Magistrantūros studijų baigiamasis darbas, 58 puslapiai, 10 paveikslų, 7 lentelės, 64 literatūros šaltiniai, 5 priedai. PRASMINIAI ŽODŽIAI: globalinė ekonominė krizė, žemės ūkis, perdavimo kanalai, globalizacija, rinka. Tyrimo objektas – Lietuvos žemės ūkis globalinės ekonominės 2008-2009 metų krizės sąlygomis. Tyrimo tikslas – įvertinti globalinės ekonominės 2008-2009 metų krizės poveikį Lietuvos žemės ūkiui. Uždaviniai: 1) atskleisti ekonominio ciklo koncepciją šiuolaikinių ekonominių teorijų kontekste; 2) išanalizavus globalinės ekonominės 2008-2009 metų krizės priežastis, identifikuoti šios krizės perdavimo kitų šalių ekonomikoms kanalus; 3) pateikti požiūrių į globalinės ekonominės 2008-2009 metų krizės poveikį žemės ūkiui analizę ir identifikuoti rodiklius, padėsiančius įvertinti jos poveikį žemės ūkiui; 4) remiantis identifikuotais rodikliais atlikti globalinės ekonominės 2008-2009 metų krizės poveikio Lietuvos žemės ūkiui statistinę analizę. Tyrimo metodai. Mokslinėje literatūroje pateikiamų teiginių ir rodiklių sisteminimas bei lyginamoji analizė, užsienio autorių tyrimų rezultatų apibendrinimas, ekonominių – statistinių duomenų rinkimas ir analizė. Statistinei informacijai apdoroti ir sisteminti panaudoti grupavimo, palyginimo ir grafinio vaizdavimo būdai. Statistiniam vertinimui atlikti naudojamas programos paketas „STATISTICA“. Analizuojamai medžiagai apibendrinti, darbo išvadoms suformuluoti naudoti loginis ir apibendrinimo metodai. Tyrimo rezultatai. Pirmojoje... [toliau žr. visą tekstą] / Final work of Undegradeduate Studies, 58 pages, 10 figures, 7 tables, 64 References, 5 appendices, in Lithuanian. KEY words: global economic crisis, agricultural sector, transmission channels, globalization, market. Research object – agriculture in Lithuania in the conditions of global economic crisis in 2008-2009. Research aim – to evaluate the effects of global economic crisis in 2008-2009 on the Lithuanian agriculture. Objectives: 1) to demonstrate the concept of economic cycle in the context of modern economic theories; 2) to analyse the reasons of global economic crisis in 2008-2009, to identify the transmission channels of this crisis to the economies of other countries; 3) to analyse the approaches to the impact of global economic crisis in 2008-2009 on agriculture, to identify indicators that help to evaluate its effects on agriculture; 4) to perform the statistical analysis of the impact of the global economic crisis of 2008-2009 on the Lithuanian agriculture. Research methods. Systematization, comparative analysis, analysis of scientific literature, data collection and analysis, clustering, graphical visualization, STATISTICA software package. Research results. The first part describes the concept of economic cycle in terms of modern economic theories and identifies the transmission channels of the global economic crisis of 2008-2009 to the economies of other countries. The second part of the work, after carrying out the analysis of approaches to the impact of... [to full text]

In this dissertation, the experience of Estonia, Latvia and Lithuania during the crisis in 2008-2010 is analysed. Its aim is to find out why the Baltic countries chose and were able to implement the strategy of “internal adjustment”, i.e. kept fixed exchange rates and achieved fiscal sustainability via fiscal consolidation. Furthermore, it asks why Estonia was able to handle the crisis most successfully. Based on the theories of currency crises and fiscal consolidation, a theoretical model is constructed. The empirical investigation relies on both qualitative and quantitative (statistical) methods. It