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European financial crisis a nutshell? (190-200 words) Who responsible crisis, ? a. In financial sector (100-110 words) b. In government sector (100-110 words) What recommendations fix ? (90-100 words).
Causes of the European Financial Crisis
European Financial Crisis Causes
There are several factors that determined the financial crisis in Europe. The most important causes of this financial crisis are represented by the situation of the Greek public finances, but also the situation of the Spanish real estate sector. The problems in these countries have not been solved, which determined several consequences on the eurozone.
The Greek economy represents 2% of the eurozone's economy. Therefore, its influence on the eurozone was reflected by its public debt. In addition to this, the recovery value of the country's public debt was of 50%. This leads to the significant depreciation of the euro.
The problems in Spain are also of great importance. The officials…
1. Noord, P. (2009). Economic Crisis in Europe: Cause, Consequences, and Responses: A Report by the European Commission. Retrieved September 6, 2012 from http://www.voxeu.org/article/economic-crisis-europe-cause-consequences-and-responses .
2. Eurozone Crisis Explained (2012). BBC. Retrieved September 6, 2012 from http://www.bbc.co.uk/news/business-16290598 .
3. Cendrowicz, L. (2010). What Caused the Euro Crisis? Retrieved September 6, 2012 from http://www.time.com/time/world/article/0,8599,1968308,00.html .
financial crisis a "crisis of capitalism?
Compare and contrast the theories of Susan Strange, Karl Polanyi and Giovanni Arrighi. Explain how three of them accessed issues of Financial crisis and its relationship with capitalism
Starting from 2008 onwards, we are currently experiencing an unremitting state of economic recession. Each of the three theorists stated in this essay have different perspectives of whether or not the recession indicates crises of capitalism. Whilst Susan Strange and Karl Polanyi have a more optimist perspective on the subject and indicate that rather than crisis, the recession may, in effect, be, in the first case, a misplaced paradigm (or different, tortured perspective) and in the second case, only a slight wrench that necessitates government intervention for amending a temporary situation, Arrighiri sees the situation as indeed manifesting something that is intrinsically, irremediably, and inherently wrong in the structure of capitalism itself. Each of these views…
Giovanni Arrighi (2000) Workers North and South) in C. Leys and L. Panich, eds., The Socialist Register. London: The Merlin Press
Giovanni Arrighi (1996). Capitalism and the Modern World-System: Rethinking the Non-Debates of the 1970s"
Giovanni Arrighi (2001) Braudel, Capitalism and the New Economic Sociology, Review, XXIV, 1
Causes of Financial Crisis
Ireland developed high growth rates based on rapid expansion of credit and a buildup of personal debt fueled by rising property prices (Ireland's economic crisis: how did it happen and what is being done about it?). This lead to risky bank lending practices. Banks also engaged in short-term borrowing from wholesale money markets causing increased risk appetite. Supervisors and regulators failed to identify and act on the emerging risks. Where construction was a large part of the employment and economy, it caused high unemployment rates and major bank losses in a bubble burst when household income could not afford to pay mortgage debt. Property value decreased making it harder to recover the mortgage value for banks. In turn, it created difficulty for the banks to pay back the short-term borrowing to the wholesale money markets. Where risks were not identified, no plans were put in place…
Ireland's economic crisis: how did it happen and what is being done about it? 22 Feb 2012. article retrieved from http://ec.europa.eu/economy/irelands_economic_crisis/index_en.htm . 1 Mar 2014.
Long, Stephen. Explainer: Behind the Cyprus financial crisis. 22 Mar 2013. article retrieved from http://www.ace.net.au/news/2013-03-22/explainer-behind-the-cyprus-financial-crisis/4588736. 1 Mar 2014.
Pettinger, Tejuan. Portugal Economic Crisis. 4 Dec 2012. article retrieved from http://www.economichelp.org/blog/6423/economics/portugal-economic-crisis. Mar 2014.
Q&A: Greece's financial crisis explained. 26 Mar 2010. article retrieved from http:www.cnn.com/2010/Business/02/10/greek.debt.ganda/index.html. 1 Mar 2014.
Korean Financial Crisis in the Late 1990s: Lesson for Current Euro Area
The objective of this study is to examine what is unique or different about the Korean financial crisis as compared to other Asian financial crises and to determine the primary causes of the financial crisis in Korea. This work will further examine the government response to the crisis and what it is that can be learned from the Korean financial crisis and applied in Korea to the Euro Area.
The major components of the Korean financial system in the 1960s and 1970s are stated in reports to have been nationalized with "lending targeted toward favored sectors and firms including the exports and heavy industries. (Jeon and Miller, 2005) Regional banks came on in 1967 and could only operate in their own provinces, which provided encouragement for development that was regionally-based. In the early 1980s, plans were made for…
Athens University of Economics and Business. Cyprus Economic Policy Review, Vol. 4, No. 1, pp. 89-96 (2010) 1450-4561
Causes, Policy Response, and Lessons. Presentation at The High-Level Seminar on Crisis Prevention in Emerging Markets Organized by The International Monetary Fund and The Government of Singapore. Singapore July 10-11, 2006.
Global Economic Review: Perspectives on East Asian Economies and Industries. Retrieved from: http://www.tandfonline.com/loi/rger20
Jeon, BN (2012) From the 1997-98 Asian Financial crisis to the 2008-09 global economic crisis: lessons from Korea's experience. 1 Feb 2012.
Nevertheless, more crucial remained the truth that the dollar itself oscillated severely as against the yen that is another vital currency for carrying out business for the affected nations. The fading of the dollar within the decadal period from 1985 to 1995 made a huge boon in the trade surplus for the affected nations. Thereafter, the acute turnaround began in 1995 wiped their enormous edge in price and damaged their current account situation, which in its effect spoiled the trust in the market created an appropriate climate for the crisis. To put it differently, it was not the system of linking the dollar in its own which is responsible. The cause was the non-observance of the basic instability in the economies of the nations and the uncontrolled oscillation of the exchange rate of dollar-yen. The dilemma was the outcome of the huge quantity of unstable capital and the blind follower…
Akyuz, Yilmaz. Causes and sources of the Asian Financial Crisis. Paper presented at the Host Country Event: Symposium on Economic and Financial Recovery in Asia. UNCTAD X, Bangkok. 17 February 2000. Retrieved at http://www.unctad-10.org/pdfs/hi_akyuz.en.pdf. Accessed on 3 February, 2005
Chakravarthi Raghavan. G -24 calls for international regulation of financial markets. Retrieved at http://www.twnside.org.sg/title/g24-cn.htm . Accessed on 3 February, 2005
Fischer, Stanley. Reforming the International Monetary System. November 9, 1998.
Canada: Comparative Politics
Canada, like any other nation suffered terribly from the effects of the global financial crisis. The economic impacts from Global Financial Crisis were resolved through Canada's political and provincial administration structures. The Great ecession further intensified such trends towards elements of the precarious unemployment across Canadian provinces such as British Columbia mostly with certain population groups. This paper intends to illustrate how the global fiscal crisis has affected provincial economies in Canada.
Global Financial Crisis Impact on Provincial economies
The goal was to establish suitable forms of welfare states that mediated on the effects of forces of the global market forces through the determination of levels of state intervention within the provincial economic marketplaces. The liberal welfare regime in Canada as compared to the conservative one in Germany and social democratic from Scandinavian countries focused less on welfare provision and citizen security. This translated into…
Brownsey, K., & Howlett, M. (2001). The Provincial State in Canada: Politics in the Provinces and Territories. Peterborough, ON: Broadview Press.
Ciro, T. (2013). The Global Financial Crisis: Triggers, Responses and Aftermath. New York: Ashgate Publishing, Ltd.
Dunn, C. (2003). Provinces: Canadian Provincial Politics, Second Edition. Toronto, ON: University of Toronto Press.
Farlow, A. (2013). Crash and Beyond: Causes and Consequences of the Global Financial Crisis. New York: Oxford University Press.
This study emphasized the importance roles of financial derivatives, which has been known for the last decade and its effects on the Global financial crisis. It further analyzes the impact of financial derivatives and how it can be controlled to prevent corporations from incurring a lot of risks. It also explains the existence of financial derivatives since 1970, to the recent Global Financial Crisis which occurred in the 2006.
Risk is a feature associated with all productivity. As a result, financial markets adjust themselves to the fluctuation of exchange and interest rates. Hedging risk, these corporations highlight the importance of risk management tools known as Derivatives. Derivatives are defined as financial tools providing investors with effective solutions when avoiding risk caused from market volatility (Dodd, 2006). Financial derivatives are considered to be an effective risk management tool associated with Financial Engineering creating solutions to financial problems (Marks, 2010).…
Angel, James, and Douglas McCabe. "The Business Ethics Of Short Selling And Naked
Short Selling." Journal Of Business Ethics 85.(2009): 239-249. Business
Source Elite. Web. 1 Apr. 2012.
Barth, Mary E., and Wayne R. Landsman. "How Did Financial Reporting Contribute To
If asset bubbles can be leading indicators of recession, that begs the question what assets are the most important? Several studies have shown that housing prices are critical. They were important in Japan and in 2008 in the United States. Babecky (2012) showed that housing prices consistently predict asset bubbles, minus the occasional false positive. Intuitively this makes sense since any sort of bubble will result in more investment in real estate.
