A Tale of Three Countries: Recovery after Banking Crises

Highlights: • Iceland, Ireland and Latvia experienced similar developments before the crisis, such as sharp increases in banks’ balance sheets and the expansion of the construction sector. However the impact of the crisis was different: Latvia was hit harder than any other country in the world. Ireland also suffered heavily, while Iceland came out from the crisis with the smallest fall in employment, despite the greatest shock to the financial system. • There were marked differences in policy mix: currency collapse in Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of strict capital controls only in Iceland. The speed of fiscal consolidation was fastest in Latvia and slowest in Ireland. • Economic recovery has started in all three countries and there are several encouraging signals. The programme targets in terms of fiscal adjustment, structural reforms and financial reform are on track in all three countries. • Iceland seems to have the right policy mix. • Internal devaluation in Ireland and Latvia through wage cuts did not work, because privatesector wages hardly changed. The productivity increase was significant in Ireland and moderate in Latvia, yet was the result of a greater fall in employment than the fall in output, with harmful social consequences. • The experience with the collapse of the gigantic Icelandic banking system suggests that letting banks fail when they had a faulty business model is the right choice. • There is a strong case for a European banking federation.

Unintended consequences of crisis management

This contribution attempts to decipher the largely unintended, still predictable consequences of crisis management in the global economy. In a series of improvised, case-bycase and unilaterally demand-focused measures, governments tried to extend the Keynesian arsenal to a system whose basic features are unlike those of the national economy. While the collapse of output and employment, on par with the Great Depression, could indeed be averted, conditions for the resumption of sustainable finance and growth have been undermined.

Effects of the current financial and economic crisis on the rural landscape as well as the agri-food sector in Europe and Central Asia

This paper reviews the expected effects of the current financial crisis and subsequent recession on the rural landscape, in particular the agri-food sector in Europe and Central Asia (ECA) on the basis of the structure of the rural economy and of different organisations and institutions. Empirical evidence suggests that the crisis has hit the ECA region the hardest. Agriculture contributes about 9% to gross domestic product (GDP) for the ECA region as a whole with 16% of the population being employed in the agricultural sector. As far as the impact of the financial crisis on the agri-food sector is concerned, there are a few interconnected issues: (1) reduction in income elastic food demand and commodity price decline, (2) loss of employment and earnings of rural people working in urban centres, implying also costly labour reallocation, (3) rising rural poverty originating mainly from lack of opportunities in the non-farm sector and a sizable decline of international remittances, (4) tightening of agricultural credit markets, and the (5) collapse of sectoral government support programs and social safety-net measures in many countries. The paper reveals how the crisis hit farming and broader agri-business differently in general and in the ECA sub-regions.

The Cuban military in Angola: The limits of internationalism

The Cuban military involvement in Angola has often been seen as a response to the wishes of the former Soviet Union. Yet, Castro intervened in Angola following his theory of internationalism. Internationalism, as conceived by Castro, sent Cubans on a voluntary basis to serve abroad, either in the military or in the civilian sector. This thesis will illustrate that from its inception, Castro sent military troops to Angola to divert domestic concerns and to boost Cuba's alliances throughout the world. Angola is different from other internationalist missions, because in Angola--for the first time--regular combat troops were used. Castro intervened in Angola to prevent a collapse of the Moviemento Popular de Libertacao de Angola (MPLA) government, and stayed on to ensure the viability of the MPLA. The primary sources are interviews conducted by the author, of participants in the Angolan civil war. The secondary sources consulted are works on Cuba, Southern Africa, Portuguese colonialism and Angola. ^

World coffee markets and national coffee parastatals since 1989: A comparative study of Colombia and Cote d'Ivoire

