Managing the crises : How do Swiss municipalities react to the crisis and what explains the differences ?

Swiss municipalities are to an import ant extent responsible for their own resources. Since these resources primarily depend on income and property tax from individuals and enterprises, their budgets are likely to be directly affected by the actual crisis of the financial sector and the economy. This paper investigates how the municipalities perceive this threat and how they reacted to it or plan to do so. In a nationwide survey conducted at the end of 2009 in all 2596 Swiss municipalities, we asked the local secretaries which measures they launch in order to cope with expected losses in tax income and a possible increase of welfare spending. Do the municipalities rather rely on Keynesian measures increasing public spending and accepting greater deficits, or do they try to avoid further deficits by austerity measures and a withdrawal of planned investments? The paper shows that only a few municipalities - mainly the bigger ones - expect to be strongly hit by the crisis. Their reactions, however, do not reveal the clear patterns theory lets to expect. Preferences for austerity measures and deficit spending become visible but many municipalities take measures from both theories. The strongest explaining factor whether municipalities react is the affectedness by the crisis followed by the fact that the municipality belongs to the French speaking part of the country. Size also has an effect whereas the strength of the Social Democrats is negligible. More difficult is it, to explain what kind of measures municipalities are likely to take.

Financial crisis: theory and practice

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world.This new economic and financial crisis has increased the interest and motivation for the academic community, professors and researchers, to understand the causes and effects of the crisis, to learn from it. This is the one of the main reasons for the compilation of this book, which begins with a meeting of a group of IAFI researchers from the University of Barcelona, where researchers form Mexico and Spain, explain causes and consequences of the crisis of 2007.For that reason, we believed this set of chapters related to methodologies, applications and theories, would conveniently explained the characteristics and events of the past and future financial crisisThis book consists in 3 main sections, the first one called "State of the Art and current situation", the second named "Econometric applications to estimate crisis time periods" , and the third one "Solutions to diminish the effects of the crisis". The first section explains the current point of view of many research papers related to financial crisis, it has 2 chapters. In the first one, it describe and analyzes the models that historically have been used to explain financial crisis, furthermore, it proposes to used alternative methodologies such as Fuzzy Cognitive Maps. On the other hand , Chapter 2 , explains the characteristics and details of the 2007 crisis from the US perspective and its comparison to 1929 crisis, presenting some effects in Mexico and Latin America.The second section presents two econometric applications to estimate possible crisis periods. For this matter, Chapter 3, studies 3 Latin-American countries: Argentina, Brazil and Peru in the 1994 crisis and estimates the multifractal characteristics to identify financial and economic distress.Chapter 4 explains the crisis situations in Argentina (2001), Mexico (1994) and the recent one in the United States (2007) and its effects in other countries through a financial series methodology related to the stock market.The last section shows an alternative to prevent the effects of the crisis. The first chapter explains the financial stability effects through the financial system regulation and some globalization standards. Chapter 6, study the benefits of the Investor activism and a way to protect personal and national wealth to face the financial crisis risks.

Iowa 2008 Summer Storms After Action Report, April 27, 2009

In the summer of 2008, the state of Iowa suffered from a series of severe storms that produced tornadoes and heavy rainfall, which resulted in widespread flooding. The Summer Storms1 lasted from late May through mid-August, with the most intense storms occurring over a month-long period from May 25 to June 25. The Summer Storms exacted a major human and economic toll on Iowa, resulting in 18 fatalities and 106 injuries, forcing the evacuation of approximately 38,000 Iowans, and impacting 21,000 housing units. Iowa’s public and private sectors suffered significant monetary damages. Eighty-six of the ninety-nine counties in the state were included in the Governor’s disaster declarations. Presidential disaster declarations made residents in 84 counties eligible for Public Assistance and 78 counties for Individual Assistance. The Rebuild Iowa Advisory Commission estimated $798.3 million in damages to publicly owned buildings and infrastructure, including damages of $53 million to public transportation and $342 million to public utilities.

High constant incidence of second primary colorectal cancer.

Patients who had a colorectal cancer have a 1.5- to 2-fold excess risk of a second colorectal cancer as compared to the general population, the excess being higher at younger age at diagnosis. To further investigate the risk and the age-relation of the incidence of second primary colorectal cancer, we considered 9,389 first colon and rectal cancers registered in the Vaud Cancer Registry, Switzerland, between 1974 and 2008, and followed-up to the end of 2008 for a total of 44,113 person-years. There were 136 second colorectal cancers versus 90.5 expected, corresponding to a standardized incidence ratio (SIR) of 1.5 (95% confidence interval, CI, 1.3-1.8). The SIRs were not heterogeneous between men and women, and in strata of calendar year at diagnosis, duration of follow-up, and subsite. However, the SIR was 7.5 (95% CI 4.2-12.4) for subjects diagnosed below age 50 and declined thereafter to reach 1.0 (95% CI 0.6-1.6) at age 80 or over. Consequently, the incidence of second primary colorectal cancer was stable, and exceedingly high, around 300-400/100,000 between age 30-39 and 70 or over. This age pattern is consistent with the existence of a single mutational event in a population of highly susceptible individuals.