There is a further question that is raised in light of the contagion of the 2008-2009 crisis. Prior to that, as Evanoff (2013) notes, several asset bubbles were effectively contained by monetary policy and did little damage. Most bubbles that cause damage do so in the developing world -- Southeast Asia and Russia in the late 1990s for example -- but in the developed world the damage is usually contained. Frankel and Saravelos (2011) examined the indicators that…
Babecky, J., Havranek, T., Mateju, J., Rusnak, M.,Smidkova, K. & Vasicek, B. (2012). Leading indicators of crisis incidence. European Central Bank Working Papers Series No. 1486.
Chinn, M. & Kucko, K. (2010). The predictive power of the yield curve across time. NBER Working Paper, No. 16398.
Evanoff, D., Kaufman, G. & Malliaris, a. (2013). Asset price bubbles: Lessons from the recent financial crisis. World Financial Review. Retrieved May 1, 2013 from http://www.worldfinancialreview.com/?p=2200
Frankel, J., Saravelos, G. (2011). Can leading indicators assess country vulnerability? NBER Working Paper No. 16047.
The Effect of the Eurozone Today on Global Financial Markets
Global markets are so intertwined today that what affects one is definitely going to have an impact on another. Case in point, the recent issues in Greece and other European Union (EU) countries have had a global effect and have wrought havoc on the Eurozone. Because if this global connectedness, large banks and organizations like the International Monetary Fund (IMF) are even more important today than they were in the past.
The EU's finances are powered by the countries that have become member nations, but those finances are guarded by the European Central Bank (ECB) and the IMF. The ECB is the institution that is responsible for the Euro, the currency of the EU, and it is also the organization responsible for negotiations regarding the economic difficulties of EU member nations. Since Greece, Spain, Italy and others have had…
Dam, Kenneth W. "The Subprime Crisis and Financial Regulation: International and Comparative Perspectives*." Chicago Journal of International Law 10.2 (2010): 581-594.
European Central Bank (ECB). "Recently Published." Monthly Bulletin, 2012. Web.
International Monetary Fund (IMF). "About the IMF." International Monetary Fund, 2012. Web.
Halmai, Peter, and Viktoria Vasary. "Real Convergence in the New Member States of the European Union (Shorter and Longer Term Prospects)." The European Journal of Comparative Economics 7.1 (2010): 229-237.
stock market and the Banks promote economic growth and it provides a critique of their functions in transitional economies. Every country depends on its economy for its growth. For a country to be stable it has to be stable in terms of its economy. Bank and stock market contribute to a great extent to the economy growth of every country where it provides firms with opportunity to get funds thus encouraging more investment from the firms. At the same time they give information on the ways resources should be allocated. The development of a financially sound, market-oriented banking system is always considered to be fundamental to a flourishing transition. Arguably, it is important to macroeconomic stability and to positive long-term growth prospects. As documented, bank intermediation in transition economies continues to be stunted after a decade or addition of reform, mainly where advancement in banking reforms is inadequate. The banking…
Atje, Raymond and Jovanovic, Boyan, (April 1993), "Stock Markets and Development," European Economic Review, 37 (2/3), pp. 632-40.
Bagehot, Walter. (1873) Lombard Street. Homewood, IL: Richard D. Irwin, (1962
Bresharan, T., Milgrom, P., and Paul, J., (1992),"The Real Output of the Stock
As noted, the leverage is deliberate, and probably is designed to deliver these ROEs to shareholders.
H&M pays out a large portion of its profits as dividends. Nordstrom's dividend is healthy for an American company, but far less than that of H&M. Nordstrom shareholders must rely on capital gains to a greater extent. Given that both companies are growing, H&M's ability to deliver both growth and dividends is superior for shareholders. These superior outcomes are, not surprisingly, reflected in the share prices of the two firms, with H&M having the better P/E ratio (22.2 versus 15.4).
In addition to the financials, it is important to consider what recent news might affect the viability of working in these firms in the future. There are no major news stories for either company. Essentially, both are still growing firms, with a moderate growth pace. Nordstrom is still focused on the North American market,…
MSN Moneycentral. (2013). Nordstrom. Retrieved April 20, 2013 from http://investing.money.msn.com/investments/stock-balance-sheet/?symbol=us%3AJWN&stmtView=Ann
MSN Moneycentral. (2013). Hennes & Mauritz. Retrieved April 20, 2013 from http://investing.money.msn.com/investments/stock-income-statement/?symbol=HM
Edgerton, a. (2012). Thousands celebrate H&M's South Beach debut. Miami Herald. Retrieved April 20, 2013 from http://www.miamiherald.com/2012/11/08/3087998/thousands-celebrate-hms-south.html
The European military policy is based on the activities taking place within military of United States i.e. merger-mania of U.S. defense firms.
But there are three other factors pushing the Europeans for taking concrete measures for pursuing the ESDI. The measures are must to overcome the delays and constraints the Union experiences. The first of the blockade is with reference to the defense spending of European countries. The new NATO Secretary-General estimated that, 'total military spending of European countries is around 60% of the U.S. total, and yields only 10% of the capabilities'. Secondly, European firms are becoming increasingly angry that the U.S. while procuring new weapons and equipment refuses to "buy European military products." Thirdly, European governments are not satisfied with U.S. restrictions 'on the transfer of technology even though the Europeans are investing money in the development of new U.S. built weapons such as the Joint Strike Fighter'…
Lawrence Freedman, "The Coming War on Terrorism" in Lawrence Freedman, ed., Super terrorism (Oxford: Blackwell, 2002).
Julian Lindley-French, Terms of Engagement. The paradox of American power and the trans-Atlantic dilemma post-11 September (Paris: EU-ISS, 2002)
Gordon Adams, "Fortress America in a changing trans-Atlantic defense market," in Burkard Schmitt, ed., Between Cooperation and Competition: The Trans-Atlantic Defense Market (Paris, WEU-ISS, 2001)
George Parker, "France and UK call for new force at top of EU," Financial Times, 15 May 2002.
This aspect of the study were inclusive of works of "economic historians on the development of financial systems" most particularly the "banking systems" worldwide and exactly what the resulting impact will be. (Rousseau & Sylla, 2001) hile the two identified "strands of literature" one dealing with domestic and the other international developments, are no always related to one another" but are however, both elements of the story called financial globalization." Definition of a "Good Financial System" states that there are five key components which are: (1) Sound public finances and public debt management; (2) Stable monetary arrangements; (3) a variety of banks, some with domestic and others with international orientations, and perhaps some with both orientations; (4) a central bank to stabilize domestic finances and manage international financial relations; and: (5) ell-forming security markets."
Impacts of Globalization on National Economies
Impacts on the economies of the world have been stated…
Rousseau, Peter L. And Sylla, Richard (2001) "Financial Systems, Economic Growth and Globalization"
Financial Systems, Economic Growth and Globalization" 2001 Oct 15 Online available at http://www.nber.org/~confer/2001/globes01/sylla.pdfr.org/~confer/2001/globes01/sylla.pdf
Bruno, Giovanni S.F. et al. (2003) Measuring the effect of globalization on labor demand elasticity: An empirical application to OECD Countries ISBN 1616-4814. FLOWENLA Discussion Paper 2 available Online at http://www.eastwestmi gration.org retrieved from the Internet 26 May 2006
Gartzke, Erik (2003) War, Peace, and the Invisible Hand: Positive Political Externalities of Economic Globalization International Studies Quarterly Volume 47 Issue 4-Page 561 - December 2003 doi:10.1046/j.0020-8833.2003.00279.x Quan Li21Columbia University, 2 the Pennsylvania State University
6% holding in Lloyds following huge losses at both during the credit crisis" (Gupta. S. March 16, 2011) point to the need for stronger regulation of the financial sector. The UK banking system which is one of the most successful and innovative in the world must continue to have autonomy in its operations. Over regulation will only stifle an industry which is a key to the return of a strong economy, particularly in light of the austerity measures of the coalition government which will slow government expenditures to buttress an economic recovery. A greater emphasis on firm specific activities which will encompass leverage, capital ratios, balance sheet assets and liabilities is not over regulation but rather smarter regulation.
In contemplating reform the FCA will ensure that the focus of the financial sector is on the individuals who utilize their products not the shareholders who reap the gains from profits. The…
BBC News.com. (N.D.). Timeline: Credit crunch to downturn. BBC News.com.
Retrieved March 24, 2011 from http://news.bbc.co.uk/2/hi/7521250.stm
Gupta, S. (March 16, 2011). UK should get "handsome return" on RBS and Lloyds.
Reuters. Retrieved March 24, 2011 from http://uk.reuters.com/article/2011/03/16/uk-lloyds-rbs-idUKTRE72F6EP20110316
2007 Economic Crisis on American Car market
Effect of the 2008 global economic crisis on automotive industries
Crisis in the United States
Crisis in Canada
Crisis in ussia
Crisis in European markets
Crisis in Asian markets
Effects by other related crisis events
In this paper, we will review the effects of 2008 global automotive crisis. Our main focus will be on the American car manufacturers and the negative impact they suffered due to the crisis. We will also have a look at how this crisis had affected car manufacturers in other major markets around the world notably Europe, Canada and the prominent Asian markets such as China and India. Finally, we will look at some of the other factors which were important to this event namely the energy crisis since the cost of fuel is directly related to the car industry.
The automobile industry is a very important part…
Lee, C. (2003). Financial Liberalization and Economic Crisis in Asia. New York: Routledge.
