Tourism Industry

Tourism is not a new phenomenon in Nepal. People had been travelling by different means since ancient times when the modern concept of tourism was not introduced. Due to the Rana autocracy, Nepal was closed to the international visitor. After the restoration of democracy in 1950 Nepal government has recognized tourism as a key vehicle of development. Many developing countries are incorporating tourism into their industrial value and government of Nepal also has recognized tourism is as a high-paying industry and a key source of revenue which was priorities in tourism policy. Nepal’s Tourism Policy-2009 focuses on enhancing quality, accumulating foreign reserves, and creating job opportunities to help Nepalese people improve their living conditions and protecting environment for its sustainability. Nepali tourism saw ups and downs between1999 to 2021; including an Indian plane hijacking, a Royal massacre, a decade-long Maoist insurgency, an international economic crisis, the 2015 earthquake, and the COVID-19 epidemic. Since its inception, the Nepali tourist sector has struggled. Despite the government’s priority, the private sector has established itself as a high-paying enterprise. This article is based on qualitative research and aims to address historical development of tourism in Nepal. Descriptive and analytical methods were used in this research to investigate the history of Nepali tourism industry. In-depth interviews and library research are being used to gather data about the subject. It is limited to historical study on the subject. Finding of the research can be generalized to study the entire situation of tourism in Nepal.

International order transition and the UK’s tilt to the ‘Indo-Pacific’

This article analyzes the UK government’s response to international order transition as seen through its recent foreign policy ‘tilt’ toward the ‘Indo-Pacific’. It suggests that in post-Brexit Britain the determinants of foreign policy are increasingly complex involving an attempt to balance domestic policy, manage internal party conflict and establish an “independent” position in international relations in the context of US attempts to build a “grand alliance” against China. Our central argument is that the UK policy shift toward the Indo-Pacific is informed in large part by a changing dominant narrative on China and in particular by perceptions of China as “systemic competitor” in the global political economy. We argue that not only is the “tilt” at this point in time based on rather questionable assumptions regarding the UK’s relationship with the ‘region’ but that ‘international order transition’ is more complex than is suggested by the new UK policy orientation. Limited in terms of conventional military power, the UK tilt strategy focuses on effecting institutional and normative change and positions the UK as a ‘soft power superpower’ alongside the United States in the region. In the context of renewed international political and economic crisis the “tilt” expresses the contradictions that lie at the heart of UK foreign policy rather than offering a clearly defined and viable new orientation for “global Britain.”

Conceptualization and Mapping of Predictors of Technological Entrepreneurship Growth in a Changing Economic Environment (COVID-19) from the Polish Energy Sector

This study seeks to address the issue of the development factors influencing technological entrepreneurship capabilities of enterprises during the COVID-19 epidemic crisis. This research is particularly relevant in light of the leading role given to innovation and science-oriented technology companies in the economic and epidemiological crisis. This study aims to analyze the impact of the changing environment on the predictors of technological entrepreneurship, assess their impact by the management practice and establish a causal relationship between the used variables. The paper draws on foreign literature review, covering fundamental theoretical fields in international management literature, to develop an integrated research framework. Based on a differentiated approach, the collaborative framework emphasizes a range of network processes and attributes, their interactions and moderating managerial relationships related to their impact on companies’ technological entrepreneurship capabilities and their contribution to business outcomes. The study was conducted by means of four-wave research. The factors of models included in the correlation analysis are management functions and demand for new technology. Results show that there is a weak positive relationship between management functions and manager’s technological preferences. These findings show that during COVID-19, firms changed their management practices using digitalization to respond to the pandemic. Additionally, it shows that managers moved towards employing new technologies as a strategic response to the crisis. The results showed a mutual, two-way relationship between the demand for new technology and managers from the planning area, high level scientifically and managers with managerial functions, a quick diffusion of technological innovations and managers with the motivating function, a short lifecycle of products and processes and managers from the short lifecycle of products and processes. Taking into consideration that technology entrepreneurship and innovation are facets of the innovative entrepreneur sector, the need for a holistic approach is needed to support their development during the international economic crisis. The next practical implication derived from the crisis may hinder the ability of entrepreneurs to discover new opportunities for technology development. Moreover, an epidemic shock such as COVID-19 may have an impact on technology entrepreneurial opportunities. This article presents a new look at the theory of management by using the implementation role of predictors of the growth of technological entrepreneurship during the epidemic crisis. In addition, the article obviously contributes to the technology entrepreneurship literature by providing an empirical study that advances a new perspective on the process of developing new technologies in the period of crisis.

