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Mykletun, Erik. "Does Regulation matter? Institutional dimension of the 2008 financial crisis." reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/7985.
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Why did house prices fall in 2007‐2009? This is the fundamental question to most Americans, and to those who lent them money. Most homeowners did not care why residential real estate prices rose. They assumed prices always rose, and they should simply enjoy their good fortune. It was not until prices began to fall that people were left searching for answers. How much did regulation or lack thereof play in the role of the devastation? To what degree did greed and unrealistic consumer expectation have on the real estate bubble? Using existing literature as well as face to face interviews of experienced leaders within the real estate industry in California who experienced both the up and down of the real estate cycle, the overarching purpose of this study is to investigate the opinions and beliefs of the leaders and drivers within the real estate industry about the cause of the real estate bubble that occurred sharply in 2008 . Specifically, this project will focus on the opinions of real estate industry leaders who worked in the center of the subprime universe located in Irvine, California, during 2004‐2008. Comparing the mainstream beliefs with the interviewees it is fair to say that the main finding in the mainstream beliefs are reflected very well with the finding of the subject’s opinion. The thesis is divided into 6 chapters starting with 'introduction', followed by chapter 2 'Literature Review'. Chapter 3 is 'Research Methodology' followed by chapter 4 'Data Presentation'. Finally, the results are discussed in chapter 5 'Analysis and Discussion' and conclusions in Chapter 6.
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Magagula, Sifiso Charles. "Liquidity linkages between the South African bond and equity markets." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020758.
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Purpose - The study sought to examine the liquidity linkages between the South African bond and equity markets before the global financial crisis in 2008. Design/methodology/approach: The window of observation covered the period January 2000 to September 2008. In order to ensure robustness in the estimation, the study used foreign participation in the various markets as an additional measure of liquidity. The other liquidity measures considered in the study were volume and value traded of the various securities respectively. Time series modeling techniques were used in the estimation. An unrestricted vector autoregressive (VAR) model was estimated following which the standard innovation accounting techniques, impulse response functions and forecast error variance decompositions were applied. In the empirical analysis, the Granger-causality between the two markets was also used. Findings - While all the liquidity measures suggest the existence of linkages between the bond and equity markets, the direction of causality was found to be unidirectional from equity to the bond market using the volume and value measures. On the other hand, the foreign participation measure of liquidity suggests bi-directional causality. The study also provides evidence of long run relationship between key macroeconomic variables such as inflation, exchange rate and interest rate on one hand and liquidity in the debt and equity markets on the other. As empirical findings indicates that the linkages in liquidity between these markets positive, this consistent with studies conducted by Chordia et al (2003 & 2005) and Engsted and Tanggaard (2000) who found the relationship was a positive one. When volumes of trade and trade values, the study find evidence on uni-directional causality and strong bi-directional causality is evidence when foreign investor participation is used as a liquidity measure. In summary, there is a strong evidence liquidity linkage between the bond and equity market from the empirical results.
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Madubeko, Vongai. "The global financial crisis and its impact on the South African economy." Thesis, University of Fort Hare, 2010. http://hdl.handle.net/10353/363.
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This dissertation investigates the effects of the financial crisis on the South African economy. In order to do this, an index which describes the financial conditions of the South African economy is constructed and computed. The index indicates that domestic South African financial conditions have deteriorated substantially during the period under study and so the study investigates how this has impacted on the country’s economic growth. A VAR model with South African variables is specified and used to assess the quantitative effects of the financial crisis on South African real GDP growth. Results suggest that the South African economy was not significantly affected by the crisis, but economic growth was slowed down and may still grow substantially slower in the next few years due to the financial crisis. These results corroborate the theoretical predictions and are also supported by previous studies.
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Hargaden, Kevin. "Can a Celtic tiger fit through the eye of a needle? : a theology of wealth engaging the parables of Jesus and recent Irish economic history." Thesis, University of Aberdeen, 2017. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=232026.
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This study investigates the theology of wealth, with reference to the parables of Jesus, in dialogue with recent Irish economic history. Poverty is commonly seen as a societal problem, but in the teaching of Jesus, especially in his parables, the status of the wealthy is called into question. This thesis explores what it means to be followers of Jesus in societies where historically high levels of wealth and comfort are widespread. It begins by considering that societal context, naming neoliberalism as the complex of economic, political, and cultural factors that combine to generate wealth. The parables of Jesus are introduced as a collection of narratives which puncture the philosophical assumptions at work in neoliberalism. Reading them after the twentieth century Swiss theologian Karl Barth, the parables are found to be apocalyptic interruptions which reorientate the reader towards the reign of God. With these two strands – neoliberalism and the parables – in play, the thesis reconsiders Ireland's recent economic history. It is argued that the ethical significance of the “Celtic Tiger” boom and the subsequent 2008 crash is best accessed not via the language of economics but through narratives. The re-telling of the events of the crash and its aftermath through parables exposes how markets are embedded in thick cultural, historical, and political settings and how simple and settled statistical accounts can miss much of ethical significance. The decisive chapter takes up the constructive task. Building on this re-described account of a wealthy society, it proposes that the appropriate response for Christians to the problem of wealth is to turn to worship as a reparative therapy that forms congregations in practices and ways-of-seeing that run counter to the normative perceptions of neoliberalism. This is achieved by means of a robust engagement with the work of the contemporary moral theologian, William Cavanaugh. A final chapter underlines the original contribution of the project, sketches some future areas of research, and proposes that lament is the initial stance that results from this study.
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Taszarek, Drusilla Mary Alice. "The development of the private equity industry since the 2008 financial crisis." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/13837.
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The private equity industry was experiencing a phenomenal boom at the turn of the century but collapsed abruptly in 2008 with the onset of the financial crisis. Considered one of the worst crises since the Great Depression of the 1930s, it had sent ripples around the world threatening the collapse of financial institutions and provoking a liquidity crunch followed by a huge downturn in economic activity and recession. Furthermore, the physiognomy of the financial landscape had considerably altered with banks retracting from the lending space, accompanied by a hardening of financial regulation that sought to better contain systemic risk. Given the new set of changes and challenges that had arisen from this period of financial turmoil, private equity found itself having to question current practices and methods of operation in order to adjust to the harsh realities of a new post-apocalyptic world. Consequently, this paper goes on to explore how the private equity business, management and operation model has evolved since the credit crunch with a specific focus on mature markets such as the United States and Europe. More specifically, this paper will aim to gather insights on the development of the industry since the crisis in Western Europe through a case study approach using as a base interviews with professionals working in the industry and those external to the sector but who have/have had considerable interaction with PE players from 2007 to the present.
A indústria de private equity experimentava um boom fenomenal na virada do século, mas entrou bruscamente em colapso em 2008 com o início da crise financeira. Considerada uma das piores crises desde a Grande Depressão dos anos 30, a crise financeira havia reverberado ao redor do mundo ameaçando o colapso de instituições financeiras e provocando uma crise de liquidez seguida por um enorme declínio da atividade econômica e recessão. Além disso, a fisionomia do cenário financeiro se havia alterado consideravelmente com bancos que retiravam-se do espaço de concessão de empréstimos, acompanhados por um endurecimento das regulações financeiras que buscavam melhor conter um risco sistêmico. Dado o novo conjunto de mudanças e desafios que surgiram deste período de turbulência financeira, a indústria do private equity encontrou-se tendo que colocar em questionamento práticas e métodos correntes de operação a fim de ajustar-se às duras realidades de um novo mundo pós-apocalíptico. Consequentemente, este estudo busca explorar como o negócio, gestão e modelo operacional de private equity evoluíram desde a crise do crédito com um foco específico em mercados maduros como os Estados Unidos e a Europa. Mais especificamente, este estudo visa reunir percepções acerca do desenvolvimento da indústria desde a crise na Europa Ocidental, através de uma abordagem de estudo de caso usando como base entrevistas com professionais que trabalham na indústria e aqueles externos ao setor, mas que têm/tinham interações consideráveis com atores do PE de 2007 ao dias atuais.
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Motsi, Steve. "Competition of Sub-Saharan African banks : new empirical insights from the 2007/2008 global financial crisis." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97472.
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Thesis (MDF)--Stellenbosch University, 2015.ENGLISH ABSTRACT: In light of the 2007/2008 global financial crisis, as well as pre- and post-crisis banking reform, this research investigated changes in competitive behaviour among banks in Sub-Saharan Africa, thus adding new insights to the current debate. The main findings from the empirical test were as expected and suggested conditions of monopolistic competition. In order to validate sufficient conditions for observing competition, an empirical test conducted to measure a state of general market equilibrium, had the expected outcome. Specifically, the research methodology applied the Panzar-Rosse model, a non-structural approach in the manner of the New Empirical Industrial Organisation. In the first instance, the model derived a continuous measure of a static H-statistic with a value of 0.57, using 481 bank-year observations from an unbalanced panel of 83 banks from six countries over the period 2008–2013. The H-statistic measured the degree of competition by explaining how changes in market power or unit factor input prices of funds, labour and capital expenditure influenced the pricing output of banks. A computed E-statistic, which was statistically equivalent to zero, validated the significance of the H-statistic, as the result implied that, in equilibrium, market power of a bank does not influence its returns. Overall, the findings were consistent with the pricing and strategy theories, such as contestable markets theory, which indicates that pricing power is associated with neither industry structure nor concentration, but instead with changes in input prices. In addition, the findings were consistent with relevant prior studies, which concluded that banking systems in parts of Europe, Asia, Latin America and Sub-Saharan Africa were monopolistic, and that banking reform influenced market discipline.
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Phelps, Barry Keith. "Financial contagion and the transmission of the 2007 US financial crisis to South Africa." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1019714.
