International Transmission Effect of Volatility between the Financial Markets during the Asian Financial Crisis

In this paper I propose an analysis of interaction among global economies by focusing on the regional financial markets of Asian countries during and after the Asian financial crisis in 1997, in order to study the dynamic relationship between stock returns and exchange rate changes. In addition, the impact of the Asian financial crisis is also examined. For the methodology, the bivariate EGARCH (exponential generalized autoregressive conditional heteroskedasticity) and EGARCH-X models are used to examine the interrelationship of stock markets and foreign exchange markets. The empirical results show that a two-way feedback relationship exists between the volatility of stock returns and exchange rate changes during the recovery period of the Asian countries. This result is important because the effect of volatility transmission between global financial markets can still be observed today. Furthermore, when comparing the volatility transmission during the crisis period with that during the recovery period, it shows that the spillover effect has increased during the recovery period, indicating that the strength of the transmission mechanism has increased after the Asian financial crisis. This result also suggests that the interactions of the stock and foreign exchange markets of Asian countries were affected by the Asian financial crisis, and the impact is greater for Indonesia, Japan, the Philippines, and especially Thailand, which were more vulnerable during the financial crisis.     

Defining the Nonprofit Sector: Some Lessons from History

This article seeks to establish whether the structural-operational definition of the sector, used by the Johns Hopkins Comparative Nonprofit Sector Project (JHCNSP), is universal in its applicability. Historical case studies of primary health care and social housing provision in nineteenth-century England demonstrate that the definition cannot accommodate the institutional diversity of earlier periods and does not produce meaningful sectoral distinctions. The structural-operational definition rules out of the sector a significant proportion of nonstatutory, nonprofit maximizing providers. In particular, it excludes the mutual aid organizations, which are widely recognized as important for the development of civil society and which have historically been considered to be key components of the sector. These case studies suggest that the structural-operational definition limits the capacity of the JHCNSP to fulfil its aim of establishing the factors that promote or retard the sector's development owing to potential measurement errors and the pattern of development that the project implicitly assumes for the nonprofit sector.     

The Press and the Financial Crisis: A Review of the Literature

In recent years, a growing amount of scholarly interest has focused on the nature of the business/financial press and how it covers key economic events. Some of the literature examines the failings of the business press and its focus on narrow, short‐term events instead of analytical writing that educates the public about macroeconomics, including long‐term trends. Other studies have looked at how these tendencies affected press coverage before and during the 2008 financial crisis. As would be expected, the crisis caused an increase in writing about the business/financial press. Initially, the scholarship examined whether the media should have seen the crisis coming and questioned why journalists hadn't done a better job covering it. Other scholars, however, looked at the nature of the coverage itself vis‐à‐vis a larger discussion of how economic issues are framed. Much of the debate mirrored points made in previous analyses on the shortcomings of the business and financial press. They argue that more – or more accurate – information necessarily changes outcomes and tend to make normative judgements about the quality of journalism coverage studied.     

Poverty and Social Impact in the Agricultural Sector: Lessons from Experience

This article draws on the donor experience in agriculture‐sector reforms to analyse the contribution of Poverty and Social Impact Analysis (PSIA) to improved rural policy. A decision‐theoretic framework is presented showing that effective PSIAs should target reforms where institutional distortions and uncertainty about key policy parameters are greatest. The framework is applied to nine cases of World Bank‐sponsored PSIAs, and results show that, while they have generally been effective, their impacts can be improved by identifying key uncertainties a priori, better identifying and engaging stakeholders, and improving the integration of quantitative and qualitative components.     

Divorce Insurance: Mitigating the Adjudication Period Financial Crisis

Divorce can subject both parties in a troubled marriage to one of the most emotionally and financially trying periods they will experience in their life. Much attention has been given toward life after divorce—either the decisions such as custody of children that will influence this, or the changed circumstances that both parties will find themselves facing. Yet the period from filing to final grant of a divorce poses additional challenges on top of the emotional uncertainties suffered during this period. Total household expenses might double or triple as a result of spouses seeking separate residences, legal bills, added travel, and other expenses forced by a divorce. At the same time, disruptions in one's personal life due to a divorce can disrupt job performance, and in certain situations, even make it difficult or impossible to work; household income can drop accordingly. This article proposes a workable insurance solution to alleviate this second lesser known challenge that a changed financial situation imposes on couples during the divorce adjudication period.     

国际金融危机下的金融创新与金融监管

金融创新会对金融业和整个国民经济的发展起到极大的促进作用,但是金融创新是一把双刃剑,处理不好就会对金融业甚至国民经济造成极大的危害,因此就需要金融监管。本文主要阐述金融创新和金融监管的关系,它们是对立统一的关系,我国现有的金融监管的不完善之处,以及在金融危机的背景下,对金融监管提出的新挑战,并提出完善我国金融监管的对策。     

Financial Reporting Lags in the Non-profit Sector: An Empirical Analysis

We examine financial reporting lags among a large sample of Belgian non-profit organizations (NPOs). Doing so, we add to the literature on financial reporting and accountability in the non-profit sector. Next to drivers of the financial reporting lag that have been identified in prior studies based on private firms (e.g., delaying the disclosure of bad news), we find that the way of funding the NPO (i.e., reliance upon donations and/or grants) and its specific area of activity are significantly related to the financial reporting lag. Our results also suggest that important changes in accounting regulation significantly delay the financial reporting process. Importantly, we note that 17.2 % of the sample organizations do not file their financial statements within the legal time span.     