How to detect hospitals where quality would not be jeopardized by health cost savings? A methodological approach using DEA with SBM analysis

BackgroundIn Spain the health care cuts have been the norm after the international economic crisis. The aim of this study is fourfold: (1) to measure hospital performance analysing two different perspectives: technical efficiency and quality; (2) to determine how technically efficient hospitals operate when faced with undesirable production; (3) to determine whether a potential trade-off between efficiency and quality exists or not; and (4) to propose a methodology to detect which hospitals could reduce their running costs without jeopardizing the quality of the services provided. Budget cutbacks imposed in Spain should focus solely on these hospitals, unless an increase in undesirable production is considered acceptable. MethodsIn this paper a SBM (slacks-based measure) of efficiency model is employed incorporating undesirable outputs using the case-mix adjusted deaths of patients. The study is carried out using information from 232 general hospitals in Spain. FindingsWe find four different groups of hospitals based on the relationship between efficiency and undesirable outputs. ConclusionWe show that undesirable outputs affect the measurement of technical efficiency, proposing a tool that allows the identification of hospitals where efficiency can be increased, that is, where budget cuts and/or more production outputs can be implemented without necessarily increasing the undesirable output.

АНАЛИЗ ОТРАСЛЕВОЙ СТРУКТУРЫ ВНЕШНЕЙ ТОРГОВЛИ РОССИИ

Russia's foreign trade activity in the context of the international economic crisis affects the country's competitiveness on the world market. This can contribute to the transition of the Russian economy to an innovative path of development. The article presents an analysis of the sectoral structure of Russia's foreign trade, as well as its dynamics from 2011 to 2021

Individual differences and compliance intentions with COVID-19 restrictions: insights from a lockdown in Melbourne (Australia)

The coronavirus (COVID-19) pandemic has caused an international public health and economic crisis. Despite the COVID-19 vaccine rollout in many countries from late 2020, non-pharmaceutical interventions are still required to minimize the spread of the virus. However, notable variation in voluntary compliance with these interventions has been reported. This study investigated various individual differences associated with intentions to comply with COVID-19 restrictions during a sustained (112 day) lockdown in Melbourne (Australia) in late 2020. Participants (N = 363) completed an online survey where they responded to various socio-demographic, health and psychological questions. Participants also responded to a series of vignettes that assessed their intended behaviour in specific situations and their knowledge of the current COVID-19 restrictions. Overall, it was found that greater levels of organization predicted greater intentions to comply with the COVID-19 restrictions, while higher socio-economic status, sociability and anxiety predicted lower compliance intentions. Further, individuals previously diagnosed with COVID-19 reported lower intentions to comply with the COVID-19 restrictions. The strongest predictor of compliance intentions, however, was a greater knowledge of the current restrictions. These findings highlight that public health orders around COVID-19 restrictions should be presented in a clear and uncomplicated manner and should target specific groups to increase compliance.