Pempel, T.J. (1999). The Politics of Asian Economic Crisis. New York: Cornell University Press.
Arestis, P. (2001). What Global Economic Crisis? New York: Palgrave.
Liou, K.T. (2002). Managing Economic Development in Asia. Westport, CT: Praeger.
Because the home country is not required to reimburse foreign depositors for losses, there is no corresponding financial penalty for lax supervision; there is, though, a benefit to the country with lenient regulatory policies because of increased revenues generated and the employment opportunities these services provide (Edwards 1999). Furthermore, banks seeking to conduct multinational business are attracted to countries where incorporation laws and the regulatory framework offer less regulatory oversight (Edwards 1999). The quid pro quo nature of offshore financial services is clearly indicated by Edwards's observation that, "Multinational banks provide the offshore financial centre with increased tax revenue and employment for its citizens. Because the benefits outweigh the costs, offshore financial centres have a powerful incentive to maintain lenient regulatory policies. As a result, multinational banks incorporated in an offshore financial center successfully avoid supervision by an effective home country regulator" (1999, p. 1267). Given the scope of the…
Black's Law Dictionary. (1999). St. Paul, MN: West Publishing Co.
Boise, C.M. & Morriss, a.P. (2009). 'Change, Dependency, and Regime Plasticity in Offshore Financial
Intermediation: the Saga of the Netherlands Antilles.' Texas International Law Journal, vol. 45,
no. 2, pp. 377-379.
The structural issues that underlie the crisis remain unresolved. The austerity measures that have been implemented have failed miserably to restore business confidence -- they are crippling any economic recovery and have not given investors any reason to be confident about resolving the long-run debt problems faced by any of the peripheral Eurozone nations. The specter of increased Eurozone interest rates to meet the needs of Germany will only hurt the recovery of the peripheral economies further. As a result, a resolution of the sovereign debt crisis in the Eurozone does not appear to be on the horizon. Economists have made a number of proposals for the resolution of the crisis, none of which appear to have any political traction: a single Eurobond (De Grauwe & Moesen, 2009); addressing the divergence between Euro-level monetary policy and sovereign-level fiscal policy…
Arezki, R.; Amadou, N. & Candelon, B. (2010). Bad news spreads. Finance & Development. Retrieved March 22, 2011 from http://www.perjacobsson.org/external/pubs/ft/fandd/2010/12/pdf/arezki.pdf
BBC. (2011). Greece debt rating cut further by Moody's. British Broadcasting Corporation. Retrieved March 22, 2011 from http://www.bbc.co.uk/news/business-12664681
CIA World Factbook. (2011). Greece: Economy. Central Intelligence Agency. Retrieved March 22, 2011 from https://www.cia.gov/library/publications/the-world-factbook/geos/gr.html
De Grauwe, P. (2010). The Greek crisis and the future of the Eurozone. U. Leuven. Retrieved March 22, 2011 from http://www.econ.kuleuven.be/ew/academic/intecon/Degrauwe/PDG-papers/Discussion_papers/EuroIntelligence-March-2010.pdf
This program is focused onto the following directions:
Generating stability with exchange rates
ebuilding confidence in the monetary policy
Better managing and restricting public debt
eforming and restructuring the banking sector to insure more transparency and the implementation of internationally recognized policies (The Icelandic Government Information Center, 2008).
4. Short-term forecast for the economy
The 2008 has severely impacted the Icelandic economy. In light of the dramatic effects as well as the efforts put into the reconstruction and reconsolidation of the Islanding economy, major growths are not expected. In other words, it is generally assumed that the country will regain its stability through small and gradual victories, which will, for the time being, only manage to stabilize the economy. Growth rates are expected to remain low and for 2010 for instance, the growth rate of the gross domestic product is expected to be close to zero (Central Intelligence Agency, 2010).…
2008, Economic programme in cooperation with IMF, The Icelandic Government Information Center, http://www.iceland.org/info/iceland-imf-program / last accessed on August 2, 2010
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As banks faltered and default rates rose, rates of consumption and demand plummeted. Unemployment began to increase, and in a predictable Keynesian fashion, as individuals grew more insecure about their job prospects they began to spend less money. The United States has a particularly consumer-driven economy -- Americans are known for having historically low rates of savings and to engage in high rates of spending -- so this was particularly disruptive to the usual rhythms of the economy.
Young people graduating from college suffered some of the worst effects of the recession. "Unemployment rates for individuals younger than 25 are currently 21% in the euro area and 19% in the U.S." (Branchflower 2010). They were competing with older, more experienced workers who had recently lost their jobs. The fear is that today's low starting salaries create a class of permanently low-earning graduates, many of whom have high levels of college…
Branchflower, David G. "Credit crisis creates Lost Generation." Bloomberg Business.
January 21, 2010. August 28, 2001.
Ferguson, Niall. "Where did all the money go?" From the Great Hangover. Edited by Graydon
All these were achieved with immense marketing budgets.
In the current situation when the United States and the world are threatened by an economic crisis, the giant shoemaker continues to sustain an increased marketing budget. A specification that must be made however is that changes in the structure of the budget have occurred. In this order of ideas, the marketing specialists at Nike are more centred on interactive and innovative marketing, rather than traditional marketing operations. In a time of financial difficulties then, the number one shoemaker of the globe is trying to approach the audience using less conventional means. Nike officials argued that they were not in the business of keeping the media companies alive, but that their primary interest was that of best communicating with the audience. In this order of ideas then, the multinational organization drastically reduced marketing budgets for television advertisements and other traditional means and…
Chandler, T., Nike Gets Engaged, Shrinks Traditional Ad Spending. Here's How Copywriters Can Benefit, the Copywriter Underground, 2007, http://copywriterunderground.com/2007/10/22/nike-gets-engaged-shrinks-traditional-ad-spending-heres-how-copywriters-can-benefit/last accessed on October 16, 2008
Lovell, C., Marketing Budgets Cut at Record Rate as Economic Crisis Deepends, Brand Republic, 2008, http://www.brandrepublic.com/Campaign/News/852748/Marketing-budgets-cut-record-rate-economic-crisis-deepens/last accessed on October 16, 2008
McNamara, C., All About Marketing, Free Management Library, 2008, http://www.managementhelp.org/mrktng/mrktng.html . Ast accessed on October 16, 2008
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economic crisis in Europe and the increasing costs for European countries to borrow money and bail out other Euro countries in financial distress. The EU nations that use the Euro have experienced a crisis among certain countries with high debt requiring bailouts for Greece and Ireland and the likelihood that Portugal and Spain may also need a bailout. Postponing the restructuring of high interest debts has led to further crisis rather than resolving any of the problems faced by insolvent countries. Huge transfer payments from the more powerful Euro countries, like Germany, to the failed economies of Greece and Ireland have made investors nervous and led to less investment at a crucial time. The author suggests that the debts of troubled countries need to be restructured now in order to create a sustainable payment to increase confidence and secure future payments.
Creditors will also have to shoulder some of the…
Bamberger, K.. (2010). Technologies of Compliance: Risk and Regulation in a Digital Age. Texas Law Review, 88(4), 669-739. Retrieved January 21, 2011, from ABI/INFORM Global. (Document ID: 1995143041). http://www.egloballibrary.com/egl/html/institutes/1086/homepage/library.jsp
Corder, J. (2009). The Federal Reserve System and the Credit Crisis. Public Administration Review, 69(4), 623-631. doi:10.1111/j.1540-6210.2009.02011.x http://ehis.ebscohost.com.csuproxy.egloballibrary.com/ehost/detail?hid=6&sid=feb1c9d6-ff89-462b-9741-b5b3cfdd54aa%40sessionmgr12&vid=8&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=buh&AN=42960193
Europe finance: Time for Plan B. (2011, January). EIU ViewsWire. Retrieved January 19, 2011, from ABI/INFORM Global. (Document ID: 2241366821).
The nation of Greece is currently in debt to its creditors to the amount of 321 billion Euros -- "approximately 180% of its annual economic output" -- effectively making the nation a debt-colony (Rankin). As of 2015, the IMF had pledged nearly 50 billion Euros to Greece (and had leant the nation more than 30 billion up to that point -- with the rest contingent upon Greece making payments that were already due). By May 2016, Greece's creditors -- known in the media as the Troika (European Commission, the ECB, and the IMF) -- were meeting to discuss the issue of loaning another 10 billion Euros to the embattled nation (Rankin).
The nature of the crisis that prompted Greece to apply for aid was this: it had become a member of the EU in spite of having less than stellar fiscal discipline. It had a trade deficit and when the…
Turkey Join the European Union
The accession of Turkey to the European Union has long been a subject of contention. The route of Turkey's membership to the European Union has been in process since 1959, but the consideration of Turkey being a part of the European Union is still an unresolved issue. A clear difference of point-of-view, regarding Turkish accession to the European Union prevails among the entire world, but Turkey is now in a suitable position to depict its manifesto as an independently developing Muslim majority country that owns all the necessary resources to survive at par with its competitors.
The European Union regards its self as a secular organization of European countries, which is reflected in there slogan "United in Diversity" (Dinan, 2004)? The slogan draws a clear picture that the European Union intends to unite the diversities from across the cultures, religions and traditions in order to…
L Baracani, E. (2007). Pre-accession and Neighbourhood. The European Union's Democratic Conditionality in Turkey and Morocco, 335-350.
Baracani, E. (2007). Pre-accession and Neighbourhood. The European Union's Democratic Conditionality in Turkey and Morocco, 240-245.