is found in the dissertation that conventional theories cannot adequately explain the Baltic situation during the crisis. Therefore, non-conventional factors are investigated. The Baltic willingness to defend the fixed exchange rates can be attributed to certain economic factors (high flexibility and indebtedness in foreign currencies), continuity in economic policy, causal beliefs, and non-economic functions of fixed exchange rates. The implementation of a very large fiscal consolidation package was possible due to weak trade unions, a high degree of centralization, causal beliefs about appropriate economic policies, weak interest groups and lack of societal mobilization capacity. Estonia’s better performance was due to better informal institutions, namely a higher trust in government, which allowed Estonia to collect more taxes during the crisis than Latvia and Lithuania. / Disertacijoje nagrinėjama Estijos, Latvijos ir Lietuvos patirtis per ekonominę krizę 2008–2010 metais. Siekiama atsakyti, kodėl Baltijos šalys pasirinko ir sugebėjo įgyvendinti „vidinio prisitaikymo“ strategiją, t.y. išlaikė fiksuotą valiutos kursą bei taupymo būdu atkūrė fiskalinį tvarumą. Taip pat klausiama, kodėl Estija sugebėjo susitvarkyti su krize sėkmingiausiai. Remiantis valiutos krizių ir fiskalinės konsolidacijos teorijų įžvalgomis, disertacijoje konstruojamas vidinio prisitaikymo teorinis modelis. Empirinėje dalyje derinami kokybiniai ir kiekybiniai (statistiniai) metodai. Atskleidžiama, kad Baltijos valstybių situacijos adekvačiai negali paaiškinti vyraujančios politinės ekonomijos teorijos ir jų siūlomi veiksniai. Todėl atsižvelgiama į papildomus, nekonvencinius kintamuosius. Baltijos valstybių politikų norą išsaugoti fiksuotą valiutos kursą didino ekonominės struktūros ypatumai (lankstumas ir įsiskolinimas užsienio valiuta), ekonominės politikos tęstinumas, idėjiniai įsitikinimai, ne ekonominės fiksuoto valiutos kurso funkcijos. Itin didelę fiskalinės konsolidacijos programą pavyko įgyvendinti dėl silpnų profesinių sąjungų, didelės centralizacijos, vyraujančių idėjų apie tinkamą politiką, silpnų interesų grupių, menkos visuomenės mobilizacijos. Estijos didesnę sėkmę gali paaiškinti kokybiškesnės neformalios institucijos, ypač pasitikėjimas valdžia, dėl kurio šioje valstybėje per krizę mokestinės pajamos krito mažiau nei Latvijoje ir Lietuvoje.

Disertacijoje nagrinėjama Estijos, Latvijos ir Lietuvos patirtis per ekonominę krizę 2008–2010 metais. Siekiama atsakyti, kodėl Baltijos šalys pasirinko ir sugebėjo įgyvendinti „vidinio prisitaikymo“ strategiją, t.y. išlaikė fiksuotą valiutos kursą bei taupymo būdu atkūrė fiskalinį tvarumą. Taip pat klausiama, kodėl Estija sugebėjo susitvarkyti su krize sėkmingiausiai. Remiantis valiutos krizių ir fiskalinės konsolidacijos teorijų įžvalgomis, disertacijoje konstruojamas vidinio prisitaikymo teorinis modelis. Empirinėje dalyje derinami kokybiniai ir kiekybiniai (statistiniai) metodai. Atskleidžiama, kad Baltijos valstybių situacijos adekvačiai negali paaiškinti vyraujančios politinės ekonomijos teorijos ir jų siūlomi veiksniai. Todėl atsižvelgiama į papildomus, nekonvencinius kintamuosius. Baltijos valstybių politikų norą išsaugoti fiksuotą valiutos kursą didino ekonominės struktūros ypatumai (lankstumas ir įsiskolinimas užsienio valiuta), ekonominės politikos tęstinumas, idėjiniai įsitikinimai, ne ekonominės fiksuoto valiutos kurso funkcijos. Itin didelę fiskalinės konsolidacijos programą pavyko įgyvendinti dėl silpnų profesinių sąjungų, didelės centralizacijos, vyraujančių idėjų apie tinkamą politiką, silpnų interesų grupių, menkos visuomenės