Times Of Recession Research Articles

Dynamics of Yield Gravity and the Money Anxiety Index

This paper demonstrates that the prevailing theory on interest rates (Fisher 1930) is incomplete. The study shows that when money anxiety is high, such as during recessionary times, the ability of higher yield to attract term deposits diminishes. The study features an innovative Money Anxiety Index as a mediating variable demonstrating that higher yield does not always attract more money even when risk is not a factor. The implication of the findings is that elevated level of money anxiety hampers the ability of banks to comply with Basal III Net Stable Funding Ratio (NSFR) requirement of one-year-term liquidity.

The relationship between color black and economic trends in Women's fashion

AbstractEconomic fluctuation is one of the important factors for fashion color planning. Black is a color that stands out especially when the economy stagnates. Although the correlations between different uses of the color black and economic trends have been long recognized by fashion professionals, it is difficult to find a meaningful empirical analysis of the difference in the use of black depending on the economic situation. The purpose of this study is not only to quantitatively analyze the different usages of the color black in relation to economic situation in the field of fashion, but also to prove whether black is in greater use during economic recession and to provide basic data for fashion color planning accordingly. In addition, this study analyzed the symbolism of black qualitatively along with quantitative data to explain the background of black as a representative color of depression. In this study, the economic outlook is classified from the viewpoint of comprehensive economy, consumers, and businessmen and the differences of how black was used in fashion are analyzed. As an indicator of economic fluctuation, Organization for Economic Cooperation and Development (OECD) Composite Leading Index, OECD Consumer Confidence Index and OECD Business Confidence Index are used to categorize economic uptrend (positive mood) and economic downtrend (negative mood). The fashion colors collected from the 2001‐2010 New York collection were divided into S/S and F/W seasons. As a result of the analysis, there was no difference in the use of black according to the OECD Composite Leading Index and Consumer Confidence Index, both in the S/S and the F/W seasons. But the use of black increased in both the S/S and the F/W seasons when businessmen predicted recession. The analysis shows that black fashion merchandise volume is increased by 5% in the F/W season and 7% in the S/S season when businessmen expect the economy to be negative mood. The reason why black products are highlighted in the recession is because black is the symbol of will, charisma, and temperance, and is the basic color that occupies the largest proportion in the fashion collection. During economic recession there is more attention on business look, and black is an element of the androgynous look for the contemporary armor and of power‐dressing to complete the business look, as a color for the spirit and inner strength. Black is the color that is the most preferred color in the fashion field. At the time of recession when everything is uncertain from the standpoint of fashion merchandisers, black with its multifaceted attributes cannot be denied to be the best choice to appeal to consumers.

Fueling Global Energy Finance: The Emergence of China in Global Energy Investment

Global financial investments in energy production and consumption are significant since all aspects of a country’s economic activity and development require energy resources. In this paper, we assess the investment trends in the global energy sector during, before, and after the financial crisis of 2008 using two data sources: (1) The Dealogic database providing cross-border mergers and acquisitions (M&As); and (2) The “fDi Intelligence fDi Markets” database providing Greenfield (GF) foreign direct investments (FDIs). We highlight the changing role of China and compare its M&A and GF FDI activities to those of the United States, Germany, UK, Japan, and others during this period. We analyze the investments along each segment of the energy supply chain of these countries to highlight the geographical origin and destination, sectoral distribution, and cross-border M&As and GF FDI activities. Our paper shows that while energy accounts for nearly 25% of all GF FDI, it only accounts for 4.82% of total M&A FDI activity in the period 1996–2016. China’s outbound FDI in the energy sector started its ascent around the time of the global recession and accelerated in the post-recession phase. In the energy sector, China’s outbound cross-border M&As are similar to the USA or UK, located mostly in the developed countries of the West, while their outbound GF investments are spread across many countries around the world. Also, China’s outbound energy M&As are concentrated in certain segments of the energy supply chain (extraction, and electricity generation) while their GF FDI covers other segments (electricity generation and power/pipeline transmission) of the energy supply chain.

