Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe

In a paper on the effects of the global financial crisis in Central and Eastern Europe (CEE), the author reacts to a paper of Åslund (2011) published in the same issue of Eurasian Geography and Economics on the influence of exchange rate policies on the region’s recovery. The author argues that post-crisis corrections in current account deficits in CEE countries do not in themselves signal a return to steady economic growth. Disagreeing with Åslund over the role of loose monetary policy in fostering the region’s economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.

On the new economic philosophy of crisis management in the European Union

This essay attempts to go beyond presenting the bits and pieces of still ongoing crisis management in the EU. Instead it attempts at finding the ‘red thread’ behind a series of politically improvised decisions. Our fundamental research question asks whether basic economic lessons learned in the 1970s are still valid. Namely, that a crises emanating from either structural or regulatory weaknesses cannot and should not be remedied by demand management. Our second research question is the following: Can lacking internal commitment and conviction in any member state be replaced or substituted by external pressure or formalized procedures and sanctions? Under those angles we analyze the project on establishing a fiscal and banking union in the EU, as approved by the Council in December 2012.

Policing the rural crisis

There is a growing sense of crisis in rural ways of life, which manifests itself in economic decline, depopulation, depleted environments, and a crisis of rural identities. Crime is one potent marker of crisis, the more so as it spoils the image of healthy, cohesive community. The social reaction it elicits, the policing of this ‘other rural’, is also a guide to the dimensions of crisis. The social sciences have witnessed a renewed international interest in the study of ‘other rurals’: the neglected, invisible or excluded aspects of country life. This book brings a fresh approach to the study of crime that challenges the urban-centric assumptions of much western criminology and sociology. It explores rural crime and social reactions to it, in relation to processes and patterns of community formation and change in rural Australia, including the social, economic, cultural and political forces shaping the history, structure and everyday life of rural communities. Policing the Rural Crisis is based on five years of extensive original empirical research in rural and regional Australia. It draws on ideas and debates in contemporary social theory across several disciplines, making the analysis relevant to the study of crime and social change elsewhere.

An analysis of the Brisbane residential property market and the global financial crisis

The period from 2007 to 2009 covered the residential property boom from early 2000, to the property recession following the Global Financial Crisis. Since late 2008, a number of residential property markets have suffered significant falls in house prices, buth this has not been consistent across all market sectors. This paper will analyze the housing market in Brisbane Australia to determine the impact, similarities and differences that the4 GFC had on range of residential sectors across a divesified property market. Data analysis will provide an overview of residential property prices, sales and listing volumes over the study period and will provide a comparison of median house price performance across the geographic and socio-economic areas of Brisbane.

Policing the Rural Crisis

Based on empirical research in a number of rural communities in north-western NSW, this article explores the dynamics of rural crisis as it is manifested in and through popular attitudes and campaigns around law and order. There is no denying that crime rates in many rural communities are high, often very high by national standards, or that local crime disproportionately involves Indigenous offenders (and Indigenous victims). However, the views expressed in interviews with established White residents, in local media and in organised campaigns around law and order are suggestive of a much deeper sense of threat and crisis. This, it is argued, can be explained in relation not simply to crime rates but the way in which crime is experienced at the local level and the manner in which it is connected to other unwanted change that is seen to threaten the integrity of these communities. In order to understand these anxieties it is necessary to explore historical patterns of settlement, the economic structure and the culture of rural communities. Indigenous Australians have, at best, occupied an ambiguous and fragile position in relation to membership of these communities, a form of ‘passive’ belonging, ‘conditional’ on deference to dominant White norms governing civic and domestic life. Local Indigenous crime can be a source of deep anxiety not only because it causes harm to person and property but because it is interpreted by many Whites as a repudiation of the local social order, a signifier of larger threats to the community and on occasions as a harbinger of social breakdown. The article explores some of the key themes emerging from interview material that characterise this sense of crisis and relates them to the larger pattern of change affecting many communities: economic decline, changing government policies and priorities, the growing relative economic and political power of Indigenous people, debates about native title and so on.

Measuring global economic interdependence : a hierarchical network approach

This paper investigates the business cycle co-movement across countries and regions since 1950 as a measure for quantifying the economic interdependence in the ongoing globalisation process. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarises the interaction and interdependence of all elements, and it represents a more accurate measure of the global interdependence involved in an economic system. Our results show (1) the dynamics of interdependence has been driven more by synchronisation in regional growth patterns than by the synchronisation of the world economy, and (2) world crisis periods dramatically increase the global co-movement in the world economy.

