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Paul Robinson's book, "Russian Liberalism," provides a comprehensive intellectual history of Russian liberalism from its origins to the present. The book explores liberalism as a set of ideas and political movements that value individual liberty, a law-based state, and market-oriented economic practices. Robinson analyzes the unique characteristics of Russian liberalism and examines its triumphs and defeats throughout history, including its decline in the Putin era. Despite challenges, liberal values remain important to the Russian population, although there is a growing divergence in views on Russia's European identity. [Extracted from the article]

In the book "Hard Luck and Heavy Rain: The Ecology of Stories in Southeast Texas," Joseph C. Russo explores the narrative ecology of Southeast Texas, focusing on the refinery belt. He examines how the region's economic character, torn between the promise of wealth from the petrochemical industry and the poverty caused by extraction and environmental degradation, shapes the stories and characters of the area. Russo argues that understanding the perspectives of refinery belt Trump voters and Q-Anon conspiracy theorists is crucial for comprehending the challenges faced by the United States. The book delves into various aspects of Southeast Texas' narrative ecology, including the role of religion, queer life, and the impact of the petrochemical industry. While Russo avoids drawing definitive conclusions, his analysis provides valuable insights into the economic challenges of contemporary America. [Extracted from the article]

IN THE SUMMER OF 2015, all but one of Labour's leadership hopefuls committed to "austerity": that blend of cuts to public spending and tax increases that might more accurately be labelled "Osbornomics". That is how I think of the Labour Party.'[3] In the minds of many Labour MPs in 2015, "old Labour" was exactly what Corbyn stood for. In the wake of the financial crisis and its long after-effects, the persistence of New Labour's style and content as defining idioms for Labour politics was looking increasingly anachronistic by 2015. [Extracted from the article]

Since the Keynesian Revolution of the 1930s, many prominent economists have argued that a useful policy response to economic depression is to boost government spending. But pressure to spend quickly increases the potential for waste and inefficiency: this is ignored or dismissed in the Keynesian literature. For example, a widely cited cost–benefit analysis of stimulus spending does not even acknowledge the possibility of waste, and some Keynesians go so far as to argue that wasteful spending during a crisis can nonetheless be desirable. Here we extend the typical analysis by accounting explicitly for the leading sources of cost including waste, resource costs, and the excess burden of taxation. Our results suggest that stimulus spending that is largely wasteful is unlikely to generate net wealth. A proper response to economic depression must consider the possibility that government waste can render stimulus spending counterproductive. [ABSTRACT FROM AUTHOR]

This paper analyzes the relation of stock volatility with real and nominal macroeconomic volatility, economic activity, financial leverage, and stock trading activity using monthly data from 1857 to 1987. An important fact, previously noted by Officer (1973), is that stock return variability was unusually high during the 1929-1939 Great Depression. While aggregate leverage is significantly correlated with volatility, it explains a relatively small part of the movements in stock volatility. The amplitude of the fluctuations in aggregate stock volatility is difficult to explain using simple models of stock valuation, especially during the Great Depression. [ABSTRACT FROM AUTHOR]

Michelle White's paper on "Bankruptcy Costs and the New Code" is a relevant, provocative attempt to assess whether the changes under the new Bankruptcy Code (which went into effect in October 1979) have tended to raise or lower aggregate U.S. bankruptcy costs. She does this by first indicating why she would expect the new Code to be more "efficient" than the old Act and then by proposing a model to measure "upper bound expressions" on total bankruptcy costs. Finally, she presents some empirical results on her specifications of bankruptcy costs under the old Act and the new Code. [ABSTRACT FROM AUTHOR]

This paper's findings suggests that the New York City fiscal crisis by itself did not lead to a fundamental change in risk perceptions of investors, resulting in higher interest rates in the municipal bond market. The monthly prediction errors generated by time series tests were relatively small and none were statistically significant. Only the signs on the prediction errors for June, July, and August were consistent with a New York City effect. Thus, if the New York City default had an impact on aggregate interest rates, it was at most small and of short duration. [ABSTRACT FROM AUTHOR]

The article discusses the quality of credit during times of economic growth and retrenchment in the U.S. The author identifies four factors that correlate with deteriorating credit conditions--rapidly increasing credit volumes, speculative price increases in assets bought on credit, heightened competition among lenders, and relaxed credit standards--and discusses them within the context of the U.S. economy in 1955-1956. Historical perspective for the period 1920-1929 is also provided. The author believes that signs of credit deterioration during 1955-1956 are ominous, but that additional information is needed.

