The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector

This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.

The us subprime crisis and stock market integration: evidence from the BRICS

The aim of this study is to examine the level of stock market co-movement in the BRICS countries and three major industrialized countries (Japan, UK and USA). While analyzing the interdependence and integration of markets, two subsets are examined: before (2000 – 2007) and during the global financial crisis (2007-2011). Generally, interdependence across markets is likely to increase during a highly volatile period. This is problematic because if it were true, the main benefit of international diversification would be reduced at times when it is most needed. The results reveal the dominant role of the US financial markets over the examined time period. Empirical studies of this research paper indicate that cross-market linkages have become slightly stronger during the ongoing subprime crisis than before crisis. However, results also show that an investor may obtain some international diversification benefits by investing especially in the BRICS countries despite the fact of unstable economic condition and growing globalization.

The backwoods of our backyards : Ontario pioneers and the crisis of ecology /

Early in his landmark ecocritical book The Comedy of Survival, Joseph Meeker develops an intriguing hypothesis about human behaviour. He remarks the species Homo sapiens tend to behave like an invasive or pioneering organism, entering a bio-geographical region and aggressively outcompeting all other species for space and resources. Moreover, he suggests, human cultural traditions, at least in the West, have reinforced such behaviour, continually insisting that the impulses he describes are both necessary and right. While Meeker's work goes on to assess a number of literary works in both the tragic and comic modes, his work never fully explores this hypothesis in the context of human pioneers; that is, there is no ~xploration o( how these themes manifest themselves within our culture and what role they might play in the culture of specific pioneering groups. This project is an attempt at just such an analysis, examining the validity of Meeker's hypothesis through a case study of settler literature in Upper Canada/Ontario between the . years 1800-1867. It explores Meeker's work within three main areas: first, Chapter Two situates his book historically within the field of ecocriticism, showing what came before and the explosion of ecocritical inquiry that followed its release. This chapter also delves into the rift between the natural sciences and humanities, arguing that a move towards deeper interdisciplinarity is r:tecessary for the future. Chapter Three examines the biological and ecological ground on which Meeker rests his hypothesis through exploring evolutionary biology as well as invasive and pioneer species behaviour. Lastly, Chapter Four examines how these ecological principles are manifested in the writings of early Canadian settlers, suggesting that Meeker's hypothesis indeed finds itself on stable footing.

A crisis of social democracy : organized labour and the NDP in an era of neoliberalism

The NDP was founded out of the ashes of the Co-Operative Commonwealth Federation to cooperate with the Canadian Labour Congress to become the 'political arm of organized labour' in Canada. The NDP has long claimed they are the party which represents the policy goals of organized labour in Canada: that the NDP alone will fight for trade union rights, and will fight for Canadian workers. Divergent Paths is an examination of the links between the labour movement and the ND P in an era ofneo-liberalism. Provincial NDP governments have become increasingly neoliberal in their ideological orientation, and have often proved to be no friend to the labour movement when they hold office. The Federal party has never held power, nor have they ever formed the Official Opposition. This thesis charts the progress of the federal NDP as they become more neoliberal from 1988 to 2006, and shows how this trend effects the links between the NDP and labour. Divergent Paths studies each federal election from 1988 to 2006, looking at the interactions between Labour and the NDP during these elections. Elections provide critical junctions to study discourse - party platforms, speeches, and other official documents can be used to examine discourse. Extensive newspaper searches were used to follow campaign events and policy speeches. Studying the party's discourse can be used to determine the ideological orientation of the party itself: the fact that the party's discourse has become neoliberal is a sure sign that the party itself is neoliberal. The NDP continues to drive towards the centre of the political spectrum in an attempt to gain multi-class support. The NDP seems more interested in gaining seats at any cost, rather then promoting the agenda of Labour. As the party attempts to open up to more multi-class support, Labour becomes increasingly marginalised in the party. A rift which arguably started well before the 1988 election was exacerbated during that election; labour encouraged the NDP to campaign solely on the issue of Free Trade, and the NDP did not. The 1993 election saw the rift between the two grow even further as the Federal NDP suffered major blowbacks from the actions of the Ontario NDP. The 1997 and 2000 elections saw the NDP make a deliberate move to the centre of the political spectrum which increasingly marginalised labour. In the 2004 election, Jack Layton made no attempt to move the party back to the left; and in 2006 the link between labour and the NDP was perhaps irreparably damaged when the CAW endorsed the Liberal party in a strategic voting strategy, and the CLC did not endorse the NDP. The NDP is no longer a reliable ally of organized labour. The Canadian labour movement must decide wether the NDP can be 'salvaged' or if the labour movement should end their alliance with the NDP and engage in a new political project.

Análisis de la vulnerabilidad en condiciones de dependencia en el caso chileno y mexicano durante la crisis económica mundial 2008-2010

La presente monografía busca analizar el comportamiento de las economías chilena y mexicana durante la crisis económica mundial (2008-2010), para estimar el grado de dependencia económica que estas presentan, el cual está determinado por sus patrones de comercio y sus socios comerciales. A partir de lo anterior, la investigación propone como objetivos particulares: describir las principales características de las economías chilena y mexicana e identificar los factores propios de estas economías que canalizaron los efectos negativos de la crisis económica mundial de 2008; analizar los efectos que las variaciones de los parámetros de observación seleccionados (exportaciones e IED) trajeron sobre la balanza de pagos de Chile y México durante los años de la crisis (2008-2010) para determinar su vulnerabilidad; y comparar los resultados del cálculo de vulnerabilidad de cada economía para estimar el grado de dependencia que presentan Chile y México.