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The topic of financial contagion has attracted increased attention in economic literature over the past three decades; in particular after the Asian crisis of 1997. This dissertation investigates financial contagion and its effects on South Africa after the 2007 global financial crisis. In particular, it examines whether South Africa experienced contagion from the United States stock market to its own over the period 1 July 2007 to 1 April 2009 within the strict definition of contagion or otherwise: the fraction of exceedance events in the stock market that is left unexplained by its own covariates but is explained by the exceedance from another region. This is tested empirically with a binomial-nominal logistic model. In addition to this, various financial and trade transmission mechanisms are tested to empirically determine through which channels the crisis was propagated. The analysis makes use of quarterly data from January 2002 to April 2009, within an OLS framework, with a dummy variable differentiating the periods before and after the collapse of Lehman Brothers. The findings suggest that contagion was in fact not present in this crisis, which speaks to market rationality and indicates that the South African stock market did in fact react rationally to a changing macroeconomic environment over this period. The transmission mechanism analyses indicate that there was a change in the interdependence relationship between the two stock markets following the crash of Lehman Brothers in September 2008. It is apparent that both trade and financial variables played significant roles in the propagation of this crisis.
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Omar, Sabrina. "The Impact of the 2008 Global Financial Crisis on the Health of Canadians." Thesis, Université d'Ottawa / University of Ottawa, 2015. http://hdl.handle.net/10393/33372.
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Despite a clear impact on the Canadian economy, little is known about the subsequent health impacts of the 2008 Global Financial Crisis (GFC). This thesis aims to fill this gap in knowledge by conducting a secondary analysis of Canadian Community Health Survey (CCHS) data to assess the impact of the GFC on health in Canada – a country that has not yet been thoroughly studied from this angle. Based on when the respondent completed the survey, exposure to the GFC was categorized into four phases: pre-crisis, crisis, stimulus, and austerity. Outcomes investigated include measures of mental health, physical health, and health-related behaviours. Statistically significant associations were observed between several health outcomes and the austerity period as compared to the pre-crisis period. Austerity has been linked to worsening health in other studies and represents an example of how the policy response can have greater detrimental impact on health than the financial crisis itself.
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Tracey, Belinda. "Essays on banking in the post-crisis era." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:f92fbf8c-8c20-4dcd-ad3b-a3cd89ddc538.
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This thesis aims to advance our understanding of banking in the post-crisis era. It makes three distinct contributions to the literature on banking. The first chapter examines whether "too-big-to-fail" (TBTF) factors affect estimates of scale economies for large banks. Based on a standard model of bank production that does not control for any TBTF factors, we find evidence of scale economies for our sample of large banks. However, once we control for TBTF factors, we instead find evidence of constant returns to scale. These results suggest that estimates of scale economies for large banks are affected by TBTF factors. The second chapter examines the impact of forbearance lending on firm dynamics and performance in Europe since the sovereign debt crisis. We develop a quantitative model, which features endogenous forbearance lending and endogenous firm defaults, as well as information asymmetry faced by the lender. We fit the model to key Euro Area firm statistics over the period 2011 to 2014. We show that in the absence of forbearance lending, the average firm sales growth, investment and productivity are higher than in the benchmark scenario with forbearance lending. These results suggest that forbearance lending practices have contributed to the recent economic stagnation across the Euro Area. The third chapter introduces a novel way to identify the causal effect of bank capital on risk-taking. We use provisions for misconduct issues as an instrument for bank capital. We show that misconduct provisions are an appropriate instrument due to their strong and negative impact on bank capital, and are otherwise unrelated to asset risk-taking. Our main finding is subsequently that a negative shock to bank capital leads to an increase in risk-taking, as measured by detailed information on mortgage underwriting standards.
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Kossa, Khodeu Thuo Zhagnin. "The impact of macrofinancial variables on covered interest parity violations after the 2008 global financial crisis." Master's thesis, Université Laval, 2020. http://hdl.handle.net/20.500.11794/66608.
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Ce mémoire analyse les déterminants des déviations à la parité des taux d’intérêts couverts(PTIC) après la crise financière de 2008. Notre modèle analyse la relation de long terme entre certaines variables macroéconomiques et les déviations mesurées à la PTIC. Nous utilisons les données sur les instruments du marché financier, l’offre de monnaie ainsi que le PIB réel entre 2009 et 2019, pour le Canada et les États-Unis, comme déterminants de ces déviations. Notre approche méthodologique utilise des techniques d’économétrie des séries temporelles. Les paramètres du modèle sont estimés à l’aide des méthodes Fully-Modified OLS (FM-OLS),Dynamic OLS (DOLS) et Integrated modified OLS (IM-OLS). Pour les données couvrant l’horizon de 5 ans, nous trouvons des résultats contradictoires pour l’offre de monnaie, mais établissent une relation négative entre le PIB réel et les déviations observées à la PTIC. Sur un horizon plus long (10 et 20 ans), l’offre de monnaie et le PIB réel ont tous deux un effet négatif sur les déviations de la PTIC mais celui du PIB réel est plus important. En outre, l’inclusion dans le modèle de l’indice de volatilité du marché américain s’est montré significatif dans la plupart des cas.We analyze the macroeconomic determinants to the deviations from Covered Interest RateParity (CIP) after the 2008 financial crisis. Our model analyzes the long-term relationship between some macroeconomic variables and measured CIP deviations. We use data on financial market instruments, on relative money supply and relative real GDP between 2009 and 2019for Canada and the United States. Our theoretical approach uses time series econometrics tools adapted to non-stationary series and the model parameters are estimated using fully modifiedOLS (FM-OLS), dynamic OLS (DOLS) and integrated modified OLS (IM-OLS) regressions.On the 5 year horizon, the estimated effect of relative money supply on the deviations is mixed.On the other hand, there is a negative relationship between real GDP and the deviations observed. For longer-term horizons (10 and 20 years), both money supply and real output have a negative effect on the deviations. Yet, that of real GDP is stronger. In addition, the inclusion of the VIX volatility index in the model was significant in most cases.
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Wan, Yue. "The Global Financial Crisis: Impacts on SMEs and Government Responses." Thèse, Université d'Ottawa / University of Ottawa, 2011. http://hdl.handle.net/10393/20078.
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This research examines the recent global financial crisis’ (GFC) impact on small- and medium-sized enterprises (SMEs) and analyses governments’ responses. According to most literature, SMEs already faced obstacles prior to the GFC, such as paying high taxes, overcoming low profitability, being affected by rising business costs, finding qualified labour, dealing with increasing competition, etc. The GFC has had serious repercussions for SMEs with respect to financing, markets, and liquidity. In order to explore in depth the governments’ responses, qualitative methods are employed to test the following three research questions: 1) To what extent did governments aim to assist SMEs to survive the GFC? What types of programs have been implemented to address new and existing obstacles? 2) Did governments apply appropriate strategic initiatives to realize their goals? If the initiatives could not achieve the governments’ original goals, what obstacles did they address? 3) Did governments tend to help SMEs more after the GFC? Did governments give up on disadvantaged firms or did they try to help them survive the crisis? Analysis revealed that, as a result of the GFC, governments developed programs aimed at new obstacles and at some of the existing ones. The aims did not differ materially for developed and less-developed economies. Financing and taxation programs tended to be designed to achieve their goals directly, where other programs tended to achieve them in a more indirect manner. Overall, government initiatives covered most of the serious obstacles faced by SMEs and government assistance programs aimed at SMEs tended to have been augmented in light of the GFC.
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Sands, Daniel B. "Complexity Theory, Asymmetric Shock, and the Emergence of Previously Hidden Subsystems within the 2008/2009 Global Financial Crisis." Thesis, The University of Arizona, 2009. http://hdl.handle.net/10150/192958.
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Ncube, Bhekinkosi. "Corporate governance : future perspective in light of the 2008/09 global economic meltdown." Thesis, Stellenbosch : Stellenbosch University, 2010. http://hdl.handle.net/10019.1/18183.
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Thesis (MPhil)--Stellenbosch University, 2010.This futures studies research report uses the Six Pillars of Transformation by Inayatullah (2004) as the methodology to explore the future perspective corporate governance may take in light of the 2008/9 global economic meltdown. The problem here being to understand the corporate governance failures that led to the global economic crises and the influences these failures may have in the future of corporate governance. This research report was compiled through secondary research material. The focus of this research report is on corporate governance, in relation to business related activities in particular, as opposed to general governance and not necessarily from a South African perspective only. This is because the South African corporate governance framework, from a legal and principles point of view, is very linked to Anglo Saxon countries’ frameworks and also that the South African economy is globalised (Naidoo, 2009). The description of corporate governance, by Sir Adrian Cadbury of the UK Cadbury Report (1992), as “the balance between economic and social goals, and between individual and communal goals . . . the aim is to align as nearly as possible the interests of individuals, corporations and society” comprehensively describes corporate governance for the purposes of this research report. Of particular note to this description is the multiple stakeholder balance approach, which the South African King Reports subscribe to, for sustainability purposes among other reasons. The anticipation of the future of corporate governance, as the second pillar of futures transformation, is discussed by describing the related emerging issue analysis thereof. These issues include corporate governance convergence and diversity. However, there are significant signs in various parts of the world, including South Africa, and as Keasy, Thompson and Wright (2005) mentioned that show corporate governance convergence more than the increase of corporate governance diversity. The history of corporate governance change patterns, as the third pillar of futures transformation, are explored to bring into perspective the likely changes for exploration on establishing the future alternatives corporate governance systems may take in future. This is in light of the latest major event of the 2008/9 global economic crises. These patterns of history date back from the end of the 19th century through the great depression, the World War II period until the recent major corporate failures that happened worldwide. The future and nature of corporate governance is further deepened, as the fourth pillar of futures transformation, by applying the Causal Layered Analysis and the Four-Quadrant Map in the causes of the 2008/9 global economic meltdown by corporate governance failures. The creation of corporate governance future alternatives, as the fifth pillar of futures transformation, are explored by outlining the possible, probable, plausible and preferred futures of corporate governance from information provided by the referenced writers of this research report. The preferred and ideal corporate governance approach would be a balanced corporate governance approach that has optimally converged due to the impact by the 2008/9 global economic meltdown, globalized and market based. In the last pillar of futures transformation, transforming the future of corporate governance, the policy implications of the preferred and desired future of corporate governance, according to this research report will be outlined, notwithstanding the challenges to achieve this desired future. These policy changes are likely to be both from a self-regulatory and regulatory perspective.