This article focuses on the effect of cyclical fluctuation upon the real estate finance market. The article notes the challenges of the real estate market from 1914 to 1933, and wonders if the same cycle will repeat itself where defaults in interest payment on bonds and mortgages fell dramatically. The author describes the real estate cycle, variations between cities, differences in timing within the cycle, and national and long range forces that have an impact on real estate. The real estate cycle of 1914-1933 and the cycle from 1933-1947 are both examined to determine if this cycle will repeat itself.

▀ Global recessions are unusual events and the current expansion has not been excessively long. But some features of the latter stages of past expansions, such as a period of low macro volatility, scope for policy mistakes and debt vulnerabilities, are present or have risen. This does not mean the expansion is on its last legs, but the risks of recession or big slowdown have grown.▀ Since 1960, there have been 4 global recessions (defined as a fall in per capita global GDP). Global recessions are associated with large shocks that hit several economies at once. Recent recessions have been associated with one or more of the following: economic overheating, policy errors, external inflation shocks or a financial crisis.▀ It is easy to argue that policymakers learn from their mistakes and that recessions due to policy errors are now less likely. But some past mistakes reflected inaccurate real‐time data or incomplete information – a problem which still exists. Policymakers must also grapple with, among other things, uncertainty about the amount of spare capacity in many economies, the effects of withdrawing unconventional policy and swelling populism; these factors imply ample scope for future policy mistakes.▀ A rise in the volatility of GDP from a low base, which reveals over‐confidence and/or excess leverage, has also been a feature of some past recessions. Economic volatility is currently low, though this has not stopped the G7 private sector deleveraging over the past decade. But debt remains high and credit risks in EM have grown. There is also less scope for governments to act as the spender of last resort than in the past.▀ Oil price surges have also occurred either before, or in the early stages of, past global recessions. Declining oil intensity and anchored inflation expectations mean that oil shocks are less of a worry than a decade ago, but another shock could add to policy uncertainty and volatility, making the global economy vulnerable to other shocks. [ABSTRACT FROM AUTHOR]

We explore three persuasive narratives of the US subprime crisis. First the role played by pecuniary externalities in amplifying shocks to the quality of risk‐assets held by Investment Banks; second is adverse selection in marketing these assets; and third is financial panic. Their relevance is attested by the emergency support provided by the US Federal Reserve Bank and Treasury; and by subsequent findings in courts of law. While these contrasting narratives illuminate different aspects of the crisis, we conclude it was because they all had a part to play that the US financial system was so exposed to radical failure. [ABSTRACT FROM AUTHOR]

Abstract: Rural sociology first gained wide recognition during the 1930s when the intersection of economic depression and environmental crisis underlined the suffering of rural peoples. The historical conjuncture of growing rural poverty and environmental crisis has reappeared in the twenty‐first century. What does this recurring combination of circumstances portend for rural sociology? Does it imply a revival of the policy‐oriented sociological analyses of the 1930s? A comparative historical analysis of rural sociology during the New Deal, the post−World War II period, and the contemporary era suggests a qualified answer to this question. The contemporary era resembles the 1930s in providing compelling rationales for engaged scholarship, but the cross‐class coalitions between government social scientists and the rural poor that characterized the 1930s have not materialized in the twenty‐first century. Despite this difference, some common themes, such as a growing emphasis on interdisciplinary research, a primary concern with rural poverty, and an increased interest in the distinguishing features of resilient communities, have characterized scholarship during both periods. These similarities suggest that the practice of applied and engaged scholarship, so prevalent in the rural sociology of the 1930s, has found new traction in dealing with the social and ecological problems of twenty‐first‐century rural communities. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell 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.)

