The field of librarianship has undergone traumatic shifts (mostly downward) due to the global financial meltdown that began in 2008. This title addresses the ripple effects of the economic recession ...from the point of view of librarianship, the need for advocacy, and the necessity to tout the value that libraries bring to their communities.
The purpose of this paper is to examine the contribution short‐termist behaviours have had in various financial market crises. The early warning signs and drivers of short‐termism are investigated, ...as well as ways to mitigate short‐termist behaviour and consequences in the future. Short‐termism as defined for the purposes of this paper is the excessive focus on short‐term performance, earnings and other metrics at the expense of attention being given to the development of a long‐term strategy that promotes sustainable long‐term value creation.
"All for One" examines inequality and the many ways it matters. In our overview article, the World Bank's Branko Milanovic explains how income inequality is measured and tells us that it's increased ...in most countries. The good news, he says, is that global inequality--between countries--could be on the downturn. IMF economists Andrew Berg and Jonathan Ostry find that a more equal society has a greater likelihood of sustaining longer-term growth. Other IMF research on inequality finds that financial sector development not only 'enlarges the pie' by supporting economic growth but divides it more evenly; that higher income inequality in developed countries is associated with higher indebtedness--at home and abroad; and that while fiscal consolidation is necessary in the medium term, slamming on the brakes too quickly can harm jobs and cut wages, exacerbating inequality. Also in this issue, we profile Elinor Ostrom, the first woman to receive the Nobel Prize for economics. In a tour of the globe, we look at how the African diaspora can help their home countries from afar, try to draw some early lessons from the euro area's debt crisis, investigate how the United States and its neighbor Canada handled public debt--with different results, and find out about the rise of emerging markets as systemically important trading centers. Back to Basics explains the difference between micro- and macroeconomics, and Data Spotlight tells us about a new worldwide survey of foreign direct investment.
This book seeks to analyze how small and medium businesses react to the economic and financial crisis. Its focus is on the activities and strategies of SMEs in the areas of innovation, RD investment, ...labor markets and finance. The book takes an international perspective and includes both comparative and national analyses and policies, with authors representing acdemia and international institutions such as the ECB, OECD, Kauffman Foundation, Federal Reserve, and US Small Business Administration.
The aim of the paper is to present original findings obtained from the analysis of the SMEs (Small and Medium-Sized Enterprises) embedded in the South Moravia Region (Czech Republic). Data collected ...from the survey during 2010 was analyzed in the context of the DERREG project and the results were set with respect to globalization tendencies. The first part of the Business network questionnaire for the Czech case study took place during the spring. Forty three Small and Medium-Sized firms out of 550 approached replied to the email questionnaire. The responses provided us with a valuable insight in to how SMEs located in various territorial settings are able to develop and maintain a certain structure to their business network. In the second stage of activities, structured interviews were conducted during the summer of 2010 with follow-up questions from the questionnaire as well as the completion of an "Actor map". The analysis allowed the interviewee to classify the firms according to the dominant function of their networks. Results found that the majority of companies were not affected significantly by the economic crisis. The worst years for them were 2008 and 2009 where profits decreased in all areas of activity. Small businesses agreed that in a time of crisis it is much harder to succeed in the market against supermarkets and wholesalers, who can afford to lower the prices. A positive side of the crisis can be the fact that much more companies try to break into foreign markets where they get offered better prices for some commodities. The majority of respondents agreed that the economic crisis is retreating and they look optimistically into the future.
