Post-recession Period Research Articles

Census Tract and Neighborhood Racial Change and the Locational Decisions of Financial Services in Metro Detroit

Scholarship on the geography of US retail financial services consistently finds racialized patterns in the locations of traditional (e.g. banks, credit unions) and higher-cost or alternative (e.g. payday lenders, check cashers) financial services. While scholars tend to offer explanations based on spatial void and market segmentation hypotheses, we theorize these racialized patterns as consistent with a social reproduction of investment and divestment. We use a novel, longitudinal dataset that follows census tract- and neighborhood-level changes in racial demographics and financial services in Detroit during the pre- and post-Recession periods. Changes in the locations of financial services follow changes in racial demographics, which occur in addition to the well-documented practice of targeting or avoiding tracts and neighborhoods based on their racial majority. These racialized patterns are heightened in the post-Great Recession period.

PERCEIVED WORKPLACE AGEISM AND OLDER WORKERS’ LABOR FORCE TRANSITIONS DURING THE GREAT RECESSION

Abstract Previous research suggests that workplace ageism increased during the Great Recession (GR). During the GR, despite having lower unemployment rates compared to younger workers, older workers took considerably longer to find jobs once they were unemployed. Yet, no study has investigated the potential role of workplace ageism in older workers’ labor force outcomes. This study examines the role of perceived workplace ageism in older workers’ labor force transitions during the GR using longitudinal data from the Health and Retirement study. I conduct a multi-period analysis and compare how the association of perceived workplace ageism with labor force transitions changed during the GR compared to pre and post-recession periods. Results from multivariate logistic regressions show that only in the GR period, both measures of perceived workplace ageism – pressure to retire before age 65 and preference for young in promotions – were associated with a higher likelihood of employment instability (b= 0.336 p< 0.05 and b= 0.340 p< 0.05), net of demographic, socioeconomic, financial, job-related and health-related factors. Moreover, older workers perceiving workplace were less likely to retire and thereby more likely to be unemployed (b= -0.667 p< 0.05). In contrast, perceived workplace ageism had no association with reducing or increasing the hours worked per week. In sum, this study provided the first individual-level evidence on the impact of perceived workplace ageism on older adults’ labor force transitions during the GR. Findings can be used to motivate additional studies on older workers’ experience during the Covid19 crisis.

Employee-centric discussions and economic context: Evidence from Chairman speeches

Background: This paper offers a thematic interpretation of patterns of employee-centric discussions (ECD) in chairman speeches during the period of 2004-2008 and 2010-2014 wherein the former is considered the pre-recession period and the latter the post-recession period. A situation like recession calls for focus on employee relations and development. In the economic context of recession, the paper suggests that the attitudinal approach of top echelons towards employees can in part be explained by the themes of ECDs through the comparative analysis of pre- and post-recession periods. Methods: This paper adopts a qualitative content analysis approach to study the themes of ECDs present in the chairman’s speech, in the view of two economic contexts i.e., pre- and post-recession. Companies were identified from the CNX 2016 Nifty 50-stock index, then chairman’s statements were downloaded using each company’s official website which met the inclusion criteria. Data collection was from November 2020-March 2021. Thematic analysis was conducted using Atlas.ti, all ECD excerpts were extracted from the speeches based on the referring terms used for employees. Keywords were identified using Atlas.ti software. Preliminary coding of the ECD excerpts was carried out at the sentence level adopting the summative approach. Tagged codes were then used as keywords to extract excerpts concerning employees which did not have referring terms in it. Results: The finding suggests that the ECDS have four dominant themes - acknowledgment and appreciation, confidence, employee relations, and employee value. It also indicates an increase in ECDs in the post-recession period.

A seat at the table: Lessons from Tennessee’s rapid achievement and equity gains

This study complements literature on state policymaking by exploring one state’s achievement trends and policymaking during a period of remarkable achievement gains. I use mixed methods, drawing on hierarchical linear modeling and semi-structured interviews with policy actors, to explore the case of Tennessee in the post-recession period. Results indicate that Tennessee’s school districts improved faster than districts in other states during this period without doing so at the expense of historically disadvantaged student groups. I argue that Tennessee’s trends are a result of strong policies and a robust approach to the policymaking process.