Over the period between end-2009 and end-2015, Greece experienced two discernible financial crises. This paper undertakes a correlation analysis of risk premia to investigate the nature and extent of contagion from these crises to other selected Eurozone countries. A commonly expressed view is that the effects of the second crisis were more muted since the systemic risks were seen by markets as being lower. However, using a rolling correlation model, a Dynamic Conditional Correlation GARCH ( DCC- GARCH) model and a t-copula model we find that this is not the case. Broadly speaking, the contagion effects of the second crisis were at least as large as those associated with the first one. [ABSTRACT FROM AUTHOR]

This paper studies the impact of time-varying idiosyncratic risk at the establishment level on unemployment fluctuations over 1972-2009. I build a tractable directed search model with firm dynamics and time-varying idiosyncratic volatility. The model allows for endogenous separations, entry and exit, and job-to-job transitions. I show that the model can replicate salient features of the microeconomic behavior of firms and that the introduction of volatility improves the fit of the model for standard business cycle moments. In a series of counterfactual experiments, I show that time-varying risk is important to account for the magnitude of fluctuations in aggregate unemployment for past U.S. recessions. Though the model can account for about 40% of the total increase in unemployment for the 2007-2009 recession, uncertainty alone is not sufficient to explain the magnitude and persistence of unemployment during that episode. [ABSTRACT FROM AUTHOR]

The 2014 European elections led to a sharp rise in the electoral consensus of parties and independent parliament members perceived as eurosceptic. This paper analyzes the interconnections between distressed economies and the electoral success of hard-line eurosceptic parties. On a panel of 108 elections between 2008 and 2015, the random-effects model shows the relative effect of long- and short-term political trust, economic performance indicators, and institutional variables in determining the rise of hard-line eurosceptic parties. In contrast with previous studies, which have tended to de-emphasize the effect of economic performance in determining the success of eurosceptic forces, the results of this paper detect both a direct and a mediated effect of the economic crisis on the electoral success of hard-line eurosceptic parties. [ABSTRACT FROM AUTHOR]

The economic and financial crisis opened a window of opportunity to place the Single Market back on top of the European agenda as part of a two-tiered crisis response, which also included reinforced financial supervision and economic co-ordination. We argue that the Commission acted as a 'purposeful opportunist' in both tiers; but whereas in economic governance issues there was breakthrough change in the Commission's achievements and competences, in the Single Market realm policy change was fairly modest. Using process tracing analysis our goal is to explain why the Commission did not succeed in furthering a genuine Single Market reform. Our findings suggest that the Commission's entrepreneurship was constrained by the limited salience of Single Market issues in the crisis context and by the lack of actual political commitment from the other relevant stakeholders. Thus, our research highlights the limits of the Commission's opportunistic behaviour in less advantageous circumstances. [ABSTRACT FROM AUTHOR]

Evidence of debts owed to Londoners, and contested before the royal Court of Common Pleas, allows an examination of the role of London creditors in the English depression of the fifteenth century and a reassessment of its causes. In this article, four main issues are examined. What is the nature of the Court of Common Pleas evidence (section I)? What were the three main forms of credit offered by Londoners-unsecured cash loans, sales of goods on credit, and written instruments called bonds (section II)? What is yielded by decadal analysis of Londoners' extension of credit in the fifteenth century-making direct comparisons with Nightingale's published Statute Merchant and Staple data (section III)? What defines, in modern economic terms, the claim of so-called 'monetarist' historians that credit was actively withdrawn during the depression, and how is this verified by the actions of London creditors (section IV)? It is concluded that the records of the Court of Common Pleas provide the detailed evidence monetarist historians have previously lacked both to prove that Londoners actively withdrew credit during the fifteenth century and to demonstrate that they employed pure equilibrium credit rationing in order to do so. [ABSTRACT FROM AUTHOR]