The International Coffee Agreements (ICA) involved the majority of nations producing and consuming coffee and provided relative economic stability to the coffee sectors of the exporting Third World countries. This study focuses on the serious impact of the 1989 collapse of the ICA on the domestic coffee sectors of Colombia and Côte d'Ivoire. In particular, the dissertation examines the role of the Colombian and Ivoirian coffee parastatals, the Federacion Nacional de Cafeteros de Colombia and the Caisse de Stabilisation et Soutien des Prix des Produits Agricoles, during the crisis and their transformation by it. ^ The theoretical framework employed in this study is borrowed from the literature on state-society relations. The methodology includes: in-depth analysis of the historical roles of the parastatal agencies in coffee production, state-society relations and economic development in Colombia and Côte d'Ivoire; interviews with parastatal administrators, producers and other knowledgeable informants in both countries; and a comprehensive review of newspaper articles and official statements of coffee policy published in Colombia and Côte d'Ivoire. prior to, during, and after the crisis. ^ The Colombian and Ivoirian coffee sectors and their producers faced serious economic and social problems following the drop in coffee prices. The coffee parastatals in Colombia and Côte d'lvoire first lost some of their responsibilities following the world coffee crisis. The Caisse was in the end eliminated while FEDECAFE struggled to remain in existence. Along the way, both entities faced protests from disgruntled coffee producers, who organized politically for the first time in their nations' histories. I argue that the outcome for the parastatals depended in part on the conditions of their formation, particularly the level of societal involvement in their creation. I also posit that the country's dependence on foreign aid played a key role in the fate of the parastatals. ^ This dissertation concludes that developments in the Colombian and Ivoirian coffee sectors have significantly contributed to the creation of the difficult political and economic conditions of both countries today. ^

The electoral geography of the Slovak Republic: A comparison of the 1994, 1998, and 2002 parliamentary elections

In what can rightly be said to be one of the most dramatic geopolitical shifts in modern times, the collapse of communist regimes in Central Europe and the former Soviet Union brought about dramatic changes in the entire region. As a consequence, wide ranging political, economic, and social transformations have occurred in almost all of these countries since 1989. The Slovak Republic, as a newly democratic country, went through the establishment of the electoral and party systems that are the central mechanisms to the formation of almost all modern democratic governments. The primary research purpose of this dissertation was to describe and explain regional variations in party support during Slovakia’s ten years of democratic transformation. A secondary purpose was to relate these spatial variations to the evolution of political parties in the post-independence period in light of the literature on transitional electoral systems. Research questions were analyzed using both aggregate and survey data. Specifically, the study utilized electoral data from 1994, 1998, and 2002 Slovak parliamentary elections and socio-economic data of the population within Slovak regions which were eventually correlated with the voting results by party in the 79 Slovak districts. The results of this study demonstrate that there is a tendency among voters in certain regions to provide continuous support to the same political parties/movements over time. In addition, the socio-economic characteristics of the Slovak population (gender, age, education, religion, nationality, unemployment, work force distribution, wages, urban-rural variable, and population density) in different regions tend to influence voting preferences in the parliamentary elections. Finally, there is an evident correlation between party preference and the party’s position on integration into European Union, as measured by perceived attitudes regarding the benefits of EU membership.

Re-imagining Yerevan in the post-Soviet era: Urban symbolism and narratives of the nation in the landscape of Armenia's capital

The urban landscape of Yerevan has experienced tremendous changes since the collapse of the Soviet Union and Armenia’s independence in 1991. Domestic and foreign investments have poured into Yerevan’s building sector, converting many downtown neighborhoods into sleek modern districts that now cater to foreign investors, tourists, and the newly rich Armenian nationals. Large portions of the city’s green parks and other public spaces have been commercialized for private and exclusive use, creating zones that are accessible only to the affluent. In this dissertation I explore the rapidly transforming landscape of Yerevan and its connections to the development of contemporary Armenian national identity. This research was guided by principles of ethnographic inquiry, and I employed diverse methods, including document and archival research, structured and semi-structured interviews and content analysis of news media. I also used geographic information systems (GIS) and satellite images to represent and visualize the stark transformations of spaces in Yerevan. Informed by and contributing to three literatures—on the relationship between landscape and identity formation, on the construction of national identity, and on Soviet and post-Soviet cities—this dissertation investigates how messages about contemporary Armenian national identity are being expressed via the transforming landscape of Armenia’s national capital. In it I describe the ways in which abrupt transformations have resulted in the physical and symbolic eviction of residents, introducing fierce public debates about belonging and exclusion within the changing urban context. I demonstrate that the new additions to Yerevan’s landscape and the symbolic messages that they carry are hotly contested by many long-time residents, who struggle for inclusion of their opinions and interests in the process of re-imagining their national capital. This dissertation illustrates many of the trends that are apparent in post-Soviet and post-Socialist space, while at the same time exposing some unique characteristics of the Armenian case.