The Global Financial Crisis : Neo-Liberalism, Social Democracy, and Criminology

This chapter begins with a discussion of the economic, political, and social context of the recent global financial crisis, which casts into relief current boundaries of criminology, permeated and made fluid in criminology's recent cultural turn. This cultural turn has reinvigorated criminology, providing new objects of analysis and rich and thick descriptions of the relationship between criminal justice and the conditions of life in ‘late modernity’. Yet in comparison with certain older traditions that sought to articulate criminal justice issues with a wider politics of contestation around political economies and social welfare policies of different polities, many of the current leading culturalist accounts tend in their globalized convergences to produce a strangely decontextualized picture in which we are all subject to the zeitgeist of a unitary ‘late modernity’ which does not differ between, for example, social democratic and neo-liberal polities, let alone allow for the widespread persistence of the pre-modern. It is argued that that contrary to this globalizing trend there are signs within criminology that life is being breathed back into social democratic and penal welfare concerns, habitus, and practices. The chapter discusses three of these signs: the emergence of neo-liberalism as a subject of criminology; a developing comparative penology which recognizes differences in the political economies of capitalist states and evinces a renewed interest in inequality; and a nascent revolt against the ‘generative grammar’, ‘pathological disciplinarities’, and ‘imaginary penalities’ of neoliberal managerialism.

Productivity differences, technology adoption and economic growth : the case of India

When the acronym of ëBRICí was coined in 2001 by Jim OíNeill of Goldman Sachs, it was expected that economic growth rates in India, Brazil and Russia would eventually catch up with that of China. However, China has continued to outperform the other economies in the group, even after it was renamed ëBRICSí to reflect the inclusion of South Africa in 2010. The focus of this chapter is on one of the BRICS economies, namely India. Its aim is to examine from an economic perspective, why Indiaís performance has not lived up to expectations, and comment on the key challenges it faces in meeting them. We begin with some descriptive statistics regarding the progress of the Indian economy since 1990. While it has been growing at a rapid rate since the reforms it introduced in the1990s, there has been a slowdown in its overall GDP growth rates since 2008. The rate of growth experienced in the period 2003ñ07 was an average of 10.5 per cent. However, since the recession following the Global Financial Crisis (GFC) of 2008, the growth rate has fallen. From the period 2008ñ12 it has only registered an average growth rate of 6.5 per cent (World Bank, 2013). This chapter suggests that one of the major factors underpinning this slowdown is the performance of Indiaís agricultural sector. The importance of the agricultural sector is highlighted by the following stylized facts.

Financing the project : economic incentives promoting sustainable property development

This chapter is focussed on the various financial instruments and incentives that have been implemented in a range of countries to encourage sustainable developments in all property sectors. It is an area that has undergone substantial change globally since 2008. Sustainable property development has been impacted by the Global Financial Crisis, particularly with regards to the availability of private sector funding and the requirements of funders who now have a more cautious approach to risk. Sustainability, and sometimes a lack of it, is increasingly viewed as a risk in some markets; it is also seen as an area in which governments, through creation of markets and through the use of fiscal instruments can seek to speed up the pace at which the economics of sustainable development makes good business sense. However, it is not just governments that provide the incentive for sustainability- or the dis-incentive for non-sustainable behaviours.

Finding the leverage point in the sustainability crisis: Global, national and regional Australian responses

From an economic perspective, the sustainability crisis is ultimately characterized by a worsening relationship between the resources required to support the global population and the ability of the earth to supply them. Despite the ever-increasing threat of a calamity, modern society appears unable to alter its course. The very systems which underpin global human endeavor seem to actively prevent meaningful change and the one irrepressible goal to which all societies seem to strive is the very thing that makes such endeavor ultimately life threatening: that of global growth. Using the Australian experience as an exemplar, this paper explores how the concept of growth infiltrates societal reactions to the crisis at various scales – global, national and regional. Analysis includes historic studies, a critique of current misconceptions around population demographics, comparative evaluation of various interventions in the Australian context and considerations around potential ways to address the crisis.