This paper investigates asset accumulation in Japanese farm households during reconstruction following the Showa Depression. After the Showa Depression, farm households emphasized accumulation of cash and quasi-money rather than productive assets. The accumulation of cash and quasi-money is consistent with the buffer stock hypothesis. Evidence regarding accumulation of livestock, which is sometimes used as the buffer stock in modern developing countries, is not conclusive. The presence of well-developed financial institutions in prewar Japan may have allowed farm households to smooth consumption via cash and quasi-money. [ABSTRACT FROM AUTHOR]

The article presents a theoretical work which offers objection to glut theories with a particular focus on material detachment. Topics include the role of logic as constraint on rational theory selection, the consideration of material biconditionals as non-detachable and the concept of rationality constraints in glut theories.

We study the earnings losses of Finnish private sector workers who lost their jobs at two very different points in the business cycle. The first group wdisplad in 1992 (depression period) and the second one in 1997 (recovery period). The focal point of the analysis is the quantile displacement effect, the change in the earnings distribution due to involuntary job separation. We use mass layoffs and plant closures to identify groups of workers who were displaced from exogenous causes. The effect of displacement is strongest at the lower end of the earnings distribution and small or negligible at the upper end. Workers displaced during the depression period are subject to much larger earnings losses. [ABSTRACT FROM AUTHOR]

A new dataset for charting the development of global inequality between 1820 and 2000 is presented, based on a large variety of sources and methods for estimating (gross household) income inequality. On this basis we estimate the evolution of global income inequality over the past two centuries. Two sets of benchmarks about between-country inequality (the Maddison 1990 benchmark and the recent 2005 ICP round) are taken into account. We find that between 1820 and 1950, increasing per capita income is combined with increasing global inequality. After 1950, global inequality as measured by the Gini coefficient or the Theil index remains more or less constant. It also appears that the global income distribution was uni-modal in the nineteenth century, became increasingly bi-modal between 1910 and 1970 with two world wars, a depression and de-globalization, and was suddenly transformed back into a uni-modal distribution between 1980 and 2000. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell 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.)

Background In general, chronic pain is categorized into two mechanism-based groups: nociceptive and neuropathic pain. This dichotomous approach is questioned and a dimensional perspective is suggested. The present study investigated neuropathic characteristics in different syndromes of chronic pain. We also examined the association of neuropathic characteristics with various pain related and psychological variables. Methods From April 2010 to January 2012, 400 patients suffering from a chronic pain condition enrolled for multidisciplinary pain treatment were considered for inclusion in the study. Criteria for inclusion were age over 18 years and having chronic pain according to ICD-10 ( F45.41) criteria. The pain DETECT questionnaire was used to assess neuropathic characteristics of pain. Results Thirty-seven percent of patients with different pain diagnoses demonstrated distinct neuropathic characteristics. The diagnostic groups for neuropathic pain, musculoskeletal pain and post traumatic or surgical pain showed the most neuropathic features. The level of depression, pain chronicity and intensity, disability and length of hospital stay were significantly higher in patients suffering from neuropathic symptoms. A high level of depression and pain chronicity as well as high intensity of pain explained most of the variance in the neuropathic scores. Disability and length of hospital stay significantly predicted neuropathic characteristics only when examined separately, but not if included in a common regression model. Conclusions Any type of chronic pain may have more or less neuropathic characteristics. The pain-related parameters of high intensity and chronicity as well as negative affectivity and functional disability strongly correlate with neuropathic characteristics of pain. [ABSTRACT FROM AUTHOR]

The article focuses on the depiction of urban poverty and the underclass in American films throughout the Great Depression. The authors discuss the social aspects of American poverty, explore the connection between American cities and poor people, and analyze several movies that highlight these themes, including "Musketeers of Pig Alley," "The Soul of Youth," and "Dead End."