Trends in fatal occupational injury rates among older workers before and after the Great Recession of 2008

BackgroundOlder workers experience higher rates of fatal occupational injury than younger workers worldwide. In North Carolina, the population of older workers more than doubled between 2000 and 2017. In 2008,...

The more, the merrier: Performance effects of cash over the business cycle

This paper adds to the recent interest in the link between cash and firm performance, by studying how this relationship varies across boom- and bust cycles. We use data of Norwegian firms from a broad range of sectors in the period 2005–2015, and both replicate and extend previous findings on the relationship between cash and performance over the business cycle. We find that i) cash has a positive, but weakly diminishing effect on operational firm performance (ROA) throughout the entire sample period, and ii) that the curvilinear relationship between cash and firm performance is the most pronounced in the pre-recession years, while it is virtually linearly positive in recessions and post-recession periods. We conclude that cash indeed has an impact on firms’ operational performance, and especially so in recessionary times.

The dynamics of poverty in Europe: what has changed after the great recession?

This paper provides novel evidence on the importance of the phenomenon of poverty and its heterogeneity across European countries. We analyze the determinants of poverty in Europe and their evolution over time by disentangling the role of genuine state dependence and heterogeneity.We apply alternative dynamic probit models accounting for endogenous initial conditions and correlated random effects to the pre-Great Recession period of 2005–2008 and the post- Great Recession period of 2015–2018 using EU-SILC longitudinal datasets for a sample of European countries in order to estimate genuine state dependence and uncover the role of observable and unobservable factors in determining the risk of poverty. Our findings suggest that the degree of genuine state dependence is relevant in Europe and that it increased slightly from pre- to post-Great Recession. This suggests that measures aimed at lifting individuals out of poverty, including cash transfers, have become even more important during the Europe 2020 decade. Our analysis also reveals that Europe is characterized by an increasing scarring effect of poverty, the trend of which has been exacerbated in the post-recession period. The analysis at the country level clarifies why the evolution of genuine state dependence was heterogeneous. While a clear pattern within macro-regions does not emerge, we find an association between country-level variation in genuine state dependence and some macroeconomic indicators. Finally, our results suggest that the protective role of higher education has diminished over time, while the role of employment stability and of childcare provision during early childhood has become even more important in the post-recession period.

National authority and public interest in Facebook’s free basics Indian encounter: a case of ‘slowbalisation’?

ABSTRACT The term ‘slowbalisation’, coined in 2015 by a Dutch trend watcher and elaborated in an early 2019 issue of The Economist, explains a noticeable slowing down of cross-border movement of capital, goods, money and technology, beginning from the post-recession period following the year 2008. This study expands the conceptual and explanatory scope of this phenomenon beyond the economic by considering other possible factors, political and social, using a recent case – global social media giant Facebook’s unsuccessful attempt to introduce its version of the Internet through a cost-free programme – Free Basics – in India. The Indian regulatory body in this instance, Telecomm Regulatory Authority of India (TRAI), prevented the introduction of Free Basics on grounds of protecting net neutrality, and objection to Facebook’s free harvesting of data on millions more of Indians. Grounded theory methodology was employed to analyze news coverage in a leading national daily, The Times of India, and a letter to Mark Zuckerberg written by Indian activists. The grounded theory approach helped identify theoretical constructs that explain the phenomenon of slowbalisation from perspectives that rely less on solely an economic explanation of the phenomenon and delineate other contributing explanations such as regulation and public interest.

The Impact of Base Lending Rate on Capital Structure in Malaysia

This paper investigates the pattern of capital structure of 4,127 Malaysian companies from 2005 to 2015. We, then specify the sample into two periods, the pre-recession period from 2002 until 2007 and post-recession period from 2009 until 2015, to determine whether there is any significant different in term liabilities between the two periods. For the third objective of this paper, we examine the impact of base lending rate (BLR) in the capital structure between pre- and post-recession periods, indicating the companies drastically change their capital structure after recession occurs. In this paper, we find a sharp downwards movement in long-term debt and total debt after 2008 year of recession. We also document the level of total debt and long-term debt to significantly higher before the recession hit. Interestingly, we find base lending rate to have negative relationship with long-term and total debts only after recession has occurred but not during the economic expansion (pre-recession period), thus supporting the study’s hypotheses.

