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On 17th May 2020, the New Zealand Government announced a $265 million investment to support sport and recreation amid the country's first COVID-19 lockdown. The Sport NZ Recovery Package (RP) focused on three investment outcomes for the sector: 'Reset and Rebuild', 'Strengthen and Adapt', and [become] 'Different and Better' (Sport NZ 2020a). This study examines the overall design features and funding initiatives of the RP as a novel policy response to 'turbulence'. Of particular interest is whether this instrument was 'system changing' (McDonnell and Elmore 1987) and how it might enable future transformation or stability in the sports sector. Drawing from documents and interviews with officials from Sport NZ, one National Sports Organisation (NSO), and six Regional Sports Trusts (RSTs), three key findings relate to 1) the characteristics of the RP as policy instrument; 2) the novelty of Tū Manawa relative to Sport NZ's shifting strategy; and 3) the way in which organisations coped with the administration of new funds. The findings suggest that Sport NZ's funding strategies were multidimensional (targeting a wider array of activities and organisations than those pre-COVID-19) and could themselves be 'turbulent-inducing'. Future studies should examine the long-term legacy of the package and its associated goals to interpret if Sport NZ's initiatives are sustained for the [promised] readjustment and strengthening of the New Zealand sports sector. [ABSTRACT FROM AUTHOR]

We analyze how interdependencies in financial networks can lead to self-fulfilling insolvencies and multiple possible equilibrium outcomes. Multiplicity arises if a certain type of dependency cycle exists in the network. We show that finding the cheapest bailout policy that prevents self-fulfilling insolvencies is computationally hard, but that the optimal policy has intuitive features in some typical network structures. Leveraging indirect benefits ensures systemic solvency at a cost that never exceeds half of the overall shortfall. In core-periphery networks, it is optimal to bail out peripheral banks first as opposed to core banks. [ABSTRACT FROM AUTHOR]

We show that "zombie credit"—subsidized credit to nonviable firms—has a disinflationary effect. By keeping these firms afloat, zombie credit creates excess aggregate supply, thereby putting downward pressure on prices. Granular European data on inflation, firms, and banks confirm this mechanism. Markets affected by a rise in zombie credit experience lower firm entry and exit, capacity utilization, markups, and inflation, as well as a misallocation of capital and labor, which results in lower productivity, investment, and value added. If weakly capitalized banks were recapitalized in 2009, inflation in Europe would have been up to 0.21 percentage points higher post‐2012. [ABSTRACT FROM AUTHOR]

Since the Global Financial Crisis in 2007, a domino of banking distress episodes took place around the world, both at individual and systemic level. The bailout cost of these banking crises was extreme, especially in USA and EU countries, which were mostly affected. In recent years, there are many empirical studies, which attempt to develop a new mechanism of Early Warnings. As a result, more integrated and accurate systems are developed. Concerning the selection of the appropriate method, multivariate logit analysis is arguably one of the most popular models for EWSs. An important methodological issue, regarding the application of binary logit models, is how to deal with the observations following the onset of a banking crisis. One can either treat years after crisis as tranquil periods or remove them from the sample. In this paper, a multinomial logit model is applied to include all the crisis observations in the sample, treating them as a different outcome. Subsequently, this paper compares the predictive ability of binomial and multinomial logit models as EWSs for systemic banking crises in Eurozone, and, contrary to previous results, multinomial logit model does not seem to perform well to signal systemic banking crises. [ABSTRACT FROM AUTHOR]

We study how perceptions of corporate responsibility influence policy preferences and the effectiveness of corporate communication when agents have imperfect memory recall. Using a new large-scale survey of U.S. citizens on their support for corporate bailouts, we first establish that the public demands corporations to behave better within society, a sentiment we label "big business discontent." Using random variation in the order of survey sections and in the exposure to animated videos, we then show that priming respondents to think about corporate responsibility lowers the support for bailouts. This finding suggests that big business discontent influences policy preferences. Furthermore, we find that messages which paint a positive picture of corporate responsibility can "backfire," as doing so brings attention to an aspect on which the public has negative views. In contrast, reframing corporate bailouts in terms of economic tradeoffs increases support for the policy. We develop a memory-based model of decision-making and communication to rationalize these findings. [ABSTRACT FROM AUTHOR]

