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While unemployment rates in Europe declined after the global financial crisis until 2018/2019, the incidence of long-term unemployment, the share of people who have been unemployed for >1 year to the total unemployed, remained high. Moreover, the COVID-19 pandemic could aggravate the long-term unemployment. This paper explores the factors associated with long-term unemployment in European countries using a panel of 25 European countries over the period 2000–2018. We find that skill mismatches, labor market matching efficiency, and labor market policies are associated with the incidence of long-term unemployment. Among the different types of active labor market policies, training and startup incentives are found to be effective in reducing long-term unemployment. [ABSTRACT FROM AUTHOR]

While unemployment rates in Europe declined after the global financial crisis until 2018/2019, the incidence of long-term unemployment, the share of people who have been unemployed for >1 year to the total unemployed, remained high. Moreover, the COVID-19 pandemic could aggravate the long-term unemployment. This paper explores the factors associated with long-term unemployment in European countries using a panel of 25 European countries over the period 2000–2018. We find that skill mismatches, labor market matching efficiency, and labor market policies are associated with the incidence of long-term unemployment. Among the different types of active labor market policies, training and startup incentives are found to be effective in reducing long-term unemployment. [ABSTRACT FROM AUTHOR]

While unemployment rates in Europe declined after the global financial crisis until 2018/2019, the incidence of long-term unemployment, the share of people who have been unemployed for >1 year to the total unemployed, remained high. Moreover, the COVID-19 pandemic could aggravate the long-term unemployment. This paper explores the factors associated with long-term unemployment in European countries using a panel of 25 European countries over the period 2000–2018. We find that skill mismatches, labor market matching efficiency, and labor market policies are associated with the incidence of long-term unemployment. Among the different types of active labor market policies, training and startup incentives are found to be effective in reducing long-term unemployment. [ABSTRACT FROM AUTHOR]

While unemployment rates in Europe declined after the global financial crisis until 2018/2019, the incidence of long-term unemployment, the share of people who have been unemployed for >1 year to the total unemployed, remained high. Moreover, the COVID-19 pandemic could aggravate the long-term unemployment. This paper explores the factors associated with long-term unemployment in European countries using a panel of 25 European countries over the period 2000–2018. We find that skill mismatches, labor market matching efficiency, and labor market policies are associated with the incidence of long-term unemployment. Among the different types of active labor market policies, training and startup incentives are found to be effective in reducing long-term unemployment. [ABSTRACT FROM AUTHOR]

The purpose of this article was to observe the relationship between the tourism movement and the economic development of island territories during the global economic crisis (2008-2010). The aim of the paper was also answer the questions: why did some island territories react differently to the global economic crisis and if the coefficient of variation is a good indicator for assessing the changes in tourism movement during crisis events. Countries that have larger tourism expenditures as a proportion of GDP had a weak relationship between changes in tourist arrivals and changes in GDP. The islands prone to the global economic crisis did not have a stronger correlation between changes in tourist arrivals and GDP. The coefficient of variation was a good measure to indicate the island regions that were characterized by major changes in the volume of tourist movements. [ABSTRACT FROM AUTHOR]

Increasing evidence shows that in the aftermath of the global financial crisis, in the euro area, the relationship between price inflation and economic slack became stronger. Instead, there is no clear evidence of a strong(er) relationship between wage inflation and unemployment. In this paper, we estimate a Phillips curve with time-varying coefficients separately for Italy, Spain, Germany and France and we find that, with the exception of Germany, after the global financial crisis, the sensitivity of hourly wage changes to labour market slack increased. Second, by the use of administrative microdata, available only for Italy, we relate daily wage changes to the local unemployment rate. The results confirm the steepening of the Phillips curve after 2008, also when controlling for composition effects. [ABSTRACT FROM AUTHOR]