STATISTICAL ASSESSMENT OF THE ECONOMIC RESILIENCE OF THE REGIONS OF THE REPUBLIC OF BELARUS

The article discusses the main approaches to the definition of a relatively new term for economic science - economic resilience of territories. The author made an attempt to assess the level of economic resilience of the regions of Belarus on the basis of the 2015-2016 recession resistance index. and the index of recovery of economic dynamics in the post-recession period (2017-2019). This is the first time an analytical work of this level has been carried out in Belarus. It has been established that the central regions of the country - Minsk and the Minsk region - have high economic resilience. The author outlines the prospects for the use and methodological problems of assessing the economic resilience of regions in statistical science.

The effect of credit constraints on innovation activities during different economic conditions: firm-level evidence from Turkey

This paper assesses to answer the question 'In the periods of during and after the recession, do the credit constraints affect the product innovation and R&D activity of manufacturing firms? ' Taking into consideration that Turkey is a developing country, the financing opportunity for innovative firms are narrower than the developed countries. This paper uses five waves of Business Environment and Enterprise Performance Survey (BEEPS) data between 2005 and 2019 on manufacturing firms and analyses by using an extended probit model with endogenous treatment. Results show that there is an endogenous effect between innovative activities and financial barriers. Additionally, findings support the hypothesis that the probability of being innovatively active is lowered about 40% by the effect of credit constraints. Most importantly, this paper has evidence that the effect of credit constraints differentiates during different economic conditions. To sum up, the pre-recession period is more affected than the post-recession period.

Race and class patterns of income inequality during postrecession periods

AbstractRecent research on increasing income inequality focuses on recessions’ role on the income distribution and racial disparities in the United States.ObjectiveThis study expands this research by focusing on the evolution of racial income inequality during postrecession periods. We hypothesize that differential recovery trends by race and income rank during postrecession periods exacerbate between‐ and within‐race income inequality. Specifically, we examine postrecession trajectories of race‐specific weekly earnings for the bottom and top 10 percent in the U.S. weekly earnings distribution.MethodWe apply a break‐spline regression approach to quarterly weekly earnings data (2001–2018) collected from the Bureau of Labor Statistics and the Federal Reserve Bank of Saint Louis for the 2001 Recession, the Great Recession, and between‐recession periods.ResultsResults show an increase in income inequality between the bottom and top 10 percent in the weekly earnings distribution during recovery periods. For all races, the bottom 10 percent recovered from recessions slower and later than the top 10 percent. We also find that Asian Americans’ weekly earnings influence between‐ and within‐race income inequality during postrecession periods.ConclusionIncome inequality—overall and across races—is entrenched as racial/ethnic minorities and the poor are particularly vulnerable to recessions and are neither catching up nor recovering during upturns of the economy.

The Great Recession Index: A Place-based Indicator for Countries, States, and Metropolitan Areas.

The Great Recession (GR) of 2007–2009 marked the most devastating economic downturn since the Great Depression of the 1930s, and its consequences dramatically changed almost every aspect of social life. This research introduces the Great Recession Index (GRI), a place-based composite measure that captures the multidimensional nature of the GR. The GRI can be used to examine macro-level outcomes and is especially well-suited for examining the spatial variation and longterm effects of the GR. The GRI is adaptable to a variety of geospatial units of analysis, and in this article, we develop measures for countries, U.S. states, and U.S. metropolitan areas. Then, using the state-based GRI, we provide a research application to demonstrate the utility of the GRI for explaining state-level income inequality in the post-Recession period. The results show that the initial shock of the GR decreased the income share of upper-class households, but the aftershock of the Recession increased their income share, resulting in increased income inequality in the U.S. since the Recession. This paper concludes by considering the feasibility of using similar measures for evaluating the effects of catastrophic events such as wars, civil unrest, climate change, natural disasters, or pestilence on societal outcomes.

Developing a Model Based on Sustainable Development for Prioritizing Entrepreneurial Challenges Under a Competitive Environment

In the post-recession period, the business environment in developing countries is still relatively undesirable. Based on the reports published, the number of closed entrepreneurs are significantly more than the number of those newly established. These statistics also reflect that the development of entrepreneurship faces several challenges. However, a strategic management program must be accurately conducted to effectively control entrepreneurial challenges based on the limitation of time and financial resources. On the other hand, the program should provide an appropriate opportunity for competitiveness by producing better quality goods and services successfully marketed to consumers. The aim of this paper is to propose a robust model with a high potential for evaluation of entrepreneurial challenges in order to identify and control the most critical ones. To achieve the aim, the most critical parameters should be identified to prevent wasting the resources. Likewise, the analytical network process (ANP) method, a branch of multi-criteria decision making (MCDM) techniques, is a powerful tool that can consider all interrelationships and interdependencies between criteria. On the other hand, neutrosophic sets are among the most widespread approaches in coping with vagueness and unknown environment. The methodology employed in this paper uses a combination model based on ANP and neutrosophic sets using sustainable development indicators to prioritize the challenges of entrepreneurship. The results show that the proposed model has a high potential to provide a process for decision-making under a vague environment.