How Australian construction contractors responded to the economic downturn

The Global Financial Crisis (GFC) in 2008 had a significant impact on the world economy and the construction industry was no exception. This study investigates the major impacts of the 2008 GFC on the Australian construction industry and, in particular how the Australian construction contractors responded to the economic downturn. A total of 35 senior managers from the Top 100 Australian construction companies were interviewed. The findings indicate that construction companies, particularly the large ones were not affected in any significant way but are expecting some difficult financial times over the next few years and are taking actions to minimize the upcoming adverse impacts. The most common strategy adopted by Australian construction contractors is to concentrate on core business while avoiding aimless bidding. Similarly, great focus is placed on retaining human resources in order to maintain the skill set so that the company can respond quickly when market conditions improves. The research findings will provide construction contractors with insights on how to establish and sustain competitive advantages during economic slowdown and become more resilient in the future.

Strike Hard, Strike Sure - Operation Musketeer : British Military Planning during the Suez Crisis, 1956

This study analyses British military planning and actions during the Suez Crisis in 1956. It seeks to find military reasons for the change of concepts during the planning and compares these reasons with the tactical doctrines of the time. The thesis takes extensive advantage of military documents preserved in the National Archives, London. In order to expand the understanding of the exchange of views during the planning process, the private papers of high ranking military officials have also been consulted. French military documents preserved in the Service Historique de la Defence, Paris, have provided an important point of comparison. The Suez Crisis caught the British armed forces in the middle of a transition phase. The main objective of the armed forces was to establish a credible deterrence against the Soviet Union. However, due to overseas commitments the Middle East playing a paramount role because of its economic importance the armed forces were compelled to also prepare for Limited War and the Cold War. The armed forces were not fully prepared to meet this demand. The Middle Eastern garrison was being re-organised after the withdrawal from the Canal Base and the concept for a strategic reserve was unimplemented. The tactical doctrines of the time were based on experiences from the Second World War. As a result, the British view of amphibious operations and the subsequent campaigns emphasised careful planning, mastery of the sea and the air, sufficient superiority in numbers and firepower, centralised command and extensive administrative preparations. The British military had realized that Nasser could nationalise the Suez Canal and prepared an outline plan to meet this contingency. Although the plan was nothing more than a concept, it was accepted as a basis for further planning when the Canal was nationalised at the end of July. This plan was short-lived. The nominated Task Force Commanders shifted the landing site from Port Said to Alexandria because it enabled faster expansion of the bridgehead. In addition, further operations towards Cairo the hub of Nasser s power would be easier to conduct. The operational concept can be described as being traditional and was in accordance with the amphibious warfare doctrine. This plan was completely changed at the beginning of September. Apparently, General Charles Keightley, the Commander-in-Chief, and the Chairman of the Chiefs of Staff Committee developed the idea of prolonged aerial operations. The essence of the concept was to break the Egyptian will to resist by attacking the oil facilities, the transportation system and the armed forces. This victory through air concept would be supported by carefully planned psychological operations. This concept was in accordance with the Royal Air Force doctrine, which promoted a bomber offensive against selected target categories. General Keightley s plan was accepted despite suspicions at every planning level. The Joint Planning Staff and the Task Force Commanders opposed the concept from the beginning to the end because of its unpredictability. There was no information that suggested the bombing would persuade the Egyptians to submit. This problem was worsened by the fact that British intelligence was unable to provide reliable strategic information. The Task Force Commanders, who were responsible for the tactical plans, were not able to change Keightley s mind, but the concept was expanded to include a traditional amphibious assault on Port Said due to their resistance. The bombing campaign was never tested as the Royal Air Force was denied authorisation to destroy the transportation and oil targets. The Chiefs of Staff and General Keightley were too slow to realise that the execution of the plan depended on the determination of the Prime Minister. However, poor health, a lack of American and domestic support and the indecisiveness of the military had ruined Eden s resolve. In the end, a very traditional amphibious assault, which was bound to succeed at the tactical level but fail at the strategic level, was launched against Port Said.

Los monasterios y la monarquía en época de crisis : Sancho IV

Resumen: El apoyo constante de la realeza a los monasterios en la Edad Media no se vio interrumpido en época de crisis, como la vivida en las postrimerías del reinado de Alfonso X y los comienzos del de Sancho IV, en la que algunos monasterios tradicionales participaron en la Hermandad. Del conflicto realengo- abadengo se sustrae así la realeza hispánica siempre atenta a favorecer a las comunidades monásticas, bastión y símbolos de la espiritualidad medieval así como ordenadoras del espacio y de la vida económica de la región en que se asentaban.