Financial Responsibility for the Family: The Case of Southeast Asian Refugees in Canada

Although respondents (n = 647) came from collectivist societies (Vietnam and Laos) where they were expected to provide for the family, they have been living in a setting (Canada) where individualism is emphasized and public sources of assistance are available. The effect of this transition on their beliefs and behaviors regarding financial responsibility for family was assessed. With the exception of new situations (government assistance for the elderly or poor, and money sent to relatives in the home country), respondents endorsed traditional beliefs. Lower English ability and favorable views toward multiculturalism were associated with traditional views. They relied on non-family as well as family for financial assistance. Ethnic differences, reflective of their resettlement experiences, were evident.     

The Nonprofit Sector and the Informal Sector: A Theoretical Perspective

VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations - How do and why might different nations demarcate socioeconomic activity into distinct societal sectors? In this review and...     

Remittances for Financial Access: Lessons from Latin American Microfinance

The potential of migrant remittances to foster access to financial services for low‐income households has been largely unexplored. Comparing three Latin American countries – the Dominican Republic, El Salvador and Mexico – this inter‐disciplinary study links research on remittances and microfinance with multi‐actor governance approaches. While the context of high remittance‐dependence provides similar challenges in all cases, it finds remarkable variety both in the structure of the remittances market and the actors involved in microfinance and in the role governments play. It explains the diverging success of MFIs in remittance markets by pointing to the interplay of for‐profit, non‐profit and state actors embedded within the specific market structures of each country.     

金融危机冲击与大学生就业预期

本文通过比较2008年5月和12月分别进行的2008和2009届大学毕业生就业行为调查问卷数据,分析了金融危机冲击下我国大学生预期工资、预期就业地区、预期就业单位和就业前景评价等就业预期的变化情况,发现大学生就业预期调整存在滞后性并得出我国大学生就业难问题会加剧的结论．最后在原因分析基础上提出了针对性的政策建议。     

Ethnic Differences in Financial Outcomes Among Low-Income Older Asian Immigrants: A Financial Capability Perspective

ABSTRACT

This exploratory study examined ethnic differences in financial outcomes among low-income older Asian immigrants from a financial capability perspective. We used survey data collected from a convenience sample of Chinese, Korean, and “Other Asian” ethnic participants in a subsidized employment program (n = 159). We ran logit regressions of dichotomous financial outcomes. Regression analysis showed significant ethnic differences in some financial outcomes after controlling for financial capability and other factors. Findings did not support our hypothesis that financial capability explains ethnic differences in financial outcomes. Findings suggest the need to develop culturally suitable financial capability measures for future research.     

Reactions Versus Perceptions Within the Romanian Banking Sector in Times of Crisis and Reorganization

Our paper contributes to the literature on the Romanian banking sector by analyzing a particular credit institution, namely the Cluj Napoca regional corporate business center of BCR Erste Bank Romania. Our choice is motivated by the fact that the Cluj Napoca regional center represents the pilot used by Erste Bank in testing all structural changes, new technologies and management and risk strategies. The analysis being developed focuses on the restructuration process taking place due to BCR’s merger with Erste Group, in what was considered to be one of the most spectacular takeovers in Central and Eastern Europe, therefore forming BCR Erste. The analyzed period also involves financial crisis circumstances. Considering the changes taking place within both the internal and external environment of the bank we oriented our analysis towards the bank’s clients. More precisely, we tested if, under the considered circumstances, we could find a connection between the bank’s clients’ reaction to the events taking place and their perception upon the same phenomenon. Regression models are used in developing the analysis. The results of the study come to prove the existence of a medium intensity relationship between clients’ perception on the two considered phenomenon and their reaction. Such results are justified if we think that on one hand the restructuration contributed towards positive effects while on the other we have negative effects due to the financial crisis. Our study has the obvious limitation of only approaching one case study. The analysis performed on BCR Erste’s case could also be extended to other banks. Conclusions therefore being reached and the potential effects of this type of research could be directly beneficial for the local, regional and/or national economic environment. The information aimed to be obtained is in line with the bank’s policy of orientation towards its clients. Besides analyzing clients’ perception, our analysis also considers its connection to their reaction. Since clients’ behavior is always in the center of management’s attention, dimensioning this connection bears significant practical implications. The distinctive element of the study is given by the analyzed period representing for the chosen bank both its restructuration process and the period when the financial crisis peaked in its manifestation.     

Disaster Relief and Crisis Intervention with Deaf Communities: Lessons Learned from the Japanese Deaf Community

ABSTRACT

During natural disasters and crises, the deaf and hard of hearing community might not have full accessibility to all of the information shared with the larger hearing community. This could be due to the lack of awareness among social work professionals about these cultural and linguistic needs of this minority population. The purpose of this article is to explore the challenges faced by the deaf community and to discuss culturally and linguistically appropriate crisis intervention and mobilization to natural disaster situations based on the experiences of the Japanese deaf communities affected by the Kobe and Tohoku earthquakes.