Adolescents’ perceptions of school climate: Exploring its protective role in times of economic recession

The aim of the study is to explore the way Greek junior high school students perceive school climate as a protective factor against the adversities due to the ongoing economic recession. The randomly selected sample consisted of 746 students from junior high schools (Gymnasia) in the broader area of Athens. The California School Climate Survey (2009), the Questionnaire of Subjective Well-Being/Youth Form (Grob et al., 1991) and the Economic Crisis Difficulties Questionnaire ( LSP, 2011 ) were used for data collection. The findings indicated the existence of statistically significant relations between the effects of economic recession, subjective well-being and school climate. School climate moderated the interaction between economic recession and students’ subjective well-being. Results provide a better understanding of adolescents’ needs during unsettling times contributing to the development of effective evidence-based intervention programs in school communities.

Green Breaks: The Restorative Effect of the School Environment's Green Areas on Children's Cognitive Performance.

Restoration involves individuals’ physical, psychological, and social resources, which have diminished over the years in the process of meeting the demands of everyday life. Psychological restoration can be provided by specific environments, in particular by natural environments. Studies report a restorative effect of nature on human beings, specifically in terms of the psychological recovery from attention fatigue and restored mental resources that were previously spent in activities that require attention. Two field studies in two Italian primary schools tested the hypothesized positive effect of recess time spent in a natural (vs. built) environment on pupils’ cognitive performance and their perceived restorativeness, using standardized tests. In Study 1, children’s psychological restoration was assessed by measuring sustained and selective attention, working memory, and impulse control, before and after the morning recess time. Team standardized playtime was conducted in a natural (vs. built) environment, and the perceived restorativeness was measured after each recess time. Results showed a greater increase in sustained and selective attention, concentration, and perceived restorativeness from pretest to posttest after the natural environment condition. In Study 2, the positive effect of free play recess time in a natural (vs. built) environment was assessed during the afternoon school time on sustained and selective attention and perceived restorativeness. Results showed an increase in sustained and selective attention after the natural environment condition (vs. built) and a decrease after the built environment break. Higher scores in perceived restorativeness were registered after the natural (vs. built) environment condition. Team standardized playtime and individual free play recess in a natural environment (vs. built) support pupils’ attention restoration during both morning and afternoon school times, as well as their perceived restorativeness of the recess environment. Theoretical and practical implications are discussed in terms of nature’s role both for the school ground design or redesign and for the organization of the school’s activities.

Group activity participation at age 21 and depressive symptoms during boom and recession in Sweden: a 20-year follow-up.

Organized group activities (e.g. sports or arts clubs) have long been noted as important developmental settings for youth, yet previous studies on the relationships between participation and mental health outcomes have focused on short-term effects among school-aged adolescents. The subsequent period of life, emerging adulthood, has been largely overlooked despite being another important life stage where individuals face new existential challenges and may benefit from group activity participation. The potential for macroeconomic conditions to modify these relationships has also not been considered. Participants (n = 1654) comprise two cohorts, born in either 1965 (n = 968) or 1973 (n = 686), from the same middle-sized industrial town in Northern Sweden. Both cohorts completed detailed questionnaires at age 21 (macroeconomic boom for Cohort 65, recession for Cohort 73) and approximately 20 years follow-up (age 43 for Cohort 65, age 39 for Cohort 73). General linear models were used to assess concurrent and prospective associations between regular group activity participation and depressive symptoms, as well as the potential interaction with boom/recession. After controlling for sociodemographic factors, regular group activity participation at age 21 was associated with lower depressive symptoms, both concurrently and at follow-up. Those exposed to recession at age 21 reported higher depressive symptoms at the time but there was no interaction between cohort (boom/recession) and group activity participation. Regular group activity participation during emerging adulthood is associated with lower depressive symptoms uniformly in times of boom and recession. Beneficial effects of such participation may contribute to better mental health over 20 years.

Study of Flood and Coastal Flood Control in Madukoro Area, Semarang City, Indonesia

Madukoro area located on the northern coast of Semarang City has been prone to flooding caused by rainfall and seawater high-tide. Ineffective flood control management and land subsidence are considered as the cause of this problem. In order to understand land subsidence effect and flood control performance, location, water surface height of the inundation in West Flood Canal, western part of Madukoro area need to analyze. Flood analysis was conducted using HEC-HMS software and rational method. Flow hydraulics on five channels, i.e. the West Flood Canal, Ronggolawe River, Karangayu River, Arterial Channel and Madukoro were analyzed using HEC-RAS software. Increasing levee level and additional water pumps in Madukoro and Ronggolawe were chosen as flood control alternatives. Its performance was investigated through software simulation. The results showed total runoff volume in all drainage channels for 2-years return period discharge was about 80% of capacity with 0.7 m water depth. Runoff volume in West Flood Canal with 50-years return period discharge was about 40%. Land subsidence 4 cm/year affected the water level increase on West Flood Canal. Operation of 2 - 4 pump units could not significantly decrease water level at flood peak, yet increase flood recession time 6 - 8 hours.

