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1.
The Australian economy has weathered the storm that followed the global financial crisis (GFC) better than most other OECD countries. The reasons for this are complex, although the fiscal stimulus measures introduced by the federal government in 2008 and 2009 boosted domestic consumption and investment and helped to sustain economic growth. However, even with these measures, concerns have been raised over the social impact of the financial crisis, with a number of studies suggesting that those with lowest incomes and/or reliant on welfare services for support were most adversely affected. This paper presents new estimates of the social impact of the GFC using data from two national surveys, conducted in 2006 and 2010 – before and after the crisis hit Australia. The impact is assessed using a range of different approaches, including people's own perceptions of the impact, changes in their subjective wellbeing, reported changes in financial stress and changes in deprivation and economic exclusion. The results suggest that the social impact of the crisis has been small, although some evidence suggests that those already facing the most severe levels of social disadvantage were most adversely affected. In this sense, the GFC may have led to greater inequality in living standards, at least in some dimensions. 相似文献
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This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. We focus on 2002–2007 and perform a number of counterfactual simulations to investigate two central elements of the story, namely: (a) an over-expansionary US monetary policy and the absence of effective macro-prudential supervision, which permitted a prolonged expansion of debt-financed consumer spending and (b) the choice by China and other emerging countries to pursue an export-led growth strategy supported by pegging their currencies to the US dollar, in conjunction with sluggish domestic demand in major advanced economies characterized by low potential output growth. The results of the simulations lend support to the view that if substantial, globally coordinated demand rebalancing had been undertaken early on, the macroeconomic and financial imbalances would not have accumulated to the extent that they did and the financial turmoil might have had less drastic global consequences. 相似文献
3.
Jack W. Hou 《The Social Science Journal》2011,48(1):1-12
As academicians, we emphasize to our students to keep up with class, and always read ahead. When I took over as President-elect of the WSSA in April of 2008, while busy communicating with the Section Coordinators and plan the 2009 Annual Conference (Reno, Nevada), I would occasionally pause and ponder what I would present for my President Address (reading ahead). What do I know that would be of interest to the general membership of the WSSA? I naturally thought of China and its economic reform, as half of my research output over the last decade has been in this area. Then, the subprime crisis came to be, and I wondered about how the economy would cope. I can claim some expertise to the former, but of no special authority regarding the latter. However, I do have some thoughts regarding the role of the State during such economic upheavals, but in a more conceptual manner than a policy solution. 相似文献
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《Journal of Policy Modeling》2020,42(1):153-172
This study is the first attempt to facilitate the substantial change in post-crisis monetary policy of the Fed to test the validity of Lucas Critique toward exploring implications of such changes for policymaking. Global financial crisis, asking for fundamental regime alterations presented an invaluable opportunity to test the empirical validity of Lucas Critique. We make use of quarterly US data over 1990–2015 to test for superexogeneity, the rejection of which lends support to Lucas Critique. We define the marginal models for wealth, GDP and Treasury Bill rate to construct the conditional model of money demand following Hendry (1988). Our results reject superexogeneity of the policies and report the support for Lucas Critique. We discuss about the details and consequences of the monetary policy followed to suggest arguments to prolonging debates on policy discussions. 相似文献
5.
Child poverty in Taiwan during the global financial crisis: from the perspective of new social risks
The economic conditions of families with children during the 2008 financial crisis became worse. The factors affecting child poverty in Taiwan can be explained from the perspective of new social risks. This study analyzed the poverty reduction effects of public transfers and taxes in order to evaluate the government role in the economic downturn. From the viewpoint of the protection of children's rights, new policies must be created in response to new social risks and future financial crises. 相似文献
6.