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Salloy, Suzanne. "Empirical Essays on Contagion during the Global Financial Crisis." Thesis, Paris Est, 2013. http://www.theses.fr/2013PEST0087.
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L'objectif de cette thèse est double : évaluer, mesurer et analyser les effets de contagion sur les banques américaines et européennes lors la crise financière globale de 2008-2009 et étudier les canaux financiers qui ont contribué à la propagation de la crise aux pays du G7. En suivant une approche microéconomique de la définition de la contagion, nous testons, premièrement, l'hypothèse d'un effet de « contagion » sur les marchés boursiers à l'aide de la méthode des études d'évènements. Nous qualifions ensuite la contagion de « contagion pure » ou de « contagion rationnelle ». Deuxièmement, nous testons l'hypothèse de « contagion » contre « interdépendance » sur le marché des dérivés de crédit avec les modèles de corrélations conditionnelles asymétriques dynamiques. En troisième lieu, nous cherchons à répondre à une question macroéconomique : quel choc joua le rôle majeur dans la transmission de la crise financière globale, celui dû à la pénurie de liquidité ou celui provoqué par la dévaluation des actifs financiers? Pour cela, nous analysons, à l'aide d'un modèle vectoriel autorégressif à paramètres qui varient dans le temps, l'effet de chaque choc, venu des États-Unis, sur les marchés monétaires et boursiers des pays du G7. Enfin, nous questionnons l'intérêt de la régulation Bâle 3 portant sur le capital des banques du point de vue des banques contaminées durant la crise financière globaleThe objective of this thesis is the twofold: to assess, measure and analyze contagion effects to American and European banks during the global financial crisis of 2008-2009 and to study the financial channels that contributed to the spread of the crisis to G7 countries. Following a microeconomic approach of the definition of contagion, firstly, we test the hypothesis of “contagion” on stock markets using the event study methodology. Then, we qualify it as “pure contagion” or “rational contagion”. Secondly, we test the hypothesis of “contagion” versus “interdependence” on credit derivative market using the asymmetric dynamic conditional correlations models. Thirdly, we aim to answer a macroeconomic issue: which shock played the major role in spreading the crisis from U.S. to money and stock markets of G7 countries, the shock due to liquidity shortage or the shock due to the devaluation of financial assets? We use a Time-Varying Parameters Vector-Auto Regression methodology. Finally, we provide insights into the impact of Basel III regulation of banks capital, by focusing on banks contaminated during the global financial crisis
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Mpala, Nqobile Natasha. "A comparative analysis of derivative regulation following the global financial crisis : an emerging markets perspective." Thesis, Rhodes University, 2015. http://hdl.handle.net/10962/d1018660.
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The international financial environment has become riskier due to the recent developments in product offerings and failure of regulation to keep abreast with these changes. The Global Financial Crisis exposed inadequacies of regulation, thus consensus on the need for comprehensive and uniform regulation was made by G-20 member states. Imposing exchange trading, clearing, reporting and capital requirements on the derivatives market are some of the ways of dealing with the problems caused by lax regulatory oversight. In this study, through the comparative analysis of derivatives regulation in South Africa, Brazil, India and Turkey, it was established that emerging countries are taking active steps to implement the G-20 agreement. Uniformity in the core rules was noted, with differences in the supportive legislation. Country specific rules which support the macroeconomic factors that are faced by these countries and the infrastructure available for regulatory execution are used amongst countries. The study concluded that current regulation in emerging countries is accommodative and regulatory differences are in line with economic factors in each country.
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Wilson, Jeffrey G. "The global financial crisis : a crisis of legitimacy for the hegemonic world order and the implications for South Africa." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/80159.
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Thesis (MA)--Stellenbosch University, 2013.ENGLISH ABSTRACT: This study attempts to analyse the global economic system in light of the ongoing financial crisis, which is seen as a symptom of a larger crisis of the legitimacy of the capitalist system. It takes a critical approach based, first and foremost, on the theories of Karl Marx. To broaden this application, it also adopts the perspective of the World Systems and neo-Gramscian schools of thought. The study analyses, and synthesises, the theoretical contributions of these approaches, allowing for the conceptualisation of a World System, based upon the tenets of capitalism, with a hegemon, the United States of America, at its apex. Using the historical materialist method, it traces the genesis and progress of the capitalist model. It analyses the particular style of accumulation which precipitated the current crisis. From there it examines the situation in the semi-periphery, the locus of past socialist revolutions. To this end, it regards the case of South Africa, an intermediary, between the industrialised core and the underdeveloped periphery. It uses Robert Cox‟s assessment of the importance of social forces in maintaining or supplanting a hegemonic project. Although the study finds South African society fraught with contradictions, alternative social movements currently remain unable to produce a coherent emancipatory programme. While the crisis, and other recent events, have illuminated the contradictions inherent to capitalism, despite widespread popular mobilisation, coherent responses from the Left remain deficient. The hegemonic structures and institutions are bereft of the necessary prescriptions for a resolution to the situation, yet in this moment of opportunity, the Left appears unable to articulate and mobilise sufficiently to bring about an emancipatory, counter-hegemonic, movement.
AFRIKAANSE OPSOMMING: Hierdie studie probeer om die globale ekonomiese stelsel binne die konteks van die voortslepende finansiële krisis Hierdie krisies word beskou as 'n simptoom van 'n meer omvattende krisies onderliggend aan die legitimiteit van die kapitalistiese stelsel. Dit volg in die eerste plek ʼn kritiese benadering gebaseer op die teorieë van Karl Marx. Om hierdie toepassing te verbreed, word daar ook gebruik gemaak van die Wêreldstelsel- en neo-Gramscian denkskole. Die studie analiseer en sintetiseer, die teoretiese bydraes van hierdie benaderings, met inagneming van die konseptualisering van ʼn Wêreldstelsel, gebaseer op die beginsels van kapitalisme, met ʼn hegemoon, die Verenigde State van Amerika, aan sy spits. Met behulp van die historiese materialistiese metode gaan dit die wordingsgeskiedenis en verloop van die kapitalistiese model na. Dit analiseer die besondere vorm van akkumulasie wat grondliggend is aan die huidige krisis. Daarna ondersoek dit die situasie in die semi-periferie, die lokus van vorige sosialistiese revolusies. Met daardie doel voor oë fokus die tesis op die geval van Suid-Afrika, ʼn tussenganger, tussen die geïndustrialiseerde kern en die onderontwikkelde periferie. Daar word bevind dat die die Suid-Afrikaanse samelewing vol teenstrydighede is, maar, nietemin, alternatiewe sosiale bewegings tans nie daartoe in staat is om ʼn koherente emansipatoriese program tot stand te bring nie. Terwyl die krisies en ander gebeure, lig gewerp het op die teenstrydighede inherent aan kapitalisme, ontbreek, desondanks wydverspreide algemene mobilisering, koherente reaksies vanuit die Linksgesinde kamp. Die hegemoniese strukture en instellings ly gebrek aan lewensvatbare voorskrifte vir 'n oplossing en Linksgesindes, nieteenstaande die opportunistiese oomblik, is nie daartoe in staat is om te ʼn emansipatoriese, teen-hegemoniese beweging te artikuleer en te mobiliseer nie.
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M'Shanga, Mayase Chituwa Simone. "Industrial policy, economic growth and unemployment in the wake of the 2008-2009 global financial crisis: The Zambian perspective." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27445.
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This paper investigates the extent to which the 2008 - 2009 financial crisis impacted economic growth and employment in developing countries, with Zambia as the entity of focus. It further examines the industrial policy strategies employed by the country before, during and after the crisis and whether they have been effective in shielding the country from exogenous shocks and creating sustainable employment opportunities. This provides a unique perspective by evaluating policy responses to external shocks while monitoring the key economic variables highlighted. It draws from conceptual ideas and previous research around the evolution of financial crises and industrial policy, evaluating the manner in which the effects of the former, originating from financial markets in developed economies, trickle down to developing nations with no solid roots in international financial markets. Furthermore, it assesses the application of the latter concept and its ability to preserve and support sustainable economic development. The paper presents an exploratory case study analysis of Zambia which has been negatively affected by the financial crisis to a large extent due to number of vulnerabilities that leave the country exposed. The findings suggest that industrial policy in itself cannot fully insulate developing countries from the dynamic and unpredictable external environment. However, there are a number of policy considerations that can be made, highlighted as concluding recommendations, to support the growth of the economy and mitigate against the impact of inevitable external shocks. It is important to note that each developing country case is unique to itself but generalised findings can still be comparable to other countries that share some fundamental demographic similarities.
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Danielsen, Aarik J. Davis Charles N. "Examining media coverage of the subprime mouurtgage [sic] phenomenon." Diss., Columbia, Mo. : University of Missouri-Columbia, 2009. http://hdl.handle.net/10355/6724.
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The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract, appears in the public.pdf file. Title from PDF of title page (University of Missouri--Columbia, viewed on March 19, 2010). Thesis advisor: Dr. Charles Davis. Includes bibliographical references.