Economic and legal analysis of mandatory non-recourse mortgages with applications to Spain

“The liquidity crisis of the Spanish banks is largely due to the lack of confidence of foreign investors and, therefore, the changes that occur in the legislation should not affect the credibility, stability, legal certainty, predictability that markets expect”.Sergio Nasarre (2011)In the current situation of economic crisis, many people have found they can no longer pay back the mortgage loans that were granted to them in order to purchase a dwelling. It is for this reason that, in light of the economic, political and social problems this poses, our paper studies the state of the Spanish real-estate system and of foreclosure, paying special attention to the solution that has been proposed recently as the best option for debtors that cannot make their mort-gage payments: non-recourse mortgaging. We analyze this proposal from legal and economic perspectives in order to fully understand the effects that this change could imply. At the same time, this paper will also examine several alternatives we believe would ameliorate the situation of mortgage-holders, among them legal reforms, mortgage insurance, and non-recourse mortgaging itself.

Report of the Workshop on Intelligent Construction for Earthworks: April 14-16, 2009

The objectives of this workshop were to update the strategies identified during the 2008 workshop; provide a collaborative exchange of ideas and experiences; share research results; increase participants' knowledge; develop research, education, and implementation initiatives for intelligent compaction (IC) and automated machine guidance (AMG) technologies; and develop strategies to move forward. The 2 1/2 day workshop was organized as follows: Day 1: Review of 2008 workshop proceedings, technical presentations on IC and AMG technologies, and participating state department of transportation (DOT) briefings. Day 2: Industry/equipment manufacturer presentations and breakout interactive sessions on three topic areas. Day 3: Breakout session summary reporting and panel discussion involving state DOT, contractor, and industry representatives. The results of the breakout sessions on day 2 were analyzed to identify the priorities for advancement in each of the three topic areas. Key issues for each topic were prioritized by reviewing the recorder's notes in detail, finding common topics among sessions, and summarizing the participant votes.

Adult sampling and larva rearing of the cork oak pest Coraebus undatus (Coleoptera: Buprestidae)

Coraebus undatus is the main insect pest of cork oak worldwide. The larvae tunnel in the cortical cambium filling the bark with galleries and causing the cork to break at harvest. The first objective of this study was to test the effect of purple traps in the attraction of C. undatus because this colour is attractive to other buprestid beetles. The second objective was to develop a diet in which field-collected larvae could be reared to adulthood. Pairs of purple and clear (control) sticky traps were placed in a cork oak forest in Girona, Spain in the summer of 2008

A Legislator under Surveillance: The Creation and Implementation of Swiss Banking Legislation 1910-1934

This paper analyses how banking regulation was introduced in Switzerland - one of the world's most prominent financial centres - which remained in place until the beginning of the twenty-first century. It shows that the law adopted on 8 November 1934 is a perfect example of capture of the regulator by the regulated. Essentially a political response in the context of the economic crisis of the 1930s, it largely reflected the interests of banking circles by limiting the intervention of the State as much as possible. The introduction of the new legislation was facilitated by the temporary weakness of Swiss banking circles, as they depended on the State to delay or prevent the collapse of many major credit institutions. They did not manage to derail the law as they had two decades earlier when they scuppered the federal bill on banks drawn up between 1914 and 1916. But this time they were better organized and more united, and intervened all the more effectively in the legislative process itself. The 1934 law is thus distinctive in that it made no structural changes to the architecture of the financial centre but merely codified its practices through flexible legislation meant to reassure the public. The law was aimed less at controlling banking activity than at keeping - thanks to skilfully calibrated political concessions - the State from having to intervene more directly in the internal management of banks or in the fixing of interest rates and the export of capital.

Crisis económica, empleo e inmigración : informe del estudio “Inmigración, Empleo y Cohesión Social”