Heterogeneous consumers in the Euro-Area, facing homogeneous monetary policy: Tale of two large economies

This study examines consumer behavior in the Euro-Area in response to monetary policy changes. Selecting two major Euro-Area economies, we apply factor model to investigate how German and French consumers update their macroeconomic expectations. Results at both aggregate and disaggregated levels show asymmetries in consumer responses to different monetary policy stances. We find sizable differences in the way German consumers adjust their expectations compared to the French consumers. While we record inconsistencies across different consumer expectations, we also find behavioral differences in the consumer from similar groups across both countries. The paper concludes that though consumers update their expectations immediately to a monetary policy change, French consumers show a relative discomfort and lesser confidence in the post-recession period despite accommodative moves by the European Central Bank (ECB).

Recession Increases Need for Intensive Care in Pediatric Hematologic Malignancy Presentation

Introduction: The Great Recession of 2007-2009 led a new group of families to fall into poverty and took a greater toll on the Black population than other segments of the population. Higher unemployment rates led to increased poverty levels and increased utilization of public insurance.1Given increasing rates of public insurance, we hypothesized that the need for intensive care unit (ICU)-level care at the time of hematologic malignancy diagnosis increased during and following the Great Recession and that this effect is more pronounced among the Black population.Methods: A retrospective cohort of children with new-onset acute lymphoblastic leukemia (ALL), acute myeloid leukemia (AML), or mature B cell lymphoma initially treated at free-standing pediatric hospitals between 2004-2013 was assembled from the Pediatric Health Information System (PHIS) administrative database. We defined the primary exposure as the epoch of diagnosis divided into 3 time periods: 2004-2007, 2008-2010, and 2011-2013 based on the plateau in rising unemployment after 2010. The primary outcome was patient acuity at presentation, defined as utilization of ICU-level care in the first 72 hours of the index cancer admission. Proportion of patients with public insurance across epochs was compared using the chi-square test. Logistic regression analyses were used to estimate crude odds ratios (cOR) and corresponding 95% confidence intervals (CI) for acuity by epoch and were subsequently stratified by race to evaluate for effect measure modification.Results: 12,941 patients (10,202 with ALL, 1,599 with AML, and 1,140 with mature B cell lymphoma) were included. Utilization of public insurance across diseases increased from 39% in the Pre-recession period to 47% in the Post-recession period (p <0.0001). In the periods during and after the Great Recession (when compared to the Pre-recession period), ICU-level care increased for AML (During recession cOR 0.81 [95% CI: 0.52, 1.27] and Post-recession cOR 1.49 [95% CI: 0.99, 2.23]) and mature B cell lymphoma (During recession cOR 1.66 [95% CI: 0.90, 3.06] and Post-recession cOR 2.16 [95% CI: 1.23, 3.80]), but not for ALL (During recession cOR 0.89 [95% CI: 0.70, 1.12] and Post-recession cOR 1.11 [95% CI: 0.89, 1.39]) as shown in Table 1. However, among Black patients with ALL, a similar temporal increasing trend in acuity of presentation was observed (During recession cOR 1.81 [95% CI: 0.88, 3.73] and Post-recession cOR 1.51 [95% CI: 0.73, 3.09]).Conclusions: These data suggest that the Great Recession was associated with increasing acuity of presentation over time for children with AML and mature B cell lymphoma. While the division of patients by time period reduces sample size and thereby limits the power of these analyses to detect statistically significant differences, the majority of measures were in the hypothesized direction and approached or reached statistical significance. The temporal trend of increasing rates of illness acuity among pediatric cancer patients at diagnosis highlights the potential negative healthcare consequences of a recession on economically vulnerable populations.1Anthony EK, King B, Austin MJ. Reducing child poverty by promoting child well-being: Identifying best practices in a time of great need. Children and Youth Services Review. 2011;33:1999-2009. [Display omitted] DisclosuresFisher:Merck: Research Funding; Pfizer: Research Funding.