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Ferreira, James Stuart. "An analysis of the risk adjusted returns of active versus passive South African general equity unit trusts during varying economic periods: an individual investor's perspective." Thesis, Rhodes University, 2015. http://hdl.handle.net/10962/d1019753.
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This thesis used the events of the 2007 financial crisis as a means of being able to add to the research already done on South African unit trusts. The objective was to study the risk-adjusted performance of South African general equity unit trusts against the market during the period between 2005 and 2014. This period took into account the bull market preceding the financial crisis, the market crash of 2007 and the subsequent market recovery that followed. Data was obtained online through the I-Net BFA data base and included 161 general equity unit trusts that contained a full data set. In addition to the general equity unit trusts, the Satrix40 was studied to compare a passive unit trust against those that are actively managed. The 10 year Government bond was also used as a risk-free rate to add to the comparisons of performance results. The Sharpe, Treynor and Jensen measures were applied to the data with the results adding more support to the opinions that markets are fairly efficient and active investment strategies are being challenged by consistently well performing passive investments. Throughout the duration of the study, taking into account the varying economic cycles, the Satrix40 passive investment showed the best average overall return on simple return calculations as well as during the risk-adjusted measurements. In support of active investment management, unit trusts showed their best relative performance figures during the period of the financial crisis. This suggested that active financial managers were able to make the active calls necessary to weather the storm of the financial crisis. While the study did have its limitations, the results it produced are intended to offer investors further knowledge in enabling them to make more educated investment decisions in the future.
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Fristedt, Sebastian Carl. "Exchange-rate regimes and economic recovery : A cross-sectional study of the growth performance following the 2008 financial crisis." Thesis, Södertörns högskola, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32766.
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This paper applies a cross-sectional regression analysis of 83 countries over the period 2009-11 in order to examine the role played by the exchange-rate regime in explaining how countries fared in terms of economic growth recovery following the recent financial crisis. After controlling for income categorization, regime classification, using alternative regime definitions, and accounting for various other determinants, the paper finds a significant relationship between the regime choice and the recovery performance, where those countries with more flexible arrangements fared better. These results were conditional on the regime classification scheme and the income level, implying an asymmetric effect of the regime during the recovery period between high and low income countries. The paper also finds that proxies for initial conditions as well as trade and financial channels were highly significant determinants of the growth performance during the recovery period.
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Nguyen, Mai Lan. "Financial contagion and interactions between financial markets during global crises." Rennes 1, 2012. http://www.theses.fr/2012REN1G033.
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Cette thèse se concentre principalement sur la modélisation des liens de marchés financiers afin de vérifier si le degré de transmission de volatilité et de contagion/fuite vers la qualité a évolué suite aux crises financières. Cette étude utilise les extensions des modèles GARCH multivariés, les tests spécifiques de contagion et les modèles à changements de régimes de Markov. Les résultats obtenus mettent en évidence la transmission de volatilité, la coexistence de contagion et fuite vers la qualité et le rôle des hedge funds dans ces phénomènes. Cette thèse souligne aussi les effets asymétriques des chocs sur la volatilité et sur les corrélations des hedge funds et examine les facteurs déterminants de ces corrélationsIn this thesis, we firstly focus on modeling financial market linkages to verify the degree of volatility spillovers, comovement, interdependence and contagion/flight to quality during financial crises. Our estimations require precise modeling of conditional variances-covariances and significant changes in dynamic conditional correlations between indices. As a result, we use some extensions of multivariate GARCH models, specific tests of contagion and Markov regime-switching models. The thesis results reveal clear evidence of volatility spillovers, coexistence of contagion and flight to quality, and the role of hedge funds in these phenomena during the ongoing financial crisis. This thesis further highlights the asymmetry effects of positive and negative shocks on volatility and correlations of hedge fund strategy returns, and explores the determinant factors of these correlations
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Peabody, Stephen Drew. "Does the Method of Financing Stock Repurchases Matter? Examining the Financing of Share Buybacks and Its Effect on Future Firm Investments and Value." Thesis, University of North Texas, 2018. https://digital.library.unt.edu/ark:/67531/metadc1404597/.
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Recent increases in stock repurchases among U.S. corporations coupled with a historically low cost of debt since the Global Financial Crisis has created media speculation that firms in recent years are paying for their expanding share buyback programs with debt. Repurchasing stock by increasing leverage, instead of using internal funds, implies that managers may speculate on current low interest rate environments at the expense of shareholders. Recent studies find that stock repurchases are associated with reductions in future firm employment and investments such as capital expenditures and research and development expenses. This study expands on prior studies by evaluating how debt-financed stock repurchases affect firm investment, investigating the likelihood of these repurchases in low interest rate environments and assessing the effects on firm value. Results confirm that, in recent years, debt-financed repurchases have increased substantially and the probability of debt-financed repurchases increases in the presence of low interest rates. This relationship is especially pronounced in the years following the Global Financial Crisis. Debt-financed repurchases are associated with small reductions in firm investment; however, these reductions are significantly less after adjusting for industry conditions. Finally, there is little evidence that the method of financing repurchases affects firm value nor does it increase a firm's operating performance.
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Keßels, Nikolas [Verfasser]. "The Internationalization of American Market Regulation : Why an American Financial Empire Prevailed throughout the 2008 Global Financial Crisis / Nikolas Keßels." Berlin : Freie Universität Berlin, 2018. http://d-nb.info/1156603382/34.
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Hamilton, Sedrick Tremayne. "Deregulation and The 2007-2008 Housing/Debt Crisis Analysis of the Housing/Debt Crisis of 2007-2008 and its impact on the Financial Strength and Vulnerability of the United States and Global Economy." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15061.
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One looming question has persisted in the minds of economists the world over in the aftermath of the 2007-2008 American Housing and Debt Crisis: How did it begin and who is responsible for making this happen? Another two-part question is: What measures were implemented to help end the crisis and what changes are being implemented to ensure that it will never happen again? Many speculate that the major contributing factor was the repeal of the Glass-Steagall Act in 1999 that prompted a virtual feeding frenzy among the banking community when new calls from Capitol Hill encouraged home ownership in America as well as the secondary mortgage market which skyrocketed thereafter. The Glass-Steagall Act will be among many of the topics explored in this paper along with the events leading up to the 2007-2008 housing/debt crisis as well as the aftermath.
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Ahmadu-Bello, J. "The 2007-09 global financial crisis and financial contagion effects in African stock markets." Thesis, Coventry University, 2014. http://curve.coventry.ac.uk/open/items/c9e2c0fe-dbce-4faa-abaf-945e5a282294/1.
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This thesis tests financial contagion from the US to ten African markets during the 2007-09 financial crisis. For comparative purposes, testing procedures are also extended to cover a number of developed-economy markets. There is considerable debate within the literature as to how to measure contagion. A central focus of my research is therefore to compare alternative econometric methodologies. VAR based constant-correlation based techniques are examined alongside dynamic conditional correlation (DCC) based techniques. I find that the DCC approach is superior in respect to my dataset. The 2007-09 crisis was unique from a contagion perspective in that its impact was truly global. This provided a unique opportunity to examine the subject across different continents and market types. African markets were found to have lower levels of integration (correlation) with the US than developed-economy markets and this resulted in considerable differences in the way that the contagion event spread across these two groups. As well as being truly global, the 2007-09 crisis was a contagion event that lasted more than a year. I use the volatility index (VIX) to identify both a long crisis period and a series of sub-events. The former ran from 15 September 2008 to 15 October 2009. The four sub-events were 15/09/2008-10/10/2008, 15/09/2008-17/10/2008, 15/09/2008-27/10/2008 and 15/09/2008-20/11/2008. Correlations (and contagion) changed significantly as sub-events unfolded. At the onset of the crisis, correlations with all African markets increased relatively quickly. I suggest that this can possibly be considered as being consistent with fast herding iv behaviour. The impact on developed markets was very different in that contagion spread slowly. I suggest that this can possibly be considered as being consistent with slow herding. I argue that differences in contagion found between African and developed markets reflect differences in social network effects in investor communities. I apply behavioural finance theory to more fully explore this issue and identify the channels through which contagion events developed.
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Tjitemisa, Naftaline Meth. "The impact of the global financial crisis on the diamond supply chain : Namibia as a case study." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8580.
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Thesis (MBA)--University of Stellenbosch, 2010.Revenue derived from the sales of diamonds contributes significantly towards economic growth, with a GDP share of about 10 per cent. A significant decline in diamond revenue will therefore affect economic growth and contributes negatively to the socio-economic upliftment of the Namibian nation. A case in point was the effects of the global financial crisis on the diamond industry. This study aims to analyse the impact of the global financial crisis on the diamond industry supply chain in the Namibian context. The supply chain analysis involves the studying of the whole chain from the mining of the ore into the chain to the delivering of the rough diamond to the cutting and polishing factories. The main sectors involved in the supply chain are the supply sector which is involved in the extracting of the ore from open-cast, underground, alluvial and sea-bed mines, processing the ore into rough diamonds ready for sorting. The processing sector is involved with maximising the value by undertaking valuations and sorting, which determine the price that is paid for the stones and the presentation sorting which is the process whereby diamonds are prepared for sale in line with clients’ polished requirements. The demand sector is involved in the sales and marketing of the rough diamonds. The following areas have been focused on to analyse the sectors: 1. The market competitiveness, using Porter’s 5-force analysis. 2. A SWOT analysis to determine internal and external environments of the respective sectors. 3. Trend reviews of the activity in each sector for the years 2000–2009. 4. The causes and the responses to the impact of the global financial crisis on each of the sectors. The aim of the analysis is to create a deeper insight into the forces and the impact these forces are having on the rough diamond supply chain. The research revealed that the 2007–2009 global financial crisis had a negative impact on the levels of diamond production in Namibia and also on the economic growth and the living standards of a number of retrenched workers. The study further reveals that despite the negative effects of the global financial crisis, there are positive signs of economic recovery and employment creation.
