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The impact of the global financial crisis on small businessesDontoni, Jovani Zavatunga January 2014 (has links)
The creation and survival of SMEs largely continues to depend upon access to financing. When a financial crisis in the USA becomes a global economic crisis, SMEs and entrepreneurs all over the world suffer what can be called a double shock; a drop in demand for goods and services and a further tightening in credit terms. It becomes important therefore, to have a strategy on how to tackle the difficulties created by the crisis. Governments are trying to respond by helping to support sales and prevent bankruptcy of SMEs; by increasing access to liquidity, and by helping SMEs to maintain their investment level. Adequate responses of small businesses to the global financial crisis will determine how they will be impacted by the global financial crisis. Many research studies have shown how businesses behave in times of economic abundance. Although over ten economic recessions occurred during the past century, research on the response of businesses to financial challenges remains low. For this reason, the aim of this research was to demonstrate the response of small business owners and managers to the global financial crisis. To achieve this objective, the researcher used an integrated study method, as follows: A systematic literature review of the importance of small businesses in the economy and the implications of the global financial crises in the world and the South African economies. An empirical survey was conducted on small businesses in the Nelson Mandela Bay area in order to demonstrate their response to the global financial crisis. The results of the literature review and the empirical survey allowed the research to come to the conclusion that during times of financial challenges, small businesses decrease the number of people employed (only employ the people needed), increase efficiency through management, and reduce costs through efficient operations. This study contributes to the literature on small business responsive behaviour during times of economic crisis. As a result, this study presents recommendations and suggestions to assist owners and/or managers to respond appropriately to times of financial contraction.
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Economic policy and development in south-east Asian economiesLadpli, Pimpen January 2001 (has links)
No description available.
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The Short and Long-Run Impacts of the Financial Crisis on the Allocation of Air Passenger Traffic in Multi-Airport RegionsLi, Yuexi 01 January 2017 (has links)
As one of the most important economic sectors, the air-traveling industry was severely affected by the 2007 to 2008 financial crisis. However, the crisis did not affect entities (airports and airlines) with different market shares of passenger traffic equally. This paper implements regression models to explore key determinants of how the market shares of large entities evolve to get a better understanding of the allocation of air passenger traffic in multi-airport regions, both in the short and long-run post crisis (2009- 2015). Results from this paper show that the pre-crisis share and the traffic change on the set of routes being considered have significant effects on the change of share for large airport and airline entities in multi-airport regions. The large entities’ normalized change in share is higher if the pre-crisis share is higher an/or if total traffic fasslWe also find that low-cost carrier (LCC) large airlines gain more from the crisis than non-LCC airlines, and large airports from regions that have more than two airports have larger changes in market shares during and post crisis. In evaluating the long-term persistence of effects from the demand shock in the market, we observe that explanatory variables for airports tend to have lasting effects on the shares of large airports.
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Globální finanční a ekonomická krize / Global and financial economic crisisPolanský, Jan January 2012 (has links)
The thesis analyzes and describes recent global financial and economic crisis, some current economic problems and historical roots of the crisis. First passages of the work characterizes theoretical terms and historic economical crises, recessions and important economical events. Next part of the thesis is focused on events of the recent financial and economic crisis. The work contains description of the problems with financial innovations, rating agency, banks, modern capitalism and prevention of the crisis. The text also presents some new economical legal rules in USA and EU related to financial and economical crisis. Last chapter of the work is focused on the crisis of the European currency EURO and Greek economic situation.
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A comparative review of the inflation-targeting framework post the crisis of 2008Banda, Fatsani 17 July 2013 (has links)
Research report (M.Com. (Development Theory and Policy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Business and Economic Sciences, 2013. / The global financial crisis has shaken not only the foundations of the financial system but also elements of macroeconomic stability, particularly monetary policy as it relates to the central bank institution and its fundamental operations. This paper is centred on examining the aspects of the inflation-targeting framework both theoretically and practically, as the fulcrum around which modern central banking functions, in the context of the crisis and the economic conditions thereafter. This discussion is based on the idea that there exist spaces for broadening and extending the mandate of the central bank beyond inflation targeting and that crisis conditions have gone to show that.