Separation of Scales in Transpiration Effects on Low Flows: A Spatial Analysis in the Hydrological Open Air Laboratory.

The objective of this study was to understand whether spatial differences in runoff generation mechanisms affect the magnitudes of diurnal streamflow fluctuations during low flow periods and which part of the catchment induces the diurnal streamflow signal. The spatiotemporal variability of the streamflow fluctuations observed at 12 locations in the 66‐ha Hydrological Open Air Laboratory experimental catchment in Austria was explained by differences in the vegetation cover and runoff generation mechanisms. Almost a quarter of the volume associated with diurnal streamflow fluctuations at the catchment outlet was explained by transpiration from vegetation along the tributaries; more than three quarters was due to transpiration by the riparian forest along the main stream. The lag times between radiative forcing and evapotranspiration estimated by a solar radiation‐driven model increased from 3 to 11 hr from spring to autumn. The recession time scales increased from 21 days in spring to 54 days in autumn. Observations and model simulations suggest that a separation of scales in transpiration effects on low flows exists both in time and space; that is, the diurnal streamflow fluctuations are induced by transpiration from the riparian vegetation, while most of the catchment evapotranspiration, such as evapotranspiration from the crop fields further away from the stream, do not influence the diurnal signal in streamflow.

Every Crisis Has a Silver Lining? Unravelling the Pro-Cyclical Pattern of Health Inequalities by Income

It is well known that income and health are positively associated. Much less is known about the strength of this association in times of growth and recession. We develop a novel decomposition method that focuses on isolating the roles played by government transfers versus market transfers on changes in income-related health inequality (IRHI) in Europe. Using European Union Survey of Income and Living Conditions (EU-SILC) panel data for 7 EU countries from 2004 to 2013, we decompose the changes in IRHI while focusing on possible effects of the 2008 financial crisis. We find that such inequalities rise in good economic times and fall in bad economic times. This pattern can largely be explained by the relative stickiness of old age pension benefits compared to the market incomes of younger groups. Austerity measures are associated with a weakening of the IRHI reducing effect of government transfers.

Urban forest benefits to the younger population: The case study of the city of Belgrade, Serbia

In the modern world, industrial and technological development resulted in many challenges to general health and urban planning so the evaluation of natural resources has become a social need for overcoming these problems. Nowadays, the different forms of urban green areas represent one of the most important elements of the built environment, which directly affect physical activity, health, and mortality. This paper analyses the perceived health benefits of the students-volunteers who agreed to spend five consecutive weeks of their recess time in an existing Arboretum in the city of Belgrade. The aim of this study is to gain some basic knowledge of the restorative potential of the urban forest environment and to identify perceived physical, mental and social benefits of the younger population using a survey. The survey was analysed by an interpretative phenomenological analysis (IPA). Additionally, DASS21 was used for psychometric evaluation of the mental well-being of respondents so the control group was included. The two-factor analysis of data on the total score recorded marginally significant interaction testing between the groups (F1.45 = 3.781; р < .058), indicating a higher tendency to the stress reduction at the arboretum group. Further, the findings from the IPA indicate that the spatial qualities such as such greenery, lawn, and benches are important for the restorative experience in an Arboretum. The research outputs indicate that the urban forest environment in the city of Belgrade has a potential to support restorative experience and daily habits of a younger population.

Audit Committees and Managerial Influence on Audit Quality: ‘Voluntary’ versus ‘Mandatory’ Approach to Corporate Governance

AbstractThis study provides empirical evidence on how managerial influence to reduce audit quality is moderated by a combination of the audit committee (AC) form and compliance with AC best practice guidelines. There is a negative association between managerial ownership and audit fees; however, the association becomes positive when a voluntary AC follows best practices. Furthermore, the results are robust to the exclusion of industries with large frequency in the sample, the consideration of Korean business groups and recessionary times. The results of this study imply that a voluntary approach to corporate governance, which encourages companies to follow best practice guidelines in the form and composition of the AC, is more effective in controlling management than a mandatory approach. This study contributes to policy making aimed at improving AC effectiveness.

