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Purpose: The economic quagmire the entire world was engulfed in, due to the turmoil caused by the COVID-19 pandemic, and the subsequent political unrest experienced in the country, created a severe economic crisis in Sri Lanka in 2022. Hence, this concept paper envisions developing a theoretical model to assess the cognitive load and financial literacy on the investment decisions during a severe economic crisis. Design/methodology/approach: This paper while proposing a deductive approach under the positivist epistemological research philosophy, develops a theoretical model based on the Attribution Theory (AT) as the domain and the Cognitive Load Theory (CLT) as the choice of method, to make investment decisions during a severe economic crisis as the phenomenon. Findings: Based on the existing literature, it was theorized that the cognitive load in terms of the intrinsic, extraneous and germane load impact the financial literacy of investors. The financial literacy and economic uncertainty are classified as internal and external controls that affect the investment decisions as per the AT. Originality: This paper proposes a novel theoretical aspect on investment decision making, captivating the economic catastrophe that quivered all economic foundations in Sri Lanka. [ABSTRACT FROM AUTHOR]

This document is an introduction to a special issue of the journal "Chinese Economy" that focuses on the comparisons and connections between the Chinese economy and Latin America. It provides summaries of several papers included in the special issue. The papers cover topics such as the importance of Sino-Latin American trade for economic growth, China's role as a major lender in Latin America, and the differences in China's approach to South America and Mexico due to the United States' influence. The article also discusses the impact of China on trade relationships with Mexico and various Latin American countries, highlighting the United States-Mexico-Canada Agreement (USMCA) as a factor that makes Mexico different from other Latin American economies from China's perspective. The article concludes by emphasizing the role of government policies in shaping these trade relationships and suggesting further research on the spillover effects of government decisions. [Extracted from the article]

The Federal Reserve's reaction to the Penn Central bankruptcy in 1970 marked a pivotal moment in American financial governance history. This paper delves into the Fed's extraordinary measures to avert a widespread financial crisis following the resulting collapse of the commercial paper market. We outline the crisis's progression, highlighting Penn Central's increasing troubles and the subsequent emergency actions by the Fed, led by chair Arthur Burns in mid-1970. A key focus of our analysis is the financial environment of the 1960s, marked by the growth of complex, intertwined, and increasingly global short-term credit systems, which introduced a new type of systemic risk. We argue that the Penn Central crisis represented the Federal Reserve's initial major intervention in response to this emerging systemic risk, expanding its traditional role as a lender of last resort to individual banks to a broader responsibility as a stabilizer of the entire financial system. The Fed pursued this new systemic guarantee by using moral suasion, encouraging banks to increase lending, and providing structural support to reinforce financial system stability, thereby establishing a new precedent in central banking history. Our study also explores the consequences of the crisis. Despite the successful management of the Penn Central crisis, this paper raises crucial questions about the potential moral hazard and the extensive impact of the Federal Reserve's landmark actions. We contend that reassessing the 1970 Penn Central crisis is essential for a better comprehension of the structure of American financial market governance and the Fed's evolving role in handling subsequent crises, including the Great Financial Crisis of 2008. [ABSTRACT FROM AUTHOR]

Copyright of Gaceta Médica de Caracas is the property of Academia Nacional de Medicina 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 2007, on the cusp of the economic crisis, a paper was published in Growth and Change (June 2007) entitled "Shadow Europe: alternative European financial geographies," which began to tackle the idea of shadow finance in Europe and the size and inseparability of what was regarded as "shadow" from "normal" financial flows. A number of the observations made have proved remarkably prescient and one particular phrase stands out in the light of the recent revelations about the so‐called Panama Papers in 2016: "Strategically important flows of capital derived from complex underground production systems that have seldom been analyzed in detail move through the European financial networks that connect to offshore tax havens (Christensen, 2003). These havens are not a separate and distinct entity from the financial networks that connect world cities but rather a vital counterpart on which the functioning of the cities connected via those networks depends" (2007, p. 319). The revelation of the Panama Papers constitutes a new critical juncture from which to re‐visit that 2007 paper and to re‐examine the state of knowledge on shadow and formal financial flows. [ABSTRACT FROM AUTHOR]

Banks have a unique ability to hedge against market-wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, banks can insure firms against systematic declines in liquidity at lower cost than other institutions. We provide evidence that when liquidity dries up and commercial paper spreads widen, banks experience funding inflows. These flows allow banks to meet loan demand from borrowers drawing funds from commercial paper backup lines without running down their holdings of liquid assets. We also provide evidence that implicit government support for banks during crises explains these funding flows. [ABSTRACT FROM AUTHOR]

The Journal of Time Series Analysis is seeking submissions for a special issue on methods for detecting bubbles and crashes in economic and financial time series. The special issue aims to bring together new contributions in the areas of modeling, testing, and dating of bubble-type time series processes. Submissions must contain original unpublished work and should be submitted by April 30, 2024. The submissions will undergo standard refereeing procedures. The guest editors for the special issue are David Harvey and Stephen Leybourne from the University of Nottingham. For more information, contact the Editor-in-Chief, Robert Taylor. [Extracted from the article]

This document discusses the importance of foreign direct investment (FDI) in promoting growth and development in emerging economies. It acknowledges that FDI can have both positive and negative effects, but overall it is seen as a vital tool for economic acceleration. The document highlights the impact of the COVID-19 pandemic on global FDI patterns, particularly in emerging economies. It introduces a special issue that includes eight papers examining various aspects of FDI inflows and outflows in the context of COVID-19. The papers cover topics such as the factors influencing FDI, the effects of the pandemic on FDI, and the relationship between FDI and economic growth. The document concludes by expressing gratitude to the reviewers and editors involved in publishing the special issue. [Extracted from the article]