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The development of 'sustainability-banking' capability in the changing institutional environment : the case of RBSStoyanova, Veselina Petrova January 2015 (has links)
The recent financial crisis of 2008 has caused significant turbulence in the financial sector and the strategic direction of a number of banking organizations. To survive situations characterised by adversity and changing institutions, various organisations in the sector needed to renew their legitimacy with diverse groups of stakeholders and to refocus their business models into more sustainable ones requiring change and development in the company’s operational capabilities. Recent scholarly interest in the study of organisational and more specifically dynamic capabilities has focused on exploring the development processes through such capabilities emerge. However, the recent literature has been focused much more on the conceptual nature of capabilities rather than on offering empirically grounded accounts on how a specific type of an organisational capability is developed and transforms in line with the changing institutional contexts, and fluctuating levels of environmental uncertainty. Scant attention has been paid to the relationship between institutional change and the capability development process. In order to shed light on the development of such capabilities, this study specifies the micro-foundations of the capability development process and illustrates the relationships between the development process and the changing institutional context through a multilevel of analysis. Explicitly, it aims to find out how and what micro-foundations participate in the development of a sustainability-banking capability and how the changing institutional and market contexts and its dynamics influence the development process. This work is a phenomenon-driven study, which centres its empirical and theoretical contributions in the exploration of the case of the Royal Bank of Scotland – a particularly interesting case of an organisation, which has survived a near-death experience during times of immense institutional turbulence. The selected company case is special for the richness of organisational changes that assisted in tracing the main events and processes in which dynamic capabilities emerge. Inductively, this research study found ‘sustainability-banking’ capability to be conductive for the explored case company’s adaptation in the rapidly changing context of the financial crisis of 2008. To respond to the research questions and meet the research objectives, the work follows a process research methodology, involving the triangulation of multiple sources of primary and secondary qualitative data, collected both in real-time and retrospectively of the observed longitudinal period 2004-2012. The adopted process analysis revealed three key phases through which sustainability banking capability which emerged in the context of Royal Bank of Scotland, accordingly Phase One: The Philanthropic route (2004-2007), Phase Two: The Responsive engagement route (2008-2009) and Phase Three: The Stakeholder co-creation route (2010-2012). Each one of the charted phases of development pictures diverse set of micro-foundations constituted the company’s capability diachronically (over time) and synchronically (across levels and layers of learning). The research indicates that the capability development process is a complex process moderated by changing market environment and the presence of a number of institutional and market inhibitors and accelerators which moderate the occurring micro-foundational transformations. By illustrating the transformations in the micro-foundations of the explored capability, the research work casts light on the temporal changes that accompany capability learning, which affect the capability nature and unfold into different forms of capabilities – ordinary, transitional and dynamic. The key finding of this study is that the variability in the alignment of micro-foundational constructs defines the form and the function of the observed organizational capability – sustainability-banking capability. Although drawing on macro-institutional perspective to demonstrate the types of institutional pressures, which trigger changes in individual and organizational behaviours and processes, this research study contributes primarily to the organisational capability literature. First, the main contribution of this thesis is the development of a novel process model perspective of sustainability-banking capability in the context of institutional and market changes. The process model indicates the interactions between individual-based, process-based and structure-based micro-foundations and how this interaction, alignment, between their capability micro-foundations changes in the course of social, political and regulatory disruptions in the sector, which either inhibit or accelerate these transformations. Secondly, the observed processes of interaction suggest how an operational capability can escalate to become a dynamic capability, which has not been mapped in the field of study. Previously, scholars (e.g. Helfat and Winter, 2011) have suggested conceptually the possible existence of dual-purpose or multiple variant capabilities where the complication of drawing a line between operational and dynamic capabilities occurs due to the speed of change they enable in organisations. Within the context and content of study – sustainability-banking capability at the Royal Bank of Scotland, this study demonstrates the existence of what is entitled in the thesis as a “transitional capability”, which responds to the recent call for research work in this domain. Scholars have suggested that sometimes the low pace in which changes occur can disguise one capability as operational but in fact it can have a dynamic variant when it is explored longitudinally. The analysis of the findings in the second stage of capability development proves that the contrary can be also true. Although previously the literature has associated radical changes somehow instantly with dynamic capabilities, the analysis suggest that extremely turbulent exogenous shocks can lead to internal disturbances and misalignment in the relationship between some of the micro-foundations composing them which on the other hand can constrain the level of impact that the capability under study has in the process of organisational adaptation and development. The third contribution of this work is methodological which is accomplished by the adoption of a process methodology and a ‘hybrid’ strategy of processual data analysis, which complements the existing variance research stream in the study of organisational capability, which is predominately positivist in nature. Lastly but not the least important, this phenomenon-driven research contributes to the recent call in the strategic management field for exploring “bigger issues”, such as the global financial crisis which are often a “window of opportunity” and lead to relevant knowledge for managerial practice, citizens and policy makers.
