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.

Monnaie, citoyenneté et globalisation financière. Les citoyens entre protection sociale et promesses de la capitalisation boursière

La monnaie a été étudiée par des économistes hétérodoxes, des sociologues et des historiens qui ont souligné ses rapports à l'ordre collectif, mais elle n'est que rarement analysée sous l'angle de la citoyenneté. Notre thèse propose une réflexion théorique sur quatre types de fonctions (politique, symbolique, socioéconomique et psychoaffective) qui permettent à la monnaie de jouer un rôle de médiation de la citoyenneté. A partir d'une perspective qui combine les apports de l'économie politique internationale et de l'école de la régulation, nous montrons que cette médiation ne mobilise pas seulement des mécanismes sociopolitiques nationaux, mais aussi des mécanismes internationaux qui rétroagissent sur la sphère domestique des États et affectent leur capacité à définir leur régime de citoyenneté. Cette relation est analysée dans le contexte de l'institutionnalisation du système monétaire international de Bretton Woods (1944) et du développement de la globalisation financière depuis les années 1970. Si la monnaie a été mise au service d'un principe de protection des droits sociaux des citoyens contre les pressions financières extérieures après la Seconde guerre mondiale, elle contribue aujourd'hui à l'ouverture de la sphère domestique des Etats aux flux de capitaux transnationaux et à la création d'un ordre politique et juridique favorable aux droits des investisseurs. Cette dynamique est impulsée par l'essor de nouveaux intermédiaires financiers (notamment les agences de notation et les investisseurs institutionnels) et l'émergence concomitante d'une nouvelle forme d'Etat légitimée à partir d'un discours politique néolibéral insistant sur la quête de compétitivité, la réduction de la protection sociale et la responsabilisation individuelle. Elle se traduit par la privatisation des régimes de retraite et le développement des politiques d'éducation financière qui incitent les citoyens à se comporter en « preneurs de risques » actifs et responsables, assurant eux-mêmes leur sécurité économique à travers le placement de leur épargne retraite sur les marchés financiers. Nous soulignons toutefois les difficultés institutionnelles, cognitives et socioéconomiques qui rendent cette transformation de la citoyenneté contradictoire et problématique. Money has been studied by heterodox economists, sociologists and historians who stressed its relationship to collective order. However, it has hardly been analysed from the viewpoint of its relationship to citizenship. We propose a theoretical account of four types of functions (political, symbolic, socioeconomic and psychoaffective) enabling money to operate as a mediation of citizenship. From a perspective that combines the contributions of international political economy and the regulation school, we show that this mediation mobilises not only national sociopolitical mechanisms, but also international mechanisms which feed back on the domestic sphere of states and affect their capacity to define their regime of citizenship. This relationship is analysed in the context of the institutionalisation of the international monetary system of Bretton Woods (1944) and the development of financial globalization since the 1970s. If money has served to protect the social rights of citizens against external financial pressures after the Second World War, today it contributes to the opening of the domestic sphere of states to transnational capital flows and to the creation of a political and legal order favorable to the rights of investors. This dynamic is driven by the rise of new financial intermediaries (in particular rating agencies and institutional investisors) and the simultaneous emergence of a new form of state legitimized from a neoliberal political discourse emphasizing the quest for competitiveness, reduced social protection and individual responsibilization. It results in the privatization of pension systems and the development of policies of financial education that encourage citizens to behave as active and responsible « risk takers », ensuring their own economic security through the investment of their savings retirement on financial markets. However, we emphasize the institutional, cognitive and socioeconomic difficulties that make this transformation of citizenship contradictory and problematic. - Money has been studied by heterodox economists, sociologists and historians who stressed its relationship to collective order. However, it has hardly been analysed from the viewpoint of its relationship to citizenship. We propose a theoretical account of four types of functions (political, symbolic, socioeconomic and psychoaffective) enabling money to operate as a mediation of citizenship. From a perspective that combines the contributions of international political economy and the regulation school, we show that this mediation mobilises not only national sociopolitical mechanisms, but also international mechanisms which feed back on the domestic sphere of states and affect their capacity to define their regime of citizenship. This relationship is analysed in the context of the institutionalisation of the international monetary system of Bretton Woods (1944) and the development of financial globalization since the 1970s. If money has served to protect the social rights of citizens against external financial pressures after the Second World War, today it contributes to the opening of the domestic sphere of states to transnational capital flows and to the creation of a political and legal order favorable to the rights of investors. This dynamic is driven by the rise of new financial intermediaries (in particular rating agencies and institutional investisors) and the simultaneous emergence of a new form of state legitimized from a neoliberal political discourse emphasizing the quest for competitiveness, reduced social protection and individual responsibilization. It results in the privatization of pension systems and the development of policies of financial education that encourage citizens to behave as active and responsible « risk takers », ensuring their own economic security through the investment of their savings retirement on financial markets. However, we emphasize the institutional, cognitive and socioeconomic difficulties that make this transformation of citizenship problematic.