The article discusses the impact of economic crisis on central bank independence. The authors use economic analysis and evidence form Great Britain to claim that central bank independence never has survived a crisis and never can. They also suggest that there cannot really be such a thing as a truly independent central bank.

Purpose Epilepsy can impair theory of mind ( To M), but the clinical significance of such a deficit is unknown. This study evaluated the influence of selective To M deficits on self-appraisal, coping, and quality of life ( Qo L) in patients with focal epilepsy. Methods Data were collected from 66 patients with temporal or frontal lobe epilepsy, and from 42 healthy controls. The Faux Pas Task ( FPT), Multiple Ability Self-report Questionnaire ( MASQ), Coping Responses Inventory-Adult ( CRI-Adult), and World Health Organization Qo L 100 ( WHOQo L 100) evaluated To M, self-rated cognitive abilities, coping to stressful events, and Qo L. Different tests and inventories assessed other cognitive functions, depression, and anxiety. Key Findings Patients were impaired in the recognition and comprehension of social faux pas. The FPT scores contributed to predict the MASQ, CRI-Adult, and WHOQo L overall scores; the comprehension of others' mental states and interactions score exerted a prominent influence. Significance In patients with focal epilepsy, selective ToM deficits may have clinical implications, with specific influence on self-appraisal, coping, and overall QoL. ToM evaluation may contribute in explaining some psychobehavioral difficulties and to plan nonpharmacological treatment. [ABSTRACT FROM AUTHOR]

The demographic dividend, that is, the growth of the working age population aged 16 years relative to younger and older age dependents, has often been cited as a crucial component of the accelerated economic growth experienced by disparate countries and regions at different points in time. Generally less emphasized are the ramifications of this process when it occurs in reverse; that is, when the relative size of the working age population begins to shrink. Related to this is the more subtle effect of changes to the age structure of the overall working age population, which can have compounding or offsetting effects in relation to the demographic dividend noted above. This paper explores how these age-related phenomena were instrumental to both the Great Depression and the Great Recession of 2008. We explore how the generational composition of economic actors and the aging of the baby-boom worker may have played a role in provoking these remarkable recessionary periods. The reversal of the demographic dividend and the aging of the working age population are factors now contributing to the propagation of the global economic downturn, as witnessed in the example of Japan over the past half-century. This paper applies the lessons of the Great Depression, the Great Recession and Japan to offer a forward-looking analysis of the Chinese economy. China is on the precipice of a significant demographic shift whose implications for economic growth are explored. [ABSTRACT FROM AUTHOR]

En 1935 muchos países ricos sufrían una depresión económica profunda, caracterizada por un desempleo masivo y por un alto índice de deflación. En Suecia, por el contrario, el retroceso había sido menor y la recuperación más rápida, lo cual suscitaba en aquel entonces un interés considerable, como cabe imaginar. Bertil Ohlin, que con anterioridad había preparado informes sobre la depresión mundial y el desempleo en Suecia (y que más tarde recibió el Premio Nobel de Economía), analiza en el artículo que presentamos a continuación las causas de la recuperación de este país. En resumidas cuentas, Suecia había aplicado un modelo keynesiano antes de Keynes, en parte gracias a la contribución de Ohlin al análisis de la política macroeconómica. La clave fue una combinación de flexibilidad del tipo de cambio, de política monetaria encaminada a bajar los tipos de interés real y a alentar la inversión, de política fiscal expansionista con empréstitos públicos para financiar déficits sustanciales, de obras públicas productivas y de políticas estatales de apoyo a la agricultura, combinación que contribuyó a reducir el desempleo, a aumentar la inversión y a evitar que los ingresos disminuyeran de forma importante. Ohlin examina en el artículo las medidas capaces de contrarrestar los problemas de empleo y desempleo, y afirma que es muy importante que el Estado y las administraciones locales tengan preparada una política económica adecuada que aplicar en caso de necesidad. [ABSTRACT FROM AUTHOR]

The article reviews the book "The Great Persuasion: Reinventing Free Markets Since the Depression," by Angus Burgin.