We present a dynamic, continuous-time model in which risk averse inside equityholders set a bank's lending, payout, and financing policies, and the exposure of bank assets to crashes. We examine whether bailouts encourage excessive lending and risk taking compared to liquidation or bail-ins with debt-to-equity conversion or debt write-downs. The effects of the prevailing insolvency resolution mechanism (IRM) on the probability of insolvency, loss in default, and the bank's value suggest no single IRM is a panacea. We show how a bailout fund financed through a tax on bank dividends resolves bailouts without public money and without distorting insiders' incentives. [ABSTRACT FROM AUTHOR]

In this article, I discuss the possibilities and limitations of restructuring laws against the background of geopolitical shocks such as the Covid-19 pandemic and the current energy crisis. I make two claims, one narrow and focused on German bankruptcy law, and one broad with a cross-jurisdictional reach. My narrow claim relates to 'StaRUG', the new German restructuring regime. I argue that this law is a superfluous and flawed instrument. It should be repealed. My second claim is much broader. I argue that bankruptcy laws, including restructuring laws, are generally ill-suited to deal with the economic consequences of geopolitical or macroeconomic shocks as a 'first line of defence'. Bankruptcy laws are not designed to provide the structural assistance at scale which the businesses affected by these shocks need. At the same time, massive state aid for distressed businesses in times of crisis and, in particular, ad hoc bailouts of large critical firms are also problematic. I propose that firms' resilience against geopolitical or macroeconomic shocks should be strengthened, and that best practices ('Principles') for bailouts should be developed. [ABSTRACT FROM AUTHOR]

The U.S. government uses its voting power to direct IMF loans to countries where U.S. banks are exposed to sovereign default (a de facto bailout). This effect is stronger in years when the costs of direct bailouts are higher and is also found among major European IMF members. We find that de facto bailouts reduce government incentives to default and that U.S. Congressional voting on IMF funding is consistent with a private interest view of government. Overall, we identify an alternative mechanism through which governments can backstop the losses of large multinational banks. [ABSTRACT FROM AUTHOR]

Historians and economic historians have certainly not failed to discuss specific cases of bank or industrial bailouts in Italy, setting them in the context of specific periods in the history of the unified country. Much more rarely - perhaps never - have they instead assessed their evolution and scale in overall terms. This paper represents an attempt to fill the gap by providing an account - as complete as possible - of banking and industrial bailouts carried out, directly or indirectly, by the State. [ABSTRACT FROM AUTHOR]

Following bailouts by the Troika (EC, ECB and IMF) due to the 2008 global financial crisis, between 2010 and 2013, new anti‐austerity movements, left‐wing parties and trade unions led large mobilisations against austerity policies in Greece and Portugal, with a deep impact in the political landscape of both countries. Besides the relevance of transnational decisions, these mobilisations mostly addressed national political institutions, whereas the governments that emerged from the protest period showed a clear pro‐European stance. Against this background, using two case studies with primary data on anti‐austerity protests and interactions amongst contentious and institutional actors, this article aims to shed light on a relatively unexplored aspect of Europeanisation in the context of the crisis, focusing on the relation between social movements and institutional politics. Explaining the critical pro‐EU positions that have been adopted in Greece and Portugal, it thereby contributes to the related debates on anti‐austerity social movements and their impact in times of crisis. [ABSTRACT FROM AUTHOR]

In the span of two years, Sri Lanka saw one of the biggest protests in South Asia, ousted a president and his government, defaulted on its sovereign debt, declared bankruptcy, appointed an unelected president, went to the IMF for a bailout loan, delayed elections, moved even further away from justice and reconciliation, and celebrated 75 years of independence. While the resignation of president Gotabaya Rajapaksa and his family from government hinted at change for the country, the appointment of Ranil Wickremesinghe demonstrated a firm commitment to lack of reform or accountability. Austerity, intimidation, instability, and further decay followed. These economic and non-economic shocks converged to reveal a country where multiple crises of dissent, debt, decay, and decline were inextricably bound together, with no way forward yet in sight. [ABSTRACT FROM AUTHOR]

The Greek economic crisis produced severe economic and social outcomes. A massive rescue package was conditional on implementing a Memorandum of Economic and Financial Policies agreed upon between the Greek government and the EU, European Central Bank, and the International Monetary Fund. The extremely austere fiscal consolidation and the structural reforms accompanying the Greek Economic Adjustment Programmes reduced the country's GDP. Implementing the austerity policies on the Greek National Health System, which was already facing structural problems, reduced the quality and availability of public health care services. This paper investigates the impact of the GDP change on public healthcare expenditures (HCE) from 2000 to 2018. The empirical analysis reveals a statistically significant positive correlation between the GDP per capita and public healthcare expenditure (HCE) from 2000 to 2014 while the effect of GDP on HCE after the 2015 remains unchanged. This paper contributes to the field's literature since it determines the impact of GDP on public HCE, specifically matched with empirical results to derive conclusive answers. [ABSTRACT FROM AUTHOR]