Financial Integration, Trade Openness and International Transmission

[cat] Com afecten l’obertura comercial i financera a la volatilitat macroeconòmica? La literatura existent, tant empírica com teòrica, no ha assolit encara un consens. Aquest article usa un model microfonamentat de dos països simètrics amb entrada endògena d’empreses per estudiar-ho. L’anàlisis es du a terme per tres règims econòmics diferents amb diferents nivells d’integració internacional: una economia tancada, una autarquia financera i una integració plena. Es consideren diversos nivells d’obertura comercial, en forma de biaix domèstic de la demanda i l’economia pot patir pertorbacions en la productivitat del treball i en innovació. El model conclou que la incertesa macroeconòmica, representada principalment per la volatilitat del consum, la producció i la relació real d’intercanvi internacional, depèn del grau d’obertura i del tipus de pertorbació.

La teoría de los clivajes y el conflicto social moderno

This article was delivered as an area-paper to the Critical Political Science Meeting of Bilbao, November the 15th 2008, which was organized by the Political Science Department of the UPV (University of the Basque Country). The paper introduces an updated and synthetic version of the model designed by S.M. Lipset and S. Rokkan in 1967 in order to identify the confrontational divides distinctive of European modernization and, in this way, trace the origins of modern party systems. The expanded model proposed is applied, on the one hand, to a variety of empirical cases, prominently the postransitional Spanish case; and on the other, shows its usefulness in order to better understand the distinctive structure of the social conflict of the globalization era.

Building the future: the Brazilian university library in 2010

Information technology will affect academic activities as well as the nature of the high education sector. This sector besides the need to assimilate these technologies will need to attend the requisites of market globalization and, as consequence, all theses changes will be reflected in the university library. Prospectives impacts will affect the structure (emphasis in user services, outsourcing of several services), in the financing aspect (growing of consortia in order to reduce costs), in services (electronic reference, support to long distance education programs, intelligent agents) and in the clientele (attending the great demand por high education which implies a diversity of people).

Catalan beauty and the transnational beast: Barcelona on screen

This article explores the case of Barcelona as paradigmatic global city in such transnational productions as Vicky Cristina Barcelona by Woody Allen (2008) and Biutiful by Alejandro González Iñárritu (2010). Allen"s film shows the extreme dilution that national and linguistic identity undergoes under foreign eyes in its rendition of a"hip Barcelona" for tourists"invaded" by transnational subjects in search of bourgeois pleasures. Maybe in pursuit of a more"real" city, Iñárritu"s Biutiful moves to the Barcelona of the immigrants and the undocumented, a transnational and paradoxical location inhabited by those who need to cross borders in order to survive. Through reference to the work of Manuel Castells, Saskia Sassen, Neil Smith and Michel De Certeau among others, we argue that neither of these representations of the city is more real or unreal than the other. In their drastically divergent ways, both films contribute their external perspectives to the imaginary construction of Barcelona as a fascinating global city and can be seen as a dyptich of a transnational Barcelona. Further, they contribute to the ongoing debate about the polarization between the local and the global, the construction of urban boarders inside cities through gentrification, the transformation of the places we (would like to) inhabit, and the translation of all these into visual terms.

Critical Mobilities

The field of mobility studies examines social phenomena through the lens of movement. In this perspective, societies are regarded as being constantly reconfigured as they are shaped by a series of mobile entities (capital, people, information). This book engages critically with many of the claims and challenges of mobility studies by providing empirically rich reports of mobilities and their limitations. Instead of assuming a seamless world of flows, the volume foregrounds questions of power, inequality, and moorings as integral to the movement of capital, goods, images, practices, or people. It brings together the work of several internationally renowned scholars, who engage with these movements at critical sites. This is the first book to provide a critical and interdisciplinary view of mobilities covering a broad range of issues rather than a single domain. The chapters deal with current and important issues, such as organ transplants, illegal migrations, urban globalization, international policies of higher education institutions, and scientific diasporas. As a whole, the book provides new insights into how power relations shape mobilities and societies.

