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Existing research has demonstrated that government policies often prioritise growth over climate during economic downturns. Yet government stimulus spending during economic downturns also offers an opportunity for decarbonisation through long-term investments in infrastructure, transportation electrification, building efficiency, and clean energy technologies able to reduce emissions and sustainably shift the economy away from fossil fuels. We study the size and distribution of green stimulus spending in response to two recent economic downturns – the 2008 financial crisis and the 2020 Covid-19 pandemic. Focusing on Canada and the US – two major economies with strong incumbent fossil fuel interests – we explore the determinants of green stimulus spending. Counter to conventional wisdom, our findings provide little evidence to support the notion that institutional permeability to industry lobbying influenced the share of green stimulus spending. Instead, drawing on a novel dataset on green recovery spending and lobbying, we show that the strength of liberal parties in the legislatures shapes the distribution of stimulus funds. Our analysis suggests that liberal parties committed to decarbonisation can leverage economic crises to align economic and climate policy making, even in the face of strong lobbying efforts by the fossil fuel sector. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic, the Russia–Ukraine and the Israel–Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To achieve this goal, we utilize a Structural Vector Autoregressive (SVAR) identification scheme with sign restrictions on datasets from advanced economies. The findings indicate that monetary growth plays a role in short-term inflationary dynamics, while its effects are less significant in the medium to long term. The aim of the paper is to contribute to ongoing debate surrounding the potential strategies for addressing the economic downturn through the reintroduction of monetary finance (MF). [ABSTRACT FROM AUTHOR]

In some classes of macroeconomic models with financial frictions, an adverse financial shock successfully explains a decrease in real activity but simultaneously induces a stock price boom. The latter theoretical result is not consistent with data from actual financial crises. This study aims to provide a theoretical explanation for both prolonged recessions and stock price declines. I develop a simple macroeconomic model featuring a banking sector, financial frictions, and R&D-based endogenous growth. Both the analytical and numerical investigations show that endogenous R&D investment and a shock hindering banks' financial intermediary function can be key to generating both a prolonged recession and a drop in firms' stock prices. [ABSTRACT FROM AUTHOR]

Existing studies that explore the relationship between business cycles and health remain debated. This study investigates the effects of economic fluctuation on obesity in the United States. Using the county-level unemployment rates from the Panel Study of Income Dynamics (PSID), we find that people are less likely to be obese during economic downturns. Particularly, a one percentage points increase in unemployment rates would lead to the chances of being obese reduced by 0.45% points. We further explore the underlying mechanisms of how business fluctuations affect obesity. We find that people tend to do more exercise and spend less on food expenditure during the economic downturns. [ABSTRACT FROM AUTHOR]

Copyright of Central Asian Economic Review is the property of Narxoz University 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 this article, we study the relevance of green finance from a portfolio and a network perspective. The estimates are derived from a regularized graphical model, which allows us to deal with two important issues. First, we refer to the curse of dimensionality, as we focus on a relatively large set of companies. Second, we explicitly take into account the heavy‐tailed distributions of financial time series, which reflect the impact of crises and recessions. Focusing on a time interval spanning across well‐known tail events, from the US subprime crisis to the recent outbreak of the COVID‐19 pandemic, we show that the selected green stocks offer a relevant contribution to the minimization of the overall portfolio risk. Moreover, they outperform the gray assets in terms of risk, profitability, and risk‐adjusted return in a statistically significant way. These findings are consistent with the estimates obtained from the network analysis. Indeed, the gray stocks exhibit a greater connection within the dynamic networks and, then, are more exposed to the risk of a greater propagation of negative spillover effects during stressed periods. Interestingly, the relevance of the green stocks increases when moving from the standard Gaussian to the leptokurtic setting. The policy implications suggested by these results induce policymakers to undertake synergistic interventions with private finance aimed at supporting a green economy and environmentally responsible companies. [ABSTRACT FROM AUTHOR]