Mastogloia smithii var lacustris Grun.: A Structural Engineer of Calcareous Mats in Karstic Subtropical Wetlands

Mastogloia smithii var. lacustris Grun. is the dominant diatom in periphyton mats of the calcareous, freshwater to brackish wetlands of Caribbean coasts. Despite oligotrophy, frequent desiccation, high irradiance and temperatures, and occasional fire, periphyton communities in these wetlands can produce over 2000 g m-2 of organic biomass, prompting studies that examine stress resistance and maintenance of algal mats under extreme conditions. The diatom flora inhabiting periphyton mats from over 500 sites in the Florida Everglades and similar wetlands in Belize, Jamaica and Mexico was examined, and M. smithii var. lacustris was a persistent component, present in 97% of samples and comprising up to 80% of a diverse diatom assemblage. Valves at various stages of division were observed encased in extracellular polysaccharide that exceeded the cell volume; SEM observations confirm issuance from mantle pores resulting in suspension of the cell in a matrix dominated by cyanobacterial filaments. Using corresponding biophysical data from the collection sites, we define the optima for M. smithii var. lacustris along salinity, pH, phosphorus, and water depth gradients. Experiments revealed a collapse of M. smithii var. lacustris populations in the presence of above-ambient phosphorus concentrations and a rapid resurgence upon reflooding of desiccated mats. This widespread diatom taxon appears to play a critical role similar to that of cyanobacteria in microbial mats, and its disappearance in the presence of enrichment threatens biodiversity and the natural function in these systems that are increasingly influenced by urbanization

Raising Cane in the 'Glades: The Global Sugar Trade and the Transformation of Florida

Over the last century, the Everglades underwent a metaphorical and ecological transition from impenetrable swamp to endangered wetland. At the heart of this transformation lies the Florida sugar industry, which by the 1990s was at the center of the political storm over the multi-billion dollar ecological “restoration” of the Everglades. Raising Cane in the ’Glades is the first study to situate the environmental transformation of the Everglades within the economic and historical geography of global sugar production and trade. Using, among other sources, interviews, government and corporate documents, and recently declassified U.S. State Department memoranda, Gail M. Hollander demonstrates that the development of Florida’s sugar region was the outcome of pitched battles reaching the highest political offices in the U.S. and in countries around the world, especially Cuba—which emerges in her narrative as a model, a competitor, and the regional “other” to Florida’s “self.” Spanning the period from the age of empire to the era of globalization, the book shows how the “sugar question”—a label nineteenth-century economists coined for intense international debates on sugar production and trade—emerges repeatedly in new guises. Hollander uses the sugar question as a thread to stitch together past and present, local and global, in explaining Everglades transformation.

Stray dogs in Bucharest, and the political economy of Romanian socialism. From hunting the “enemies” of Stalinist economy, to poisoning urban parasites, and the rise of urban anarchy: 1950s-1990s.

My paper discusses three different ways in which stray dogs have been intertwined with ideologies of economic and urban development in Romania. I categorize results from archival and ethnographic research under three major time periods: early socialism, late socialism, and post-socialism. During early socialism stray dogs were seen to be damaging the soviet economy by killing species that humans could also hunt, like rabbits. During late socialism, stray dogs appeared as the enemies of the communist city, and the department of urban sanitation was given orders to poison dogs with strychnine. Finally, the increasing number of stray dogs in Bucharest after the collapse of communism was seen as a direct result of former communist demolitions, and was also taken as a sign of the collapsing state. Through such examples my paper discusses how the state and particular population groups have seen dogs as parts of an unwanted and dangerous nature, rather than a species that needs to be protected. I argue that distinctions of nature and culture have served discourses of civilization and the view of Bucharest as a model socialist, and then European city. Throughout my paper I juxtapose the treatment of stray dogs with other, more “valued” urban natures like the protection of parks, the wide-spread hobby of pigeon breeding during socialist years, the most recent debate on saving the rural area of Rosia Montana from non-environmentally friendly methods of gold extraction, and the current trend of healthy eating and living.