Eoin Reeves 《Policy Studies》2017,38(4):339-355
The global financial crisis that took hold in late 2008 resulted in a major slowdown of activity in the global market for public-private partnerships (PPPs). Ireland was one of the countries most affected with over 20 major infrastructure PPP projects postponed or abandoned. Since 2012 however, the Irish government has adopted a number of initiatives to make PPP more attractive to bidders and private sources of finance. This paper describes these initiatives and shows that they have been associated with a renewal of PPP activity. It suggests that some of the adopted measures may involve trade-offs between encouraging PPP investment and achieving standard PPP objectives such as economic efficiency and better innovation. However, the attraction of public sources of finance from sources such as the European Investment Bank should result in a relatively lower cost of finance and enhance value for money if providers adopt rigorous risk management strategies. 相似文献
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The paper formulates the modeling of unconventional monetary policy and critically evaluates its effectiveness to address the Global Financial Crisis. We begin with certain principles guiding general scientific modeling and focus on Milton Friedman's 1968 Presidential Address that delineates the strengths and limitations of monetary policy to pursue certain goals. The modeling of monetary policy with its novelty of quantitative easing to target unusually high unemployment is evaluated by a Markov switching econometric model using monthly data for the period 2002–2015. We conclude by relating the lessons learned from unconventional monetary policy during the Global Financial Crisis to the recent bold initiatives of the Fed to mitigate the economic and financial impact of the Covid-19 pandemic on U.S. households and businesses. 相似文献
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东亚金融危机产生的原因有许多 ,模式危机只是其中之一 ,而且就东亚模式本身来说 ,不同国家和地区的发展模式也不尽相同。因此我们应当区别对待 ,并划分为失败和成功的模式进行分析 ,以便最终找到适合东亚各国的发展之路 相似文献
11.
《The Social Science Journal》2015,52(3):364-373
Previous studies show that a variety of institutional and market variables influence cross-sectional variation in the interest rates that credit unions charge on loans. This study examines the behavior of loan interest rates using nationwide credit union data for the fourth quarter of 2009 in the United States. Results from this sample of more than 6,700 individual credit unions corroborate earlier research indicating that credit union competition tends to suppress loan rates and that economies of scale exist at these financial intermediaries. In contrast to prior studies, however, credit unions with higher net worth ratios are found to charge higher interest rates on loans. 相似文献
12.
In this paper we use a Markov-switching vector autoregressive model to analyse the interest rate pass-through between interbank and retail bank rates in the Euro area. Empirical results, based on monthly data for the period 2003–2011, show that during periods of financial distress bank lending rates to both households and non-financial corporations show a reduction of their degree of pass-through from the money market rate. Significant sectoral heterogeneities characterise the transmission mechanism of monetary policy impulses, with rates on loans to non-financial firms being more affected by changes in the interbank rate than loans to households, both in times of high volatility and in normal market conditions. 相似文献
13.
This paper investigates whether general formal education still helps youth avoid situations of unemployment and inactivity in favour of other labour force statuses (dependent employment, self-employment, education) across EU countries over the period 2006–2010. In a second step, we analyse whether the relationship between education and the labour statuses above is affected by different degrees of country-level education mismatch. Our results show that after the outbreak of the crisis and in countries with high educational mismatch there is an additional reduction in unemployment risk for highly educated people that is accompanied by a higher probability of being an employee than of remaining in education. 相似文献
14.
Luis Sanzo González 《Social Policy & Administration》2020,54(4):539-555
The uneven development of minimum incomes in Spain is one of the factors that explain the significant differences in the poverty indicators that characterize the Spanish regions, generally in favour of the territories most committed to these policies (Basque Country, Navarra and Asturias). However, there are other aspects that deserve some consideration when interpreting the specific method of developing minimum incomes in southern Europe. One aspect has to do with the differing dynamics of countries, such as Spain and Italy, which have opted for a decentralized regional model. In this regard, the regional autonomous initiative of the Basque Country played a decisive role in promoting minimum income programs in the late 1980s. Without its leadership in the launch of the regional minimum income policy, Spanish trade unions would probably not have opted for this method as a mechanism for combating poverty in the 1990s. No Italian region went on to play this driving role at that time. This article analyses the ideological foundations of the Basque minimum income policy introduced in the late 1980s and which grew significantly before and during the crisis that started in 2007-2008. It examines the dominant political narrative on this issue by analysing the discourse of some of the key nationalist leaders involved in the birth and development of the minimum income scheme. The approach shows that the experience of social decline linked to industrial restructuring processes was instrumental in the construction of the nationalist narrative. 相似文献
15.