Benedict, P. (1974). Turkey: geographic and social perspectives. Netherland: Begium.
Dinan, D. (2004). Europe Recast: A History of European Union. Boulder: Lynne Rienner Publishers.
Ergo, the role of the EU seems to be that of implementing protectionist policies. These would be developed onto three simultaneous directions.
A first set of policies would revolve around the creation of a new market architecture at the EU level. This would strengthen the EU's position in the face of future challenges by:
ensuring a sustained and strong support from central banks allowing banks to rapidly implement the rescue plans, and allowing the Union to rapidly implement decisive methods that would prevent the expansion of the crisis to other countries (Commission of the European Communities, 2008).
A second set of strategies revolves around the necessity to really analyze the impacts the crisis has had upon the real economy and find ways in which to improve the real economy. These policies would combine short-term solutions to issues in need of rapid response as well as long-term projects. The short-term solutions…
Budowsky, B., January 22, 2008, the Economic Crisis, the Hill
Kilmister, a., December 2008, the Economic Crisis and Its Effects, World Economy, No. 407
Miller, J., Jackson, B., Who Cause the Economic Crisis? The Annenberg Public Policy Center of the University of Pennsylvania
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html , last accessed on January 7, 2009
The Greek government has faced an ongoing fiscal crisis for the past several years. ecently, for the third time, its Eurozone partners have been compelled to offer a bailout to the country. This is done to stabilize Greece's finances and to impose further measures on the Greek government to remedy the nation's budget and to ensure that there are no similar issues in future. The first part of the paper is a brief overview of the situation. The second part will outline some of the key issues that lead both to favor the bailout and to oppose it, and finally there will be analysis and a conclusion about whether or not bailing out Greece is the right thing to do. It will be argued that it is not, at least in the current form.
There are several key issues at work with the Greek bailout. Greece…
BBC. (2013). IMF admits mistakes on Greece bailout. BBC. Retrieved April 17, 2014 from http://www.bbc.com/news/business-22791248
Bloomberg. (2012). Greek crisis timeline from Maastricht Treaty to ECB bond buying. Bloomberg. Retrieved April 17, 2014 from http://www.bloomberg.com/news/2012-09-05/greek-crisis-timeline-from-maastricht-treaty-to-ecb-bond-buying.html
Chu, B. (2012). Interview with economist Paul Krugman: Greece will leave Eurozone within 12 months. The Independent. Retrieved April 17, 2014 from http://www.independent.co.uk/news/world/politics/interview-with-economist-paul-krugman-greece-will-leave-eurozone-within-12-months-7804753.html
Esparza, A. (2013). Chinese investment in Greek port the biggest FDI after the crisis. Marketpulse. Retrieved April 17, 2014 from http://www.marketpulse.com/20131127/chinese-investment-greek-port-biggest-fdi-crisis/
Global Economic Crisis
Throughout the history of the U.S. and the world at large, financial crises and the resultant economic recessions have occurred unerringly recurrently. In fact, the phenomenon has become so common that some think of such crises as parts of economic systems of the major world powers. The most recent one is the 2008 financial crisis that brought about the world economic recession. The recession resulted in over 4.1 trillion dollars in losses, increased poverty, unemployment numbers climbing to over 10% in the U.S. and quite higher in major European economies, major banks collapsed and several stock markets crashed. In fact, American investors alone lost over forty percent of their savings value. Housing prices dropped sharply from the high recorded previously in 2006. The 2008 crisis also resulted in decline in manufacturing, reduction of world trade, decrease in consumer spending, and many negative effects. Because of the importance…
Aguiar, M., Hurst, E. & Karabarbounis, L. (2013). Time Use during the Great Recession, American Economic Review, 103, 1664-96.
Aluko SA (2008). The Global Economic Crisis and the Nigeria Financial System: The way forward; A paper delivered at the 14th seminar for Finance Correspondents held at Benue hotel, Markurdi, July 16th.
Arestis, P., Charles, A. & Fontana, G. (2013). Financialization, the Great Recession, and the Stratification of the U.S. Labor Market, Feminist Economics, DOI:10.1080/13545701.2013.795654
Claessens, S. & Kose, M.A. (2013). Financial Crises: Explanations, Types, and Implications. IMF Working Paper
2010, about the survival of the European Union, the critical issue being the currency crisis with the Union's primary currency, the euro, which has been adopted by many of its members. The crisis manifested in several countries within the Union facing debt crises, largely because of recession, the one exception being Greece which actually managed to spend its way into debt all on its own. These crises were putting pressure on the wealthier countries in the Eurozone -- Germany in particular, to provide financing assistance. While smaller countries like Greece, Ireland and Portugal were struggling, the real fear was that these debt crises would spawn a contagion that would bring own a much larger nation like Spain or Italy, nations that are probably beyond Germany's capability of rescuing (Waterfield & Winnett, 2010).
The financial crisis, especially in Greece, has lurched onward since that point, including the implosion of the Cypriot…
Waterfield, B. & Winnett, R. (2010). EU locked in survival crisis over debt. The Telegraph. Retrieved November 25, 2013 from http://www.telegraph.co.uk/news/worldnews/europe/ireland/8138586/EU-locked-in-survival-crisis-over-debt.html
hat is less certain is the benefits of the bailout -- those can only flow from taking advantage of the bailout to restore credit markets and prevent a repeat of this financial crisis in the future.
Baker, Dean. "Subprime Rescue Plans: Backdoor Bank Bailouts." (2008): 9 pages. EconLit. EBSCO. 10 May 2009
Mishkin, Frederic S. "How Big a Problem is Too Big to Fail?" (2006). 18 pages. Journal of Economic Literature. Vol. XLIV (December 2006) pp.988-1004.
Glasberg, Davita Silfen, and Dan Skidmore.. "The Dialectics of hite-Collar Crime: The Anatomy of the Savings and Loan Crisis and the Case of Silverado Banking, Savings and Loan Association." American Journal of Economics and Sociology 57.4 (Oct. 1998): 423-449. EconLit. EBSCO. [Library name], [City], [State abbreviation]. 10 May 2009 .
Manchester, Joyce, and arwick J. McKibbin.. "The Macroeconomic Consequences of the Savings and Loan Debacle." Review of Economics and Statistics 76.3 (Aug.…
Baker, Dean. "Subprime Rescue Plans: Backdoor Bank Bailouts." (2008): 9 pages. EconLit. EBSCO. 10 May 2009
Mishkin, Frederic S. "How Big a Problem is Too Big to Fail?" (2006). 18 pages. Journal of Economic Literature. Vol. XLIV (December 2006) pp.988-1004.
Glasberg, Davita Silfen, and Dan Skidmore.. "The Dialectics of White-Collar Crime: The Anatomy of the Savings and Loan Crisis and the Case of Silverado Banking, Savings and Loan Association." American Journal of Economics and Sociology 57.4 (Oct. 1998): 423-449. EconLit. EBSCO. [Library name], [City], [State abbreviation]. 10 May 2009 .
Manchester, Joyce, and Warwick J. McKibbin.. "The Macroeconomic Consequences of the Savings and Loan Debacle." Review of Economics and Statistics 76.3 (Aug. 1994): 579-584. EconLit. EBSCO. [Library name], [City], [State abbreviation]. 10 May 2009 .
Greek Crisis- Opportunity
Board of Directors
The Greek financial crisis is rooted in two decades of profligate spending which has ballooned the country's debt to GDP ratio to 124.9% of GDP in 2010 (The Wall Street Journal.com. May 7, 2010). Coupled with a stagnant economy, the risk of a Greek sovereign default is roiling markets and could cause a contagion across the Eurozone and ultimately the global financial system. Yet, Greece has a unique opportunity to emerge from this crisis stronger and able to compete competitively around the globe as a viable and prospering member of the Euro block. To do so they must embrace a mix of austerity and free market reforms to ensure liquidity and avoid default.
Greece had always been a weaker member of the Eurozone as compared with Germany, France, and Italy accounting for only 2.6% of the GDP of the Euro…
Organization for Economic Cooperation and Development.com. (2011). Economic
Survey of Greece. Organization for Economic Cooperation and Development.com. Retrieved December 1, 2011 from http://www.oecd.org/document/28/0,3746,en_2649_34327_48421852_1_1_1_1,00.html
Roscini, D. Schlefer, J. & Dimitriou, K. April 19, 2011). The Greek Crisis: Tragedy or Opportunity? Harvard Business School. Retrieved December 2, 2011
The Wall Street Journal.com. (November 26, 2011). Greece Faces 'Mortal Danger' Amid
Moreover, there are less children being born than in previous generations. This creates a situation where the current and future workforce will be unable to support the growing aging population. Current statistics show that there is far below the average of 2.1 children per household, which would be considered the replacement rate (Jackson & Howe 2008). For almost the entire 20th century, nations all over the world saw continuous population growths, with more being people being born than dying. Yet, today, this population growth has declined in a number of major regions, including many European nations. This then means that there will be fewer individuals in the younger workforce that should be helping support the elderly population by adding in funds to pension plans. Current structures are under the pay-as-you-go plan, where today's workers pay for today's retirees in hopes that future workers will do the same for them (Slater…
Jackson, R., (2002) The Global Retirement Crisis. Washington: Center for Strategic and International Studies.