The Electoral Geography of the Slovak Republic: A Comparison of the 1994, 1998, and 2002 Parliamentary Elections

In what can rightly be said to be one of the most dramatic geopolitical shifts in modern times, the collapse of communist regimes in Central Europe and the former Soviet Union brought about dramatic changes in the entire region. As a consequence, wide ranging political, economic, and social transformations have occurred in almost all of these countries since 1989. The Slovak Republic, as a newly democratic country, went through the establishment of the electoral and party systems that are the central mechanisms to the formation of almost all modern democratic governments. The primary research purpose of this dissertation was to describe and explain regional variations in party support during Slovakia’s ten years of democratic transformation. A secondary purpose was to relate these spatial variations to the evolution of political parties in the post-independence period in light of the literature on transitional electoral systems. Research questions were analyzed using both aggregate and survey data. Specifically, the study utilized electoral data from 1994, 1998, and 2002 Slovak parliamentary elections and socio-economic data of the population within Slovak regions which were eventually correlated with the voting results by party in the 79 Slovak districts. The results of this study demonstrate that there is a tendency among voters in certain regions to provide continuous support to the same political parties/movements over time. In addition, the socio-economic characteristics of the Slovak population (gender, age, education, religion, nationality, unemployment, work force distribution, wages, urban-rural variable, and population density) in different regions tend to influence voting preferences in the parliamentary elections. Finally, there is an evident correlation between party preference and the party’s position on integration into European Union, as measured by perceived attitudes regarding the benefits of EU membership.

World coffee markets and national coffee parastatals since 1989: a comparative study of Colombia and Cote D'ivoire

The International Coffee Agreements (ICA) involved the majority of nations producing and consuming coffee and provided relative economic stability to the coffee sectors of the exporting Third World countries. This study focuses on the serious impact of the 1989 collapse of the ICA on the domestic coffee sectors of Colombia and Cote d'Ivoire. In particular, the dissertation examines the role of the Colombian and Ivoirian coffee parastatals, the Federacion Nacional de Cafeteros de Colombia and the Caisse de Stabilisation et Soutien des Prix des Produits Agricoles, during the crisis and their transformation by it. The theoretical framework employed in this study is borrowed from the literature on state-society relations. The methodology includes: in-depth analysis of the historical roles of the parastatal agencies in coffee production, state-society relations and economic development in Colombia and Côte d'Ivoire; interviews with parastatal administrators, producers and other knowledgeable informants in both countries; and a comprehensive review of newspaper articles and official statements of coffee policy published in Colombia and Côte d'Ivoire prior to, during, and after the crisis. The Colombian and Ivoirian coffee sectors and their producers faced serious economic and social problems following the drop in coffee prices. The coffee parastatals in Colombia and Côte d'Ivoire first lost some of their responsibilities following the world coffee crisis. The Caisse was in the end eliminated while FEDECAFE struggled to remain in existence. Along the way, both entities faced protests from disgruntled coffee producers, who organized politically for the first time in their nations' histories. I argue that the outcome for the parastatals depended in part on the conditions of their formation, particularly the level of societal involvement in their creation. I also posit that the country's dependence on foreign aid played a key role in the fate of the parastatals. This dissertation concludes that developments in the Colombian and Ivoirian coffee sectors have significantly contributed to the creation of the difficult political and economic conditions of both countries today.

