The Role of Private Debt in Determining the Impact of a Financial Crisis: Evidence from System-GMM OECD Panel Data

2018 ◽  
Author(s):  
Charles Shaw
Keyword(s):  
Panel Data ◽  
Financial Crisis ◽  
Private Debt ◽  
System Gmm ◽  
The Impact

scholarly journals The Effect of Business Cycles on Health Expenditure: A Story of Income Inequality in China

2021 ◽  
Vol 9 ◽  
Author(s):  
Xiaohong Pu ◽  
Ming Zeng ◽  
Yaling Luo
Keyword(s):  
Panel Data ◽  
Financial Crisis ◽  
Income Inequality ◽  
Business Cycles ◽  
Health Expenditure ◽  
Before And After ◽  
The Government ◽  
The Impact

Using the panel data of 31 regions in China from 2002 to 2018, this study aims to investigate the effect of business cycles on health expenditure from the role of income inequality. We find that health expenditure experiences a change from pro-cyclical to counter-cyclical with business cycles. Specifically, business cycles have a different influence on health expenditure before and after the financial crisis in 2008. Our findings also show that income inequality can moderate the impact of business cycles on health expenditure in China. More importantly, the role of income inequality in the above issue varies from different regions. We conclude that the government should try to take active steps to control health expenditure by decreasing income inequality.

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

Just Like Leaves in the Wind? Exploring the Effect of the Interplay of Media Coverage and Personal Characteristics on Issue Salience

2017 ◽  
Author(s):  
Agatha Kratz ◽  
Harald Schoen
Keyword(s):  
Individual Differences ◽  
Panel Data ◽  
Financial Crisis ◽  
Media Coverage ◽  
News Coverage ◽  
Personal Characteristics ◽  
Election Campaign ◽  
Issue Salience ◽  
Cross Sectional ◽  
The Impact

This chapter explores the effect of the interplay of personal characteristics and news coverage on issue salience during the 2009 to 2015 period and during the election campaign in 2013. We selected four topics that played a considerable role during this period: the labor market, pensions and healthcare, immigration, and the financial crisis. The evidence from pooled cross-sectional data and panel data supports the notion that news coverage affects citizens’ issue salience. For obtrusive issues, news coverage does not play as large a role as for rather remote topics like the financial crisis and immigration. The results also lend credence to the idea that political predilections and other individual differences are related to issue salience and constrain the impact of news coverage on voters’ issue salience. However, the evidence for the interplay of individual differences and media coverage proved mild at best.

The impact of the global financial crisis on Millennium Development Goal attainment in Africa

2017 ◽  
Author(s):  
Leah McMillan Polonenko
Keyword(s):  
Financial Crisis ◽  
Goal Attainment ◽  
Global Financial Crisis ◽  
Adequate Funding ◽  
Development Goals ◽  
Education In Ghana ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Global Initiatives

This chapter examines the challenges involved in attaining the Millennium Development Goals (MDGs) in Africa in the wake of the 2008 global financial crisis and highlights important lessons for future financing of global initiatives. The 2008 global financial crisis provided a very important caution: global initiatives are only as good as their global conditions. The crisis had very real consequences for the education sector, particularly through the reduction of adequate funding. The chapter first considers the consequences of the global financial crisis to education, taking into account the role of foreign aid, before discussing the cases of primary education in Ghana and Zimbabwe. It concludes by suggesting some best practices for learning from the failures to education from the 2008 agenda.

Role of gender and corporate risk taking

2020 ◽  
Vol 20 (3) ◽  
pp. 383-399 ◽  
Author(s):  
Dene Hurley ◽  
Amod Choudhary
Keyword(s):  
Panel Data ◽  
Risk Taking ◽  
Financial Risk ◽  
Chief Financial Officers ◽  
Board Members ◽  
Content Type ◽  
Equity Ratio ◽  
Glass Cliff ◽  
The Impact

Purpose The purpose of this study is to examine the role of chief financial officers’ (CFOs’) gender in financial risk taking of 58 US companies along with the impact of having women board members. Design/methodology/approach Using a panel data of 58 selected S&P 500 companies during the period 2012-2016, this paper determines whether the gender of CFOs and having women board members play a role in risk-taking behavior of firms. Findings Firms led by female CFOs are smaller in size with lower net income and net revenue. The panel data analysis shows that the impact of female CFOs on firms’ financial risk is mixed, depending on risk measures used, whereas increasing female board members reduces that risk. Research limitations/implications The data used is limited to 58 S&P 500 companies, and two of the three risk-taking measures used in the study, specifically investment in property, plant and equipment (PPE) and debt/equity ratio, may not be applicable to some industries. Practical implications The findings provide mixed evidence of risk aversion by females in executive and leadership positions, depending on the measures used and the management responsibilities they undertake (CFO versus board member) with support for the glass cliff phenomenon in which females may be leading financially precarious organizations. Social implications Female CFOs are found to be leading relatively smaller and financially poor-performing firms compared with the male CFO-led firms, thereby giving support to the glass cliff arguments. Originality/value The paper examines the role of CFOs’ gender and board diversity in risk taking as measured by the investment in PPE, debt/equity ratio and stock return volatility.