We investigate the joint optimal risk management and capital structure decisions of banks when they use contingent-convertible (CoCo) futures contracts to hedge financial-sector risk. In spite of banks choosing significantly higher leverage ratios, their default probabilities drop appreciably while their equity values increase, allowing banks to compete more favorably with the shadow-banking system. Banks' value-maximizing decision to hedge financial-sector risk unintentionally leads to an economy with extremely low aggregate bank default rates across all future states of nature. Thus, CoCo futures offer a powerful microprudential and macroprudential policy tool. That banks choose not to hedge financial-sector risk in practice is consistent with managers internalizing bank bailouts. [ABSTRACT FROM AUTHOR]

After a long period in the doldrums with austerity measures and consecutive bailouts, Greece still bears the scars of the recent financial adventure while strives to recover in a new economic environment. As one of the hardest-hit by the economic crisis Member states, Greece has seen its economic capacity reduced, the unemployment and poverty levels rising, and the living conditions for a significant part of the population and social groups deteriorating. Despite the plethora of analyses on the political and socio-economic perspectives, the evolution of social vulnerability remains a largely unexplored area that merits further investigation and analysis in a crisis-ridden country of the European South. The paper aims to study how social vulnerability has evolved in Greece from 2008 to 2017 using secondary data and descriptive statistics that focus on five key variables (disposable income, education, employment, gender, urban/rural environment) for a better understanding of the domestic social vulnerability dynamics in a period of stark contrasts. Overall, our findings demonstrate an increased risk of social exclusion and a widening of inequality and poverty rates during the stated period. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

What is the impact of policy interventions on the systemic risk of banks? To answer this question, we analyze a comprehensive sample that combines an original set of bank-specific bailout events with the balance sheets of key affected and nonaffected European banks between 2005 and 2014. We find a positive and significant association of guarantees with systemic risk that is somewhat weaker in the long run when the regulator appoints members to the supervisory board. The short run association between recapitalizations and systemic risk is also positive for large and less capitalized banks, while in the long run, recapitalizations are linked with reduced systemic importance, especially for less profitable banks and in cases when the regulator limits management pay. Liquidity injections are positively linked with systemic risk, but the long-run effect is mitigated for small or better capitalized banks. In the short run, injecting liquidity is associated with reduced systemic risk when the regulator imposes restrictions on supervisory board composition or on management pay or capital payouts. [ABSTRACT FROM AUTHOR]

We address two key issues concerning bank bailout effects on depositor and bank behavior. The first is whether bailouts weaken or strengthen market discipline by depositors through deposit supplies. The second is if bailed‐out banks decrease or increase their deposit demands. These questions can only be adequately addressed by analyzing the effects of bailouts on both deposit quantities and prices. We do so for the Troubled Asset Relief Program (TARP) bailouts. Overall, we find that demand changes empirically dominate supply changes, and suggest significantly reduced deposit demand from bailouts. In some cases, however, supply changes dominate and indicate weakened market discipline. [ABSTRACT FROM AUTHOR]

Recent literature argues that with ever‐increasing levels of supranational constraints governments have less 'room to manoeuvre'; therefore, voters will place less weight on policy outcomes in their voting decisions. The question that remains less explored is how voters fill this accountability gap. We argue that, in this context, voters may move away from outcome‐ to input‐oriented voting. Fulfilling their promises becomes less vital for incumbents as long as they exhibit effort to overturn an unpopular policy framework. We test this argument against a survey experiment conducted in the run‐up to the September 2015 election in Greece, where we find a positive impact of the incumbent's exerted effort to challenge the status quo of austerity on vote intention for SYRIZA – the senior coalition government partner at the time – despite the failed outcome of the government's bailout negotiations. [ABSTRACT FROM AUTHOR]

How can governments implement foreign economic policies that are popular among political elites but unpopular among their voters? Studying international financial rescues, we argue that governments strategically frame policies in an attempt to minimize their expected political costs, which increases their ability to implement those policies successfully. We theorize that framing strategies allow governments to offer financial bailouts, and we test the resulting hypotheses using an integrative mixed‐methods approach. We trace the underlying causal mechanism of our argument with a typical case study of the U.S. bailout of Mexico during the 1995 peso crisis, test whether a credible threat of migration increases the likelihood of bailouts using an original data set of bailouts by 36 Organisation for Economic Co‐operation and Development (OECD) countries to 108 crisis countries over a span of 40 years and analyze a central assumption of our theory with a survey experiment on over 3,000 U.S. residents. [ABSTRACT FROM AUTHOR]