mobilizacijos. Estijos didesnę sėkmę gali paaiškinti kokybiškesnės neformalios institucijos, ypač pasitikėjimas valdžia, dėl kurio šioje valstybėje per krizę mokestinės pajamos krito mažiau nei Latvijoje ir Lietuvoje. / In this dissertation, the experience of Estonia, Latvia and Lithuania during the crisis in 2008-2010 is analysed. Its aim is to find out why the Baltic countries chose and were able to implement the strategy of “internal adjustment”, i.e. kept fixed exchange rates and achieved fiscal sustainability via fiscal consolidation. Furthermore, it asks why Estonia was able to handle the crisis most successfully. Based on the theories of currency crises and fiscal consolidation, a theoretical model is constructed. The empirical investigation relies on both qualitative and quantitative (statistical) methods. It is found in the dissertation that conventional theories cannot adequately explain the Baltic situation during the crisis. Therefore, non-conventional factors are investigated. The Baltic willingness to defend the fixed exchange rates can be attributed to certain economic factors (high flexibility and indebtedness in foreign currencies), continuity in economic policy, causal beliefs, and non-economic functions of fixed exchange rates. The implementation of a very large fiscal consolidation package was possible due to weak trade unions, a high degree of centralization, causal beliefs about appropriate economic policies, weak interest groups and lack of societal mobilization capacity. Estonia’s better performance was due to better informal institutions, namely a higher trust in government, which allowed Estonia to collect more taxes during the crisis than Latvia and Lithuania.

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Tyrimas atliktas administracinės teisės taikymo poveikio įveikiant ekonominio nuosmukio padarinius ţmogaus socialinių ekonominių teisių ir laisvių srityje tema. Pasirinktas tikslas – atskleisti administracines teisės taikymo veiksmingumą ţmogaus socialinėms ekonominėms teisėms ir laisvėms ekonominio nuosmukio metu. Nustatyta, jog administracinės teisės reformavimui ekonominio nuosmukio periodai turi įtaką, tenka pertvarkyti daugelį sferų, kaip pensijų mokėjimą ar socialinės paramos teikimo sąlygas, tvarką, vyksta tam tikra reforma. Teorijos bei praktinių pokyčių teisėkūroje, teismų praktikoje analizė parodė, jog ekonominio nuosmukio patirtis įtikina, kad reikia anksti nustatyti socialinius pokyčius ir numatyti, kokias permainas jie sukels. Tuomet įmanoma sukurti aiškesnę administracinės teisės normas, sureguliuosiančios vieną ar kitą visuomeninį santykį, viziją. Būtina veikti proaktyviai, keisti ţmonių teisinio mąstymo principus. / The theme of the work carried out by application of administrative law, overcoming the effects of the economic crisis on social economic rights and human freedoms. The purpose is to reveal the administrative law on human rights and freedoms of the economic social sector. The reform of administrative law during economic crisis periods must bear the transforming influence of the realms, as the payment of pensions or social assistance relating to conditions, procedures, certain aspects of the reform. Theory and practical analysis of the changes in the legislation, case-law has shown that the economic crisis experience convinces the need for early detection of social change and to provide for the changes they cause. Then it is possible to create clearer rules of administrative law, strengthen one or another public relationship, vision. It is necessary to work to change people's thinking pro-actively, to overthink the legal principles.