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Wang, Sicong. "Gender, ethnicity and spatial autocorrelation of unemployment in Great Britain : an economic analysis." Thesis, Swansea University, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.644356.
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Understanding characteristics of unemployment can contribute to labour market policies. Therefore this thesis investigates gender and ethnic unemployment during the recent 2008-2010 recession and spatial autocorrelation of unemployment using multivariate analysis, decomposition techniques, and panel SAR model which is innovatively adopted to examine the mechanism of causing spatial autocorrelation.
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Butko, Sami. "Crises, Profit, and Exploitation: A Structural-Marxist Interpretation of the 2007-08 Global Financial Crisis." Thesis, Université d'Ottawa / University of Ottawa, 2018. http://hdl.handle.net/10393/38014.
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This thesis explores the relationship between capitalism and exploitation in wake of the 2007-08 global financial crisis and subsequent economic recessions among the world’s most advanced capitalist nations. Starting from the position that not enough theoretical work has been done, particularly within criminology, to analyze the harms caused by crises in capitalism, I argue that a structural-Marxist framework can help fill this gap in the literature. By building a theoretical model based on Karl Marx’s original work on crises in capitalism, the structuralism of Louis Althusser, and as the philosophical materialism of David Harvey, I examine the ways in which the global financial crisis is not the unexpected event mainstream narratives maintain, but rather one that has been over a century in the making. On an empirical level, drawing insight from the Greek financial crisis, the model proposed is deployed to analyze the role that international financial institutions have had in the recent crisis and draw a link between these patterns and the status of modern capitalism, suggesting that the economic trauma we face now is intimately linked to the predisposition of capital (re)production and accumulation. This thesis ultimately underlines the fact that while we are governed by this ‘new’, more aggressive capitalism, it is also ‘the same’ in that Marx’s insights regarding the contradictions of capital accumulation are equally applicable today as they were in his time.
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Minne, Geoffrey. "The role of information in exchange rate policy and the reaction of banks during the 2007/08 crisis." Doctoral thesis, Universite Libre de Bruxelles, 2014. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209107.
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The disclosure of information about the policy making process and the release of new databases may add relevant information about the exchange rate to guide the public's expectation, but may also mislead it. Asymmetric information also reinforces the importance of the learning process for policy makers and financial markets. This dissertation focuses on the role of information in the political economics of exchange rates. The two first chapters provide empirical studies of how access to information shapes and constraints the choice of exchange rate policy (official statement and implemented policy). The last chapter considers the question of whether international banks learn from their previous crisis experiences and reduce their lending to developing countries as a result of a financial crisis. It focuses on the experience accumulated with past financial crises.Doctorat en Sciences économiques et de gestion
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Teixeira, Marcelo Paranaguá de Vasconcelos. "Value and momentum strategies in the Brazilian stock market: the 2008 financial crisis and its aftermath." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8889.
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Esta dissertação analisa o desempenho de três estratégias de investimento em carteiras de custo zero ('value', 'momentum' e uma combinação 50/50 delas, que é chamada de 'combo') no mercado de ações brasileiro durante a última década. Os resultados são comparados aos encontrados por Asness, Moskowitz e Pedersen (2009) para quatro mercados: EUA, Reino Unido, Europa Continental, e Japão. Uma análise específica é feita em torno da crise financeira de 2008, comparando os resultados pré- e pós-crise. O índice de Sharpe é usado para ajustar os desempenhos por seus riscos, e para classificar as estratégias para diferentes horizontes de investimento. Os resultados mostram um ótimo desempenho da estratégia 'combo' nos últimos três anos, período que inclui a crise de 2008, mas considerando todo o período analisado a estratégia 'value' obteve o melhor desempenho. Esse resultado difere dos resultados encontrados para os quatro mercados de referência, onde a estratégia combo tem o melhor desempenho. A análise do horizonte de investimento mostra que a escolha do investidor pode mudar com diferentes horizontes.
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Gross, Eden. "Risk Management in South Africa Before, During, and After the 2008 Global Financial Crisis: An Application to Different Sectors." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/32693.
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The risk management functions of most financial institutions occupy themselves with the estimation of the value at risk (VaR) of their portfolios as a measure of market risk. Various methods are available to calculate the VaR measure, and this can be done at various degrees of confidence. This study evaluates and analyses the performance of five popular VaR forecasting methods in the South African context, using the closing values of three of the major indices available on the Johannesburg Stock Exchange (JSE), namely the All Share Index (ALSI), the Financials-Industrials Index (FINDI), and the Resources Index (RESI). These three indices are considered based on the findings of prior studies that indicate that not only does decomposing the ALSI into its constituent (the FINDI and the RESI) indices provide a better measurement of market risk on the JSE, but these sub-indices also have different systematic risk exposures which may necessitate different treatments in measuring their risks appropriately. The periods examined surrounded the 2008 global financial crisis in order to allow an evaluation of the impact of varying levels of volatility on the analysis. Overall, the study concludes that the performance of the VaR models examined is similar when assessing the risk of the ALSI and the RESI returns, while they are very different for the FINDI. This conclusion provides crucial insight into the risk management and investment decisions concerning portfolios which are more heavily invested in the FINDI as opposed to the other two, as this study suggests that a blanket treatment to the South African market is incorrect.
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Tibbetts, Evan. "Fannie Mae and Freddie Mac's march into subprime mortgages." Diss., Connect to the thesis, 2009. http://hdl.handle.net/10066/3646.
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Jin, Yi. "An investigation into bank behaviour up to the 2007-08 global financial crisis." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/4126/.
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This thesis includes four empirical studies on the effects of bank behaviour on bank performance in European and North American countries up to the 2007-08 financial crisis. First, we investigate the effects of non-traditional bank activities, i.e., off-balance-sheet (OBS) items and traditional activities, i.e., loans, on bank performance, and then considering a risk-based capital requirement show an optimal bank portfolio. Second, we examine the impact of interbank lending on bank risk-taking, considering the consequence of “Too big to fail” (TBTF) and show differences in bank activities and risk-taking between large and small banks. We then study the effect of changes in bank behaviour on the determinants of interest margins. Finally, we identify the reasons of individual bank failure towards understanding the mechanism of the recent financial crisis. Our empirical findings provide following results. First, the negative effect of OBSs on bank performance is found and banks prefer moving away from OBSs, given the risk-based capital requirement. Second, interbank lending increases the large banks’ risk level under TBTF. Third, product diversification has a negative impact on interest margins. Finally, the housing price index has a significant impact on the probability of bank failure in the context of the recent financial crisis.
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Savy, Neil Edward. "Impact of the global financial crisis on economic growth: implications for South Africa and other developing economies." Thesis, Rhodes University, 2015. http://hdl.handle.net/10962/d1017542.
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This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.
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Otterberg, Simon, and August Zetterberg. "How much new information does a credit rating announcement convey to the financial markets? : A comparison before and after the 2008 global financial crisis." Thesis, Linnéuniversitetet, Institutionen för nationalekonomi och statistik (NS), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96878.
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Background: The credit rating agencies have been heavily contested and criticized. In addition to this, other informational sources may potentially deliver the information that the CRA is intended to provide. This may have changed their role in reducing information asymmetry in the financial market. Purpose: This thesis will investigate (i) whether changes (upgrade/downgrade) in credit ratings lead to abnormal returns in share value, and thereby provide useful information to potential and current investors. The thesis will also (ii) examine whether there are significant differences between the periods before and after the GFC in 2008. Method: Regression based event study using a dummy-variable approach. Conclusions: No strong evidence that credit ratings have a significant effect on stock prices in the European stock market. Small indications that the market is responding more strongly to a rating change announcement during the period 2000-2008 compared to 2009-2019.
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Abouchedid, Saulo Cabello 1987. "A política econômica no Brasil no contexto da crise financeira global (2008-2012)." [s.n.], 2014. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286496.