The core insight of the new EU framework for bank resolution is to allocate losses to bank's insiders (bail-inable creditors). This affects both financial stability and the corporate governance of banks. The current academic debate on bank resolution overlooks the relevance of identifying the investors in bail-inable securities (ie who is going to bear losses) and the role of counterparty risk. This article identifies the investors that are better suited to hold those instruments and highlights the trade-offs between the corporate governance role and the threat to financial stability posed by different investors. The article demonstrates that the composition of bail-inable debtholders matters and shows – empirically and theoretically – a transition towards a desirable composition of holders; although a considerable room for improvement remains. This exercise deepens the understanding of the impact of the resolution framework and the importance of counterparties for its credibility and future applications. [ABSTRACT FROM AUTHOR]

Copyright of Investigación Económica is the property of Universidad Nacional Autonoma de Mexico, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the wake of the Tunisian uprising in 2010–2011, the IMF vowed to support democratisation efforts, promising a novel approach attuned to the needs of the nation's most marginalised people. However, IMF loan agreements garnered controversy for their conditionalities, raising doubts about the Fund's 'new' strategy and its austerity-focused plans for economic restructuring. At the centre of the debt-critical movement, the country's leading trade union organisation – the UGTT – positioned itself as a fierce opponent to the IMF. Against the backdrop of current talks for a new bailout, this briefing revisits the UGTT's stance on two major loan agreements that Tunisia entered into after 2010. [ABSTRACT FROM AUTHOR]

This paper studies the adequacy of financial and non-financial disclosures in the government's consolidated annual report for political accountability of public-private partnerships (PPPs). The empirical evidence from the comparative study shows that neither the UK nor Portugal complies with the information needs of the parliament because several disclosures deemed necessary for the functioning of the political accountability relationship are missing. Furthermore, in the case of Portugal, resource dependence and coercive institutional pressures related to the financial bailout during the sovereign debt crisis justify the increase in the level of disclosures. Such evidence also suggests that a comprehensive external reporting framework for PPPs in their post-procurement phase should be devised. The results present novel evidence concerning public sector accounting comparative studies by focusing on specific transactions and may have important implications for policymakers regarding the design of the disclosures deemed necessary. [ABSTRACT FROM AUTHOR]

This case study focuses on the participation of women street vendors in the central business area of Asmara, Eritrea, particularly around the chicken market and outlying streets. Women who fail to find jobs in the formal sector engage in alternative work in the informal economy (street vending). Today, many street vendors depend on their illicit business to earn them and rescue themselves from different poverty levels. This case study seeks to examine the involvement of women in street vending activities. Therefore, this study aims to contribute to the apparent literature gaps by utilizing qualitative and ethnographic analysis of the cause of their participation and the problems they encounter. This study applied anthropological ethnographic fieldwork methodology. Furthermore, the study involved participant observation, semi-structured and in-depth interviews and photographs as a leading data collection method among the women vendors. Implementing these research methods examined the overall daily routine and livelihood of the street vending women. Additionally, focused on the reasons why they engaged and what practical problems they faced, both during the work in the street and other socio-cultural problems in their home, were examined and described in this literature. [ABSTRACT FROM AUTHOR]

This study examines the macroeconomic content of financial analysts' news conditional on the state of the economy. The study analyses data from major markets in the Eurozone from 2005 to 2018, a period that includes an economic exuberance phase, followed by a global crisis that led to the application of economic adjustment programmes for several countries. The empirical findings show that analysts incorporate a positive association between expected GDP growth and corporate earnings growth, primarily driven by the investment component of GDP growth. The informativeness of macro expectations for analysts' news increases as macroeconomic revisions are released, except for the crisis-bailout period, when analysts respond to macro revisions earlier in the horizon but systematically overreact to them. Analysts' news is value relevant during the crisis-bailout period, with increased relevance for timely forecasts. [ABSTRACT FROM AUTHOR]

The article examines the policies for relief and rescue within the theorization of legal elasticity in Katharina Pistor's legal theory of finance. Topics discussed include relief and rescue policies in the U.S., Great Britain and the European Union, impact of debt expansion on corporations and households, and methodological framework for mapping long-term policy and reform considerations that address the adverse consequences of corporate and household fragility.