Crisis and opportunity

It is not a good time for the global economy. Many countries are experiencing an economic downturn due to several factors. COVID-19 remains a persistent challenge to many countries despite high vaccination rates. In Asia and beyond, a new surge of cases has been delaying the ability of economies to recover and “normalize” since early 2020. Another factor is the ongoing Russia–Ukraine war that started in February 2022. With no end in sight, the war has taken a toll on global supply chains including food (i.e., wheat, potatoes) and oil. Rising food and oil prices have affected societies worldwide unequally with the poor and marginalized receiving the greatest negative impact of actions and decisions made beyond their states' borders. Governments will face tremendous challenges in addressing the economic hardship experienced by their people. Their pandemic response has drained their fiscal resources and led many states to borrow extensively. In the Philippines, for example, government debt has doubled since the pandemic began. This has severely limited the ability of its government to effectively respond to inflation and jumpstart the economy. But it is in Sri Lanka where a full-fledged economic crisis wreaked havoc with the resignation of the government. Without sufficient foreign currency reserves, the Sri Lankan economy virtually shut down with a shortage of oil and gas as well as basic food necessities. As seen in the past, such economic hardship caused popular outrage with massive protests unseen in its contemporary history. The global economic downturn is a serious legitimacy challenge to governments of all types. The dire global economic situation requires states and international institutions to immediately act, seriously work in a collective manner, and commit to uplift everyone from the crisis. This is not an easy decision as retreating to protectionist measures is the easy and rational path in the short run. The looming food crisis around the world is not because there is a lack of supply but with political decisions that seek to protect domestic markets at the sacrifice of foreign markets. This “protectionist reflex” could cause more hardship, especially in low-income economies and highly unequal societies. We will have to wait in the coming months whether the global economy can indeed fix these market distortions on its own but as history has taught us, previous international economic crises required proactive measures of states and international organizations. Asian Politics & Policy has published numerous articles on the linkages between economic crisis and political factors. Yu's (2010) study about China's proposal to develop a Western Economic Triangle has been met with skepticism given the various challenges in the country's western frontier. This inequality within one of the world's biggest economies will continue to impact the ability of China to recover from the current economic downturn. China's more assertive stance in the region will also influence its ability to present itself as a problem solver to the current economic crisis. The country's ability to integrate itself into the global economy and be more interdependent with other countries has not necessarily released the mechanisms attributed by international relations theory regarding liberal or democratic peace. Leon (2017) argued that this is because China remains in a process of power transition. Thus, it will take some time before China can act as a responsible economic actor. Finally, existing regional trade arrangements such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership may require adjustments to appropriately and sufficiently address the current challenges faced by economies in the Indo-Pacific region. In one study, such trade arrangements may have to balance the desire to be autonomous from the global trade order with the necessity of linking with other economies to address the global economic crisis (Novikov & Shumkova, 2018). In this issue of Asian Politics & Policy, we are pleased to publish original research articles that covered topics ranging from military history, Taiwan's soft power diplomacy, irrigation policy reforms in Southeast Asia, policy brokers for infrastructure projects in Thailand, and youth violence in Nepal. We are also featuring two policy review articles regarding COVID-19 policy responses in Indonesia and Hong Kong as well as the usual media and book reviews. We hope that our journal can be a good academic medium for serious and rigorous debates and discussions on public policies and international affairs in Asia.

Spatial Analysis of Economic Activities as a Tool for Effective Urban Policies

The economic activities of each city greatly shape and predict their development as well as make them more competitive both locally and globally. In the last two decades, as part of the international economic crisis, Greece has been at the center of changes that have resulted in the closure of thousands of businesses. This significantly affected Greek cities by changing their economic profile and robustness via the spatial distribution of their economic activities. Economic geography, as a sector that examines the geographical distribution of economic activities, is an important methodological base for analysing business locations and urban spatial processes. This paper aims to analyse, through a combination of economic geography theories and spatial analysis methods, the spatial patterns of economic activities and to identify urban areas that are resilient in difficult times of crisis. Thus cities that have the ability, via the proposed analysis/methodological framework, to control and evaluate their economic profile and prospects, can be transformed into smart cities by adopting ad hoc urban renaissance and resilient policies.

Organizational resilience in the COVID-19 era

The global public health crisis has highlighted the vulnerabilities faced by state institutions that have been most critically affected by the coronavirus pandemic. Both the Member States of the European Union and the Republic of Moldova have seen the gaps that persist and must be removed. The change is a more difficult and time-consuming process, and in the event of a pandemic, everything had to be resolved in a timely manner. The results of the actions taken at state level have completely affected its economy. Thus, one of the serious effects of the coronavirus pandemic, in addition to the loss of many lives, is the international economic crisis that will leave its mark many years from now. Defective management of the coronavirus pandemic has put organizations in the Republic of Moldova to the test. Some have gone bankrupt, some have «survived» with great difficulty, others still face quite tough functional barriers. Their sustainability and functionality largely depend on the act of governance, the principles of good governance, objectivity, the processes of removing problems in this regard, the prioritization of problems, their evaluation and possible solutions to streamline the results of proposed actions. Thus, taking into account the effects of the pandemic crisis, the present scientific approach is limited to identifying the correlation between the term organizational resilience and COVID-19 with its consequences.

The profitability of Italian jewellery between the two international economic crisis

The profitability of Italian jewellery between the two international economic crisis

The profitability of Italian jewellery between the two international economic crises

The current article analyses the profitability of the small Italian jewellery industry in the period between the two international crises of 2008 and 2019. Using balance sheet data from the AIDA database, the trends of the three profitability indices (ROE, ROI and ROS), for the entire nation and its three macro-regions. The results were processed with various statistical methodologies, including ANOVA and Tukey-Kramer tests. Economic performance has always been positive, even if the fluctuations reflect economic situations. The industries are mainly located in the areas of Northern and Central Italy; the location influences profitability, which is higher in the Centre and North than in the South.