Chinese and Indian Stock Markets: Linkages and Interdependencies

This paper examines the stock market linkages and interdependencies between China and India. We use the quantile regression approach as an alternative to Ordinary Least Squares estimation due to its flexibleness and robustness. Our results of the entire time period reveal the influence of Chinese CPI and ER on Nifty returns is not the same across the different quantiles. However, Chinese IR has no impact on Nifty returns. Further, Indian CPI has a negligible effect on SSE returns. In contrast, IR and ER do not affect SSE returns. This study also observes that the dependence structure between CPI and SSE returns indicates a negligible change post-recession period. However, the dependence structure between IR, ER, and SSE returns has not changed after the recession. Further, a significantly small change is found in the dependence structure between Chinese macroeconomic variables and Nifty returns post-recession.

Millennial disentitlement: Greta Gerwig’s post-recession hipster stardom

ABSTRACT Through often derogatory mediated coding, the figure of the hipster has been positioned as an exemplar of Millennial privilege and a leading advocate for neoliberalism. However, such representation often elides how the Millennial generational cohort in which the hipster is embedded has been impacted by the 2008 financial crisis. For many young people this period has been marked by precarity, exorbitant student loans, unpaid internships and minimal opportunities for upward mobility. This paper argues that actor/director Greta Gerwig’s generationally-identified stardom in the post-recession period becomes a constructive site of interrogation for such anxieties. Gerwig’s representations of hipsterism are concurrent to the taste culture’s repositioning in the post-recession economy, where facets of hipster ‘cool’ and ‘taste’ are mined by urban economies to position cities as ‘global centres.’ I argue that her performance style also elicits tensions in the expected amiability associated with contemporary neoliberal subjectivity. By examining Gerwig’s star persona as well as her central roles in Frances Ha (2012) and Mistress America (2015) it becomes apparent that Gerwig’s ‘quirky’ affect renders the normative codes of contemporary work culture as farcical.

Micro-simulations of a dynamic supply and use tables economy-wide Leontief-based model for the South African economy

Background: South Africa has not fully recovered from the 2008 global recession. The World Bank has predicted that South Africa will be one of the worst performers in sub-Saharan Africa in 2020 with tepid growth of 1.3% which is far below the National Development Plan targets growth of 5.4% required a year to reduce unemployment, create decent jobs and generate enough revenue for social development. Aim: We aim to examine whether changes in the components of final demand (changes in government spending, household consumption expenditure, exports, investment spending) have a considerable effect on the sector's gross value added, job creation and tax revenue generation and whether there were changes in the exogenous final demand in die post-recession period. Setting: We focus on building supply and use tables based on 62 different sectors of the South African economy. Methods: An economy-wide Leontief multiplier-based model calibrated on a supply and use framework and a micro-simulation model is used to assess post-recession trends in macroeconomic, labour and fiscal multipliers for South Africa. Results: The simulations show that during the post-recession era, the effect of exogenous shock in the economy, like an increase in investment spending, although positive, yields a smaller return in terms of tax revenue, job creation and economic growth. At sector level, the results show that the inter-industry links and industry-consumer links have therefore weakened. Conclusion: Our findings imply that the persisting low growth trajectory associated with weaker inter-industry linkages could be exacerbated, while the fiscal austerity measures associated with weaker forward and backword tax linkages could be prolonged. We recommend government should follow a priorities-based spending policy that yields optimal socioeconomic returns.

Implications of the Great Recession for Higher Education in Leisure Studies

Although students in the broad field of leisure studies may pursue a variety of opportunities post-graduation, employment within local parks and recreation represents one potential career path. Unfortunately, the Great Recession disproportionately impacted local parks and recreation relative to competing public services. As such, this article examines the implications of the Great Recession for higher education in leisure studies. To do so, we first present data from the pre- and post-recession periods that illustrate (a) a shift toward a part-time labor force in local park and recreation service delivery; (b) the failure of local parks and recreation to keep pace with other local services in terms of part-time wages; and (c) a rise in private sector employment in the arts, entertainment, and recreation. We conclude by contextualizing the current analysis in terms of previous discussions of the state and future of leisure studies.