Coastal geomorphology, processes and erosion at the tourist destination of Ferryland, Newfoundland and Labrador

The community of Ferryland is located on the southeastern coast of the Avalon Peninsula. The town traditionally relied on a fishing-based economy until the collapse of the fishery in the early 1990s. The present economy emphasizes sustainable development in the tourism sector with focus on archaeology, geotourism and other recreational uses. This paper discusses coastal erosion and impacts on sites and infrastructure using methods including: local knowledge, Real Time Kinematic (RTK) surveying and other survey techniques, seawater level measurement, meteorological data from a locally-installed station, custom-made drifter tube buoys, photography, HD video, and investigation using various modes of transport including inflatable boat. The major findings of the study include that the residents and stakeholders are genuinely interested in and knowledgeable of coastal erosion. The causes of coastal erosion include: large waves, surge, longshore currents, harbour oscillations, mass wasting, and location of infrastructure causing alterations of these processes. Freeze-thaw Cycles (FTC), rainfall, and gravity loosen and transport rock, till, and fill materials downslope. Large waves and currents transport the materials alongshore or into the nearshore. Harbour oscillations causing high velocity currents (> 2 m/s) are responsible for shoreline erosion and damage to property in The Pool. Historical resources such as gun batteries and ordnance pieces which date to the 1700s are being lost or threatened through coastal erosion of till and rock cliffs. Improper drainage and maintenance is responsible for erosion of roads and supporting shoulders, necessitating mitigation measures. Sediment transport and deposition during and after large wave and surge events lead to undercutting of infrastructure and increased risk of washover of existing infrastructure. Erosion is ongoing at Bois Island and Ferryland Head Isthmus through slope processes and undercutting; The Pool and the lower Colony of Avalon site through harbour oscillations and related undermining; the tombolo and the main breakwater through wave attack; and Meade’s Cove including the East Coast Trail through wave attack and undercutting. The floor of the latrine in the lower Colony of Avalon site indicates that sea level was approximately 1.25m below present in the 1620s, a relative sea level rise rate of 3.2 mm/y. The recommendations include suggested mitigation to reduce impacts specific to each site.

Follow-up of the sponge and asteroid populations at the station Larsen A south (PS69/724-1 and PS77/253-1), Antarctic Peninsula, between 2007 and 2011

Over 30% of the Antarctic continental shelf is permanently covered by floating ice shelves, providing aphotic conditions for a depauperate fauna sustained by laterally advected food. In much of the remaining Antarctic shallows (<300 m depth), seasonal sea-ice melting allows a patchy primary production supporting rich megabenthic communities dominated by glass sponges (Porifera, Hexactinellida). The catastrophic collapse of ice shelves due to rapid regional warming along the Antarctic Peninsula in recent decades has exposed over 23,000 km**2 of seafloor to local primary production. The response of the benthos to this unprecedented flux of food is, however, still unknown. In 2007, 12 years after disintegration of the Larsen A ice shelf, a first biological survey interpreted the presence of hexactinellids as remnants of a former under-ice fauna with deep-sea characteristics. Four years later, we revisited the original transect, finding 2- and 3-fold increases in glass sponge biomass and abundance, respectively, after only two favorable growth periods. Our findings, along with other long-term studies, suggest that Antarctic hexactinellids, locked in arrested growth for decades, may undergo boom-and-bust cycles, allowing them to quickly colonize new habitats. The cues triggering growth and reproduction in Antarctic glass sponges remain enigmatic.

Physical oceanography, sea-bed photographs and videos of benthos from the Weddell Sea taken with remote operated vehicle CHEROKEE during POLARSTERN cruise ANT-XXIII/8

The marine ecosystem on the eastern shelf of the Antarctic Peninsula was surveyed 5 and 12 years after the climate-induced collapse of the Larsen A and B ice shelves. An impoverished benthic fauna was discovered, that included deep-sea species presumed to be remnants from ice-covered conditions. The current structure of various ecosystem components appears to result from extremely different response rates to the change from an oligotrophic sub-ice-shelf ecosystem to a productive shelf ecosystem. Meiobenthic communities remained impoverished only inside the embayments. On local scales, macro- and mega-epibenthic diversity was generally low, with pioneer species and typical Antarctic megabenthic shelf species interspersed. Antarctic Minke whales and seals utilised the Larsen A/B area to feed on presumably newly established krill and pelagic fish biomass. Ecosystem impacts also extended well beyond the zone of ice-shelf collapse, with areas of high benthic disturbance resulting from scour by icebergs discharged from the Larsen embayments.