Individual and environmental correlates of school-based recess engagement

The purpose of this study was to examine individual variables associated with children's levels of recess physical activity (PA), as well as environmental influences that influence children's engagement during recess. Participants (n = 146) were 4–6th grade students across seven schools. PA data were collected using the Fitbit Flex. Psychological need satisfaction at recess data were collected with a basic psychological need satisfaction for recess PA survey. Observations of recess activity engagement and the quality of the recess environment were also collected at 134 recess periods (n = 8340 children) across nine schools. Results of multi-level regression analyses indicated that gender and recess time were significant predictors of physical activity during recess. In examination of the environmental level factors, multi-level regression analyses revealed that ‘adult engagement and supervision’ was the only significant predictor for recess engagement in boys and girls. These findings suggest the amount of time allocated, and the quality of the recess environment must be included in evaluation of the critical factors relevant to engagement of students in physically active recesses.

Impact of the economic crisis on pain research: a bibliometric analysis of pain research publications from Ireland, Greece, and Portugal between 1997 and 2017.

Background and aims The recent economic crisis started in the USA in 2008 but quickly had worldwide impact. Ireland, Greece, and Portugal were in economic distress in 2009 and received rescue monetary packages from the European Union (EU) and the International Monetary Fund (IMF) in the following years. Meanwhile, the economic recovery has begun for those countries, but at different paces. The aim of the present study was to evaluate if the economic crisis influenced pain research outcomes, by performing a bibliometric analysis based on the ISI Web of Science to evaluate the evolution of the scientific production and performance in the field of pain research between 1997 and 2017. Methods Articles search was conducted using the ISI Web of Science, search keywords "pain or nocicep*", between 1997 and 2017, and one author affiliated in an Irish, Greek or Portuguese institution. The total number of published articles per country, total citations, h-index, document types and authors' institution were tabulated to determine the quantity and quality of the publications in this field. Results The search retrieved 2,368 publications over the 20 years' period, increasing from 26 in 1997 to 230 in 2017. The number of Irish publications per year increased steadily along the studied period, while the number of Greek publications stabilized from 2008 onward and Portuguese publications started to increase only in 2007 but declined slightly after 2014. In total, Irish authors published 1,143 articles, Greek authors 624 and Portuguese authors 618. There were nine articles with more than 100 citations, and Irish publications had a higher h-index (52) than Greek's (45) or Portuguese's (36) publications. Ireland had the highest number of pain publications per capita, but in 2016 Portugal had the lowest cost per publication, as measured by the GDP per capita per publication (in 1997 Portugal had the highest cost). The three major research fields of the publications were neurosciences/neurology (19%), general internal medicine (16%) and anaesthesiology (13%), and the affiliation institutions were mostly universities or universities hospitals. Conclusions The number of Irish, Greek, and Portuguese pain publications increased between 1997 and 2017, but at different paces. It appears that the economic crisis had no impact on the rate of pain publications in Ireland, had a delayed impact in Portugal, and affected mostly Greek pain scientific research. This may be related to the fact that Greece was the country that received more rescue packages and where the economic crisis was deepest and lasted longer. Implications Economics and scientific production have a mutual influence: usually research investment decreases in recession times (reducing grants and scientific employment), but health scientific production can improve health and quality of life and also benefit the economy. So in crisis periods, governments should create means to protect and foster scientific work.

State-Varying Factor Models of Large Dimensions

This paper develops an inferential theory for state-varying factor models of large dimensions. Unlike constant factor models, loadings are general functions of some recurrent state process. We develop an estimator for the latent factors and state-varying loadings under a large cross-section and time dimension. Our estimator combines nonparametric methods with principal component analysis. We derive the rate of convergence and limiting normal distribution for the factors, loadings and common components. In addition, we develop a statistical test for a change in the factor structure in different states. We apply the estimator to U.S. Treasury yields and S&P500 stock returns. The systematic factor structure in treasury yields differs in times of booms and recessions as well as in periods of high market volatility. State-varying factors based on the VIX capture significantly more variation and pricing information in individual stocks than constant factor models.