Esta tese estuda a criação de municípios no Brasil contemporâneo, observando o fenômeno de uma parte de tais emancipações terem ocorrido em seguida à implantação de políticas públicas no território pertinente. Investigará esta relação causal hipotética, atribuível a um efeito territorial imprevisto da ação estatal: a criação de municípios. O recorte temático será limitado à política pública de reforma agrária, analisando a contribuição da implantação de assentamentos para as emancipações municipais no Rio Grande do Sul das décadas de 80 e 90 do século XX. Considerará os dados obtidos sob as referências teóricas e explicativas empregadas, a partir de Claus Offe e Jürgen Habermas, sob duas dimensões do contexto da sociedade brasileira, à época: a resposta à crise econômica nas chamadas “Décadas Perdidas” e o exercício da cidadania na redemocratização formal do país. A análise é conclusiva na verificação das hipóteses de trabalho, definidas a partir de um modelo adotado e para cujas características encontrou-se equivalência analógica nos municípios classificados a partir de indícios empíricos. A interpretação dos resultados permite a associação do fenômeno pesquisado à categoria de mudança qualitativa, conforme o sentido em que esta é utilizada na síntese da atualidade social, política e ideológica realizada por István Mészáros. / The present thesis studies the creation of municipalities (districts) in modern Brazil, observing the phenomenon that part of such emancipations have occurred soon after the implementation of public policies in the relevant territory. The study will investigate this hypothetical effect relation, which might be attributed to an unforeseen territorial effect of state action: the creation of municipalities (district creation). The thematic focus of the thesis will be limited to the public policy of agrarian reform, analyzing the establishment of settlements’ contribution for municipal emancipation in the state of Rio Grande do Sul from the 80’s and 90’s from the twentieth century. This study will consider the data obtained under theoretical and explanatory references given by Claus Offe and Jürgen Habermas, under two dimensions of Brazilian society context at the time: the response to the economic crisis in the so-called “Lost Decades " and the exercise of citizenship in the country’s formal re-democratization. The study’s analysis is conclusive in verifying the work hypothesis, defined from an adopted model, and for which characteristics it was found analogical equivalence in the classified municipalities from empirical evidences. The results interpretation allow the researched phenomenon to be associated to the qualitative change’s category, according to the meaning which it is used in current social, political and ideological synthesis made by István Mészáros.

Esta tese estuda a criação de municípios no Brasil contemporâneo, observando o fenômeno de uma parte de tais emancipações terem ocorrido em seguida à implantação de políticas públicas no território pertinente. Investigará esta relação causal hipotética, atribuível a um efeito territorial imprevisto da ação estatal: a criação de municípios. O recorte temático será limitado à política pública de reforma agrária, analisando a contribuição da implantação de assentamentos para as emancipações municipais no Rio Grande do Sul das décadas de 80 e 90 do século XX. Considerará os dados obtidos sob as referências teóricas e explicativas empregadas, a partir de Claus Offe e Jürgen Habermas, sob duas dimensões do contexto da sociedade brasileira, à época: a resposta à crise econômica nas chamadas “Décadas Perdidas” e o exercício da cidadania na redemocratização formal do país. A análise é conclusiva na verificação das hipóteses de trabalho, definidas a partir de um modelo adotado e para cujas características encontrou-se equivalência analógica nos municípios classificados a partir de indícios empíricos. A interpretação dos resultados permite a associação do fenômeno pesquisado à categoria de mudança qualitativa, conforme o sentido em que esta é utilizada na síntese da atualidade social, política e ideológica realizada por István Mészáros. / The present thesis studies the creation of municipalities (districts) in modern Brazil, observing the phenomenon that part of such emancipations have occurred soon after the implementation of public policies in the relevant territory. The study will investigate this hypothetical effect relation, which might be attributed to an unforeseen territorial effect of state action: the creation of municipalities (district creation). The thematic focus of the thesis will be limited to the public policy of agrarian reform, analyzing the establishment of settlements’ contribution for municipal emancipation in the state of Rio Grande do Sul from the 80’s and 90’s from the twentieth century. This study will consider the data obtained under theoretical and explanatory references given by Claus Offe and Jürgen Habermas, under two dimensions of Brazilian society context at the time: the response to the economic crisis in the so-called “Lost Decades " and the exercise of citizenship in the country’s formal re-democratization. The study’s analysis is conclusive in verifying the work hypothesis, defined from an adopted model, and for which characteristics it was found analogical equivalence in the classified municipalities from empirical evidences. The results interpretation allow the researched phenomenon to be associated to the qualitative change’s category, according to the meaning which it is used in current social, political and ideological synthesis made by István Mészáros.

