The general objective of this dissertation is to analyze the transmission of global economic crises in order to provide useful information to preserve the stability of the economy. To attain this general objective, three specific objectives are pursued through the different chapters of this study. Chapter 2 analyses the contagion effect in the US banking sector. To achieve this goal, the spatial correlation methodology is used to capture the effect of the risk-taking of banks that belong to a same neighborhood. Our results reveal the usefulness of the approach proposed by this dissertation as a proper tool to track and monitor the contagion in the banking sector. In particular, we provide evidence of a significant contagion effect thorough three different channels: banks that belong to the same state, same Federal-Reserve district, and are of the same size. Furthermore, National banks show no significant contagion which evidences an important stability of this group of banks. Finally, the pure-panic hypothesis is rejected given that there is no significant contagion effect transmitted from one bank to the whole banking sector. Chapter 3 studies the determinants of the transmission of global economic crises across countries. An Event Study is used to determine the number of days that a global disturbance takes to impact a stock market. This constitutes our measure of the transmission effect. Moreover, we use Survival Analysis in order to identify macroeconomic determinants of the transmission of global crises across countries. Therefore, a set of macroeconomic variables are identified to have a significant impact on the probability of transmission of a global economic crisis. As a consequence, these variables can be used to decrease the probability of transmission and then preserve the stability of the economy. Chapter 4 investigates the determinants of the long-term interest rate parity in order to provide useful information to decrease the cost of international funding. In this way, the ability to face the consequences of economic crises can be enhanced by the access to cheaper funding for public policies. In addition, we test the uncovered interest rate parity (UIRP) hypothesis. By using a Gravity model, we provide a set of macroeconomic determinants of the long-term interest rate differential. Furthermore, we provide evidence that supports the UIRP which is an important contribution to the interest-rate literature given most of the empirical studies rejects this hypothesis.

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Drawing on the “predator” model of ntrepreneurship put forward by Villette and Vuillermot in their 2009 book “From Predators to Icons,” this article argues that challenging economic times reveal that self-funded, collaborative information literacy models have in many cases unsustainably overstretched staff and budgets. In such circumstances, it is necessary for librarians to shift to an entrepreneurial approach that seeks profitable opportunities funded by parties other than the library in order to build capital for current and future instructional services. Following Villette and Vuillermot, the article seeks to refute a cultural myth that sees the entrepreneur as someone who is first and foremost a “do-gooder” or marketer of helpful products, and it also advocates that librarians adopt a view of the entrepreneur as one who preys on unexploited, lowcost/high-profit opportunities to leverage “other people’s money” to build capital for later innovation. The article considers the economics of information literacy and library instruction programs, provides historical context for what has come to be known as the “collaborative imperative,” points to the economic shortsightedness of many collaborative and “embedded librarian” partnerships, and details six examples from information literacy programs that model successful entrepreneurship of the sort argued for.

The number of investor-state arbitration disputes has been on the rise since the mid 1990s. Their determinants are still not fully understood. This study empirically examines the effects of economic crises on investor-state arbitration claims, based on international investment agreements (IIAs). We use a unique dataset containing 961 investor-state arbitration claims covering 132 host (defendant) and 75 home (claimant) countries over the 1986-2017 period. We find that episodes of economic crises are positively and significantly associated with the number of investor-state arbitration cases and we uncover evidence that the type of economic crisis matters. In addition, the positive impact of economic crises on arbitration cases is inversely related to the rule of law in a host country. These results are consistent with the view that governments are prioritizing policy actions aiming at mitigating the negative impact of economic crises over compliance with their obligations in IIAs. From a policy perspective, our results suggest that besides strengthening the rule of law domestically, the IIA system should be reformed with a focus on avoiding a vicious circle, thus shortening the recovery period after economic crises. / Series: Department of Economics Working Paper Series

Orientador: Daniela Magalhães Prates / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-17T11:51:32Z (GMT). No. of bitstreams: 1 Lodi_AnaLuizaGuimaraes_M.pdf: 1522866 bytes, checksum: d8c372f7737fc20d3b68f8b27a597c88 (MD5) Previous issue date: 2010 / Resumo: Esta dissertação pretende mostrar como no Brasil e a Índia - que possuem sistemas bancários mistos, com participação significativa de bancos públicos - esses bancos tiveram um papel fundamental na atenuação do efeito-contágio da crise econômica internacional por meio da realização de ações anticíclicas, que constituem uma das funções das instituições financeiras públicas. Os sistemas bancário brasileiro e indiano passaram por amplas reformas a partir do início da década de 1990, no âmbito dos processos de liberalização financeira interna que integraram as chamadas reformas neoliberais. No Brasil, muitos bancos foram privatizados, enquanto na Índia, apesar da venda de parte do capital de várias instituições públicas, o governo manteve o controle dessas instituições. Sendo assim, mesmo após as reformas, a presença de bancos públicos nos dois países continuou relevante, principalmente na Índia. Diante do contágio da crise, a maioria das iniciativas de política econômica teve como denominador comum a ação anticíclica, contrariando o padrão adotado em situações anteriores de instabilidade. Nos dois países, a existência de um sistema bancário misto, permitiu a adoção de ações anticíclicas por essas instituições, contribuindo para atenuar a contração do crédito por parte das instituições privadas, que adotam um comportamento cauteloso nos momentos de reversão do ciclo. A despeito das especificidades de cada país, os bancos públicos garantiram a manutenção dos fluxos de crédito após o efeito-contágio, o que resultou na ampliação da participação deste tipo de instituição no estoque de crédito doméstico das duas economias estudadas / Abstract: This thesis aims to show how in Brazil and India - which have banking systems, with significant participation of public banks - these banks had a key role in mitigating the contagion effect of the international economic crisis by holding countercyclical actions, which constitute one of the functions of public financial institutions. The Brazilian and Indian banking systems have undergone extensive renovations, from the early 1990s, in proceedings of internal financial liberalization that joined the so-called neoliberal reforms. In Brazil, many banks were privatized, while in India, despite the sale of part of the capital from various public institutions, the government kept the control of these institutions. Thus, even after the reforms, the presence of public banks in both countries continued relevant, especially in India. Given the contagion of the crisis, most economic policy initiatives had a common denominator that was the anti-cyclical action, contrary to the standard adopted in previous situations of instability. In these two countries, the existence of banking systems with a significant presence of public banks allowed the adoption of countercyclical actions by these institutions, helping to mitigate the contraction of credit by private institutions, which adopt a cautious behavior in moments of reversal of cycle. Despite the specificities of each country, the public banks ensured the maintenance of credit flows after the contagion effect, which resulted in a increasing of the involvement of this kind institution in stock of domestic credit of the two studied economies / Mestrado / Politica Economica / Mestre em Ciências Econômicas