Educació física i globalitat de l'ensenyament

La globalidad de la enseñanza, concepto clave de pedagogías renovadoras de principios de siglo, perfectamente vigente en la actualidad, se constituye en lugar común de la mayoría de propuestas educativas. No está sin embargo, exenta de polémica, puesto que la misma evolución del concepto ha dado lugar a diferentes interpretaciones en distintos ámbitos educativos. Con todo ello, resulta prácticamente inevitable una referencia al tema, en una reflexión acerca de la enseñanza de la Educación física. Dicha referencia se concretará en la posibilidad de determinar las aportaciones del Área de Educación física a este principio pedagógico, bajo la doble perspectiva de la estructura interna de la materia y la conexión didáctica con otras areas educativas.

Financial reforms and capital flows: Insights from general equilibrium

As a result of debt enforcement problems, many high-productivity firms in emergingeconomies are unable to pledge enough future profits to their creditors and this constrains thefinancing they can raise. Many have argued that, by relaxing these credit constraints, reformsthat strengthen enforcement institutions would increase capital flows to emerging economies. Thisargument is based on a partial equilibrium intuition though, which does not take into account theorigin of any additional resources that flow to high-productivity firms after the reforms. We showthat some of these resources do not come from abroad, but instead from domestic low-productivityfirms that are driven out of business as a result of the reforms. Indeed, the resources released bythese low-productivity firms could exceed those absorbed by high-productivity ones so that capitalflows to emerging economies might actually decrease following successful reforms. This resultprovides a new perspective on some recent patterns of capital flows in industrial and emergingeconomies.

Londres, terra promesa: l'emigració de joves universitaris titulats catalans a Londres

L’alta taxa d’atur juvenil a Catalunya i la precarització persistent del mercat laboral per als joves, han provocat que molts d’ells es plantegin marxar a l’estranger per a provar sort. Segons l’INE, al 2012 van emigrar 10791 catalans i el 35,7% són joves d’entre 16 i 34 anys. El Regne Unit va ser la tercera destinació preferida, amb 958 catalans emigrants reconeguts. La globalització ha difuminat les fronteres i ha obert els horitzons a empreses i treballadors. Les experiències internacionals són cada cop més necessàries si volem formar part d’aquest món, però tenen les seves contrapartides. La present investigació estudia el cas de 10 joves catalans amb titulacions universitàries que han marxat a Londres a la recerca d’aquesta experiència internacional, tot desitjant assentar les bases d’una carrera professional exitosa. El focus d’estudi és conèixer les motivacions de l’emigració que han trobat a la ciutat anglesa i quines són les expectatives de futur

Globalisoituvia muistitietotutkijoita tapaamassa : IOHA:n XII Kansainvälinen Oral History -konferenssi Roomassa 23.-26.6.2004

Konferenssin järjestysnumero julkaisussa virheellisesti XII ; p.o. XIII

Globalisaatio ja ilmastonmuutos arktisella alueella

English summary: Globalization and climate change in the Arctic

Candidat à l'échec scolaire incompris et ignoré : l'enfant de migrants = Misunderstood and ignored candidate to the school failure: The child of migrants

Immigration, intégration, précarité, échec scolaire, ignorance du français, délinquance sont des thèmes qui animent régulièrement les débats publics, médiatiques et politiques. Bien que les migrations ont toujours fait partie de l'histoire humaine, elles sont souvent décrites comme un trouble aux identités nationales, elles-mêmes mises à mal par la mondialisation. Cependant, les mécanismes sous-tendant les difficultés rencontrées par certains enfants de migrants demeurent bien moins débattus et considérés que leurs conséquences bruyantes et visibles. Après une réflexion sur l'impact de la migration elle-même sur le sujet et un bref aperçu de l'ethnopsychiatrie, nous allons décrire les difficultés que peut rencontrer l'enfant de migrants, leurs origines et leurs conséquences. Nous nous intéresserons ensuite à la manière dont notre société, nos institutions en tiennent compte ou pas. Nous terminerons notre propos par la mise en relief des besoins thérapeutiques et éducatifs spéciaux de ces enfants et la manière dont ceux-ci sont comblés (ou non). Immigration, social integration, precariousness, language barrier, delinquency are constantly stimulating public, political and media debate. Migrations always were part of the human history but they are often described like a disorder of the national identities, themselves put at evil by globalization. However, the origin of the difficulties that certain children of migrants encounter is often overlooked. Only their disturbing implications are frequently studied. After a brief comment on the impact of the migration and the ethnopsychiatry, we will outline the difficulties sometimes faced by the children of migrants, their origins and consequences. Then we will describe how the society and the institutions take them in account (or not). We finally will delineate the specific needs of those children and how they are meeting (or not).