Since 2008 Europe has been in crisis, a financial and debt crisis that spread from the U.S. to all European countries. This thesis aims to provide evidence on the consequences of the crisis for individuals’ labour market outcomes across different countries and regions of Europe and to analyse how the recession has differentially affected sub-groups of the European population. Through the analysis of the longitudinal component of the European Union Statistics on Income and Living Conditions (EU-SILC) dataset, the project sheds light on the labour market trajectories of more than 20,000 Europeans across 11 European countries and 41 regions, before and during the 2008 financial crisis (2005-2012). Sequence and cluster analysis are used to investigate the heterogeneity of individual labour market trajectories across countries and time, while multilevel models are used to study regional labour markets during the years in crisis. The concept of transitional labour markets, as well as theories of labour market segmentation, job competition and job mobility, provide the theoretical framework for this research. The empirical findings show that during the financial crisis, labour market trajectories appear more turbulent and fragmented for the already disadvantaged sub-groups, namely women, younger workers and low educated workers. Furthermore, during the Great recession, an increase in unemployment among men confirms the sectoral profile of the crisis, which hit harder the male-dominated sectors of construction and industry. At the same time, a decrease in inactivity among women is consistent with the added worker effect, according to which women in periods of economic hardship are pushed towards labour market activity in order to contribute to the household income. Countries with weak economies and underperforming labour markets prior to the crisis, such as Greece and Italy, unsurprisingly experienced a deep and persistent crisis, while countries with stronger economies and more inclusive labour markets, such as Denmark and Sweden, managed to survive the crisis with less social harm. The institutional context of the countries offering high chances of employment even during the financial crisis, such as the Nordic countries, lies on the flexicurity of their labour markets. Indeed, flexible labour markets with the use of reduced working-time schemes, i.e. part-time forms of employment, contained unemployment during the financial shock. However, we need to be cautious about flexibility without security or partial deregulation of the markets, implemented in southern European countries, because during the crisis such policies led to further labour market segmentation and thus an increase in employment inequalities. Finally, the region of residence matters in employment outcomes, almost as much as the country of residence. In fact, from the regional analysis of individual employment outcomes during the years of the crisis, an uneven distribution of labour is detected even within the national borders. Summing up, the European crisis should be considered as the sum of national and regional crises.