The diploma thesis deals with economy of Egypt and its position in the international tourism market. The aim of the thesis is to analyse economy and tourism of Egypt and define their relationship. The thesis is focused on the period of global economic crises and the following political crises, and tries to emphasize the impact of these two events. The thesis is divided into three chapters; the first one is a theoretical basis for the analysis itself. The second chapter is devoted to an outline of the political situation and analyses development of the main macroeconomic indicators in the context of the events of past few years. The third chapter analyses tourism and its effect on the economy.

The year 2020 has so far stood completely under the influence of Corona. The virus was first detected in China in late 2019, and spread all over the globe over the coming months. Nearly everyone was, and is, affected. People were afraid of getting infected and limited all sort of social interaction. Many countries implemented shutdowns with the goal of reducing the spread of the virus and saving lives. While the virus has spread, the world have experienced the severe recession in a long time. Beyond economics, Corona is present in every aspect of our daily life. On the one hand, there has been a tremendous number of touching examples of care for people at risk, and support for the parts of the population who are most affected by the consequences of the epidemic. On the other hand, some people deny the severity of the virus, question the need for social distancing and protest against public health measures. This work aims to summarise the economic literature as of June 2020 on the trade-off between saving lives and livelihoods. The authors wrote it during a Bachelor Seminar, while the whole world learned simultaneously about COVID-19.

This paper investigates the impact of the 2008's financial crisis on local crime rates in Sweden. I deploy a difference-in-differences approach that contrasts the changes in reported crimes between municipalities that are more or less crisis-exposed. The results show no significant effect on any crime category nor the aggregate crime rate. However, there are indications of more densely populated municipalities experiencing an increase in crimes with underlying financial incentives, although not robust. The results are similar when the effect of the Great Recession is compared to the major financial crisis that hit Sweden in the early 90s, suggesting that economic crises do not cause any reactions in crimes. One explanation could be the increase in social grants recipients and the participation in labour market programmes. Both of which cushions the fall in income and reduces criminal motivation. The results appear robust for a variety of alternative severity measures. Potential spillovers between adjacent municipalities do not seem to be a threat as the results are similar for county-level regressions. Overall, the findings in this paper point towards the number of reported crimes being unaffected by the crisis exposure measured as the employment change and change in retail sales.

The impact that economic crises have on firms is profound. Such events affect the extent to which firms invest in innovation. This exploratory study aims to investigate to what extentfirms emphasize exploratory and exploitative innovation as a result of economic crises. The study further aims to examine the presence of a rigid or risk-seeking response, in terms of innovation, as a result of the crisis. Through analysis of the contents of the CEOs’ letters to theshareholders, I captured the firms’ emphasis on exploratory and exploitative innovation in a sample of 14 large Swedish firms, three years before and after the crisis and examined the presence of a rigid or risk-seeking response, by comparing both periods. The findings indicate a short-term rigid response as well as no indication of a risk-seeking response. The study contributes to the body of knowledge about how economic crises impact the firms’ emphasis on investing in innovation, a field lacking a consensus among authors.

As the world becomes more globalized, multinational corporations (MNCs) are obliged to spread and open subsidiaries in foreign countries. Unfortunately, some countries have unstable political systems that exist in a state of systematic crisis. For corporations whose subsidiaries are caught in the middle of a political crisis in foreign territories, this unrest presents high physical and economic risks. Thus, what types of threats do firms encounter, and how do they perceive them? Can their experience influence their perception of the crisis? The focus of this dissertation is to study the decision-making process of multinational corporations in times of political and economic crisis at a subsidiary level, utilizing the example of Mozambique. Two studies were conducted. The first was drawn on prior literature on threat perception, social embeddedness and MNCs’ reaction to external threats. A conceptual model of MNCs’ response to political crises in frontier markets was developed. The antecedents or predictors of exit included influences on exit decision, past experiences, crisis perceptions and the moderator effect of social embeddedness between perception and exit. The second study focused on MNCs that not only decided to stay in the foreign market, but seek for unique opportunities in an economic crisis. The conceptual model created is simple, and builds upon existing literature on social embeddedness, MNCs’ experience, and international staffing. Within the international staffing literature, it provides a strong contribution to the theories on parent country nationals and host country nationals, implementing new constructs such as parent company experience and subsidiary company experience. Both models were tested using a survey data from managers of 108 MNCs’ subsidiaries in Mozambique, some of which exited due to the economic and political crisis, and some of which remained. The results indicate that both models are mostly supported. These studies contribute to the literature involving MNCs in host countries, including threat perception, social embeddedness, local content, international staffing, expatriates and past experiences. In practical terms, they provide a tool for both policymakers and private MNCs to act preemptively in times of political and/or economic crisis. / Business Administration/International Business Administration