This conclusion to the special issue on governance, democratization, and the world economic crisis argues the special significance of the latter for contemporary trends in development and democratization. Crises can encourage policy makers and societies to reconsider important aspects of governance, indeed this can be a beneficial consequence if the right lessons are learned. Major international economic crises can thus undermine existing conventional wisdom, which has been the case recently and also after the Great Depression. Unfortunately, the lessons of the 1990s Asian financial crisis were learnt mainly by countries in that region, otherwise current crises in the transatlantic region might have been prevented. In this concluding article, I analyze the linkage between the crisis in Asia and the post- Lehman events. I also examine how new strategies of economic governance hold new solutions, plus I demonstrate how specific contexts of democratization have been affected by the recent economic crisis. Related Articles in this Politics & Policy Special Issue: [ABSTRACT FROM AUTHOR]

This paper studies an early participatory rural development program implemented during the 1930s in Japan. This program selected several villages each year to draft and implement their own original development plans. I discuss the implications of the features of the program on its effectiveness. A detailed baseline survey conducted by the villagers themselves helped them to objectively diagnose their economic situations and understand their issues. The plans defined clear numerical targets, allowing them to share goals and monitor progress. The implementation of the plan was reinforced by frequent communication and monitoring among neighbors and by an incentive scheme that involved competition within a village. I use a village-level panel dataset from Hyogo Prefecture to examine the effects, under the difference-in-differences strategy. I find suggestive evidence that the program helped foster the adoption of cattle raising and diversify agricultural production. [ABSTRACT FROM AUTHOR]

Summary Depression is characterized by sleep difficulties, but the extent to which subjective and objective sleep disturbances precede depression are unclear. This study was designed to examine perceptions of sleep quality in addition to actigraphy- and diary-measured sleep variables in healthy girls at low and high familial risk for major depressive disorder. Forty-four healthy daughters and their mothers completed a week of daily sleep diary and actigraphy; 24 girls had mothers with no history of psychopathology (low risk, mean age 14.92 years), and 20 girls had mothers with recurrent depression during the daughter's lifetime (high risk, mean age 14.12 years). All daughters had no current or past psychopathology. High-risk girls reported significantly poorer subjective sleep quality than did low-risk girls ( P = 0.001). The two groups of participants did not differ in actigraphy- or diary-measured sleep duration, onset latency or snooze duration. Healthy girls at high familial risk for depression report poorer sleep quality than do girls at low risk for depression, despite the absence of group differences in objective sleep disturbances as measured by actigraphy or daily diary. This pattern of findings may reflect a broader cognitive or physiological phenotype of risk for depression. [ABSTRACT FROM AUTHOR]

Werther Effect research has almost solely focused on the behavioral level of media effects. Clinically relevant predispositions like depression as well as the moderating role of media effects on a perceptional level have been omitted so far. To bridge this gap, we reanalyzed the data of an experiment conducted by Rustad, Small, Jobes, Safer, and Peterson: volunteer students' ratings for their self-risk of depression and suicide as well as their perceptions of others' suicide risk were investigated. While a Werther Effect could not be observed, there is a general overestimation of media influences on others-presumed Werther Effects-that are moderated by the personal degree of depression. [ABSTRACT FROM AUTHOR]

This paper draws on a natural experiment to examine the effects of policy arrangements on international trade. We study data on trade and currency bloc formation in Europe after the Great Depression. Far removed from being customs or currency unions, these blocs could not create much trade and should be mere placebos. Yet under conventional approaches to the gravity equation, they exhibit highly significant and sometimes very large trade effects. We employ treatment effect methods from labor econometrics to identify endogeneity both along the time axis and in the cross section. We find pervasive evidence of such endogeneity, which standard estimates of the gravity equation fail to detect. These findings are confirmed by matching models designed to eliminate the endogeneity of bloc formation itself. Our results caution against the significant and high trade creation effects of political arrangements often reported in the gravity literature. [ABSTRACT FROM AUTHOR]