In response to the recent Financial Crisis -after it had been widely accepted that “a serious disturbance in the economy of Member States” had occurred, and that several measures were required to remedy this disturbance, various Commission communications were adopted and these include: The Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (hereinafter "the Banking Communication"), its Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition (hereinafter "the Recapitalization Communication"), and its Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (hereinafter "the Restructuring Communication").” The Banking Communication will constitute the focus of this study. Are rescue aids (as distinguished from other forms of State aids) justified even where the possibility exists that rescue attempts are unlikely to succeed? Should rescue aids still be granted at a point when other measures such as winding down measures and the provision of other forms of liquidity assistance could be introduced? At what point should the Government decide upon the nationalization of ailing institutions? Furthermore, should State aids be provided to all classes of financial institutions which are considered to qualify for such aid – as stated within the Banking Communication? These questions interalia constitute questions which are not only raised in this paper, but which this paper aims to address through a consideration of different State aid rescue and restructuring measures, as well as reference to two rescue aid cases, namely those of Bradford & Bingley (State aid NN 41/2008 – United Kingdom Rescue Aid to Bradford & Bingley) and Hypo Real Estate (State aid NN 44/2008 – Germany Rescue Aid for Hypo Real Estate).In addition, the impact of the recent crisis on the choice of legislation and legal basis for compatibility assessments will be highlighted. Whereas State aid to individual undertakings in difficulties is usually assessed under Article 87 (3)(c) of the EC Treaty and the Community Guidelines on State aid for rescuing and restructuring firms in difficulty, the systemic relevance of a financial institution and the impact of such an institution's failure on the economy, has been reflected by the preference for Article 87(3)(b) EC Treaty and Article 107(3)(b) TFEU. [ABSTRACT FROM AUTHOR]

The main argument of this paper is, namely, the need for greater emphasis on disclosure requirements and measures - particularly within the securities markets. This is justified on the basis of lessons which have been drawn from the recent Financial Crises, one of which is the inability of bank capital requirements on their own to address funding and liquidity problems. The engagement of market participants in the corporate reporting process, a process which would consequently enhance market discipline, constitutes a fundamental means whereby greater measures aimed at facilitating prudential supervision could be extended to the securities markets. Furthermore, the paper illustrates how through Pillar 3, market participants like credit agencies can determine levels of capital retained by banks - hence their potential to rectify or exacerbate pro cyclical effects resulting from Pillars 1 and 2. Challenges encountered by Pillars 1 and 2 in addressing credit risk are reflected by problems identified with pro cyclicality, which are attributed to banks' extremely sensitive internal credit risk models, the level of capital buffers which should be retained under Pillar Two. Such issues justify the need to give greater prominence to Pillar 3. In elaborating on Basel II's pro cyclical effects, gaps which exist with internal credit risk model measurements, Basel II's risk measurements, along with the increased prominence and importance of liquidity risks - as revealed by the recent financial crisis, and proposals which have been put forward to mitigate Basel II's procyclical effects will be addressed. [ABSTRACT FROM AUTHOR]

This paper examines the contraction in the gender wage gap in Georgia between 2004 and 2011. Behind the continuous decline at the mean lies a change in the shape of the gender wage gap across the wage distribution before and after the 2008 crisis. Before the crisis, the growth in state sector wages and the expansion of construction and transport industries contributed to these developments. After the crisis, it was the contraction of male-dominated industries and potentially the female added-worker effect. In the analysis, we employ the decomposition approaches proposed in Firpo et al. (Decomposing wage distributions using influence function projections, 2007) and Ñopo (The Rev of Econ and Stat 90:290-299, 2008). JEL Classification: J16, J31, P2 [ABSTRACT FROM AUTHOR]

The main purpose of the paper is to present some of the mechanisms connected with the functioning of the Polish housing market, with due regard to demand and supply volatility as well as the changing financial conditions at the time of the global financial crisis of the first decade of the present century. Special attention is given to the financial and legal regulations concerning the housing market, which were introduced in response to the economic downturn. On the basis of research conducted by the authors, as well as available reports and statistics for 2007-2013, the article will explore market phenomena (the size and pattern of demand, supply and prices on the housing market, and the changes they undergo) on the one hand, and the legal and financial regulatory changes directly affecting them, on the other. It will also study the effects of the implementation of the recommendations made by the Polish Financial Supervision Authority (KNF) by banks in the wake of the global financial crisis. These cause banks to tighten their credit policies and, accordingly, have an impact on their loan portfolios. Information from secondary sources has also been used, notably from the Central Statistical Office (GUS), the KNF, the National Bank of Poland (NBP), as well as the Polish Bank Association (ZBP) and the Credit Information Bureau (BIK). Changes that occurred during the period of economic crisis in the availability of housing have also been examined. [ABSTRACT FROM AUTHOR]