Severe Recession Research Articles

Enjoying a Quiet Life Even During a Great Recession? Evidence From the Greek Olive Oil Industry

The research investigates the link between market concentration and efficiency by analyzing the Greek olive oil industry data from 2006 to 2014. Unlike previous research on this issue, which focused on the impact of overall company efficiency on market power, we study the association between the three types of firm efficiency (profit, technical, and scale) and market concentration. Our theoretical framework and research assumptions were not predefined but were generated by modelling the data from the Greek oil olive sector through data mining techniques. The predicted causal relationships constructed in the preceding stage were investigated using partial least squares path modeling (PLS-PM) regression. The results show a significant negative relationship between market concentration and technical and profit efficiency. The paucity of completion resulted in prolonged firm inefficiencies, demonstrating that Greek enterprises, even during a severe recession, refrained from rigorous efforts to enhance technical and profit efficiency as they would in a competitive market, preferring instead to live a quiet life (QL). This study has several policy implications for regulators and policymakers, such as extending antitrust rules, which may enhance company efficiency and competitiveness.

The Evaluation of Medical Records of Gingival Recession in Chronic Periodontitis Patient

Background: Periodontitis is inflammation of the gingiva accompanied by alveolar bone loss, which causes loss of attachment. Local factors that can exacerbate periodontitis are gingival recession, a condition where the gingival margin is pulled away from the cemento-enamel junction (CEJ), resulting in the opening of the root surface that was initially closed. Objective: This study aimed to determine the distribution of gingival recession features in chronic periodontitis patients at the Universitas Trisakti Dental Hospital, Indonesia. Material and Methods: This type of research is an observational descriptive with a cross-sectional research design with periodic medical record samples from January 2013 to December 2017. Data obtained from medical records were recorded and grouped in tables and then analyzed manually. Results: Of the 583 periodontal patients, there were 311 patients with gingival recession consisting of 11 maxillary gingival recession patients, 21 mandibular gingival recession patients with the majority of mild classification of gingival recession (3.0 mm from the exposed root surface) and 279 patients suffering from in both jaws with the majority classification of severe gingival recession ( 4.0 mm exposed root surface). Conclusion: Gingival recession in patients with chronic periodontitis is more common in the mandible than the maxilla. Patients with chronic periodontitis mostly experience gingival recession of more than 1 tooth in the upper and lower jaw with severe classification ( 4 mm).

Socio-economic Circumstances at Birth and Early Motherhood: The Case of the “Daughters of the Wall”

Abstract The fall of the Berlin Wall in November 1989 resulted in a severe economic downturn and a stark temporary decline in fertility in East Germany. But did it also affect the fertility of future generations? In this paper, I investigate early motherhood – a marker of lifetime disadvantage – of those born in the years immediately after the fall of the Berlin Wall. Using data from the German Socioeconomic Panel and a difference-in-differences specification comparing the “Daughters of the Wall” with East Germans born in adjacent years and with West Germans in order to control for region fixed-effects and time-varying confounders, I find that these Daughters of the Wall were more likely to have children in young adulthood if they did not grow up with both of their parents. These results suggest that severe recessions increase early motherhood of those born into disadvantage, increasing the transmission of disadvantage across generations.

After the Long Walk Home…the Gendered Rural Safety Net

In the absence of adequate social security for migrant workers, the recession forced the mass exodus of millions of circular migrants supported by their rural households of largely left-behind women. Our article looks at what happened after that. How did the returned migrants manage to survive and retain their capacity to work till they were required back in urban employment? This article argues that gendered rural households functioned as safety nets in the severe recession in the Indian economy which highlights the weakness in the state policy and lack of resources in the wake of the COVID-19 pandemic. They were safety nets not only for workers directly working in food value chains but also for reverse migrants. Overall, the recession did not just result in a temporary loss of income but also increased inequality and strengthened the oligopoly structure of the Indian economy.

The problem of stagflation: How should the European Central Bank respond to the increase in inflation?