Empirical evidence suggests that managerial overconfidence and government guarantees contribute substantially to excessive risk-taking in the banking industry. This paper incorporates managerial overconfidence and limited bank liability into a principal-agent model, where the bank manager unobservably chooses the level of risk. An overconfident manager overestimates the returns to risk. Our main result is that managerial overconfidence necessitates an intervention into banker pay. This is due to the bank's exploitation of the manager's overvaluation of bonuses, which causes excessive risk-taking in equilibrium and is amplified by government guarantees. Moreover, we show that an optimal bonus tax rises in overconfidence, if returns to risk-taking are positive. Finally, the model indicates that overconfident managers are more likely to be found in banks with large government guarantees, low bonus taxes, and lax capital requirements. [ABSTRACT FROM AUTHOR]

Staged esophagectomy was developed in the mid-twentieth century in an attempt to reduce high rates of postoperative morbidity and mortality. Nowadays, the operation has almost been abandoned due to its significant disadvantages, especially the need for multiple surgeries, inability of patients to feed between operations, and morbidity of esophageal stoma. However, staged esophagectomy is still occasionally useful for very high-risk patients and in particular cases, for example multiple cancers of the aerodigestive tract and emergent esophagectomy. Staged esophagectomy is based on the division of surgical stress into two operations, which gives the patient time to recover before final restoration. Gastric tube ischemic preparation may be a more important mechanism in staged esophagectomy. This approach may survive and expand with the application of ischemic gastric pre-conditioning through embolization or laparoscopic ligation of the gastric arteries, which is a less explored and promising technique. [ABSTRACT FROM AUTHOR]

How should we understand proliferating government bailouts of financial firms in successive crises since the 1970s and the rise of neoliberal norms opposing such discretionary public assistance? We argue that the relationship between bailouts and neoliberalism is one of mutually reinforcing coexistence. First, a new "bailout coalition" including much of the middle class has emerged in many countries over the past century, pushing governments to deliver extensive bailouts in crises. Second, many actors, including some within the bailout coalition, view neoliberal policy norms as a useful constraint on public assistance to other groups. This is especially visible during foreign crises. Third, governments often manage these conflicting pressures via a strategy of institutional "conversion," adapting institutions and rules associated with neoliberalism to new purposes. This has generated rising costs, including declining policy coherence, increasing financial fragility, and rising distributional and identity conflict. [ABSTRACT FROM AUTHOR]

Intracranial vascular malformations are increasingly being treated via the endovascular route. Though generally safe, a multitude of intraprocedural complications that potentially lead to disastrous clinical outcomes may arise. It is crucial for the operators to be well versed with the various techniques that are available to overcome any procedure-specific complications. We present 2 cases in which we encountered premature intravascular detachment of the microcatheter tip and coil migration while treating a dural arteriovenous fistula and aneurysm, respectively. We used a stentriever to remove the detached microcatheter tip and suction using the reperfusion catheter to remove the migrated coil, both techniques that have not been reported in the literature thus far. Detached microcatheter tip and migrated coil were successfully retrieved using a stentriever and aspiration catheter. These novel techniques could potentially reduce mortality and morbidity associated with neurointervention. [ABSTRACT FROM AUTHOR]

Why do common-pool problems persist over time in federations? The literature shows that macro institutional, economic, and political incentives facilitate bailouts through intergovernmental transfers and debt management. Little research, however, explores the legislative mechanisms that prevent common-pool problems from being effectively addressed. This article focuses on a most central mechanism: tax lawmaking. We argue that lawmakers, whose careers rest in the hands of provincial constituencies, administer the legislative process to promote bills that protect the federal transfers that finance vertical fiscal imbalances and to amend proposals that seek to change them. Using an expert-coded dataset designed to assess the direction and magnitude of tax policy change, as described by the amendments proposed by legislators to the full set of tax bills proposed to the Argentine Congress since 1983, we document the legislative dynamics underpinning the common-pool problems of decentralized fiscal federal arrangements. [ABSTRACT FROM AUTHOR]

The main goal of this policy paper is to provide an overview of the basic problems that have impact on healthcare in Croatia and tend to make it unsustainable. The paper points out that the COVID-19 crisis has deepened and exacerbated the already existing problems of financing the health system. The analysis shows that Croatia swept under the rug systemic problems in financing healthcare and ultimately paid the price through frequent financial bailouts. Thus, in the period from 1994-2021, a total of HRK 23.9 billion was spent on bailing out the health service. On the other hand, the COVID-19 crisis can be seen as a chance to start solving the problem and implement certain reforms, both on the revenue and expenditure side of the health system.