Revisiting gender equality at times of recession: a discussion of the strategies of gender and politics scholarship for dealing with equality

The aim of this article is to explore the ways in which gender equality is used in gender and politics research. We contend that the political and theoretical relevance of studying the multiple meanings of gender equality is enhanced by current crises. We discern four strategies used in gender and politics research: (1) escaping equality; (2) fixing equality; (3) deconstructing equality; or (4) delegating equality to political theory. This article is motivated by the belief that what is needed is not only more reflection on these choices, but also a productive dialogue between the different strategies.

Isolated Gastrocnemius Recession for Plantar Fasciitis

Category: Hindfoot Introduction/Purpose: Plantar fasciitis is a debilitating problem that can cause long-term pain. Multiple different studies with various modalities have been suggested to treat the inflammation of the plantar fascia. None of them have provided a cause for the inflammation. A few recent studies have shown gastrocnemius equinus to be a driving factor in foot pain, which includes plantar fasciitis. Our belief is that the inflammation is due to a stretch placed on the plantar fascia due to a gastrocnemius equinus contracture and the beginning of an arch collapse per the Grand Rapids arch collapse model. As such, we wanted to review our results with an isolated gastrocnemius recession for the treatment of plantar fasciitis. Methods: We retrospectively reviewed patient data collected by isolating ICD-9 and ICD-10 codes for plantar fasciitis. These patients presented to the senior author’s office with a complaint of plantar heel pain, were diagnosed with a gastrocnemius equinus contracture and plantar fasciitis, failed conservative treatment, and opted for an isolated gastrocnemius recession as a definitive treatment of the fasciitis. From the timeframe of 1/1/2015 to 6/12/17, there were 68 out of 97 patients who qualified for the study based on the necessary criteria: an initial consultation pain score, initial post-operative pain score at two weeks, and second post-operative pain score at eight weeks. These patients did not have coexisting surgeries at the time of the gastrocnemius recession or prior surgery to the area in discussion. Results: For the 68 patients (five of which underwent bilateral procedures at a minimum of six weeks apart), who elected to have a gastrocnemius recession for plantar fasciitis, the average initial presenting pain was a 7.4 on a scale of 0 to 10. The average initial post-operative pain score was 2.8 and the average second post-operative pain score was 3.3. The average number of days from initial to second post-operative appointment was 136 days. Of the 68 patients, 21 returned after their eight-week post-operative visit for evaluation. Only 3 returned with recurrent plantar heel pain, 4 more presented with new onset tarsal tunnel syndrome, three more with heel pain different from their pre operative pain and the remaining patients had new onset unrelated pain. Conclusion: We have demonstrated that an isolated gastrocnemius recession can decrease the pain score in patients with recalcitrant plantar fasciitis. Follow up care beyond eight weeks post operation is not routinely performed due to the limited nature of the procedure. The improvement demonstrated in the VAS scores of the patients included in this study show a definite improvement and as such, we believe that an isolated gastrocnemius recession should be considered as a definitive treatment of plantar fasciitis. Future prospective randomized studies will need to be completed to further evaluate the effectiveness of this procedure.

Selective Consent and Dissent: Professional Response to Reform in the Post-Crisis Greek NHS

Utilising the sociology of the professions as an analytical framework, the article explores the response of the Greek medical profession to state-imposed managerialism during times of economic recession and socio-political turbulence. It is argued that the case of southern welfare states, permeated by clientelism and corruption, underpins a distinct form of professional–state relations, currently missing from relevant theoretical discussions. Rich qualitative data collected from practising hospital doctors in Greece reveal a willingness to concede elements of clinical autonomy in exchange for the minimisation of the role of a corrupt state in the organisation of the Greek National Health Service.

Comparison the monitoring data of an on-site stormwater detention (OSD) and the results in the use of theoretical methods for its design

ABSTRACT On-site stormwater detention – OSD has been constructed in big Brazilian cities, as a way to reduce the impact of urbanization on the drainage system. However, there are a few studies about its efficiency in real scale. This article aims to compare the monitoring data of an OSD built in a hospital in Belo Horizonte and the results determined by theoretical methods, commonly used in the design of this structure. Inside the OSD was installed a level sensor to monitor water level during rain events. The data was recorded on a data logger every 30 seconds during the period April 2015 to March 2017. It was analyzed the OSD filling during the occurrence of 48 precipitation events. In the maximum heights of water level comparison, it was found that the monitored values were higher than theoretical values and the results using Rational Method were closer to monitoring data than the results with SCS-HU Method. It was also found that the peak and recession time calculated with Rational Method represented better the water levels monitored.