Liderazgo y resiliencia organizacional en la crisis financiera global del 2008–2009

Durante la crisis financiera global de 2008 muchas organizaciones y mercados financieros tuvieron que terminar sus operaciones o replantearlas debido a los choques que golpearon el bienestar de sus empresas. A pesar de esta grave situación, en la actualidad se pueden encontrar empresas que se recuperaron y salieron del terrible panorama que les presentó la crisis, incluso encontrando nuevas oportunidades de negocio y fortaleciendo su futuro. Esta capacidad que algunas organizaciones tuvieron y que permitió su salida victoriosa de la crisis se denomina resiliencia, la cual es la capacidad de sobreponerse a los efectos negativos de choques internos o externos (Briguglio, Cordina, Farrugia & Vella 2009). Por tanto en el presente trabajo se estudiará esta capacidad tanto en la organización como en los líderes para hallar factores que mejoren el desempeño de las empresas en crisis como la que ocurrió en el 2008 – 2009. Primero se realizará un estudio sobre los sucesos y el desarrollo de la crisis subprime del año 2008 para tener un entendimiento claro de sus antecedentes, desarrollo, magnitud y consecuencias. Posteriormente se realizará un estudio profundo sobre la teoría de la resiliencia organizacional y la resiliencia en el líder como individuo y los estilos de liderazgo. Finalmente teniendo un sustento teórico tanto de la crisis como del concepto de resiliencia se tomarán casos de estudio de empresas que lograron perdurar en la crisis financiera del 2008 y empresas que no lograron sobrevivir para posteriormente hallar características del líder y del liderazgo que puedan aumentar o afectar la capacidad de resiliencia de las organizaciones con el objetivo de brindar herramientas a los líderes actuales para que manejen de forma eficiente y eficaz las empresas en un mundo complejo y variable como el actual.

Package models and the information crisis of prebiotic evolution

The coexistence between different types of templates has been the choice solution to the information crisis of prebiotic evolution, triggered by the finding that a single RNA-like template cannot carry enough information to code for any useful replicase. In principle, confining d distinct templates of length L in a package or protocell, whose Survival depends on the coexistence of the templates it holds in, could resolve this crisis provided that d is made sufficiently large. Here we review the prototypical package model of Niesert et al. [1981. Origin of life between Scylla and Charybdis. J. Mol. Evol. 17, 348-353] which guarantees the greatest possible region of viability of the protocell population, and show that this model, and hence the entire package approach, does not resolve the information crisis. In particular, we show that the total information stored in a viable protocell (Ld) tends to a constant value that depends only on the spontaneous error rate per nucleotide of the template replication mechanism. As a result, an increase of d must be followed by a decrease of L, so that the net information gain is null. (C) 2008 Elsevier Ltd. All rights reserved.

As políticas anticíclicas brasileiras da crise financeira de 2008 : uma análise setorial

A crise financeira internacional de 2008 afetou tanto a economia dos Estados Unidos quanto a economia mundial. Assim, discutiu-se as origens da crise do “subprime”, em uma contextualização histórica e entendeu-se a repercussão dessa crise, com foco nas medidas anticíclicas brasileiras adotadas em nível setorial. Através de estudos econométricos que visavam avaliar a eficácia dessas medidas de políticas fiscal, monetária e creditícia, direcionadas aos setores automotivo, de construção civil e de móveis e eletrodomésticos, buscou-se entender a eficácia das medidas anticíclicas tanto como incentivo econômico, quanto na manutenção do nível de emprego, dois dos principais focos das políticas anticíclicas brasileiras. A análise empírica revelou, no lado do incentivo dos setores, que a política monetária expansionista não teve o efeito esperado em nenhum dos três setores testados, enquanto que as políticas creditícia e fiscal, também expansionistas, tiveram efeitos positivos sobre os setores em estudo. Pelo lado da eficácia na manutenção do emprego, as políticas fiscal e monetária foram eficazes para os três setores analisados, o que nos permite concluir que as medidas do governo tiveram alguma forma de eficácia. É importante ressaltar que se assumiu a premissa para as séries de IPI sobre o setor de móveis e eletrodomésticos e a série de desemprego, que não estavam disponíveis de forma específica, constituindo uma limitação ao trabalho.

The importance of firms' strategic resources and capabilities in crisis situations

The general idea of this research is to analyze overall firm performance before and after the global financial crisis of 2008. The main question is: What kind of strategies did companies adopt that led to positive business performance after the crisis? Are there any particular competitive advantages that bring better performance in the case of an economic downturn? This research focuses on competitive advantage gained by resource-based view attributes of a product (quality, durability and prestige) and dynamic capabilities (strategic flexibility in product development and technological innovation ability). The economic crisis setting provides a proper background to analyze the competitive advantage strategies in a dynamic, low-probability environment to determine which are most worth adopting in the business world. I employ an OLS regression analysis in order to measure the business performance of 136 Brazilian firms across four years – 2002, 2005, 2008 and 2012. The findings indicate that even though all of the strategic resources and capabilities positively influence firm performance in expansionary periods, only the superior product characteristics are pertinent in surviving an economic downturn.