Små och medelstora företag, fortsatt benämnda SME:s, spelar en viktig roll för den ekonomiska tillväxten, framförallt i de industriella ekonomierna där de utgör 99 procent av alla företag samtidigt som de i särklass bidrar med flest arbetstillfällen. När det kommer till SME:s finansieringsmöjligheter är de väldigt beroende av externt kapital, dels för att kunna driva sin verksamhet, men även för att kunna utvecklas och växa. Problemet är att banker ofta förknippar SME:s med högre risk, lägre lönsamhet och avsaknad av de säkerheter som krävs för att kunna bevilja lån. För de lån som beviljas, sätts ofta en hög ränta för att kompensera för den ökade risken vilket kan förklara den negativa lönsamheten för SME:s.Studien behandlar 197 SME:s i fastighetsbranschen mellan åren 2008–2015. Fokus ligger på hur variablerna ålder, soliditet, storlek, lönsamhet samt ekonomisk kris förklarar skuldräntan för SME:s i fastighetsbranschen. För att kunna undersöka detta, genererades en linjär regressionsmodell utifrån de tidigare nämnda variablerna. Samtliga variabler behandlades också i en korrelationsanalys samt en deskriptiv analys för att undersöka sambanden mellan variablerna samt för att se hur data såg ut under kris och i återhämtningstid. Studien kan bekräfta att ålder, soliditet och ekonomisk kris har en negativ, signifikant relation till ett företags skuldränta. Resultatet pekar även på att SME:s i större utsträckning lider av moral hazard, informationsasymmetri och adverse selection. / Small and medium sized enterprises, further known as SME: s, plays an important role when it comes to economic growth. Especially in the industrial economies where they make up 99 percent out all the companies while they also contribute the most work opportunities. When it comes to financing the SME: s, they are very reliant on external capital. This is to enable further business but also to evolve and grow as a company. The problem is the SME:s tend to be associated with higher risk, lower profitability and a lack of collateral, which banks require in order to grant loans to a reasonable interest rate, or even being granted a loan at all.The study process 197 SME: s in the real estate business, between the years 2008-2015. The focus of the study is on how the variables age, solidity, size, profitability and economic crisis explain the interest rate that SME: s in the real estate business get when granted loans. To examine this empirical, a linear regression model was generated based on the previously mentioned variables. All variables were also processed in a correlation analysis and a descriptive analysis to examine the connections between the variables to see how the data looked during the economic crisis and in the years of financial recovery. The study can confirm that age, solidity and economic crisis has a negative and significant impact on the interest rate. The result also points to that SME: s often, suffer from moral hazard, information asymmetry and adverse selection.

Cette thèse cherche à savoir dans quelle mesure une crise économique peut résulter d'une dimension particulière de la financiarisation : la gouvernance actionnariale. La financiarisation est la structuration inédite de certaines composantes des activités économiques par un système financier libéralisé à partir des années 1970. Parmi les composantes concernées figure la gestion des entreprises. Sa financiarisation consiste à réduire autant que possible les dépenses de production tout en privilégiant l’endettement comme mode de financement. L’objectif est de générer autant de revenus que possible pour l’actionnaire, sous forme de dividendes et de gains en capital. C'est pourquoi une telle gestion est qualifiée de gouvernance actionnariale. Une démarche en quatre étapes est suivie. En premier, la littérature existante est soumise à la critique. Le problème posé est généralement résolu à partir de modèles formalisant des marchés équilibrés, mais la formation de tels marchés est à peine prouvée. Ce biais n'est pas nouveau et affecte la théorie économique dans son ensemble. La résolution peut donc s’appuyer sur un modèle représentant les activités économiques sans référence à des marchés équilibrés. La seconde étape est de construire cette représentation. Cette dernière peut s’organiser autour de la monnaie, c’est-à-dire une approche monétaire des activités économiques. Ces dernières sont saisies à partir des paiements interdépendants rendus possibles par l’utilisation de la monnaie, en tant qu'unité d'expression des paiements et moyen de les effectuer. Les paiements sont mis en relation avec trois composantes : i) le mode d’émission de moyens de paiement, typiquement le crédit bancaire ; ii) le règlement des déficits résultant des paiements (crédits bancaires non totalement remboursés, faute d'avoir enregistré suffisamment de paiements) ; et iii) la modification des paiements d'une période à l'autre par les agents, afin de les ajuster à leurs objectifs et contraintes. Ces modifications produisent une évolution du réseau de paiements formé à chaque période.La troisième étape est de modéliser un réseau de paiements en évolution. Un système d’équations non-linéaires de récurrence détermine chaque paiement parmi une typologie préalablement établi, ainsi que son mode de financement. Le système détermine aussi le règlement des déficits résultant des paiements. Les multiples récurrences