Jackson, R. And Howe, N., (2008). The Graying of the Great Powers: Demography and Geopolitics in the 21st Century. Washington: Center for Strategic and International Studies, p.4.
Slater, R., (2008). The Pensions Time Bomb. Oxford: Oxford University Press, pp. 81-82.
Wells, N., (2005). The Ageing Population. London: The Stockton Press.
"A particular strength of secondary data is the objectivity. The data are written by experts in various fields." (McQuarrie, 2005, P 61).
"The relatively low expense in comparison to primary research is also the main advantage of this research as no new research needs to be commissioned. However, its main disadvantage is that the data used in the analysis may be out-dated and therefore return inaccurate results. Furthermore, previous studies may not have targeted the exact issue that the current research requires." (DJS esearch, 2011, P 1).
Despite the disadvantages identified in the secondary data, the author makes use of secondary research as a method of data collection. To collect data, the author employs several techniques. First, the research searches several electronic databases for secondary data. The paper searches the electronic database such as Emerald database, Sage database, Social Science esearch journal database, and the database of science direct. The…
Bureau of European and Eurasian Affairs, (2011). Background Note: Malta, U.S. Department
DJS Research (2011). What is Secondary Research? DJS Research Ltd.
Economic Freedom, (2011). Ten Economic Freedom of Malta, 2011 Index of Economic
Conclusions -- Was TAP Necessary -- A five member Congressional committee echoed a number of criticisms regarding TAP that many consumers, academics, and fiscal analysts were considering. What exactly was the Treasury's strategy with the $700 billion dollars for the supposed bail out? How can Treasury explain the significant gaps in their ability to find hundreds of billions of taxpayer money? In a nutshell, it appears that the departments that control the money given by the Congress (from the American people) have no ability to ensure that the bailed out banks will do what was needed and lend money; have no real standards of measuring success of failure of the program; and for ignoring pointed and specific questions from Congress about their performance (M. Crittenden).
The fact that many of the institutions bailed out with TAP funds, funds from the American taxpayer, did not distribute these funds back into the…
REFERENCES and WORKS CONSULTED
"2007 Public Company Bankruptcies Surpassed, According to BankruptcyData.com." 17 September 2008. AllBusiness.Com. 11 April 2010 http://www.allbusiness.com/company-activities-management/financial-performance/11564300-1.html
Andrews, E., et.al. "Fed's $85 Billion Loan Rescues Insurer." The New York Times 16 September 2008: http://www.nytimes.com/2008/09/17/business/17insure.html?_r=1&hp .
Bardeesy, Karim. "Bailout Baloney." 2 October 2008. The Big Money from Slate. 11 April 2010 http://www.thebigmoney.com/articles/juicy-bits/2008/10/02/bailout-baloney
Bucznski, Richard. "Economic Crisis: When Will It End?" 2010. IBIS World. 9 April 2010 http://www.ibisworld.com/recession2009/
As the worldwide economic crisis of 2008 demonstrated, the economies of governments the world over are highly interdependent. Within this context, the World Trade Organization is coming under closer scrutiny. Negotiations are repeatedly failing and governments continue to violate commitments under WTO agreements with a dispute resolution process many countries find unsatisfactory. This paper reviews both the theoretical and practical economic and political implications of the faltering -yet ongoing -DOHA Round trade liberalization negotiations.
Recent WTO Negotiations: Seattle, Cancun, and Doha
Difficulties during WTO negotiations over the last decade can be attributed to three primary factors: the sheer numbers of member countries who all want to actively participate, the divergent interests between developed and developing nations, and finally the bureaucratic and management complications which arise from the increasing scope of WTO regulations. The most recent round of trade negotiations in the WTO began in the winter of 2001 in…
Clapp, J., 2006. WTO Agriculture Negotiations: Implications for the Global South. Third World Quarterly, 27(4), pp. 563-577.
Couglin, C.C., 2010. Measuring international trade policy: A primer on trade restrictiveness indices. Review, 92(5), pp. 381-394.
Cuyvers, L., Dumont, M., Rayp, G., and Stevens, Katrien, 2003. Wage and Employment Effects in the EU of International Trade with the emerging economies. Review of World Economics, 139(2), pp. 248-275.
Devadoss, S., Sridharan, P., aAnd Wahl, T., 2009. Effects of trade barriers on U.S. And would apple markets. Canadian Journal of Agricultural Economics. 57(1), pp. 55-73.
GDP went down due to weak domestic demand, which went further down after a decline. Somehow, it again rose by 0.1% in the first quarter and appeared to have pulled the economy out of recession. ut Portugal retained big trouble. In the last quarter of 2002, its GDP plummeted.8% from the third quarter and in the last quarter, it contracted by 1.3% from the previous year until the.3% in the third quarter of 2002. The economy continued to sag until the ank of Portugal itself observed the fall of business confidence to its lowest recorded level since the 1993 recession. Official unemployment rate increased to a high 49.6%, rising by 26.3% from 2001 (O'Flynn).
Unemployment was 6.7% in 2003, compared with 4.3% in 2002 (O'Flynn 2003). Labor unions in Portugal claimed it was more than 7.6% as against the 5% ceiling set by the EU, despite the fact that the…
Clapp, D. (2005). Spain's Economy is Vibrating and Growing. Group Communications, Inc. http://www.facilitycity.com/busfac/bf_04_03_global1.asp
Development Assistance Committee (2001). Portugal Development Cooperation Review. Organization for the Economic Cooperation and Development. http://www.oecd.org/document/31/0,2340.en_2649_201185_1883871_1_1_1_1,00.html
Giomo, C. And Jimenez, M. (2001). Economic Survey of Spain. Building Partnership for Progress. Organization for the Economic Cooperation and Development. http://www.oecd.org/document/36/0.2340.en_2649_201185_1912676_1_1_1_1.00.html
Internal Study Programs (2004). Portugal. http://www.studyprograms.com/focus_portugal.htm
political framework of EU and OCT
European Union (EU) and Overseas Countries and Territories (OCTs) are in association with each other via a system which is based on the provisions of part IV of the Treaty on the Functioning of the EU (TFEU), consisting of detailed rules and measures which are laid down in the document issued on 27th November 2001 title Oversees Association Decision. The expiry date of this association decision is 31st December 2013. Stress has been laid down by the European Council in its conclusions issued on 22nd December 2009 that the relationship between OCT and EU should continuously be updated in order to reflect latest developments not only in EU and OCT but thorough out the world. The commission has also been encouraged to make revisions to the Overseas Association Decision and present it in front of the council prior to July 2012 (Hill et al.,…
Agnew John, "Geopolitics re-vision world politics," Routledge Taylor & Francies Group, pp 1-5
Alan Taylor, American Colonies: New York: Viking, 2001, pp. 57 -- 8.
Baldwin, David. Ed. Neo-Realism And Neoliberalism: The Contemporary Debate, New York: Columbia University Press, 1993.
Balzacq, T. (Ed.). Understanding securitization theory. The design and evolution of security problems. Oxon: Routledge, 2010.
This development approach, by the European Union, is similar to the Bretton Woods institutions' 'Washington consensus', which was developed in the latter half of the 1980s, following "several severe balance of payments crises of developing countries" (Nienhaus, 2002, p. 55). The European Union does not favor indiscriminate opening of markets, but rather it looks for more liberal trade arrangements with developing countries and the European Union solely. This policy has been repeatedly criticized by the International Monetary Fund, the World Trade Organization, and World Bank.
The basic philosophy behind this position is that market forces are better able to foster economic development, compared to state intervention. If a developing country has prices which reflect the relative scarcity of goods and services, as well as indicate comparative advantages, these countries will be able to attract foreign investment. This investment will result in a transfer of both capital and technology. As Nienhaus…
Darby., J. (2009). French antipathy to Turkey's EU candidacy. Journal of Multilingual & Multicultural Development, 30(3). Retrieved December 8, 2009, from Academic Search Compete database.
European Union. (2009). In Encyclopaedia Britannica. Retrieved December 8, 2009, from Encyclopaedia Britannica Online: http://www.search.eb.com.ezproxy.apollolibrary.com/eb/article-9033265
Hunter, R. & Ryan, L. (2009). Poland, the European Union, and the Euro. Global Economy Journal, 9(2). Retrieved December 8, 2009, from Business Source Complete database.
Maastricht Treaty. (2009). In Encyclopaedia Britannica. Retrieved December 8, 2009, from Encyclopaedia Britannica Online: http://www.search.eb.com.ezproxy.apollolibrary.com/eb/article-9001460
the president also promised to work with other relevant sectors to assist homeowners in refinancing their mortgages at low interest rates.
On the other hand, Republicans are worried about proposals that would repeat the 2009 stimulus plan despite of President Obama's call for bipartisan support to the bill. They argue that the failed 2009 stimulus plan and its successive policies have shown that huge government deficit spending is not the solution to the stalling economy. hile Republican leaders are trying to offer a more moderate stand, they have given a staunch opposition to government's measures of new spending.
After the end of the 2009 economic recession, the Federal Reserve has been involved in various attempts to stimulate economic growth. Some of these efforts include lowering short-term interest rates to nearly zero. The Fed's recent efforts are the push to lower long-term interest rates by buying $400 billion in long-term Treasury…
Censky, Annalyn, and Charles Riley. "What's in Obama's Stimulus Plan - Sep. 8, 2011." CNNMoney - Business, Financial and Personal Finance News. Cable News Network. A Time Warner Company, 08 Sept. 2011. Web. 19 Nov. 2011. .