When the Asian financial crisis took a heavy toll on Korea in the late 1990s, policy makers responded by extending welfare policy. For many analysts, this was a paradoxical move, marking a fundamental reconfiguration of the social policy system. This article contests that interpretation. It examines the changes made to Korean social policy in recent years, and considers their impact on the Korean welfare state. It notes both that welfare extensions have been comparatively limited, and that they have often formed part of wider attempts to boost labour market flexibility. It thus concludes that limited expansion of the Korean welfare state is chiefly an attempt to bolster industrial competitiveness and economic growth. For now, Korea retains the productivist social policy orientation that has long characterised it. It also concedes, however, that in the future underlying social change, notably a rapidly ageing population, may prompt policy makers to make significant changes to the Korean welfare state. 相似文献
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Ryota Nakatani 《Journal of Policy Modeling》2018,40(1):60-73
We analyze the relationships among shocks, exchange rate regimes, and capital controls in relation to the probability of a currency crisis. Based on the theoretical model by Nakatani (2016, 2017a), we use panel data on 34 developing countries and apply a probit estimation. We find that both productivity shocks and risk premium shocks trigger currency crises, whereas productivity shocks are important for severe currency crises. We also find that the effects of these shocks on the probability of a crisis are larger for floating exchange rate regimes and that capital controls mitigate the effects of productivity shocks in pegged regimes. 相似文献
18.
In 2010–2011, the Crystal Cathedral Ministry, one of the world's most respected Christian megachurches (Frankl, 1990), endured a series of crisis events culminating with a court ordered sale of its property. This signaled the end of Robert H. Schuller's ministry. This research analyzes dozens of news stories published during the crisis, documenting that the ministry failed to effectively use the media to communicate on vital issues. This failure exacerbated the crisis by allowing, unchecked, a proliferation of news stories portaying the ministry as out of touch, and Schuller family members as quarreling spendthrifts. Despite Schuller's decades of service, national prominence, and ‘positive thinking’ focus, his ministry was overcome by the materialism he purported to stand against. The rapid downfall is an extraordinary event within Christian televangelism. Examining media reporting of it allows important conclusions to be reached about any organization's communication with media gatekeepers in a time of crisis. 相似文献
19.
Eveline Ndii Kalomo Kyoung Hag Lee Elizabeth Lightfoot Rachel Freeman 《Journal of gerontological social work》2018,61(6):605-622
Background: Namibia has one of the highest human immunodeficiency virus (HIV) prevalence rates and one of the highest rates of orphanhood in the world, and older caregivers provide much of the care to Namibians living with HIV and acquired immune deficiency syndrome (AIDS) (UNAIDS, 2014). In this study, the authors explore how financial status, social support, and health were related to the resilience of caregivers caring for people affected by HIV and AIDS in rural northern Namibia, Africa. Method: Data were collected through a structured interview from (N = 147) caregivers from the Zambezi region. Results: Findings from this study show that employment and physical health were significantly associated with increased resilience in older caregivers. Discussion: Our findings point to the need for employment assistance and health services to improve the resilience of caregivers caring for people living with HIV and AIDS. We conclude that there is a need for more vigorous concerted efforts from public and private sector practitioners and policy makers to create more sustained formal employment opportunities and intervention programs aimed at improving the overall health of older HIV caregivers, especially those residing in rural HIV endemic communities in developing countries. 相似文献
20.
Roni Holler 《Social Policy & Administration》2019,53(1):128-141
Despite its centrality to the experience of death and grief, it is only in recent years that the economic burden following family bereavement has been recognized by social care professionals and scholars. Based on the realization that death and bereavement are grounded in social context, and assuming this economic burden is a multifaceted phenomenon, the present study compares the British and Israeli welfare systems in three policy settings: social security, funeral services, and bereavement leave. The findings suggest that while in both systems bereavement and especially widowhood is considered a deserving category, recent pressures for restructuring the British welfare state have been successful in shifting provision from the state to the market. The findings also show that in both cases, albeit to a lesser extent in Israel, current policy measures are not fully aligned with critical scholarship on bereavement and its financial consequences, nor with socio‐economic and demographic trends. These disparities are addressed using the notion of disenfranchised grief and by emphasizing the pivotal, although often overlooked role of the welfare state in constituting it. Lastly, the differences between the two cases are discussed in terms of the powerful role of Judaism in shaping Israeli policy. 相似文献