The paper explores art and the city beyond the 'hype' of large cultural investment, urban creative titles and cultural place branding programmes. It emphasises the importance of exploring the neglected perspective of the role that everyday culture can play in cities, especially in moments of crisis. It investigates Athens and the economic crisis that affected urban life in the last decade to consider the impact this has had on everyday cultural practices, arts institutions and the experience of the city. Drawing on de Certeau's concept of everyday practice and using the case study of Athens Fringe Festival, we highlight how ordinary artistic practice and everyday creativity in the city can shape new patterns of cultural participation, urban dialogue and, possibly, cultural citizenship, in a moment of crisis. The paper concludes by arguing for the need to re-orient academic scholarship and future research agendas on art and the city towards everyday creative practice, moving beyond conventional city marketing and institutional, cultural regeneration discourses and strategies. [ABSTRACT FROM AUTHOR]

Among the various alternatives of shortterm financing, commercial paper is an important first choice debt instrument. This study makes an attempt to make a comparative analysis on the effect of financial crisis on the returns of commercial paper in India and America based on secondary data sources. The study depicts the behavior of rate of return and risks associated with commercial paper against the backdrop of the global financial crisis. A remarkable finding of the study is that as the Indian outstanding commercial paper market increases considerably, the US market experiences a sizeable decrease. [ABSTRACT FROM AUTHOR]

Inspired by the positive impact of service outsourcing in Chery and other enterprises on human resources, this paper explores the impact of service outsourcing on labor income share. This paper introduces a framework to analyze how value added is distributed between capital and labor along the mix of inputs from different countries and sectors participating in global value chains and examines the effect of service outsourcing on the labor share income. Using the World Input-Output Database (WIOD) and OECD Inter-Country Input-Output (OECD- ICIO) table, this paper utilizes the WWZ decomposition method of global value chains (GVCs) to quantify labor share income. The results show that: (1) service outsourcing significantly contributes to the increase in labor share income; (2) Offshore outsourcing had a statistically stronger effect on labor share income after the financial crisis, both compared to the past and to onshore outsourcing; (3) Offshore outsourcing has a higher coefficient in countries with low technology. For ease of comparison, only onshore outsourcing shows a statistically significant difference among various service types; (4) The analysis using Chinese data reveals that the coefficient of offshore outsourcing is negative and statistically significant, indicating that industries with higher levels of service outsourcing have a lower labor share income. [ABSTRACT FROM AUTHOR]

The article focuses on the ethics of public administration. It is stated that public administration ethics relate to complex decision-making; and administration ethics and political judgment is important for the legislative and jurisdictional powers. It is mentioned that public administration ethics faces some serious challenges, including the global economic and financial crisis; global crisis of corruption and bribery; and global crisis of the public institutions in civil society.

The article offers the author's insight on the philosophy of international crisis and its economic outcomes. He states that philosopher Martin Rhonheimer noted that free market is essential for human prosperity. He adds that Rhonheimer's conceptualization understand prosperity as consumption which means the satisfaction of human needs inhabiting a specific territory. He mentions that human achievements do not mean a lot with free markets or a country's gross domestic product (GDP).

The article discusses the revised bill on a Constitutional Assembly passed by Althingi, the Parliament of Iceland, on June 16, 2010 following the financial crisis in 2008. It states that the idea of the Constitutional Assembly was rooted since the beginning of the Icelander's struggle for self-determination and autonomy in the middle of 19th century. In addition, politicians in Iceland were slow in making an immediate reaction when the global financial crisis hit the country in 2008.

The main goal of this paper is to identify and analyze the key mechanisms that can lead to financial contagion and their function in the dissemination of shocks within the financial system. The key mechanisms discussed in the paper include interbank lending, bank runs, asset price contagion, the role of asymmetric information, moral hazard and heard behavior among the investors. By exploring these mechanisms, the paper seeks to enhance the understanding of how shocks are transmitted and intensified within the financial system. To achieve the aim of this paper, secondary research was conducted, utilizing relevant research papers, conference papers, open-access materials, and study reports relating to the research topic. The findings draw attention to the possibility of banking system contagion effects, especially due to interbank credit exposures, which might affect a small number of banks and potentially spread to a large amount of the system. The incidence of bank runs, which are brought on by economic instability and a lack of faith in the banking system, worsens the spread of shocks. Additionally, the spread of contagion, which results in market crashes and price spillovers, can be aided by investor herding behavior and confusion brought on by asymmetric information. [ABSTRACT FROM AUTHOR]

This paper documents 'runs' on asset-backed commercial paper (ABCP) programs in 2007. We find that one-third of programs experienced a run within weeks of the onset of the ABCP crisis and that runs, as well as yields and maturities for new issues, were related to program-level and macro-financial risks. These findings are consistent with the asymmetric information framework used to explain banking panics, have implications for commercial paper investors' degree of risk intolerance, and inform empirical predictions of recent papers on dynamic coordination failures. [ABSTRACT FROM AUTHOR]

Over the past decade, the interactions between accounting (and auditing) and corporate governance have been an important topic of academic research. They use audit hours to measure audit effort and find that audit effort alleviates stock market crash risk. The traditional audit quality indicators used in past research cannot accurately separate the respective roles of companies and auditors, which makes it difficult for researchers to draw effective causal inferences when studying the association between company characteristics and audit quality. [Extracted from the article]

The article reports on the voluntary filing of bankruptcy of the Smart Papers LLC at Hamilton, Ohio under Chapter 11 of the U.S. Bankruptcy Code. Accordingly, Smart Papers also files a motion in the U.S. Bankruptcy Court for the District of Delaware for immediate relief so that it can continue its operations in its different facilities including the papermaking center in Ohio and the distribution facilities at California and Illinois.