produisent l’évolution. Le tout est saisi en faisant abstraction des biens et des phénomènes afférents, conformément à une approche monétaire. La quatrième étape est de mobiliser le modèle pour résoudre le problème. La crise peut être le résultat de l'évolution elle-même. Des agents modifiant leurs paiements peuvent conduire d’autres agents à enregistrer des déficits. Le réseau de paiements peut donc évoluer de manière à ce que des entreprises soient insolvables. Les faillites subséquentes peuvent être en nombre suffisant pour diminuer la production et de l'emploi, d’où la crise économique. Une telle évolution est définie comme non-viable. Savoir si la gouvernance actionnariale est un facteur de crise revient donc à savoir si la gouvernance actionnariale implique une évolution non-viable du réseau de paiements. Des simulations numériques sont effectuées, avec notamment des sous-configurations de paramètres associées à une plus ou moins grande diffusion de la gouvernance actionnariale parmi les entreprises. Le modèle produit le résultat général suivant : soit la gouvernance actionnariale génère une crise, soit elle rapproche de cette situation, soit la crise se produit indépendamment de la gouvernance actionnariale. Ce résultat vaut quel que soit le degré de diffusion de cette gouvernance parmi les entreprises. Ce résultat vaut également en l'absence d'épargne et avec l'endettement des salariés, contrairement aux modèles déjà existants mais sujets au biais conceptuel relatif à la formation des marchés équilibrés. / The aim of this dissertation is to know to what extent an economic crisis can result from a specific dimension of financialization: the search for shareholder value by firms. Financialization is the unprecedented influences of financial systems over some components of the economic activities after the liberalization of such systems since the 1970s. Among the aforesaid components we can find the management of firms. Such management is shaped so that production expenditures are lowered as much as possible while priority is given to debt for financing decisions. The objective is to create as much 'shareholder value' as possible, to wit, to create as much income as possible for shareholders. The dissertation unfolds in four steps. First, a critical survey is made. The problem is generally solved by means of models putting into equations equilibrated markets. However, the convergence to equilibrium is barely proved. This logical inconsistency is not new and affects economic theory as a whole. Thus, solving the problem can be based on a model which conceptualizes the economic activities without referring to equilibrated markets. The second step is to elaborate on such conceptualization. A possibility is to account for the economic activities on the basis of money, thus giving rise to a monetary approach of these activities. The emphasis is put on the interrelated payments made possible by the use of money, the latter being the unit for payments to be expressed and the means through which payments are made. Payments are conceptualized in relation with three components: i) the process that creates means of payment, generally bank credit; ii) the settlement of negative balances (some agents cannot fully repay their debts as they do not benefit from enough payments); and iii) the modification of payments by agents from one period to another, according to their objectives and constraints. These modifications lead the network of payments to evolve over time. The third step is to put into equations an evolving network of payments in order to solve the problem. A system of non-linear recurrence equations determine all payments from a typology elaborated beforehand, as well as the financing of them. The system also determines the settlement of the negatives balances which result from payments. The numerous recurrences give rise to evolution. The whole system abstracts from goods and the related phenomena, in accordance with the monetary approach. The fourth step is to use the model for the problem to be solved. An economic crisis can be the result of the evolution per se. Agents which periodically change their payments can lead other agents to record negative balances. Thus, the network of payments can evolve in such a way that some firms are insolvent. The subsequent bankruptcies can be large enough to decrease production and employment, as in an economic crisis. In that case, the evolution of the network of payments is defined as non-viable. To know if the search for shareholder value leads to an economic crisis thus amounts to know if the search for shareholder value leads to a non-viable evolution of the network of payments. Numerical simulations are made, notably with the configurations of parameters that are associated to a more or less search for shareholder value by firms. The model leads to the following general result: either the search for shareholder value results in an economic crisis, either it moves the economic activities closer to a crisis, either the latter occurs irrespective of the search for shareholder value. This result applies whether management is totally oriented by shareholder value or only a few. This result also applies without savings and with the indebtedness of wage-earners, contrary to the models of the survey; however they fail due to the difficulties to prove the formation of their equilibrated markets.