The article focuses on Russian writer Aleksandr Solzhenitsyn's relationship with former Russian president Vladimir Putin and the role Solzhenitsyn played in the collapse of democracy in Russia. It states that he blamed Russian oligarchs during the second term of former Russian president Boris Yeltsin for the impoverishment of the Russian populace and economic collapse and traced the origins of the oligarchy to the privatization of Russian industry during Yeltsin's first term. It comments on Solzhenitsyn's support for Putin's presidency and his antagonism toward Anatolii Chubais, the architect of the privatization program in Russia. It talks about Solzhenitsyn's attacks on the Ukrainian Orange Revolution in 2005, which he compared to the February Revolution in 1917.

The G-20 supplanted the G-8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way. In this section we examine whether the G-20 can be saved, and what the countries within it must do to bring the global economy into balance. [ABSTRACT FROM AUTHOR]

The study of multidimensional deprivation has become one of the most relevant lines of research in the analysis of low-income households. The search for significant relationships between multidimensional deprivation and income poverty has been a central issue and most empirical studies have found a very weak link. This paper aims at examining the possibility of an aggregation bias in national-level studies, which could conceal disparities between regions. As regional differences and decentralization processes stand out in Spain as compared to other OECD countries, we focus the analysis on this country. Latent class models are used to define deprivation indices using the Spanish EU-SILC. The results seem to show that the absence of significant relationships between both phenomena still holds at a regional level. The decomposition methods used in the paper show that it might be due to some regional singularities in some determining factors of income and multidimensional poverty. [ABSTRACT FROM AUTHOR]

Noel Butlin would have welcomed the theme from which this paper began, 'Financial Crises: Historical Perspectives'. Respecting his memory, I seek to use aspects of New Zealand's financial history to illuminate recent experience while acknowledging that: distinguishing transitory from significant changes is not easy; bringing historical knowledge to bear on current issues is different from mining the past for convenient arguments; and ideas and analysis need to be kept up to date. Economic analysis is far more enlightening than moral protest. [ABSTRACT FROM AUTHOR]

The Dodd-Frank Financial Reform Bill of 2010 is the most ambitious piece of financial reform legislation since the Great Depression. Every U.S. corporation and citizen will be affected. For treasurers of financial firms like banks and brokers, the entire regulatory universe will be upended. But what will it mean for the corporate treasurer of a nonfinancial firm? The author provides a road map of what to expect, including future legislative changes and expected implementation problems. There is also a checklist for treasurers to help them handle the key issues. © 2010 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

Prior trauma can hinder coping with additional adversity or inoculate against the effect of recurrent adversity. The present study further addressed this issue by examining whether a subsample of Holocaust survivors and comparison groups, drawn from the Israeli component of the Survey of Health, Ageing, and Retirement in Europe, were differentially affected by post-Holocaust cumulative adversity. Post-Holocaust cumulative adversity had a stronger effect on the lifetime depression of Holocaust survivors than on that of comparisons. However, comparisons were more negatively affected by post-Holocaust cumulative adversity when examining markers of physical and cognitive functioning. Our findings suggest that previous trauma can both sensitize and immunize, as Holocaust survivors show general resilience intertwined with specific vulnerability when confronted with additional cumulative adversity. [ABSTRACT FROM AUTHOR]

Résumé. Cet article traite des effets pervers de réactions trop partielles face à la crise. Dans un premier temps, l'accent mis sur le rôle des gouvernements - mesures budgétaires coordonnées pour stimuler l'économie, limiter les pertes d'emplois et aider les groupes vulnérables - a été efficace pour prévenir une nouvelle 'grande dépression', mais en creusant les déficits publics. Cependant, une erreur a été commise lorsque l'on a renfloué les banques sans corriger les dysfonctionnements d'un système financier à l'origine même de la crise. Les craintes quant à la réaction des marchés financiers face à l'aggravation de l'endettement public ont conduit à adopter une approche plus traditionnelle, centrée sur le marché: consolidation budgétaire, contraction du rôle des pouvoirs publics et affaiblissement de la protection sociale; au risque d'aggraver les inégalités et l'instabilitééconomique. [ABSTRACT FROM AUTHOR]