Inflation began to increase rapidly all around the world towards the end of 2021, and it remained elevated throughout 2022. Higher energy prices contributed significantly to the increase in inflation. However, core inflation, excluding the direct contribution of energy prices, was also significantly above the European Central Bank’s inflation target, which was partially due to the highly expansionary monetary policy implemented during the pandemic. Drawing on historical evidence, this article discusses how the European Central Bank should respond to the increase in inflation. Higher interest rates are necessary to counteract the Bank’s previous expansionary policy. However, when the economy faces significant headwinds, a monetary policy that is too tight may cause a severe recession. Lessons from earlier periods of inflation suggest that, from a long-term perspective, contractionary monetary policy is preferable despite the short-term pain. To limit the negative consequences, this contractionary policy should be coupled with supply-side reforms aimed at stimulating economic growth and increasing the resilience of the European economy.

Drivers of the Target Financial Leverage and Speed of Adjustment in Small and Medium-Sized Companies at Different Stages of Life Cycle

According to the results of recent studies, the main causes of companies’ failure are inadequate and inappropriate financing. Therefore, one of the key tasks of financial managers is to determine the best combination of the company's financial resources, or in other words, the target financial leverage. On the other hand, growth cycles are very useful for analyzing business cycles in countries that have experienced severe recessions and booms, such as Iran. The purpose of this study is to investigate the drivers of the target financial leverage and the speed of adjustment of financial leverage at different Stages of the life cycle. The statistical population is small and medium-sized companies active in Tehran Stock Exchange. For this purpose, 112 companies were selected by systematic elimination sampling method between 2015 to 2020 and views 9 software was used. The results indicate that for firms in the growth and maturing stages of their lifecycle, profitability, firm size, and tangible assets are stronger positive drivers for target leverage and when the company One stage of the life cycle goes to the next, the company slows down its gap with the target lever, and the speed of adjusting the optimal structure is reduced.

The Spontaneous Correction of Gingival Recession of the Mandibular Lateral Incisor through Orthodontic Torque Control: A Case Report

In this clinical case, we report the effectiveness of the orthodontic treatment in correcting severe gingival recession and bone dehiscence by repositioning the root into the alveolar bony housing of a 29-year-old female patient. Cone-beam computed tomography was used to assess the 3-dimentional root position and bone parameters before and after treatment. The root of the mandibular left lateral incisor, which was buccally positioned and the root apex was out of the alveolar bone, was moved toward the center of the alveolar bone by applying additional root lingual torque. After treatment, the root was moved into the alveolar bone and the gingival recession was corrected. This clinical case reports that orthodontic treatment, without periodontal surgery, can spontaneously correct the gingival recession and alveolar dehiscence.

Development of the morphodynamics on Little Ice Age lateral moraines in 10 glacier forefields of the Eastern Alps since the 1950s

Abstract. Since the end of the Little Ice Age (LIA) in the middle of the 19th century, Alpine glaciers have been subject to severe recession that is enhanced by the recent global warming. The melting glaciers expose large areas with loose sediments in the form of lateral moraines, amongst other forms. Due to their instability and high slope angle, the lateral moraines are reworked by geomorphological processes such as debris flows, slides, or fluvial erosion. In this study, the development of the morphodynamics and changes in geomorphological processes on lateral moraines were observed over decades, based on a selection of 10 glacier forefields in the Eastern Alps. To identify geomorphological changes over time, several datasets of archival aerial images reaching back to the 1950s were utilized in order to generate digital elevation models (DEMs) and DEMs of difference. The aerial images were complemented by recent drone images for selected moraine sections, enabling a high-resolution analysis of the processes currently occurring. The results concerning the development of morphodynamics on lateral moraine sections are diverse: some slopes display a stagnation of the erosion rates, whereas the rates of one section increase significantly; however, the majority of the slopes show a decline in morphodynamics over decades but stay on a high level in many cases. In particular, moraine sections with high morphodynamics at the beginning of the observation period mostly show high erosion rates up until present-day measurements, with values up to 11 cm yr−1. These moraine sections also feature heavy gullying on their upper slopes. A correlation between the development of morphodynamics and the time since deglaciation could scarcely be established. In fact, the results instead indicate that characteristics of the lateral moraines such as the initial slope angle at the time of deglaciation have a significant influence on the later morphodynamics. These observations raise concerns as to whether the until now often conducted analyses based on the comparison of lateral moraine sections with different distances to the glacier terminus, assumed to represent varying time spans since deglaciation, can provide sound evidence concerning the process of stabilization.