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"Economic Outlook, Indicators, Forecasts." Kiplinger - Personal Finance, Business, Investing, Retirement, and Financial Advice. The Kiplinger Washington Editors, 2011. Web. 19 Nov. 2011. .
Exchange ate Analysis
The author of this report is to follow the order of Dorchester Inc. And analyze the exchange rates for three different countries. The author will use the United States Dollar (USD) as the common currency and then compare/contrast the exchange rates of the dollar against the Euro, the Yen and the Australian Dollar. All three will be looked at over the last five years using the Bloomberg website. While one would expect these three charts to be at least somewhat similar, they are actually quite different and no two of the three are remotely alike.
The USD/YEN rate, which compares the currencies of Japan and the United States, shows some very sharp activity over the recent years. Of course, 2010 marked a year where the United States and much of the rest of the world was in a sharp recession. While the worst was from late 2007…
Bloomberg. (2014, September 29). USD to JPY Conversion Chart. Bloomberg.com. Retrieved September 29, 2014, from http://www.bloomberg.com/quote/USDJPY:CUR/chart
Bloomberg. (2014, September 29). AUD to USD Conversion Chart. Bloomberg.com. Retrieved September 29, 2014, from http://www.bloomberg.com/quote/AUDUSD:CUR/chart
Bloomberg. (2014, September 29). EUR to USD Conversion Chart. Bloomberg.com. Retrieved September 29, 2014, from http://www.bloomberg.com/quote/EURUSD:CUR/chart
Global Credit Crisis on UK Northern ock Bank
The lingering effects of the Great ecession of 2008 still remain, but most authorities appear to agree that the corner has been turned and global economic recovery is well underway. The cause of the Great ecession of '08 was primarily the sub-prime mortgage meltdown that occurred in the United States, and its effects were already being experienced as early as September 2007, when the United Kingdom experienced a mass market run on Northern ock Bank, the first in the nation's history. The global credit crisis that resulted from these events has been felt in differing degrees by the nations of the world, but few countries in the increasingly globalized international community have been entirely immune from its effects. To gain new insights into this fiasco, this paper provides a corporate profile for Northern ock Bank, followed by a review of the relevant…
'Corporate Profile.' (2011). Northern Rock Bank. [online] available: http://companyinfo.
'Directors' report and financial statements for the period 3 July 2009 to 31 December 2009.'
(2010). Northern Rock Bank. [online] available: http://companyinfo.northernrock.co.uk / downloads/2009_NR_plc_Financial_Report_and_Accounts.pdf.
Neo-Functionalism the European Model
The concept of neo-functionalism originated in the 1950s after the Second World War. During that time, the world was witnessing an emerging pattern of regional integration that saw countries especially in Europe and Latin America eliminate trade barriers in a bid to form regional economic blocks. Neo-functionalism, widely considered as a theory, is synonymous with western European integration. It is thought that the proponents of European integration adopted this theory as their main integration strategy. According to Rosamond (2000), neo-functionalism was triggered by the interactive activity among the original six member states (p. 10). On the other hand, Eilstrup-Sangiovanni (2006), asserts that neo-functionalism was as a result of the behaviorist turn in American social science that were centered on institutional forms, behavior and the integration process (p. 89). He however notes that neo-functionalism failed to describe the integration process during the 1965 empty chair crisis because…
Cini, M., & Perez-Solorzano Borragan, N. (2004). European Union Politics. Oxford: Oxford University Press.
Commission of the European Communities. (1983). Treaties Establishing the European Communities. uxembourg: Office of Official Publications of the European Community.
Eilstrup-Sangiovanni, M. (2006). Debates on European Integration. Hampshire: Palgrave Macmillan Ltd.
Goldstein, W. (1993). Europe After Maastricht. Foreign Affairs, 117-32.
The reader does not have to wait for the administrator to make the title available or some other user releasing it for the use of other readers. This independence of multiple persons use allows the PDA model to increase the readership of title without compromising the number of people that have hold of the title (einers, et al., 2012).. Libraries only main issue has been that people keep books with them for too long and other readers have to wait too long, often up to a length of a month's period.
Disadvantages of PDA model
With greater freedom for the library administrators as well as the readers, any model with benefits has potential downsides to it as well. This model also has some limitations some of which are discussed below.
elatively smaller number of titles
The PDA model is known for its limitation of only offering limited number of titles…
Alto, P. (2010, Oct). ebrary Launches New Patron Driven Acquisition E-Book Model. Business Wire. Retrieved from: [ http://www.businesswire.com/news/home/20101013007007/en/ebrary-Launches-Patron-Driven-Acquisition-E-Book-Model ]
Polanka, S. (Ed.). (2011). No shelf required: e-books in libraries (Vol. 1). ALA Store.
Reiners, L.A., Walker, D., Heppell, C., Farmer, J., Adey, H., & Berrington, M. (2012). Patron-driven acquisition: the experience of three university libraries.SCONUL Focus, (55), 33-36.
The Eurozone is currently facing a crisis on a number of fronts. The most pressing of these is Greece, which is heavily indebted to other Eurozone countries, creating a budget crisis in the country (Raman, 2011). As the risk of default on Greek sovereign debt increases, this puts downward pressure on the value of the euro. Other nations within the Eurozone are, in order to salvage the integrity of the currency, more or less obligated to back Greek debt. hile Greece is a significant problem for nations within the Eurozone, the currency would not be considered to be in a state of crisis if Greece was the only problem. The reality is that many peripheral Eurozone countries are in various states of financial disarray -- Spain, Italy, Portugal and Ireland all have problems (Ibid). Spain and Italy are in particular a problem, because they are too big to…
BBC. (2001). Greece joins Eurozone. British Broadcasting Corporation. Retrieved November 23, 2011 from http://news.bbc.co.uk/2/hi/business/1095783.stm
Gow, D. (2011). Shock as €6 billion German bond sale ends in failure. The Guardian. Retrieved November 23, 2011 from http://www.guardian.co.uk/business/2011/nov/23/eurozone-doomed-without-central-control-barroso
Krugman, P. (2011). Romantic views threaten Europe. Houston Chronicle. Retrieved November 23, 2011 from http://www.chron.com/opinion/outlook/article/Romantic-views-threaten-Europe-Paul-Krugman-2281150.php
NPR. (2010). A brief history of the EU. National Public Radio. Retrieved November 23, 2011 from http://www.npr.org/templates/story/story.php?storyId=128389419
(Minford; Walters, 2004, p. 306)
(xii) Competition to the U.S. dollar: In the likelihood of UK joining the EMU and adopting the single currency, the threat posed by the only international competitor to the U.S. dollar, the euro, would become real. Therefore, the U.S., at least would not encourage such a move and witness a downturn to its currency, the only true international currency. (Minford; Walters, 2004, p. 306) However, not all economic issues go against UK's joining the currency union. There are several factors which may benefit the UK if it joins the EMU.
Arguments in favor of joining the EMU
Some of the factors which support UK's joining the EMU are:
(i) A unified Europe where trade barriers are abolished and specialization and economic transactions occur as per the "Law of Comparative Advantage" will result in enhanced production and increase in the level of living standards. Increase in…
De Grauwe, Paul. 2007. Economics of Monetary Union. Oxford University Press.
El-Agraa, A.M. 2007. The European Union. Cambridge University Press.
Harris, Neil. 2001. Business economics. Butterworth-Heinemann.
Mankiw, N. Gregory; Taylor, Mark P. 2006. Economics. Cengage Learning EMEA.
Universal healthcare is the only saving formula for this nation, which is doomed in a health care crisis of unprecedented proportions. There is a urgent need to transform healthcare from its present state of commercialism towards the humanitarian approach which guarantees 'healthcare for all' independent of their social or financial circumstances. A shared and collective responsibility of healthcare management is the only viable formula for America. It is high time we learn from Canada, UK and other European nations and restructure the current broken state of our healthcare. The successful passing of the USNHC act (H.R. 676) is the only way for America to wake up from its healthcare nightmare. Will the powerful insurance industry hold its ground yet again and resist this awakening leaving all the citizens doomed? This is an important question for all the citizens of our country.
1) Science Daily, 'American Values lamed for U.S.…
1) Science Daily, 'American Values Blamed for U.S. Healthcare Crisis',
Accessed May 11, 2009, Available at, http://www.sciencedaily.com/releases/2008/12/081204160558.htm
2) Laura K. Altom, BS, MSIII and Larry R. Churchill, PhD, Ann Geddes Stahlman
'Pay, Pride, and Public Purpose: Why America's Doctors Should Support
Evidence of this can be seen with the company being slow to provide information, on the total amounts of oil that are leaking into the ocean and the various restrictions that they have placed on media coverage. (Lack of Transparency Afflicts Oil Spill Response 2010) This problematic, because when there are restrictions and the company is slow to release information, it appears as if they have something to hide. At which point, the public will become furious with the company, from their perceived unwillingness to cooperate. This could have negative political fallout, as various Congressional Committees and regulators will demand all documents relating to the spill. Once this take place, it sets the stage for an ugly showdown with Congress and the White House. Where, they could seek to force the company to disclose more documents and engage in criminal investigations, as these actions give the appearance that executives are…
'Boards of Directors Need to Oversee Corporate Sustainability more Effectively', 2010, PR Newswire, Available from Proquest. [19 June 2010] http://proquest.umi.com/pqdweb?index=0&did=2054701491&SrchMode=2&sid=4&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1276983049&clientId=45065
'BP Engineer Called Deepwater Horizon Nightmare Well Days Before Blast', 2010, Huffington Post, Available from: [21 June 2010].