Cílem příspěvku je představit původní výsledky autorů zjištěné analýzou MSP (malých a středních podniků) Jihomoravského kraje (ČR). Data získaná průzkumem v roce 2010 byla analyzována v kontextu projektu DERREG a výsledky byly vztaženy k problematice globalizace. První část dotazníkového šetření obchodní sítě v české případové studii probíhala na jaře. Čtyřicet tři malých a středních podniků z 550 oslovených odpovědělo na dotazník zaslaný e-mailem. I přes takto nízkou návratnost nám odpovědi poskytly cenné informace o tom, jak jsou malé a střední podniky nacházející se v tomto regionu schopny rozvoje a udržení struktury své obchodní sítě. Druhá fáze šetření se zabývala strukturovanými rozhovory, které následovaly v letním období a podrobněji rozebíraly otázky v dotazníku. V průběhu rozhovorů byl hlavní důraz kladen především na vyplňování tabulky tvořící základ hlavního výstupu této fáze, tzv. "Mapu hlavních aktérů". Díky této analýze bylo možno zařadit firmy podle dominantní funkce jejich sítí. Většina firem nebyla krizí významně ovlivněna. Nejhoršími lety pro ně byly 2008 a 2009, kdy se snížil zisk ve všech oblastech jejich činností. Malé podniky se shodly na tom, že v době krize je mnohem těžší uspět na trhu v porovnání se supermarkety a velkoobchody, které si mohou dovolit nižší ceny. Pozitivní stránkou krize může být skutečnost, že se mnohem více firem snaží proniknout na zahraniční trhy, kde jsou nabízeny lepší ceny některých komodit. V pohledu do budoucna byla většina respondentů optimisty a shodla se na tom, že krize je na ústupu.
The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market ...countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.
Singapore had been one of the nations severely affected by the 2008-09 global financial and economic crisis. The city state came under pressure through the financial, trade, and confidence channels. ...To counter these shocks, Singapore policymakers undertook unprecedented monetary and fiscal policy measures. They subsequently charted a revival strategy that would help the country emerge stronger after the crisis. These all-encompassing policies together with the global economic recovery in 2009 helped the city state bounce back faster and stronger than many other regional economies. This book provides an insight into the events that occurred during the crisis and Singapore's successful navigation to economic recovery.
"Although much has been written about the global financial crisis of 2008-09, not enough has been said about how it affected Singapore and the policy response. In this highly readable book, Sanchita Basu Das fills this gap, explaining how the crisis rippled through the Singapore economy via trade channels, the financial sector, and asset markets. But the greatest strength of this volume is its comprehensive account of the extraordinary measures Singapore put in place to deal pre-emptively with what could have been huge declines in output and employment in the face of the collapse of trade and credit flows. Singapore's multi-pronged approach, and especially the fiscal support and loan guarantees contained in the 2009 budget, must go down as one of the boldest and most creative policy responses to a crisis. It is a valuable lesson to economics students and practitioners alike. This book gives you the full story."
- Vikram Khanna, Associate Editor, The Business Times
"Sanchita Basu Das is to be congratulated for providing a fascinating, accessible, and forward-looking analysis of Singapore's response to the global economic crisis of 2008-09. As a highly trade-dependent economy, Singapore was hit hard by these events. But the government was nimble and quick to react. The author describes and evaluates this response, and draws out general lessons for crisis management and mitigation in small open economies. Highly recommended."
- Hal Hill, H.W. Arndt Professor of Southeast Asian Economies, Australian National University.
"This is a comprehensive account of the impact of the global financial crisis on Singapore -- one of the most open economies in the world -- and policy responses by the government and central bank. The book identifies the need to move to a more knowledge-intensive economy as the key policy challenge for post-crisis Singapore."
- Masahiro Kawai, Dean and CEO, Asian Development Bank Institute
"Singapore was affected disproportionately by the global economic crisis of 2008-09. While it is currently rebounding impressively, government officials and the private sector would do well to learn from the crisis experience in devising future policies. Moreover, the Singapore experience is instructive as to how external economic shocks can be transmitted to open economies and, hence, has great relevance beyond its borders. This book by Sanchita Basu Das gives a comprehensive survey of Singapore in crisis and provides a wealth of information and insightful analysis, using clear, non-technical language. It is extremely useful contribution to scholars, policymakers, and other students of Asian economics."
- Michael G. Plummer, Organisation for Economic Co-operation and Development (OECD)
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset ...of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.
In the wake of a financial crisis, financial reform is on the political agenda in many countries. While each country seeks to address its own problems, there is also a growing awareness that, because ...of the interconnected nature of financial markets and institutions, no one country should go it alone and pursue policies not acceptable to others. The call for international coordination of reform efforts was highlighted by the recent pronouncements from the leaders of the G-20, but little coordinated action has yet been forthcoming and countries are pursuing their own reform agenda. The purpose of this article is to sift through the conflicting narratives that are emerging about the financial crisis and to highlight in very general form what the lessons learned have been and how the problems identified can be best addressed. It also attempts to assess the validity of the crisis assessments and the reform proposals that have been put forward. Adapted from the source document.
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