The Effect of Covid-19 on Retail Industry in the US

This paper introduces a major infectious disease, Covid-19, that broke out in 2022. It spread out in a very fast speed and cause a deep influence on the peoples society, especially the retail industry. The main purpose of the article is to define the specific influences or problems that retailers faced because of Covid-19, and solutions came from it. To deal with a fast infected disease like Covid-19, the government usually publish new policies. The article focused on the United State. However, a comparison between the actions of the U.S. government and the Chinese government is listed to prove a better reaction and policies. Compare to China, the U.S. government reacted less and most patient did not get a proper treatment. It caused some problems such as most stores closed, disruption of supply chain and food chain, and increasing of unemployment rate, which caused a lot of pressure on retailers who heavily relied on those factors. In order to help retailers, the U.S. government, especially the Federal Reserve, gave a lot of support on stock market, and the usage of delivery services and online shopping was also helped. Although the Covid-19 caused many problems on retail industry and lead to a severe economic recession, with the support of the government and other solutions, it was getting better.

Kingdom of the Netherlands–the Netherlands

The Dutch economy was more resilient than its peers during and after the pandemic. Reflecting the prevalence of telecommuting and strong fiscal support, the economy experienced a less severe recession followed by a more robust recovery than in the rest of the euro area, with no scarring expected. The labor market is tight with a low unemployment rate and high vacancies, although wage growth has so far been moderate. After hitting a record high in September, consumer price inflation eased to 11 percent in December driven by lower energy prices, while core inflation increased to 8.4 percent y/y. The economy appears to be overheating. The war in Ukraine is posing new challenges albeit the terms of trade shock has been smaller than for the rest of the euro area.

Measuring farmers’ sustainable livelihood resilience in the context of poverty alleviation: a case study from Fugong County, China

In recent years, the sustainable livelihood of farmers has been threatened by various events such as the COVID-19 pandemic, which has significantly impacted efforts to alleviate poverty. Therefore, it is vitally important to increase farmers’ sustainable livelihood resilience to enhance the stability and sustainability of poverty alleviation efforts. In this study, to scientifically measure and analyze farmers’ sustainable livelihood resilience, we designed an analytical framework that captures the characteristics of farmers’ sustainable livelihood resilience from the three dimensions of buffer capacity, self-organization capacity, and learning capacity. We then constructed an index system of farmers’ sustainable livelihood resilience and a cloud-model-based multi-level fuzzy comprehensive evaluation model. Finally, the coupling coordination degree and decision tree methods were used to identify the level of development and relationships among the three abovementioned dimensions of farmers’ sustainable livelihood resilience. A case study from Fugong County, Yunnan Province, China revealed that the spatial and temporal distributions of farmers’ sustainable livelihood resilience were heterogeneous across various regions. Furthermore, the spatial distribution of the coordinated development level of farmers’ sustainable livelihood resilience is similar to that of its overall level because the three dimensions of buffer capacity, self-organization capacity, and learning capacity interact with each other and develop synergistically, and the lack of any one of these affects the overall development of farmers’ sustainable livelihood resilience. In addition, the sustainable livelihood resilience of farmers in various villages is in a state of stable promotion, benign promotion, stagnation, mild recession, severe recession, or chaotic period, indicating a lack of balance in terms of the state of development. However, sustainable livelihood resilience will gradually improve in response to targeted support policies formulated by the national or local governments.

Low power arcjet thruster using LaB6 hollow cathode

A 100-W class low power arcjet thruster using a hollow cathode was proposed, with the goal of reducing cathode erosion. The hollow cathode's emitter was lanthanum hexaboride expecting its excellent thermionic emission performance. The experiment used argon as a propellant and compared two different emitter lengths. The estimated emitter temperature was almost the same regardless of the emitter length, however, due to of the efficient heat exchange with the longer arc plasma region, the longer emitter provided better performance with higher discharge voltage. Additionally, the hollow cathode was compared to the conventional rod cathode, and the hollow cathode was found to have some advantages. The specific impulse of the hollow cathodes was higher than that of the rod cathode at low flow rate. The results showed that the hollow cathode is best for high specific power and high specific impulse operation. The unstable transition between low- and high-voltage modes has been observed in the rod cathode, but not in the hollow cathode configurations. Helium was put to the test as a propellant and compared to argon for simulate the future use of hydrogen as a propellant. The thrust efficiency was lower due to the high discharge voltage and significant heat loss, but the specific impulse was higher as expected. No severe recession or erosion of the emitter was observed after the test campaign, but some surface color change was seen which may affect in the long-term operation.