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Von Sternstunden und Fehlstunden / Of magic moments and missing momentsWimmer, Willy January 2009 (has links)
"Der 8. Mai hat es in sich. Es ist aber nicht nur die Geschichte. Die Woche vom 8. Mai war in diesem Jahr die 'Woche der Wahrheit' im Bundestag, eine Kristallkugel, die einen düsteren Blick in die Zukunft erlaubt. Das wurde durch zwei Ereignisse klar, die etwas verband, ohne dass sie zusammen geplant waren. [...]"
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Do Bank Bailouts Work? The Effect of Reconstruction Finance Corporation Aid During the Crisis of 1933Bobroff, Katherine 24 April 2009 (has links)
Do bank bailouts work? Government aid initiatives implemented to stem the current crisis raise important questions about the role of monetary policy in preventing bank failures. The scale of this bailout program defies comparison with any other aid package implemented in the post-World War II period. Fortunately, the operations of the Reconstruction Finance Corporation (RFC) during the Great Depression provide a historical experiment to examine the effects of government rescue programs on financial institutions. This paper examines the effects of the RFC's loan and preferred stock programs on bank failure rates during the crisis of 1933. Using a new database on Michigan banks, I employ survival analysis to examine the effectiveness of the RFC's loan program and preferred stock purchases on bank failure rates. My analysis suggests that the loan program increased the failure rates of banks during the crisis by increasing the indebtedness of financial institutions. Conversely, I find that the RFC's purchases of preferred stock increased the chances that a bank survived the financial crisis. Injections of capital helped repair the balance sheets of banks and restored confidence in the financial system. Ultimately, this historical experiment provides some insight into how government aid programs might curtail banking crises.
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Economic performance and Political Trust: The impact of the Financial Crisis on European citizensKroknes, Veronica Fagerland January 2013 (has links)
Trust links ordinary citizens to the institutions that are intended to represent them, and thereby enhancing both the legitimacy and the effectiveness of democratic government (Bianco 1994; Gamson 1968; Braithwaite and Levi 1998; Hetherington 1998). It is therefore an essential part of a democratic system. People have confidence in their leaders when the government is working well, and absence of political confidence could threaten the system’s legitimacy. Mistrust by the citizens is often expressed as an unwillingness to follow political outcomes, which prevents progress from happening in the political process (Norris 1999). In this thesis I investigate whether economic performance affects political trust, and if the 2008 financial crisis has decreased confidence levels due to the severity of its consequences. By using multilevel modeling to analyze data from 25 European countries, I find that economic performance is an important component in levels of trust. I am also able to conclude that the financial crisis has reduced citizen’s trust in political institutions in the countries where the crisis has had a severe impact on the economy. As much research emphasizes the importance of individual perception of economic performance, this has also been tested for. The results indicate that individual perception of the economic situation, influence trust just as much, if not more, than the actual economic situation.
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Corporate governance affects the occurance of financial crisis which result from financial variables or mecroeconomic variablesWang, Guang-ren 30 July 2010 (has links)
.Taiwan is the island country, the exportation value occupies GDP 70%. Taiwan exports many products to the mainland , then these products exports to each place in the world, in which mostly is the European,American and other advanced countries. US is especially important nation to the product demand .Its demand degree is affecting the Taiwan economy deeply. Therefore, when these countries's demand weaken, it will affect Taiwan's exportation situation.And this means global environment and Taiwan's economical growth will be closely linked.However, while the overall environment changes, the enterprises does not just let their companies to go out of business or to rally. Under better mangerment, many enterprises still might passed the crisis safely.This paper discusses if the overall environmental factor changes , under certain governing condition, the occurance of financial crisis will be affected or not.
This paper uses Logit and the Probit model.Moreover, we know many traditional papers researched the relationship between financial variables and the financial crisis , and this paper also want to discuss if the financial factor changes , under certain governing condition, the occurance of financial crisis will be affected or not.The related result is as follows:
1. American overall variables, the financial variables and the company govern variables separately affect the occurance of finance crisis .
2.Regarding the research about ¡§If the overall environmental factor changes , under certain governing condition, the occurance of financial crisis will be affected ,¡¨the result shows interactive effects between overall variables and company govern variables do not very remarkable.And Regarding the research about ¡§If the financial factor changes , under certain governing condition, the occurance of financial crisis will be affected ,¡¨the result shows interactive effects between financial variables and company govern variables are more remarkable.
3.Under better corporate governance , besides the financial fluidity, the financial condition is also better.
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