'BP Establishes a $20 Billion Claims Fund', 2010, BP, Available from: . [21 June 2010].
'Estimating Cleanup Costs for Oil Spills', 1999, Cutter Information Corporation, Available from: . [19 June 2010].
" (Qantas Airways Limited and Controlled Entities - Preliminary Final Report, 2008)
In July, 2008 Qantas reported that it intends to "eliminate 1,500 jobs world-wide and it shed plans to increase flying capacity as it continues to battle high jet-fuel costs." (the Wall Street Journal, 2008) in addition, the plans to hire 1,200 people have been canceled. Qantas will also be retiring 22 aircraft from its fleet and call centers in Arizona and London will be closed as well. (Thurlow and McFarland, 2008)
SUMMARY & CONCLUSION
Quantas Airways, Ltd. is the number one domestic airline industry in Australia and is a leader in the Asia-Pacific region. In fact, Quantas is among the ten largest airlines in the world and connects Australia in approximately 81 destinations and forty countries throughout the world. The company operates several regional airlines in the country of Australia and carries in excess of thirty million passengers…
Thurlow, R. And McFarland, L. (2008) Corporate News Qantas Plans to Cut Jobs, Scraps Capacity Increase. Wall Street Journal. 18 Jul 2008.
Qantas Airways Limited and Controlled Entities (2008) Preliminary Final Report. 20 June 2008. Online available at:
Qantas Airways Ltd. (2008) Financial Times. Online available at http://markets.ft.com/tearsheets/businessProfile.asp?s=QAN%3AASX
New Pattern of Integration Through Governmental Coordination: European Perspective
The beginning of the European Union was with the coalition of six nations (namely France, Germany, Italia, Belgium, Holland, and Luxembourg) who entered into a treaty back in the year 1951 to determine the ECU Coal and Steel Community. The next signed treaty was in the year 1957 to determine the ECU Economic Community. The Coal and Steel Community were also built with a firmer incentive to improve political stance as oppoed to the economic goals: to attain a peace settlement mainly between the countries of France and Germany. The treaty creating the ECU Economic Community was more motivated towards the achievement of the economic objectives, on the other hand, but had strong political stance as well. It basically aimed to determine a typical or single market by which goods, capital, services, amongst other things could move freely inside the European…
Begg, Iain et al., 2001, Social Exclusion and Social Protection in the European Union: Policy Issues and Proposals for the Future Role of the EU, South Bank University Working Paper, http://www.sbu.ac.uk/euroinst/policyreport.pdf
Ben-Gera, M. (2009). Coordination at the centre of government for better policy making. Conference Paper for Conference on Public Administration Reform and European Integration. SIGMA.
Biagi, Marco, 2000: -- The Impact of European Employement Strategy on the Role of Labour Law and Industrial Relations --, International Journal of Comparative Labour Law and Industrial Relations, vol. 16, No. 2, Summer 2000, 155-73
Browne, Matthew, 2003: -- La methode ouverte de coordination et la Strategie europeenne pour l'emploi: Modele ou faux-semblant ? -- in Renaud Dehousse (ed.), L'Europe sans Bruxelles ? (forthcoming)
The instant coffee, called Via, Starbuck's newest entry into supermarket-style purchases, is sold at its lowest price point, compared with its higher-end coffee ice creams and bottled Frappucinos and espresso shots. Despite initial criticism Via has kept the Starbucks name alive on store shelves and in consumer's minds who are not currently going to cafes, because these former patrons and Starbucks loyalists have lost their jobs or because their investments have been decimated.
The current policy of keeping the prices high for only some of more elite types of coffee and drinks secures another facet of Starbuck's complex image -- namely, that of a luxury brand, without pricing all consumers out of the market across the board. "Price as an attribute, while relatively unimportant in affecting overall customer satisfaction, is certainly important in affecting the generation of a differentiating customer experience. That does not mean that customers are satisfied with…
Adamy, Jane & Nick Wingfield. (2009, March 17). Starbucks to present recession strategy.
The Wall Street Journal. Retrieved October 11, 2009 at http://online.wsj.com/article/SB123723335325646025.html
Andrews, Edmund L. (2008, December 8). U.S. recession began last December, economists say.
The New York Times. Retrieved October 11, 2009 at http://www.nytimes.com/2008/12/02/business/worldbusiness/02iht-02econ.18315318.html
What kind of regional and international cooperation is needed to respond to emigration pressures in many low and medium income countries within EU? In addition to the existing EU standards on migration, what other measures could be taken at the national, regional, and international levels to better protect migrants? Answers to these questions inexplicitly have direct implications for the growth environment and have become more pressing issues as the enlargement continues.
A balanced budget exists when tax revenues equal government spending. Within the EU, economic policy dictates that efficiency is achieved when the amount of revenue collected by the government is what is spent in a given period. Hence budget deficits and/or surpluses represent a misallocation that can lead to macroeconomic stability within an economy. As the growth cycle within Europe continued and deepened in 2008/2009, it was clear that macroeconomic objectives for all member states became misaligned and inefficiencies…
Barro, R., (2000). Rule of Law, Democracy, and Economic Performance. Index of Economic Freedom, Chapter II.
Basu, K., (1991). The international debt problem, Credit Rationing and Loan Pushing: Theory and Experience. Princeton Studies in International Finance, 70.
Bulow, J. And Rogoff, K., (1990). Cleaning up Third World Debt Without Getting Taken to the Cleaners. Journal of Economic Perspectives, 4, 1.
Cole, H., and Kehoe, T., (1996). A Self-Fulfilling Model of Mexico's 94-95 Debt Crisis. Federal Reserve Bank of Minneapolis, Paper 210.
Coca-Cola Company. Specifically it will discuss and analyze the case study, including relevant facts and recommendations regarding the study. Coca-Cola is one of the most well-known and famous brands in the world, and it has been in existence since the late 1800s. This case study indicated that it faced several ethical issues in the last decade that eroded its credibility and created strife inside and outside the company.
The facts of Coca-Cola are legendary. One writer notes, "Both the Coca-Cola brand and company took an early lead in the soft-drink industry, for the brand achieved national distribution early on and the company has consistently dominated the industry" (Wolburg, 2003). Coca-Cola is one of the world's leading soft drink manufacturers, and they sell their product in at least 200 countries worldwide. They were the leading soft drink company for decades, and their main rival is PepsiCo, who they have been…
Author Unknown. The Coca -- Cola Company Struggles with Ethical Crises.
Dubinsky, A.J., Nataraajan, R., & Huang, W. (2004). The influence of moral philosophy on retail salespeople's ethical perceptions. Journal of Consumer Affairs, 38(2), 297+.
Meyer, K.E. (2004). Perspectives on multinational enterprises in emerging economies. Journal of International Business Studies, 35(4), 259+.
Wolburg, J.M. (2003). Double-cola and antitrust issues: Staying alive in the soft drink wars. Journal of Consumer Affairs, 37(2), 340+.
ehavioral Finance and Human Interaction a Study of the Decision-Making
Processes Impacting Financial Markets
Understanding the Stock Market
Contrasting Financial Theories
Flaws of the Efficient Market Hypothesis
Financial ubbles and Chaos
The stock market's dominant theory, the efficient market hypothesis (EMH) has been greatly criticized recently for its failure to account for human errors, heuristic bias, use of misinformation, psychological tendencies, in determining future expected performance and obtainable profits.
Existing evidence indicates that past confidence in the EMH may have been misdirected, as the theory's models do not show a thorough understanding of trading operations in a realistic light.
Researchers have suggested that a variety of anomalies and inconsistent historical results demand that traditional financial theories, namely the EMH, be reconstructed to include human interaction as a key decision-making process that directly affects the performance of financial markets.
This research paper aims to determine whether or not there is a…
Barrett, Larry. (January, 2001). Emotional investing a recipe for disaster. CNET News.com.
Bernstein, Peter. (1998). Against the Gods: The Remarkable Story of Risk. New York, NY: John Wiley & Sons.
Brennan, Phil. (March 12, 2002) The Great Stock Market Scam. NewsMax.com.
Business Week. (September 29, 1997) The Perils of Investing Too Close to Home.
Global Financial Crisis
There were a number of causes to the global financial crisis of 2007-2009. Baily, Litan and Johnson (2008) argue that there were numerous contributing factors, including the perception of a low risk U.S. housing market, securitization of the housing market, credit rating agencies, and the spread of these securities to financial institutions around the world. The primary contagion came from the United States, beginning in 2007, but there were contributing factors in many European countries as well.
housing market entered a bubble state, with rapidly increasing prices. This was the result of changes to the way that mortgages were financed, bringing more and riskier consumers into the housing market. This in turn fuelled speculators. Banks were able to securitize risk from the housing marketing. In complex transactions they were able to offload much of the risk onto other financial institutions around the world. Credit rating agencies, lacking…
Baily, M., Litan, R. & Johnson, M. (2008). The origins of the financial crisis. Brookings Institute. Retrieved March 31, 2014 from http://www.brookings.edu/~/media/research/files/papers/2008/11/origin%20crisis%20baily%20litan/11_origins_crisis_baily_litan.pdf
Elliott, L. (2011). Global financial crisis: Five key stages, 2007-2011. The Guardian. Retrieved March 31, 2014 from http://www.theguardian.com/business/2011/aug/07/global-financial-crisis-key-stages
The Economist. (2013). Crash course. The Economist. Retrieved March 31, 2014 from http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article
Tridico, P. (2012). Financial crisis and global imbalances: Its labour market origins and the aftermath. Cambridge Journal of Economics. Vol. 36 (1) 17-42.