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Orientador: Daniela Magalhães PratesDissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia
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Resumo: A crise financeira global assumiu uma dimensão sistêmica em setembro de 2008, após a falência do banco de investimento Lehman Brothers, afetando os países de maneira indiscriminada. Diante desse cenário, os países emergentes adotaram um conjunto de políticas anticíclicas e enfrentaram desafios de política econômica impostos pelos desdobramentos da crise. Esta dissertação objetiva entender as políticas econômicas adotadas no contexto da crise num país emergente específico: o Brasil. Para isso, quatro hipóteses serão propostas para compreensão dessas mudanças: i) A utilização de medidas anticíclicas pelos países avançados no contexto da crise; ii) As novas recomendações do mainstream e dos organismos multilaterais; iii) A inserção comercial e financeira diferenciada e a política econômica do Brasil no período pré-crise; iv) A nova gestão da política macroeconômica com a entrada do governo Dilma em 2011, traduzida no esforço assumido de "recolocar os preços macroeconômicos no lugar" ("getting the macroeconomic prices right"). A partir das hipóteses acima, a política econômica do Brasil no contexto da crise financeira global pode ser entendida por meio de três fatores fundamentais. Primeiro, as políticas adotadas logo após a eclosão da crise sistêmica seguiram as medidas anticíclicas dos países avançados e estiveram relacionadas (sem nenhum sentido de causalidade) com a as novas recomendações propostas pelo mainstream. Segundo, a redução da vulnerabilidade externa - por meio da diminuição do endividamento externo do setor público e da política de acumulação de reservas - e a melhora da situação fiscal no período 2003-2007 conferiram maior espaço de política econômica e permitiram a adoção de medidas anticíclicas no contexto da crise. Por fim, a mudança na gestão da política econômica em 2011 respondeu aos desafios impostos pela nova fase de alta dos ciclos de fluxos de capitais e de preços de commodities, pelo aprofundamento da crise europeia, e pelos sinais de esgotamento do ciclo de consumo
Abstract: The global financial crisis has taken a systemic dimension in September 2008, after the bankruptcy of Lehman Brothers , affecting countries indiscriminately . Given this scenario , emerging countries have adopted a set of countercyclical policies tax challenges faced by economic policy developments in the crisis . This dissertation aims to understand the economic policies adopted during the crisis emerging in a specific country : Brazil. In order to understand this changes, four hypotheses are proposed: i) The use of countercyclical measures by developed countries during the crisis; ii) The new recommendations from the mainstream and multilateral agencies; iii) The differentiated trade and financial integration and economic policy of Brazil in the pre-crisis iv) The new management of macroeconomic policy with input from the Dilma government in 2011, reflected the efforts to get the macroeconomic prices right. From the above hypotheses, the economic policy of Brazil in the global financial crisis can be understood through three fundamental ideas. First, the policies adopted after the outbreak of systemic crisis, followed the countercyclical measures of the advanced countries and were related (without any sense of causality) with the new rhetoric proposed by the mainstream. Second, the reduction of external vulnerability - by reducing the external debt of the public sector and reserve accumulation policy - and the improved fiscal situation in 2003-2007 gave more room for economic policy and allowed the adoption of countercyclical measures in the context of the crisis . Finally, the change in economic policy management in 2011 responded to the challenges posed by the new phase of the cycles of capital flows and commodity prices, the deepening of the European crisis, and the signs of exhaustion of the consumer cycle
Mestrado
Teoria Economica
Mestre em Ciências Econômicas
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Guittet, Stéphane J. "Reforming financial regulation after the global financial crisis : the case of over-the-counter derivative market regulation." Thesis, Paris, Institut d'études politiques, 2013. http://www.theses.fr/2013IEPP0058.
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Au lendemain de la pire crise financière mondiale depuis les années 1930, plusieurs gouvernements réunis sous la coupe du G20 se sont accordés sur la réforme du système financier international. La régulation des marchés financiers fut étendue à de nouveaux territoires. Toutefois, si la crise est une condition du changement, elle ne montre ni l’étendue ni la séquence d’événements qui expliquent ce revirement de politique publique. Dès lors, une question se pose: quels sont les éléments qui peuvent expliquer cette évolution de la réglementation financière internationale ? Cette dissertation démontre que la politique domestique des États-Unis et des pays majeurs de l’Union Européenne ont directement influencé ce changement de politique publique. En se focalisant sur les marchés de dérivés de gré à gré, cette recherche démontrera que l’extension de la régulation financière à de nouveaux marchés est le produit de l’augmentation de l’attention du public ou « salliance politique » dans des pays influents sur la scène internationale. Toutefois, les trajectoires historiques uniques qui caractérisent ces États nous informent sur les contours uniques de ces nouvelles réglementations qui ne sont pas écrites sur une page blanche. Cette recherche examine en particulier l’évolution de la régulation financière sur les marchés de dérivés de crédit ou « credit-default swaps » aux États-Unis avec l’adoption de la loi Dodd-Frank et, en Europe, avec l’adoption de la régulation European Market Infrastructure Regulation (EMIR). Cette argumentation et cette étude empirique contribuent à l’étude de l’évolution des préférences des états dans le domaine de la réglementation financière internationaleIn the aftermath of the global financial crisis of 2007-2010, international policymakers agreed to reform international financial regulation. New areas of financial markets were placed for the first time under the direct oversight of public regulators. However, the financial crisis explains neither the scope nor the sequence of the regulation that followed in its wake. Thus, the question remains: what explains these international financial regulation outcomes after the crisis? This dissertation argues that domestic politics within the United States and the major European Union member states explain the shift and form of that financial regulation. It focuses on over-the-counter credit derivative markets to show that previously unregulated markets were brought under greater supervision when public salience increases in influential states. However, a nation’s unique historical circumstances determine the concrete regulation policy that develops. This research examines the evolution of credit-default swaps regulation in the US under the Dodd–Frank Wall Street Reform and Consumer Protection Act and in the EU, with special attention to the European Market Infrastructure Regulation (EMIR). With its argument and case study, this dissertation contributes to the study of state preference formation over-time with regard to international financial regulation
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Sag, Mustafa Onur. "The Effects Of Transition To Modern Banking And 2008 Global Financial Crisis On The Efficiency Of The Turkish Banking Sector." Master's thesis, METU, 2010. http://etd.lib.metu.edu.tr/upload/12612663/index.pdf.
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This thesis measures the effects of transformation of Turkish banks from a &ldquotraditional&rdquo
one to a &ldquo
modern&rdquo
one over the period 2002-2009 and 2008 global financial crisis on efficiency of Turkish banks. Malmquist Total Factor Productivity Index is constructed using data envelopment analysis to measure the efficiency change in Turkish banking sector. The paper also analyzes the sensitivity of efficiency measures to different descriptions of inputs and outputs by employing two different approaches to describe the inputs and outputs of a bank. The major difference between the approaches is the use of deposits and non-deposit funds as input or output. Both confirm that the efficiency of the Turkish banking sector had increased over the period under examination and 2008 global financial crisis had adversely affected the efficiency of Turkish banks. The results show that the banks which had advanced in transformation to modern banking before 2001 financial crisis had experienced higher than the average increments in efficiency in the post-2001 financial crisis period.
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Tsang, Chun-ping, and 曾俊平. "Housing market bubbling again after the global financial crisis in 2008: government's actions to prevent thebursting of the housing bubble." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B48343353.
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After the Global Financial Crisis in 2008, the economy of Hong Kong has not fully recovered but the housing prices in Hong Kong market have been rising strongly after 2009. In the late of 2008, Hong Kong’s housing prices started to rebound and began to surge since early 2009 surpassing the peak in 1997. Government senior officials have issued their warnings for the increasing risk of a bubble forming in the housing market. In accordance with my study, the causes of the rapid growth in the housing prices could be generalized from three major factors which are 1) low interest rates, 2) Government housing policy and 3) hot money. It is found that the scenarios and backgrounds have resemblance to the Japan’s bubble economy in 1989. The bursting of the ‘Bubble Economy’ has led Japan’s economy to a serious recession of more than 20 years. In order to prevent the bursting of the housing bubble after the Global Financial Crisis in 2008, the Hong Kong Government has implemented a series of preventative measures to eliminate the boom of bubble in the housing market. Those measures are first started in 2009 and in 2010, other concerned measures have been released by Government continuously after the following years. However, the housing prices still ascending in the past few years.
Mr. John Tsang, the Hong Kong Financial Secretary warned that the price of secondhand flats on Hong Kong Island hit record levels, surpassing the peak reached during the 1997 housing bubble. Nowadays, Hong Kong is facing the downturn of world economy and the bad debt problems in Europe which will weaken the people’s confidence on the housing market. In fact, the bursting of the housing bubble could be triggered by any adverse news or scandals. It will cause the housing prices begin to decline. The descending of the housing prices will further deteriorate the confidence of the people. It will generate a consequence so called the ‘The Herding Effect’ and will cause a huge amount of capital including the foreign investments retreated from the housing market within a very short period of time. The consequence will led the housing prices further collapse and trigger the bursting of housing bubble. In order to avoid the collapse of the Hong Kong housing market, the Government shall take much and more effectiveness preventative measures to tackle the booming of the housing bubbles. Otherwise, coupled with the consequence from ‘The Herding Effect’ and the continuously booming on the housing prices, once there is any adverse news or crashes come from internal or external, the housing bubble will be burst. The overall economic and financial stability in Hong Kong will face another serious impact and the Hong Kong Government, the home owners as well as the non-home owners have to experience another painful and bitter lesson since 1997 again.published_or_final_version
Housing Management
Master
Master of Housing Management
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Hummel, Detlev. "Deutsche Kapitalbeteiligungsgesellschaften im Umfeld der globalen Finanzkrise 2008/2009." Universität Potsdam, 2011. http://opus.kobv.de/ubp/volltexte/2011/5010/.
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Der vorliegende Beitrag knüpft an die in Potsdam seit 2001 durchgeführte Langzeitstudie an und untersucht die aktuelle Situation auf dem formellen Beteiligungsmarkt in Deutschland nach dem Ausbruch der Finanzkrise. Neben den allgemeinen Gegebenheiten des Marktes werden vor allem die Finanzierungsbedingungen sowie das Investitionsverhalten einzelner Beteiligungsgesellschaften analysiert.
In den Jahren 2008 - 2009 zeigt sich einerseits eine weitestgehend unveränderte Struktur der Refinanzierungsquellen. Privatpersonen und Banken sowie der öffentliche Sektor nehmen weiterhin einen hohen Stellenwert ein. Andererseits werden deutliche Veränderungen der strukturellen Merkmale, wie auch im Investitionsverhalten einzelner Beteiligungsgesellschaften deutlich. Besonders auffällig für die Branche sind das Rationalisierungsbestreben beim Einsatz von Investmentmanagern sowie die zunehmende Spätphasenspezialisierung. Aus dem festgestellten Konsolidierungs- und Reifeprozess erwächst die Herausforderung und offene Frage, wie der Markt eine solche strukturelle Angebotslücke im Frühphasensegment begegnen will. Auch das Einwerben neuer Finanzmittel sowie die aktuellen Exit-Bedingungen werden in der vorliegenden Studie kritisch beleuchtet. Als ein reizvolles Instrument zur Reduzierung der aufgezeigten Problemfelder wird dabei die aktuell unterentwickelte Syndizierung von Beteiligungsinvestitionen angesehen. Die effizientere Ausgestaltung derartiger Finanzierungsstrukturen sollte dazu beitragen, dass das private Beteiligungskapital künftig stärker bei der Transformation betrieblicher Forschung und Entwicklung zum Einsatz gelangt.This paper presents another in a continuing research program initiated at the University of Potsdam in 2001. The current study surveys the current status of the German private equity market. The effects of the financial crisis generally, especially their consequences for the financial conditions and investment strategies of private equity firms are examined. On the one hand, the paper observes little change in the refinancing structure during 2008-2009. Private individuals, banks and the public sector still play an important role. On the other hand, changes in structural characteristics of the investment companies as well as in their investment behaviors are significant. Most noticeable are attempts to reduce human resource costs and a shift towards greater late-stage investment. Apparent consolidation and developing maturity portend a future challenge, to ameliorate an emerging structural supply gap in earlystage segment. In addition, the paper critically examines the current condition of fundraising activities and exit conditions. Syndication, though underdeveloped at present, might offer one way to address these troubling issues. More efficient financing structures should allow private equity to play an increasing role in the commercial transformation of corporate research and development.
