Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing ...external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
El pueblo indígena Hitnu padece una grave crisis alimentaria que durante los últimos años se ha agudizado por múltiples factores. El propósito de este texto es presentar un panorama amplio ...multi-causal de la situación actual de la producción y acceso a los alimentos de este grupo indígena, con el objetivo de ahondar en la comprensión de la situación que afronta y aportar elementos que permitan superar ciertos abordajes investigativos e intervenciones sociales reduccionistas, en la medida que se concentran en un solo ámbito de la problemática. En el texto se expondrá la necesidad de considerar: los actuales patrones de organización social, las diferencias inter-generacionales, los usos del suelo, la variación del territorio indígena, formas de clasificación social, las relaciones inter-étnicas, la injerencia de grupos externos (transnacionales, guerrillas), las estrechas relaciones económicas con el mundo no indígena, entre otros elementos que permiten complejizar las aproximaciones a la crisis alimentaria. A partir de los datos recabados por medio del trabajo de campo, la etnografía y la revisión bibliográfica, se busca evidenciar la gravedad de la crisis alimentaria del pueblo Hitnu, un caso, como muchos otros en el país, que hace palpable la enorme vulnerabilidad de las comunidades étnicas.
In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status of US ...Treasuries may be eroding. We document large shifts in Treasury ownership and temporary accumulation of Treasury and reverse repo positions on dealer balance sheets during this period. We build a dynamic equilibrium asset pricing model in which dealers subject to regulatory balance sheet constraints intermediate demand/supply shocks from habitat agents and provide repo financing to levered investors. The model predicts that Treasury inconvenience yields, measured as the spread between Treasuries and overnight-index swap rates (OIS), as well as spreads between dealers’ reverse repo and repo rates, should be highly positive during the COVID-19 crisis, as is confirmed in the data. The same model framework, adapted to the institutional setting in 2007–2009, can also explain the negative Treasury-OIS spread observed during the Great Recession.
In this collaboratively authored work, five distinguished sociologists develop an ambitious theoretical model of "cultural trauma"—and on this basis build a new understanding of how social groups ...interact with emotion to create new and binding understandings of social responsibility. Looking at the "meaning making process" as an open-ended social dialogue in which strikingly different social narratives vie for influence, they outline a strongly constructivist approach to trauma and apply this theoretical model in a series of extensive case studies, including the Nazi Holocaust, slavery in the United States, and September 11, 2001.
Mathematics and crises Skovsmose, Ole
Educational studies in mathematics,
10/2021, Volume:
108, Issue:
1-2
Journal Article
Peer reviewed
Open access
One can identify at least three different types of relationships between mathematics and crises. First,
mathematics can picture a crisis
. This is in accordance with the classic interpretation of ...mathematical modelling, which highlights that a mathematical model provides a representation of a piece of reality, a reality that could be a critical situation such as, for instance, a pandemic. Second,
mathematics can constitute a crisis
, meaning that mathematics can form an intrinsic part of the very dynamics of a crisis. This phenomenon can be illustrated by the economic crises that spread around the world in 2008. Third,
mathematics can format a crisis
. This final formulation refers to a situation where a mathematical reading of a crisis brings about ways of acting in the critical situation that might be adequate, but also counterproductive, if not catastrophic. This is illustrated with reference to the potential crises due to climate changes. As a conclusion, the paper addresses the
politics of crises
, which refers to the power that can be acted out through a crisis discourse in which mathematics may come to play a deplorable role.
This article examines the impact of a crisis on small firms. Taking a phenomenological research approach, qualitative interviews were conducted to capture the experiences of small businesses directly ...affected by looting, vandalism and/or arson in the London 2011 riots. This study adds to the literature on crisis management by highlighting the different types of losses encountered by small businesses following a crisis and the role individual owner–managers, businesses and the wider community play in enhancing or minimizing losses. A model is developed to capture those factors that influence which small businesses were vulnerable or resilient to the riots.
Did the occurrence of systemic banking crises in the 1990s and 2000s significantly alter the behavior of banks in the Mercosur? The objective of this paper is to answer this question by analyzing ...changes in bank behavior after crises in the Mercosur region. To our knowledge, this is the first paper to apply the convergence methodology-which is common in the growth literature-to post-crisis bank behavior. Using a panel dataset of commercial banks during the period 1990-2006, we analyze the impact of crises on four sets of financial indicators of bank behavior-profitability, maturity preference, credit supply, and risk. The paper finds that most indicators of bank behavior, such as profitability, in fact revert to previous or more normal levels. However, a key finding of the paper is that private sector intermediation is significantly reduced for prolonged periods of time and that high levels excess liquidity persist well after the crisis.
Regulating Wall Street Acharya, Viral V; Cooley, Thomas F; Richardson, Matthew P ...
2010, 2010-10-28, c2011, Volume:
608
eBook
'Regulating Wall Street' assesses the strengths and weaknesses of new regulations in response to the recent global financial crisis. It summarises key issues that regulatory reform should address, ...evaluates the key components of regulatory reform and provides analysis of how the reforms will affect financial firms and markets.
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