The Baring Crisis and the Brazilian Encilhamento, 1889–1891: An Early Example of Contagion Among Emerging Capital Markets

2005 ◽  
Vol 12 (2) ◽  
pp. 199-225 ◽  
Author(s):  
GAIL D. TRINER ◽  
KIRSTEN WANDSCHNEIDER
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Capital Flows ◽  
International Markets ◽  
Money Markets ◽  
Bond Yield ◽  
History Of ◽  
Emerging Capital Markets ◽  
The Impact

This article assesses the role of international markets in the brazilian financial crisis of 1890/91 (the crash of the encilhamento). It looks for the impact of the argentine financial crisis in 1890 (the baring crisis) on brazilian access to capital markets. The history of bond yield fluctuations in london for brazilian and argentine debt, exchange rates, data on investment flows and archival and journalistic accounts reveal a close congruence between the argentine and brazilian crises. The effects of the argentine experience carried over to brazil because the open capital and money markets of the period easily transmitted crisis from one economy to another and because fundamental conditions in both economies rendered them similarly vulnerable to fluctuations in capital flows. The article raises this case as a precedent for the contagious financial crises that emerging markets faced at the end of the twentieth century.

scholarly journals The Responsible Business:  Corporate Social Responsibility in the Recession

2021 ◽  
Author(s):  
◽  
Isaac Jordan Rodgers
Keyword(s):  
Financial Crisis ◽  
Social Responsibility ◽  
Corporate Strategy ◽  
Social Responsibilities ◽  
Economic Context ◽  
The World ◽  
Business In Society ◽  
The Impact

<p>The 2008 financial crisis and recession crippled some of the largest businesses in the world and caused severe recession across the world. However, prior to the focus on economic recovery, social responsibility and sustainability were major themes in the business world and debate centred on the role of business in society. The key question and area for research was how the financial crisis affected this debate. This thesis uses the financial crisis to explore the role and responsibilities of business. This research is located firmly within the literature on business and society, where the key debates centre on the role of business and the scope of business responsibilities. The literature on social responsibility has a notable gap in the fact that it does not address the impact of economic context on social responsibilities. The methodology of this paper uses a set of twenty-one interviews. These interviews consisted of three sets of seven interviews with different participant groups for each set. The participant groups consisted of consumers, policy managers and business managers. These interviews were analysed for themes through the data analysis method of coding. The findings of this paper suggest that the role of business in society should be focused on the generation of profit and that the recession or other economic influences do not change this role. These findings also suggest that although businesses are responsible only for complying with the law, they should also satisfy their customers, engage in activities beneficial to their long term interest and avoid actions which cause harm to others or undermine the long term viability of the business. The findings also imply that neither economic context nor profit, changes these responsibilities. These findings make important theoretical and practical contributions. The theoretical contributions support the literature arguing for a limited scope on the role of business. They also argue in favour of social responsibilities being voluntary. The finding that economic context and profitability have no impact on responsibility is important in its own right, but also suggests that business responsibilities are static. This paper makes another contribution through models which are based on the findings. These models combine social responsibility with corporate strategy to show the concept of a responsible business and the difference between voluntary, compulsory and strategic responsibilities.</p>

Economic impact of floods in the Indian states

2019 ◽  
Vol 25 (3) ◽  
pp. 267-290 ◽  
Author(s):  
Yashobanta Parida
Keyword(s):  
Economic Development ◽  
Panel Data ◽  
Economic Impact ◽  
Central Government ◽  
State Level ◽  
Indian States ◽  
Empirical Results ◽  
Political Alignment ◽  
The Impact

AbstractWe examine the impact of economic development and the role of political alignment on the fatalities and damages due to floods using state-level panel data for 19 Indian states over the period 1980–2011. The empirical results confirm that economic development leads to a decline in flood fatalities and damages due to floods across Indian states. This study also examines the role of politics in the prevention of flood fatalities. We find that both state election years and political alignment influence the extent of flood fatalities. The results suggest that not only economic development but also healthy political coordination between the central government and the states is essential to mitigate the impact of floods.

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