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Laing, Fredl. "How well did leading indicators forecast the South African house price deflation caused by the recent global sub-prime crisis." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95617.
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Thesis (MBA)--Stellenbosch University, 2012.The use of leading indicators provides a valuable method to predict changes in macro-economic variables. However, the accuracy of the various models using leading indicators is a topic of constant debate. This study aimed to identify whether leading indicator models predicting residential house price changes performed as well during the recent global financial crisis (fourth quarter 2007 to second quarter 2012) as during the period directly before the crisis. Several potential drivers of the South African property market were identified with the help of previous studies on this topic. Following that, a quantitative analysis was done and single leading indicator models were built using regression analysis to evaluate the importance of each independent variable. This information was used to create a composite leading index for the South African housing market. The accuracy of these models were then compared to predict the changes in house prices during the period preceding the recent global economic crisis.It was found that the ability of these leading indicator models to predict house price changes during the recent global economic crisis decreased significantly.
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Waesch, Carsten. "Performance contrasts during the financial crisis between publicly traded family and non-family firms in Europe." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12073.
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In this study, I analyze the performance of family and non-family firms in Europe between 2001 to 2013 with special attention given to the 2008-09 financial crisis. Twelve years of data have been collected and analyzed by two models: the market adjustment model and a panel estimation technique. Contrary to the hypothesis, results show that family firms do not significantly outperform non-family firms during the overall period -- before-, during-, and after the crisis. However, in terms of beta, significant differences are clearly discernible. One could say that family firms are in general less volatile and show extremely low volatility in the crisis compared to the market.
Neste estudo, analiso o desempenho de empresas familiares e não-familiares na Europa, entre 2001 e 2013, com uma especial atenção ao período da crise financeira de 2008 e 2009. Doze anos de dados foram recolhidos e analisadosusando dois modelos: o modelo de ajustamento do mercado e uma técnica de estimativa de painéis. Ao contrário das expectativas, os resultados mostram que as empresas familiares não têm resultados significativamente superiores às empresas não familiares durante o período em análise, inclusive antes, durante, e depois da crise. No entanto, considerando o valor do beta, existem diferenças significativas. É possível concluir que as empresas familiares são, em geral, menos voláteis e que durante a crise apresentaram uma volatilidade extremamente baixa comparativamente com o mercado.JEL
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Machado, Fabrício Silva de Sousa. "A crise de 2008: desregulamentação, inovações e alavancagem financeira das economias capitalistas." Pontifícia Universidade Católica de São Paulo, 2017. https://tede2.pucsp.br/handle/handle/20625.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
The 2008 crisis allowed Hyman Minsky's theories to be reinserted into the debate on the directions of modern macroeconomics. In a post-Keynesian perspective, this study aims to prove the hypothesis that complex financial innovations, post-Bretton Woods financial market leverage, and deregulation have magnified the fragility and instability of the capitalist economy. Thus, we will treat the causes of the crisis as a problem of theoretical foundation of the capitalist system, because its functioning is based on the deregulation of the financial markets and the dominance of efficient markets hypothesis. Looking at the evidence of the 2008 crisis, it is possible to question the thesis of the new classics that financial liberalization would promote greater efficiency and stability in the system, because with the collapse of US mortgage loans, caused by the proliferation of securitized products, the problem became systemic. This occurs by the amplification of using of off-balance structures such as the shadow bankings, which began in the 1970s, widening the base of the financial capital base outside the control area of the national central bank systems. This situation reinforces the importance of understanding the fundamental dilemma between market deregulation and financial instability, the central object of this work
A crise de 2008 permitiu que as teorias de Hyman Minsky fossem reinseridas no debate sobre os rumos da moderna macroeconomia. Sob a perspectiva pós-keynesiana, esse trabalho visa a comprovar a hipótese de que as complexas inovações financeiras, a alavancagem dos mercados financeiros ocorridos no pós-Bretton Woods e a desregulamentação ampliaram a fragilidade e a instabilidade da economia capitalista. Assim, trataremos das causas da crise como um problema de fundamentação teórica do sistema capitalista, pois seu funcionamento está baseado na desregulamentação dos mercados financeiros e na dominância da hipótese dos mercados eficientes. Ao se observar as evidências da crise de 2008, é possível questionar a tese defendida pelos novos clássicos de que a liberalização financeira promoveria uma maior eficiência e estabilidade no sistema, pois, com o colapso dos empréstimos hipotecários do EUA, originado pela proliferação dos produtos securitizados, o problema tornou-se sistêmico. Isso ocorreu em razão da amplificação de estruturas “off-balance” como os shadow bankings, cuja disseminação iniciou-se nos anos 70, ampliando a base de capitais financeiros fora da área de controle dos sistemas de bancos centrais nacionais. Essa situação reforça a importância de compreender o dilema fundamental entre a desregulamentação dos mercados e a instabilidade financeira, objeto central desse trabalho
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Le, Chau Ho An. "Cross-border financial linkages and international financial contagion : an empirical study of East Asia during the 2007-2011 global financial crisis." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/4455/.
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Motivated by the global financial market turbulence in 2007-2011 and the gaps from the literature, this thesis presents an econometric assessment of different transmission mechanisms that propagated and amplified shocks from advanced economies to East Asia. The asset price channel is investigated with MS-VAR model and multivariate unconditional correlation tests. The recursive bivariate probit models are applied to test the liquidity shock transmission via the sudden stop in international lending. The second round effects are examined with partial adjustment models and system GMM estimation. The econometric procedure and testing approach bring about novel results from superior estimation techniques and handle several statistical problems such as heteroskedasticity, non-linearity, endogeneity, omitted variables, simultaneous equations and sample selection bias. The main finding of the thesis is that despite relatively sound fundamentals and limited exposure to structured credit products, East Asia could not totally decouple from the global financial crisis. Specifically, the asset price channels propagated volatility spillovers from the US and Europe to East Asian equity, foreign exchange and CDS markets. While international volatility spillovers were mainly caused by fundamental links, international behaviour during the shocks intensified the regional linkages and generated contagion effect. There was also contagion evidence associated with the sudden stop in international lending which facilitated the transmission of liquidity tensions in the interbank markets. Finally, contagion was magnified by the second round effects, defined as the feedback loops from the sudden changes in macro-financial conditions which caused adverse adjustment in bank performance. These findings have useful implications for international investors and policy authorities regarding to portfolio diversification and systematic risk containment.
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Krzeminska, Anna M. "The importance of firms' strategic resources and capabilities in crisis situations." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/14975.
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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.
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Morcuende, González Alejandro. "Rupturas Urbanas. Análisis de las relaciones entre la morfología urbana y la estructura social en la Barcelona contemporánea." Doctoral thesis, Universitat de Barcelona, 2018. http://hdl.handle.net/10803/664413.
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Esta investigación tiene como objeto de estudio las relaciones existentes entre el espacio y la sociedad en la presente etapa del capitalismo en crisis. La tesis defendida es que esa relación se explica hoy a partir del concepto de rupturas urbanas. Estas quedan definidas como el proceso social por el que el conjunto de contradicciones del modo de producción capitalista se territorializan dando como resultado una formación social concreta. El concepto determinaría, pues, el momento de mayor contradicción en la relación entre el espacio y la sociedad. A lo largo de esta investigación se realiza, en primer lugar, un análisis de la evolución de las principales aportaciones teórico-metodológicas al estudio de las ciudades, del que surge un esquema interpretativo del pensamiento urbano. Sobre el mismo se construye la estructura conceptual sobre la que descansan los esquemas teóricos. Estos dan paso, a su vez, a la reflexión metodológica, de la que se desprende la metodología y el esquema analítico con el que va a ser abordado el caso de estudio. La tesis es comprobada a partir del área de estudio que para esta investigación son los barrios de la Zona Franca de Barcelona, considerados como paradigma de esa actual relación entre espacio y sociedad. Las conclusiones apuntan a una validación de la tesis defendida en esta investigación.The object of study of this research is the real relations between space and society in the present stage of capitalism in crisis. The main thesis is that this relationship must be explained today with the concept of urban ruptures. These ruptures could be defined as the social process by which the set of contradictions of the capitalist mode of production are territorialized, with the result of a concrete social formation. This concept would determine, then, the moment of the greatest contradiction in the relationship between space and society. Throughout the research, an analysis of the evolution of the main theoretic and methodologic contributions to the study of cities is carried out, from which emerges an interpretive scheme of urban thought. On this conceptual structure are developed the theoretic schemes. From these concepts a methodological reflection is open, and some methodological strategies are applied to the study case. The area of study chosen to prove the thesis in this research is the neighbourhoods of the Zona Franca de Barcelona; this area is considered as a paradigm of the current relationship between space and society. The conclusions point to a final validation of the thesis defended in this investigation.
