We address the question of how and why corporate social responsibility (CSR) differs among countries and how and why it changes. Applying two schools of thought in institutional theory, we ...conceptualize, first, the differences between CSR in the United States and Europe and, second, the recent rise of CSR in Europe. We also delineate the potential of our framework for application to other parts of the global economy.
Considering the issue of recession, one can come to the conclusion that this concept arises consistently and is caused by many factors. At the moment, there is a very big dispute among many ...scientists regarding the probability of a global recession in the whole world. This is preceded by many factors, the main of which is Russia’s terrorism against Ukraine. This article is devoted to the study of the concept of «recession» and its causes. It also examines the concept of the «economic cycle» and examines the types of causes of recession. The reasons that can cause the current global recession are considered, including Russia’s war against Ukraine, the decision of OPEC+, which is reflected in the fall in oil prices, and the third factor is the fall of the world’s three largest economies. The impact of Russian aggression on the world economy is analyzed. Fluctuations in oil prices and peculiarities of the decisions taken by the Organization of Oil Exporting Countries have been studied. The article considers three largest economies of the world, the USA, the EU and China, their development at the current stage, the level of inflation and their reaction to a possible recession, the reasons that precede the occurrence of recession. Conclusions were made regarding the threats of recession for Ukraine, including the drop in prices for raw materials, the decrease in financial aid from other countries, and the decrease in foreign investments. Analyzing the probability of the onset of recession, you cannot get a 100 % result, but according to the assessment, even if it occurs, it will not be long enough and almost imperceptible to the population. Considering the Ukrainian economy specifically, the negative impact of the recession will be much less than that of the Russian invasion.
The Safe Assets Shortage Conundrum Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier
The Journal of economic perspectives,
07/2017, Letnik:
31, Številka:
3
Journal Article
Recenzirano
Odprti dostop
A safe asset is a simple debt instrument that is expected to preserve its value during adverse systemic events. The supply of safe assets, private and public, has historically been concentrated in a ...small number of advanced economies, most prominently the United States. Over the last few decades, with minor cyclical interruptions, the supply of safe assets has not kept up with global demand. The reason is straightforward: the collective growth rate of the advanced economies that produce safe assets has been lower than the world's growth rate, which has been driven disproportionately by the high growth rate of high-saving emerging economies such as China. The signature of this growing shortage is a steady increase in the price of safe assets; equivalently, global safe interest rates must decline, as has been the case since the 1980s. The early literature, brought to light by Ben Bernanke's famous “savings glut” speech of 2005, focused on a general shortage of assets without isolating its safe asset component. The distinction, however, has become increasingly important over time, particularly in the aftermath of the subprime mortgage crisis and its sequels. We begin by describing the main facts and macroeconomic implications of safe asset shortages. Faced with such a structural conundrum, what are the likely short- to medium-term escape valves? We analyze four of them, each with its own macroeconomic and financial trade-offs.
An empirical analysis of coal use embodied in the globalized world economy is performed in the present work via the application of a systems multi-regional input-output model for 2012. The use of ...primary coal is tracked from the sources of exploitation to the sinks of final use through inter-regional trade as a global supply network. Mainland China is revealed to be the largest coal user, but the per-capita coal use embodied in its household consumption is only a quarter of that in the United States, and doesn’t even exceed the level in the United Kingdom, the leader in the movement away from coal. The global trade volume of coal use is in magnitude calculated up to seventy percent of the world total coal exploitation. The United States is demonstrated to be the world's leading importer of coal use, of which the imports are dominated by non-coal products as indirect coal imports. In contrast, mainland China is the leading exporter, mainly due to the massive exports of commodities ‘Made in China’. Two new indicators of self-sufficiency rates are developed, in order to explore the direct and indirect external coal dependence of the region. Two-fifths of the coal finally used by the United States turns out to be exploited from foreign areas, which is different from the result that the United States has no dependence on foreign coal resources based on the conventional external dependence degree. This overview of coal use aims to provide a global insight into energy sustainability, as well as a sound scientific reference for policy making for global resources management and climate change mitigation.
•Coal use flows of the world economy 2012 are depicted by a systems multi-regional input-output analysis.•China is both the largest sink of coal use and the largest source of coal exploitation.•The global trade volume of coal use is in magnitude 70% of global total exploitation.•Two indicators of self-sufficiency are developed to improve the coal security evaluation.•Two-fifths of coal use by the United States is from foreign areas.
How Big Data Will Change Accounting Warren, J Donald; Moffitt, Kevin C; Byrnes, Paul
Accounting horizons,
06/2015, Letnik:
29, Številka:
2
Journal Article
Recenzirano
Big Data will have increasingly important implications for accounting, even as new types of data become accessible. The video, audio, and textual information made available via Big Data can provide ...for improved managerial accounting, financial accounting, and financial reporting practices. In managerial accounting, Big Data will contribute to the development and evolution of effective management control systems and budgeting processes. In financial accounting, Big Data will improve the quality and relevance of accounting information, thereby enhancing transparency and stakeholder decision making. In reporting, Big Data can assist with the creation and refinement of accounting standards, helping to ensure that the accounting profession will continue to provide useful information as the dynamic, real-time, global economy evolves.
Though overall bank performance from July 2007 to December 2008 was the worst since the Great Depression, there is significant variation in the cross-section of stock returns of large banks across ...the world during that period. We use this variation to evaluate the importance of factors that have been put forth as having contributed to the poor performance of banks during the credit crisis. The evidence is supportive of theories that emphasize the fragility of banks financed with short-term capital market funding. The better-performing banks had less leverage and lower returns immediately before the crisis. Differences in banking regulations across countries are generally uncorrelated with the performance of banks during the crisis, except that large banks from countries with more restrictions on bank activities performed better and decreased loans less. Our evidence poses a substantial challenge to those who argue that poor bank governance was a major cause of the crisis because we find that banks with more shareholder-friendly boards performed significantly worse during the crisis than other banks, were not less risky before the crisis, and reduced loans more during the crisis.
The article considers the digital platform as an integration resource in the field of international trade. The author proves that in order to use the digital platform more effectively, it is ...necessary to solve a number of key issues. So, at present, a common understanding of the digital platform and other related categories has not been developed in the research and analytical literature. The article emphasizes that the rules of using a digital platform in the field of international trade remain unclear for Russian business, therefore, the lack of legalization of this type of digital innovation affects its low demand in the business circles. The paper emphsizes that in the context of the regionalization of the world economy, a clear and unambiguous understanding of those areas that are priorities in the economic policy pursued by the state is of particular importance for Russian business. The author believes that the era of globalization of the world economy is coming to an end, and it is being replaced by a period of regionalization. In the context of territorial disintegration and increasing competition, the role of the digital platform as a factor that significantly reduces the costs of doing international business will increase. In the course of the research, both general scientific methods of cognition and narrow-profile ones peculiar to such branches of knowledge as the management theory, law and economics were used.
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