Evaluation of a New Porcine Collagen Matrix for the Treatment of Buccal Gingival Recessions: A 12-Month Pilot Prospective Human Study Model.

A 12-month prospective consecutive case series study was conducted to evaluate the effectiveness of a novel porcine collagen matrix to correct moderate to severe buccogingival recession defects. A total of 10 healthy patients (8 women and 2 men; age range: 30 to 68 years) with 26 maxillary and mandibular recession gingival defects > 4 mm deep were included. Healthy maturation of gingival tissues with natural color and texture matching the adjacent soft tissue areas were observed at all reevaluation visits. Complete root coverage was not achieved in all cases, possibly due to severe buccal bone loss in most of the selected cases, which negatively impacted the results. Nevertheless, when a novel porcine collagen matrix was used, a mean root coverage of 63.15% was achieved, and gains in clinical attachment level and keratinized tissue height were seen. Future randomized clinical trials are needed to further explore the potential of porcine collagen matrix for treatment of localized gingival recession defects.

The contribution of key firm-specific advantages to perceived performance of distinct MNE subsidiary types during severe recessions in Greece

The contribution of key firm-specific advantages to perceived performance of distinct MNE subsidiary types during severe recessions in Greece

The Interplay Between Fiscal Institutions and the Great Recession: Evidence From U.S. School Districts

Recessions may disproportionally affect school districts, especially with established fiscal institutions and policies including balanced budget requirements, tax and expenditure limitations, and school finance reforms. Analyzing the Great Recession and school districts in the United States between 2003 and 2016, we estimated difference-in-differences models leveraging variation in state recession severity to evaluate revenue and expenditure impacts as well as to measure differential recession effects for districts exposed to and not exposed to fiscal institutions and policies. Although revenues and expenditures increased relative to pre-recession levels in all districts, increases were much larger in school districts with less severe than more severe recessions. Balanced budget requirements exacerbated recession effects for low-income districts, and local tax and expenditure limitations intensified recession effects for high-income districts. School finance reforms worsened recession effects for all districts. Our findings can aid districts in understanding potential recessionary impacts, given their prior established fiscal policies and institutions.

The impacts of the 1973 and 1979 oil crisis on Central and Eastern European countries

The 1973 and 1979 oil crisis had profound impacts on the global economy. As a result of the Yom Kippur War in October of 1973, world oil prices quintupled between 1973 and 1974. The crisis was structural in its nature and led to the end of postwar prosperity in Europe. In Western Europe and the United States, economic slowdown was coupled with persistently high inflation and rising unemployment rates. The situation of the world economy was further exacerbated by the collapse of the Bretton Woods system in 1971, which had widespread negative consequences. Additionally, the 1979 Iranian Revolution resulted in another “oil crisis” and caused a severe recession. Despite the harsh propaganda, based on Marxist-Leninist ideology, the Soviet bloc had to face a permanent economic crisis from the mid-1970s. The socialist countries postponed the introduction of structural reforms in their national economies and preserved their obsolete production and export sectors. Due to the lack of adjustment to the changed circumstances in the world economy, the structural crisis became deeper and prolonged more in Central and Eastern Europe than in the West. This paper aims to highlight the impacts of fundamental changes brought by the oil crisis on the socialist countries. It also evaluates the main reasons of economic slowdown and growing indebtedness of the region.