In such case the risk sharing is beneficial. This is one of the benefits of credit default swap. However, under circumstances where there is rising connectivity between institutions because of the dense nature of the webs of CDS, attempts to share risk increase the likelihood that a bank will go under. International banks making loans to banks or corporations are in order to protect themselves from systematic economic turmoil by buying swaps on sovereign debt but there are limits to this because what reduces risks for individual institutions in small quantities spells doom for larger institutions when pushed too far. This can be detrimental considering that the number of CDS contracts outstanding on European sovereign debt doubled in the past three years after the AIG setback. Actions have unanticipated consequences
. The financial deregulation in 2000 led to the mushrooming of unregulated and largely hidden CDS contracts. This had made…
Buchanan, M. (2011, Oct. 31). Credit Default Swap Risk Bomb Is Wired to Explode.
Gilani, S. (2008, Sept. 18). The Real Reason for the Global Financial Crisis…the Story No One's
Talking About. Money Morning.
The UK needs to build good economic relationships with emerging markets even more than with its EU neighbors. China is already highly competitive in manufacturing and is gaining competitiveness in high-technology manufacturing. India is a leader in Information Technology and, being an English speaking country, also has the ability to be globally competitive in Professional Services. Latin American and Southeast Asian economies, such as Brazil or Indonesia, will become increasingly competitive in agriculture and energy. The WTO and various other bilateral free trade agreements are reducing the barriers to these types of goods, making them increasingly attractive to the European consumer.
Considering the competition for European markets, the EU's greatest value and likely greatest priority will be the protection of European markets, not the opening of global markets. The UK, because of its focus on global finance and professional services, has little to gain from the protection of its own…
Vicarelli, Claudio & De Santis, Roberta & De Nardis, Sergio, 2008. "The Single Currency's Effects on Eurozone Sectoral Trade: Winners and Losers?," Economics - the Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(17), pages 1-34. P. 13
Social evolution to rapid revolutionary change and contemporary globalization dynamics: Emphasizing the an Analysis of Global Economics.
An article that recently appeared in The Korea Herald, "U.S. And Germany stress cooperation" details a visit to Germany by U.S. Treasury Secretary Tim Geithner, who met with his German counterpart to discuss the financial crisis that has enveloped Europe as of late. The context for this meeting was important, as the European Union's currency, the Euro, has consistently been devalued in the past few years and several countries that are part of this alliance (17 altogether) are contemplating various measures in which the currency and the economic solidarity of the EU could be saved.
The crux of this article, which directly correlates to Hans-Werner Sinn's opinion editorial, "Why Berlin is Balking on Bailout" actually has less to do with the meeting between the two financial heads of the U.S. And Germany and…
eaction to Proposal
The Financial Accounting Standards Board proposal is not written in stone yet. The main reason for this is that the Financial Accounting Standards Board is allowing for some time is to allow for investors and companies to provide their feedback to the Financial Accounting Standards Board regarding the current framework and feel of the proposals. The two main points of feedback asked for with the proposal is what people and investors think about the proposal and what would they prefer to happen to the rules and reporting requirements. The current deadline for the feedback is March 29th, 2013 (FASB, 2013).
Theoretical Model & Hypotheses
The basic question and issue being address by the Financial Accounting Standards Board as it relates to repurchase agreements is quite clear and is made much more so by consulting the Financial Accounting Standards Board documentation on the topic. They note that the…
Chircop, J., Vicky Kiosse, P., & Peasnell, K. (2012). Should Repurchase Transactions
be Accounted for as Sales or Loans?. Accounting Horizons, 26(4), 657-679.
Current Developments in the Private Sector. (2011). CPA Journal, 81(8), 37.
The eurozone package is politically more complicated. it's designed to show that 16 nations sharing the euro currency will stand united behind the debts of member nations to stave off a potential crisis of confidence that could damage them all." (Trumbull, 1)
This complexity is underscored by the inherently questionable imperatives of the European Monetary Union. Indeed, one of the core challenges of free trade, globalization and the establishment of intra-continental unions is the inherent difficulty in facing up the inherent incongruity of the aligning markets. The European Union has served as a prime example of this, matching a widely varied set of nations in a single economic pact. The result is that in many contexts, visible distinctions remain even as economic policy is set with the collective in consideration. These distinctions are not necessarily irreconcilable, but under the current structure of the European Monetary Union, they most certainly are.…
Baetz, J. (2010). Merkel: $1 Trillion Rescue Package Only Buys Time. Atlanta Journal -- Constitution. Online at http://www.ajc.com/business/merkel-1-trillion-rescue-528257.html
Bilefsky, D. (2010). Greece's Stumble Follows a Headlong Rush Into the Euro. The New York Times.
Brouwer, K. (2010). Is it the Euro or the Yugo? MarketWatch.
Greek Embassy. (2007). Greece in the E.U. Embassy of Greece; Washington, D.C.
Herding in Bank Panics
The work of Devenow and Welch (1996) states that the most basic of human instincts is likely to be that of "…imitation and mimicry" which are the primary characteristics in what is known as 'herding' which often specifically occurs related to such as "fashion and fads…" (Devenow and Welch, 1996, p.603) Devenow and Welch go on to state that among financial economists there is a belief that "investors are influenced by the decisions of other investors and that this influence is a first-order effect." (p.603)
It is reported in the work of Donaldson (1992) entitled "Sources of Panics: Evidence from the Weekly Data" that panic is defined by Jevons (1884) as "a rapid rise in the rate of discount, a sudden flood of bankruptcy and a fall in consols, followed by a rise" (p.8). It is additionally reported that Calomiris and Gorton (1991) "define a panic…
Avgouleas, E. (20008) Reforming Investor Protection Regulation: The Impact of Cognitive Biases. Retrieved from: http://www.law.man.ac.uk/aboutus/staff/emilios_avgouleas/documents/AvgouleasCognitiveBiasesOgusfinal.pdf .
Bulow, Jeremy and Paul Klemperer, 1994, Rational frenzies and crashes, Journal of Political Economy 102, no. 1, 1-23. Chari, V.V. And Ravi Jagannathan, 1988, Banking panics, information, and rational expectations equilibrium, Journal of Finance 43, no. 3, 749-761.
Chen, Yehning, 1995a, Bank runs: Panic of efficient monitoring, Working paper (UCLA, Los Angeles, CA).
Chen, Yehning, 1995b, Banking panics: The role of the first-come, first-served rule and informational externalities, Working paper (UCLA, Los Angeles, CA). Donaldson, R. Glen, 1992, Sources of panics: Evidence from the weekly data, Journal of Monetary Economics 30, 277-305.
While it was generally agreed that the increase in prices was due mainly to an insufficient offer as the stock house was limited, opinions have also been forwarded according to which the buy-to-let purchases have contributed to the inflation of the house prices (Property Mark).
The debate concerning the reasons for the massive price increases for residential properties (materialized mostly between 1996 and 2005) is however still ongoing. On the one hand, there are the property bulls, who argue that the increase in the prices of residential builds is the result of natural processes of economic growth and development. In other words, they state that the increase in prices was the natural reaction to higher levels of employment, economic stability and lower interest rates. On the other hand however, sit the property bears, who claim that the increase in property prices is not linked to any economic processes, but is…
Billington, I., 2010, 2011 set to be slow year for U.K. market, the Source, http://blogs.wsj.com/source/2010/12/23/2011-set-to-be-slow-year-for-uk-housing-market / last accessed on January 14, 2011
Blackson, S., 2005, the practical guide to total financial freedom, Volume 3, Lulu Press Incorporates, ISBN 1411620569
Blackson, S., 2005, the guide to real estate investing, Lulu Press Incorporated, ISBN 1411623835
Booth, T., 2003, the buy to let guide: how to invest for profit in residential property and manage the letting yourself, 2nd Edition, How't Books, ISBN 1857038649
Significance of the Study
This study is significant because it sheds light on a very important contributor to local and international trade. Trade fairs have a long history in providing a meeting place for buyers and sellers. They are an important channel of communication for B2B buyers and sellers. This is a significant area for study because there are limited channels of communication between B2B buyers and sellers. The previous sections have diversified the importance of communication to trade. B2B buyers and sellers cannot use mass channels of communication such as television advertising or newspaper advertising. In this market usage of personal visits and demonstrations are the common channels of marketing and communication. The B2B selling and marketing activities are less highlighted in research than B2C activities. Therefore, this study is significant because it explores a very important channel of marketing and communication in the B2B market.
The study is…
UFI.(2009). The Trade Fair Industry in Asia, 5th edition: A UFI report researched and compiled by Business Strategies Group Executive Summary -- for UFI members only." Business Strategies Group Ltd. [online] Available at http://www.ufi.org/media/membersarea/studies_reports/2009_bsg_report_summary_andorder_form.pdf [Accessed 10 May, 2012].
Viardot, E. (2004). Successful Marketing Strategy for High-Tech Firms. Volume 5. NY: Artech House
Yeshin, T. (2006). Sales Promotion. NY:Cengage Learning