A new dic(7;12)(p12.21;p12.2) and i(12)(q10) during the lymphoid blast crisis of patient with Ph plus chronic myeloid leukemia

Chronic myelogenous leukemia (CML) is a common myeloproliferative disease that is characterized by the clonal expansion of marrow stem cells, and is associated with the Philadelphia chromosome. As the disease progresses, additional chromosome abnormalities may arise. The prognostic impact of secondary chromosomal abnormalities in CML is complex, heterogeneous, and sometimes related to previous treatment. Here, we describe a CML patient in lymphoid blast crisis associated with a new chromosomal abnormality identified, dic(7;12)(p12.21;p12.2) and i(12)(q10) using classical cytogenetics and spectral karyotype analysis. To the best of our knowledge, this is the first report of t(7;12)(p11.1;q11.1) and i(12)(q10) in a CML patient with lymphoid evolution.

The EMS Crisis of the 1990s: Parallels with the present crisis? CEPS Working Document No. 393, 28 March 2014

The EMS crisis of the 1990s illustrated the importance of a lack of confidence in price or exchange rate stability, whereas the present crisis illustrates the importance of a lack of confidence in fiscal sustainability. Theoretically the difference between the two should be minor since, in terms of the real return to an investor, the loss of purchasing power can be the same when inflation is unexpectedly high, or when the nominal value of government debt is cut in a formal default. Experience has shown, however, that expropriation via a formal default is much more disruptive than via inflation. The paper starts by providing a brief review of the EMS crisis, emphasising that the most interesting period might be the ‘post-EMS’ crisis of 1993-95. It then reviews in section 2 the crisis factors, comparing the EMS crisis to today’s euro crisis. Section 3 outlines the main analytical issue, namely the potential instability of high public debt within and outside a monetary union. Section 4 then compares the pressure on public finance coming from the crises for the case of Italy. Section 5 uses data on ‘foreign currency’ debt to disentangle expectations of devaluation/inflation from expectations of default. Section 6 concludes.

Tanulságok a gazdasági és monetáris unió számára a 2008-as világgazdasági válság kapcsán (Lessons for the Economic and Monetary Union from the 2008 global economic crisis)

Írásunkban a 2008-ban kitört világgazdasági válságnak a Gazdasági és Monetáris Unióra gyakorolt hatásait elemezzük. Tanulmányunkban rávilágítunk a Gazdasági és Monetáris Unió két olyan problémájára, amelyek a válság után váltak igazán nyilvánvalóvá. Egyrészt a görög államcsődveszély, illetve egyes, korábban jól teljesítő országok botladozása jelzi, hogy a Monetáris Unió intézményrendszere legalábbis hiányos. A másik kérdés összefügg az előzővel, és azon országok szemszögéből érdekes, amelyek csatlakozni kívánnak a GMU-hoz: felerősödtek azok a vélemények, amelyek a csatlakozás elhalasztása mellett foglalnak állást. Tanulmányunk második részében ezt a kérdést járjuk körbe. / === / In our paper we are analyze the effects of the economic crisis of 2008 on the Economic and Monetary Union. We are focusing on two core problems of the EMU which came to surface only after the outbreak of the crisis. First, we address the fiscal problems of Greece and other member states which performed well before the crisis. These problems show that there are major institutional shortcomings in the Monetary Union. The second question is connected to the first one and concerns the new member states of the European Union and their strategies to join the Euro zone. After the crisis more and more voices in the new member states suggest postponing EMU membership.

“An Ebbing Tide Lowers all Boats” How the great recession of 2008 has affected men and women in Central and Eastern Europe

In this paper we explore the impact of the economic recession of 2008 on gender inequality in the labor force in Central and Eastern European countries. We argue that job and occupational segregation protected women’s employment more than men's in the CEE region as well, but unlike in more developed capitalist economies, women’s level of labor force participation declined and their rates of poverty increased during the crisis years. We also explore gender differences in opinions on the impact of the recession on people’s job satisfaction. For our analysis we use published data from EUROSTAT and our own calculations from EU SILC and ESS 2010.

Crisis of work as a social integration factor

This article analyzes the process of deterioration of the work as a source of social rights and as a social integration element. The context of this process is the passage of a wage-labour society with stable employment to other where the labour relations are deregulated. This aim was tackled by means of quantitative and qualitative techniques. Secondary sources of statistical information were used together with interviews to experts of the institutional sphere. The results of this research show the emergence of a new exclusive model of social cohesion based on intensification and generalization of social inequalities and job insecurity. In this new model of social cohesion, it is noted that the integration strategies of people have less and less support from Government and people are neglected. This process appears in the four spheres that classify the social exclusion risks factors: the structural, the institutional, the relational and the individual.