This study examines the relationship between neighboring behavior and depressive symptoms across 3 years in a prospective study of 273 community-dwelling, Hispanic older adults in Miami, Florida. The analyses extend the literature by testing for a bidirectional or reciprocal relationship between neighboring behavior and depressive symptoms over time and examining the relationship between these variables in Hispanic older adults, a group at risk of developing depressive symptoms. Structural Equation Modeling with a cross-lagged panel design showed that depressive symptoms were unrelated to subsequent neighboring behavior. However, neighboring behavior was related to subsequent depressive symptoms at every time point, such that higher levels of neighboring behavior were related to lower levels of depressive symptoms. Findings suggest that neighboring behavior may be a protective factor against depressive symptoms in community-dwelling Hispanic older adults. © 2009 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

We used an experience sampling methodology to explore the relationship between current symptoms of dysphoria and momentary mood fluctuations following everyday experiences of anger. Using PDA devices, participants rated their mood, ruminative cognitions, feelings of dependency, and stressful events 4 times per day for 1 week. We hypothesized and found that those higher in dysphoria would demonstrate a stronger link between anger and depressed mood than those who were lower in dysphoria. Those participants who reported higher initial dysphoria indicated more anger over the course of the week, a stronger within-person association between anger and depressed mood, and a slower recovery from anger experiences. Multilevel moderated mediation analyses indicated that the link between anger and depressed mood for those high in dysphoria is largely explained by a stronger carryover of anger from one assessment to the next and partially explained by greater increases in ruminative cognitions and feelings of dependency. The change in depressed mood appears to occur with increases in anger, specifically, and not other negative mood states. Our results extend previous research on the anger–depression relationship by investigating the short-term relationships between anger and depressed mood among those with varying levels of dysphoria. [ABSTRACT FROM AUTHOR]

The global financial crisis and the ensuing sharp downturns in economic activity around the world have rekindled interest in the question of the circumstances under which a “recession” can be appropriately labelled a “depression.” The differences are more profound than simply depth and duration, but reflect differences in causation and accompanying consequences. Moreover macroeconomic policies, which have been effective in responding to “recessions,” may be less effective in “depressions.” [ABSTRACT FROM AUTHOR]

Recent research has concluded that the historical evidence only provides weak support for the contention that deflation episodes are harmful to economic growth. In this paper, we revisit this relationship by allowing for inflation and growth to have a nonlinear specification dependent on inflation levels. In particular, we allow for the possibility that high inflation is negatively correlated with growth, while a positive relationship exists over the range of negative to moderate inflation. Our results confirm a positive relationship between inflation and growth at moderate inflation levels, and support the contention that the relationship between inflation and growth is nonlinear over the entire sample range. [ABSTRACT FROM AUTHOR]

The article offers suggestions on how to manage workforce in the continuing global economic crisis. To recover from that economic storms, it suggests to avoid engaging in hasty, poorly thought-out actions, support any decisions with sound workforce planning, and back that up with knowledge management and process optimization. It also notes that the need for workforce planning does not decrease in recessions. Additionally, the importance of performance management to avoid making decisions based on opinion or popularity is provided.

Between 1929 and 1933 the Australian federal system of conciliation and arbitration came under economic and political strain. This article reveals that arbitration proved to be an adaptable industrial relations framework for dealing with economic depression. While the monetary entitlements of workers were reduced, the legal instrumentality that conferred the wage cuts, the Arbitration Court, itself defied abolition and evolved to be a protective body. There was a subtle and previously unremarked interaction in the regulatory functions of the High Court, the Arbitration Court, and the Commonwealth Parliament characterised by the purposeful abstention of the High Court and Scullin Government and the activism of the Arbitration Court. [ABSTRACT FROM AUTHOR]