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Raffaelli, Rossana Ribeiro do Prado. "A efici??ncia de mercado e a crise mundial de 2008." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2010. http://132.0.0.61:8080/tede/handle/tede/472.
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Previous issue date: 2010-08-30To test the market efficiency in its weak form allows demonstrating the predictability of the assets price, giving the possibility of extraordinary profits without risk, simply by analyzing the time series of the asset. In a situation of financial crisis the behavior of asset prices can be changed, since they are susceptible to human emotions. In 2008, there was a global crisis due to the U.S. financial market decline. This research test whether the crisis has changed the market efficiency, stock indices by some developed and developing countries, belonging to the continents: American, Asian and European in the period of January 1st 2007 to June 30th 2010. The objective is to test the market efficiency in pre and post-crisis. Being able to define the start of a financial crisis at any time when a situation is abnormal, dangerous and present marked impairment. Historically, the global crisis commencement was stipulated on September 15th 2008, for all indices showed a decline, but by analyzing the time series of indices, it was noted that this is not the date that the indices showed the biggest drop. This research finds three possible dates that could be considered the beginning of this crisis and tests the market efficiency for each. To this end, it was still necessary to treat the sub-period analysis for the third time found a way completely different from the previous two. The test used was the ratio of the variance described by Lo and MacKinlay (1988). The search result showed inefficiency of the market, demonstrating the predictability for most indexes.
Testar a efici??ncia de mercado na forma fraca possibilita evidenciar a previsibilidade dos pre??os dos ativos, proporcionando lucros extraordin??rios sem correr riscos, simplesmente analisando a s??rie temporal do ativo. Em uma situa????o de crise financeira o comportamento dos pre??os dos ativos pode ser alterado, j?? que estes s??o suscet??veis ??s emo????es humanas. Em2008, ocorreu a crise mundial em fun????o do decl??nio do mercado financeiro dos Estados Unidos. Esta pesquisa questiona se a crise alterou a efici??ncia de mercado dos ??ndices acion??rios de alguns pa??ses desenvolvidos e em desenvolvimento, pertencentes aos continentes: americano, asi??tico e europeu no per??odo de 01/01/2007 a 30/06/2010. O objetivo ?? testar a efici??ncia de mercado nos per??odos de pr?? e p??s-crise. Sendo poss??vel definir o in??cio de uma crise financeira a qualquer momento, quando uma situa????o demonstra ser anormal, perigosa e com acentuado preju??zo. Inicialmente, estipulou-se a data de in??cio de crise mundial em 15 de setembro de 2008, pois todos os ??ndices apresentaram queda; por??m ao analisar a s??rie hist??rica dos ??ndices, notou-se que esta n??o foi a data quando os ??ndices demonstraram a maior queda. Tr??s poss??veis datas foram encontradas, as quais podem ser consideradas de in??cio dessa crise e para cada uma delas, testou-se a efici??ncia de mercado. Para tanto, ainda foi necess??rio tratar os sub-per??odos de an??lise desta terceira data de forma completamente diferente das anteriores. O teste utilizado foi o de raz??o da vari??ncia descrito por Lo e MacKinlay (1988). O resultado da pesquisa apresentou inefici??ncia de mercado, evidenciando a previsibilidade para a maioria dos ??ndices.
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Aguiar, Bruno César da Terra. "Predatory lending in the global financial crisis of 2007/09 : a review of the literature." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17062.
Full textAbstract:
Mestrado em FinançasEsta dissertação é sobre falhas éticas na origem da crise financeira de 2007-2009 e coloca a principal ênfase num tema identificado como uma das causas dessa crise, nomeadamente os empréstimos predatórios. O objetivo deste trabalho é determinar a influência dos empréstimos predatórios como causa para essa crise financeira e identificar o tipo de práticas que incluíram, para que estejamos alerta à sua repetição, de modo a evitar outra crise financeira pela repetição dos mesmos erros. Uso como metodologia uma meta-análise de documentos publicados desde 2004 sobre o assunto dos empréstimos predatórios, usando a base de dados Scopus como referência. Tento obter uma visão geral da produção científica neste tópico e verificar se os empréstimos predatórios foram uma causa relevante para a crise financeira de 2007-2009. Concluo que, apesar de não ter sido o fator mais relevante, desempenhou um importante papel ao alimentar uma máquina maior com muitas rodas que foi a grande causadora da crise. Com esta dissertação, espero dar um modesto contributo sobre os motivos da última grande crise financeira. Desta forma poderemos estar mais atentos na comparação da realidade atual com aquela que precedeu a crise financeira de 2007-2009 para evitar cometer os mesmos erros.
This dissertation is about ethical failures on the offspring of the financial crisis of 2007-2009 and puts its main emphasis on an issue identified as one of the causes of that crisis, namely predatory lending. The objective of this work is to determine the influences of predatory lending as a cause to that financial crisis and to identify the kind of practices it involved to be aware on their repetition, so as to avoid another financial crisis caused by repetition of the same mistakes. I use as methodology a meta-analysis of documents published since 2004 on the subject of predatory lending, using Scopus database as reference. I try to get an overview of the scientific production on this topic and verify if predatory lending was a relevant cause to the financial crisis of 2007-2009. I get to the conclusion that, despite not being the most relevant factor, it played an important role in feeding a many cogs' greater machine that ultimately caused the crisis. With this dissertation, I hope to give a modest contribution about what caused the latest great financial crisis. This way we can be more observant in comparing present reality with the one that preceded the financial crisis of 2007-2009 to avoid making the same mistakes.
info:eu-repo/semantics/publishedVersion
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Sturk, Madeleine, and Evertsson Marina Valkonen. "Reclassifications of financial intstruments in the Nordic countries : The effects of the reclassification amendments on Nordic banks financial statements of 2008 and 2009." Thesis, Jönköping University, JIBS, Accounting and Finance, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12995.
Full textAbstract:
Due to the apparent global economic conditions, at the end of 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial instruments: recognition and measurement and IFRS 7 Financial instruments: disclosures in October and November, 2008. The amendments allow banks to reclassify their non-derivative financial instruments in rare circumstances. This thesis investigates whether banks in the Nordic countries (Denmark, Finland, Norway, and Sweden) reclassify financial instruments, in their financial statements of 2008 and 2009.
The result of the study shows that 47% of the sample Nordic banks reclassified financial instruments in 2008 and 12% in 2009. All banks increased their net profit as a result of reclassifying financial instruments in 2008. The return on equity (ROE) increased significantly compared to whether the banks would not had reclassified their financial instruments. Tendencies found among the sample Nordic banks are that larger and less profitable banks used the possibility to reclassify financial instruments to a greater extent. Because none of the banks made losses on their choice to reclassify in 2008, the conclusion is that the opportunity given due to the amendments are mostly used by the banks to enhance the net income and the key ratio ROE. This shows that management decisions are short-term. This also indicates that the amendments may be misused by management to enhance current profit for their own benefit. The thesis also concludes that the departure from fair-value as the valuation method for financial instruments, due to recent massive critic, is unlikely.
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Vachalek, Lisa M. "The Making of a Crisis in Mexico| An Inductive Analysis of Media Sentiment and Information Cascades on the Value of the Mexican Peso during the 2008 Global Financial Crisis." Thesis, University of Kansas, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=1569692.
Full textAbstract:
In the two decades prior to the 2008 financial crisis, the Mexican government pursued policies aimed at liberalizing markets, while simultaneously trying to ensure the stability of the peso. These policies consisted of monetary and fiscal controls to keep inflation low and free trade agreements to reduce Mexico's dependence on the United States. The policies significantly reduced the country's public deficit and were implemented in hopes that they would help reduce the country's exposure to currency crises.
Yet, despite all provisions the Mexican government put in place, the country's peso still lost two percent of its value in the first three days following the bankruptcy of Lehman Brothers, the US-based investment firm. The loss was significant given the average appreciation of the peso in the months leading up to the crisis was one percent per month, and given that not enough time had passed to fully understand the impact that bankruptcy would have had on Mexico. By the following Monday, the peso recovered all of its lost value, suggesting that investors were uncertain about the true impact the events unfolding in the United States would have on Mexico's economy. It also suggested that the uncertainty and negative sentiment within the market during the initial week of the global crisis played a stronger role in the rapid depreciation and recovery of the peso than changes in market fundamentals.
Using an inductive analysis of the historical events, this thesis suggests the circumstances in which sentiment engendered by mainstream media and distributed through digital channels during the financial crisis could have contributed to the dramatic short-term swings in the price of the peso. Specifically, this paper focuses on the new, digital information technologies, their use among investors as a means for financial research, and the role of high-frequency trading (HFT) algorithms in initiating information cascades. HFT algorithms account for nearly 70 percent of daily trading volume in financial markets and can magnify negative market sentiment among rational investors. Utilizing historical trading data for the peso and headlines and tweets published by the Thomson Reuters news group during the crisis, I seek to illustrate the correlations between market sentiment manifest in digital media and the price movements of the peso, indicating possible herd behavior tendencies in the form of information cascades.
Though it is not possible to empirically separate the market movements of informed decision-makers from the information cascades of investors and HFT algorithms reacting to media, the fact that information cascades can and do exist as demonstrated by specific examples in this paper has significant implications for the Mexican peso. The existence of information cascades implies that having strong macroeconomic fundamentals is no longer an adequate safe guard against the immediate impacts of external crises. As social media becomes the main source of breaking news and market sentiment for mainstream media and investors, it becomes vital for emerging countries such as Mexico to monitor social platforms for sentiment related to the domestic economy in order to proactively address investor pessimism. Finally, emerging country governments can utilize these platforms to push out relevant and truthful information about the economy in order to diminish investor uncertainty and minimize the impact of externally-induced information cascades.