El análisis se centra por tanto en el impacto de la crisis económica tanto en el fenómeno migratorio (flujos de entrada) como en el mercado de trabajo y en modo particular en los posibles efectos asimétricos que la recesión tiene en las condiciones y trayectorias laborales de trabajadores inmigrantes y autóctonos. A modo de contextualización, el informe comienza con una breve exploración de los cambios en los Crisis Económica, Empleo e Inmigración flujos migratorios como consecuencia del cambio de ciclo que se produce desde mediados de 2007, . A continuación se ofrece una visión general de la evolución del empleo y el paro en España en los últimos años con especial énfasis en los efectos que la reciente crisis ha podido tener. Se presta particular atención a los cambios en la composición del grupo de desempleados, tanto a nivel estatal como regional. Asimismo, se compara el impacto sobre el mercado de trabajo de la crisis económica de inicios de los 90 con la actual. Otro aspecto que ha sido tratado es el de las posibles trayectorias de los trabajadores inmigrantes y autónomos, con especial énfasis en los flujos desde el estado de empleado a desempleado o inactivo. Asimismo, se exploran las características de los perceptores de prestaciones de desempleo usando datos tanto del registro de los servicios públicos de empleo como, en menor medida, de la Muestra Continua de Vidas Laborales (MCVL). Finalmente, en la cuarta sección comparamos la evolución reciente del mercado de trabajo en España con la de otros países europeos de su entorno. Ya que uno de los objetivos prioritarios del estudio es la comparación entre población autóctona e inmigrante, intentamos proveer una visión general de lo ocurrido en otros países en este sentido. Debido a la falta de datos comparables, ésta parte del informe se limita a apuntar algunas tendencias generales basadas en datos sobre la situación socio-laboral de los inmigrantes en diversos países.

Reconsidering the analysis of the uses of ICTs by political parties : an application to the Catalan case

For years a literature on the uses that political parties make of information andcommunication technologies (ICTs) has been developed. It is a rapidly increasing, rich,and interesting field in the forefront of the investigation in political science. Generally,these works start from the expectation that the ICTs have a regenerative potential forliberal democracies and for the political parties as well. In developed societies, politicalparties have experienced some transformations that have leaded them to an increasingdivorce with the public. This divorce is shown by the decay of party adscription andmembership, and also by the decay of the conventional political participation. In thetheoretical discussion this situation has been described as ¿the crisis of the democracy¿(Norris, 1999). According to the more radically oriented scholars this crisis reflects theincapacities of liberal democracies. In this sense, ICTs suppose a great opportunity tosurpass the representative institutions and to institutionalize new forms of directdemocracy. More moderate scholars have considered that ICTs offer the opportunity for¿renaissance¿ for representative institutions, as they can reinforce the bonds between thepublic and its representatives.

Winner-Loser Performance and Macroeconomic Effects during three last Economic Crises in Finnish Stock Market

The main purpose of this thesis is to investigate winner-loser performance when financial markets are facing crisis. This is examined through the idea that does the prior loser portfolios outperform the prior winner portfolios during the three major crises: The depression of the 1990s, the IT-Bubble and the Subprime -crisis. Firstly, the winner and loser portfolios superiority is counted by using the cumulative excess returns from the examination period. The portfolios were formed by counting the excess returns and locating them in to the order of superiority. The excess returns are counted by using one year pre-data before the actual examination period. The results of this part did not support the results of De Bondt & Thaler’s (1985) paper. Secondly, it is investigated how the Finnish and the US macroeconomic factors are seen to be affecting the stock market valuation in Finnish Stock Markets during economic crises. This is done to explain better the changes in the successes of the winner-loser performance. The crises included different amount of selected macro factors. Two latest crises involved as well few selected US macro factors. Exclusively the IT-Bubble -crisis had the most statistically significant results with the US factors. Two other crises did not receive statistically significant results. An extra research was produced to study do the US macro factors impact more significantly on Finnish stock exchange after lags. The selected lags were three, six, nine and twelve months. Three and six month lagged US macro factors during the IT-Bubble -crisis improved the results. The extra research did not improve the results of the Subprime -crisis.

Demokraatit tienhaarassa 1972

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Kattava kuvaus kuusikymmenluvun uskonnollisesta murroksesta

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Country Risk and Market Reactions to Earnings Announcements: Evidence from Finnish Stock Markets

The objective of this thesis is to examine the market reaction around earnings announcements in Finnish stock markets. The aim is to find out whether the extreme market conditions during the financial crisis are reflected in stock prices as a stronger reaction. In addition to this, the purpose is to investigate how extensively Finnish listed companies report the country segmentation of revenues in their interim reports and whether the country risk is having a significant impact on perceived market reaction. The sample covers all companies listed in Helsinki stock exchange at 1.1.2010 and these companies’ interim reports from the first quarter of 2008 to last quarter of 2009. Final sample consists of 81 companies and 630 firm-quarter observations. The data sample has been divided in two parts, of which country risk sample contains 17 companies and 127 observations and comparison sample covers 66 companies and 503 observations. Research methodologies applied in this thesis are event study and cross-sectional regression analysis. Empirical results indicate that the market reaction occurs mainly during the announcement day and is slightly stronger in case of positive earnings surprises than the reactions observed in previous studies. In case of negative earnings surprises no significant differences can be observed. In case of country risk sample and negative earnings surprise market reaction is negative already in advance of the disclosure contrary to comparison sample. In case of positive surprise no differences can be observed. Country risk variable developed during this study seems to explain only minor part of the market reaction.

Haljennut habitus : Bourdieun viimeisiksi jääneet omakohtaiset teokset englanninkielisinä käännöksinä

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