Transplantation crisis at the time of economic recession in Greece

Aim of the study was to assess the effect of economic recession on organ donation and transplantation in Greece. Retrospective data (2002-2016) provided by the Hellenic Transplant Organization (HTO), International Registry in Organ Donation and Transplantation, Eurotransplant, Scandiatransplant, National Health Service Blood and Transplant (NHSBT), and United Network of Organ Sharing (UNOS) databases were analyzed. HTO database was divided into the precrisis (2002-2008) and crisis (2009-2016) era. Donation and transplantation rates between the two periods were compared. Trend estimation analysis was applied on the latter period. Since 2009, organ donation significantly declined without significant change in the reported brain deaths. Overall solid organ transplantations decreased (319.63±70.4 from 460±55.25 transplants/year, P=0.001). Kidney transplantation rates declined (139.38±29.7 from 209.43±20.9 transplants/year, P=0.000), with dramatic reduction in both deceased (99±27.5 from 136.43±131.4 transplants/year, P=0.030) and living donor kidney transplantations (40.38±6.1 from 73±12.5 transplants/year, P=0.000). Liver, heart, and lung transplant rates were not significantly affected; however, they have been low throughout both periods. Convertion to donation has not been affected by the crisis. Time series logistic regression of the crisis period demonstrated declining trends in organ donation, total solid organ transplantation, and deceased donor kidney, liver, and lung transplantation. In 2015, Greek organ donation rates were inferior to Eurotransplant, Scandiatransplant, NHSBT, UNOS, and Italy. There has been a temporal correlation between the economic recession and organ donation and transplantation crisis in Greece. Irrespective of the cause, measures should be taken to reverse this in order to avert the increased morbidity and mortality on the transplant waiting list.

School’S Physical Environment And Children’S Physical Activity Self-efficacy

Physical activity self-efficacy (PASE) and the school’s physical environment (SPE) can influence children’s moderate-to-vigorous physical activity (MVPA) participation. However, the association between PASE and the SPE has not been clearly established in this population. PURPOSE: To evaluate the relationship between PASE and SPE among elementary school children in Puerto Rico. METHODS: Sixty-eight girls and 63 boys (age= 7.8 ± 0.7 years) completed a questionnaire to assess PASE by interview. SPE was evaluated taking into consideration the physical education class, recess time, and use of facilities that promoted PA. Time in physical education and recess was provided by the school’s administration. To determine the use of facilities, a score was generated based on self-reported activities and time spent in each. Children wore a GT3X+ accelerometer during 5 consecutive school days to determine MVPA and sedentary time (ST) during school time. MVPA and ST data was included if participants wore accelerometers ≥ 3 school days for ≥ 3 hr/day. Correlation analysis was conducted to test the relationship between the use of facilities and PASE. Mann-Whitney U-test was conducted to test the difference in PASE by recess time and Kruskal-Wallis test was used to evaluate difference in PASE by physical education time. Secondary correlation analyses were conducted to test the relationship between 1) PASE and MVPA (min/wk); and 2) PASE and ST (hr/wk). RESULTS: Participants accumulated 110.94 ± 21.81 min/wk in MVPA, and 3.48 ± 0.48 hr/wk in ST. No significant correlations were observed between: 1) use of facilities and PASE (rs = 0.122, p = 0.22); 2) PASE and MVPA (rs = 0.010, p = 0.91); and 3) PASE and ST (rs = 0.068, p = 0.45). No significant differences were found in PASE by recess time (U = 1815.00, p = 0.86) and by physical education time (H(2) = 0.830, p = 0.66). CONCLUSIONS: School time allowed participants to comply with one fourth of the PA recommendation (60 min/day ≈ 420 min/wk). Lack of relationship between SPE and PASE could be explained by an overall high PA self-efficacy score, which requires further investigation. Funded by University of PR -FIPI Institutional Grant.