Covid-19 Impact on Greek Tourism Sector and the Implemented Policies

Tourism is one of the most important economic activities internationally and many countries (e.g. Portugal, Spain, Greece) are highly dependent on the tourism sector. Tourism has always been considered a priority sector in Greece and significant capital investments have been made over the years for its development. The pandemic has driven the global economy into a severe recession and many industries have been significantly affected by the measures taken, including the tourism industry. In response to this crisis, the Greek government, aiming to further develop the tourism sector and restore tourist flows to normal levels, used a series of measures. In this paper, we study the effects of the implemented policies on tourism during the pandemic. Our results indicate that the policies had a direct impact on the increase in tourism flows.

Nowcasting unemployment rate during the COVID-19 pandemic using Twitter data: The case of South Africa.

The global economy has been hard hit by the COVID-19 pandemic. Many countries are experiencing a severe and destructive recession. A significant number of firms and businesses have gone bankrupt or been scaled down, and many individuals have lost their jobs. The main goal of this study is to support policy- and decision-makers with additional and real-time information about the labor market flow using Twitter data. We leverage the data to trace and nowcast the unemployment rate of South Africa during the COVID-19 pandemic. First, we create a dataset of unemployment-related tweets using certain keywords. Principal Component Regression (PCR) is then applied to nowcast the unemployment rate using the gathered tweets and their sentiment scores. Numerical results indicate that the volume of the tweets has a positive correlation, and the sentiments of the tweets have a negative correlation with the unemployment rate during and before the COVID-19 pandemic. Moreover, the now-casted unemployment rate using PCR has an outstanding evaluation result with a low Root Mean Square Error (RMSE), Mean Absolute Percentage Error (MAPE), Symmetric MAPE (SMAPE) of 0.921, 0.018, 0.018, respectively and a high R2-score of 0.929.

Accurate gingival recession quantification using 3D digital dental models

ObjectivesTo develop and validate a method for accurate quantitative assessment of gingival recessions based on superimposition of serial 3D digital models.Materials and methodsGingival recessions of mild (0.5–2 mm) and increased (3–7 mm) severity were simulated on stone casts and surface models were created. The outlines of the gingival margins of the mild (A) and severe recessions (B) were compared to the original gingival margins following 3D best fit superimposition through a gold standard technique (GS), which used intact adjacent structures, and the tested method (CC), which used single tooth crowns at the position of recessions, as superimposition reference. The primary outcome was the distance between the most apical point of each corresponding gingival margin along the respective tooth long axis.ResultsFor mild recessions, the median difference of the test methods (CC_A) from the reference method (GS_A) was 0.008 mm (IQR: 0.093; range: − 0.143, 0.147). For severe recessions, the median difference of the test method (CC_B) from the reference method (GS_B) was 0.009 mm (IQR: 0.091; range: − 0.170, 0.198). The proposed method (CC) showed very high intra- and inter-operator reproducibility (median: 0.025 and 0.033 mm, respectively).ConclusionsThe suggested method offers highly accurate monitoring of gingival margin changes and diagnosis of gingival recessions using 3D digital dental models. The method is applicable irrespective of changes in tooth position or form, allowing for assessments over any time span.Clinical relevanceThe accurate detection and visualization of gingival margin changes in 3D will enhance diagnosis and patient-doctor communication.

Hysteresis in the Dynamics of Employment by Activity Sector

ABSTRACT Hysteresis, referring to the property of a system whereby some temporary shocks cause permanent effects, has showed to be important to explain the dynamics of aggregate employment. What is not yet addressed properly in the literature is the differentiation of hysteresis effects according to activity sectors. This subject is important in order to understand whether severe recessions, like the one that followed the COVID-19 pandemic with its recognized heterogeneous immediate effects at the sectoral level, have permanent effects, and prospectively for applying adequate stabilizing fiscal and monetary policies, and possibly other specific measures, to prevent excessive market shocks even if they are perceived to be temporary. For this purpose, we apply the play hysteresis model, which describes a dynamic process whereby non-convex adjustment costs create intervals of weak reaction of employment to forcing variables, and spurts in employment in reaction to large or cumulative small labour demand shocks. The model is implemented by means of a switching employment equation. The switching parameter is interpreted as an ‘employment band of inaction’ that summarizes the magnitude of the hysteretic effects. We have found significant hysteresis effects in the employment dynamics across sectors, and these are especially important for industry.