The research delves into the underexplored area of how production network structures influence the severity of economic downturns, particularly during the last financial crisis. Utilizing the RSTAN database from the OECD, we meticulously derived critical measures from the input-output matrices for 61 economies. Our methodology entailed a panel analysis spanning from 2008 to 2010, which is a period marked by significant recessionary pressures. This analysis aimed to correlate economic performance with various production network metrics, taking into account control factors such as interest rates and the prevalence of service sectors. The findings reveal a noteworthy positive correlation between the density of production networks and economic resilience during the crisis, which remained consistent across multiple model specifications. Conversely, as anticipated, higher interest rates were linked to poorer economic performance, highlighting the critical interplay between monetary policy and economic outcomes during periods of financial instability. Given these insights, we propose a policy recommendation emphasizing the strategic enhancement of production network density as a potential buffer against economic downturns. This approach suggests that policymakers should consider the structural aspects of production networks in designing economic stability and growth strategies, thus potentially mitigating the impacts of future financial crises. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economics & Administrative Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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 times of economic crisis, many employers in liberal labor markets reduce their employees' working hours, which leads to an increase in the incidence of involuntary part-time work. We analyze the effectiveness of working time regulation in preventing such an increase during downswings. For this we look at the case of Germany, where hours adjustments are highly restricted by law. Using a state-level panel regression approach, we find that the incidence of involuntary part-time work is positively associated with the unemployment rate but that the association is much weaker than in the US and in the UK. Transition probabilities between employment states over the cycle suggest two particular underlying mechanisms: First, already employed workers are more likely to want a full-time position in economic downturns ("added hours effect"). Second, job seekers make concessions with regards to their desired hours when labor market conditions are bad ("reservation hours effect"). We are the first to document these margins of cyclical hours adjustments which are fundamentally different from those in less regulated labor markets, where the cyclicality of involuntary part-time work is predominantly driven by hours changes at the same employer. [ABSTRACT FROM AUTHOR]

Machine learning (ML), a transformational technology, has been successfully applied to forecasting events down the road. This paper demonstrates that supervised ML techniques can be used in recession and stock market crash (more than 20% drawdown) forecasting. After learning from strictly past monthly data, ML algorithms detected the Covid-19 recession by December 2019, six months before the official NBER announcement. Moreover, ML algorithms foresaw the March 2020 S&P500 crash two months before it happened. The current labor market and housing are harbingers of a future U.S. recession (in 3 months). Financial factors have a bigger role to play in stock market crashes than economic factors. The labor market appears as a top-two feature in predicting both recessions and crashes. ML algorithms detect that the U.S. exited recession before December 2020, even though the official NBER announcement has not yet been made. They also do not anticipate a U.S. stock market crash before March 2021. ML methods have three times higher false discovery rates of recessions compared to crashes. [ABSTRACT FROM AUTHOR]

An important social development goal is to broaden access, especially equality of access, to arts, culture and heritage. This paper used large, national‐level data sets to investigate the equality of access to cultural and creative goods and services in South Africa by calculating an expenditure Gini coefficient for cultural and creative industries. Results showed that the Gini coefficient of expenditure for the cultural and creative industries was higher than for spending overall and rose during the 2009 financial crisis. From 2011 to 2021, cultural expenditure inequality trended upwards, but during the pandemic, it declined, perhaps as a result of an expansion of online access. [ABSTRACT FROM AUTHOR]

Climate change is a big challenge of our time. While there is a bourgeoning literature on the economic impact of climate change, research on how financial crises affect climate change is limited. We empirically use the local projection method to empirically study the impact of past financial crises on climate change vulnerability and resilience indices. Using a dataset covering 178 countries over the period 1995–2019, we observe that resilience to climate change shocks has been increasing and that advanced economies are the least vulnerable. Our econometric results suggest that financial crises (particularly systematic banking ones) tend to lead to a short-run deterioration in a country's resilience to climate change. This effect is more pronounced in developing economies. In downturns, if an economy is hit by a financial crisis, vulnerability to climate change increases. [ABSTRACT FROM AUTHOR]

Almost all regional economic resilience studies measure resilience by referring to national time patterns of recessions. This study of region-specific patterns of resilience of 81 Turkish regions in the period 2009–20 and their underlying economic/demographic determinants in regions in Turkey shows that ignoring the different timings of regional and national economy recessions leads to misleading/biased results. The study shows first that provincial employment cycles are asynchronous. Second, the geographical pattern of resistance to the last 2018 economic crisis changes considerably when using provincespecific rather than national turning points. Third, those provinces that are more open to trade, exportoriented, highly urbanised, and with a low level of human capital and entrepreneurial activities were more resistant to the recession. [ABSTRACT FROM AUTHOR]

Copyright of Sociología del Trabajo is the property of Universidad Complutense de Madrid 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.)

Purpose: This paper aims to examine Nigeria's dynamic output and output volatility connectedness with USA, China and India using quarterly data from 1981Q1 to 2019Q4. Design/methodology/approach: The study adopted the network approach of Diebold and Yilmaz (2014) and used the normalized generalized forecast error variance decomposition from an underlying vector error correction model to build connectedness measures. Findings: The findings show that the global financial crisis (GFC) increased the connectedness index far more than the 2016 Nigeria economic recession. The moderate effect of the 2016 Nigeria economic recession on the connectedness index underscores the fact that Nigeria is a small, open economy with minimal capacity to spread output shock. For both real output and its volatility, the total connectedness index rose smoothly and systematically through time, thereby leaving the economies more connected in the long run. Originality/value: To the best of the authors' knowledge, this paper is among the first to examine Nigeria's dynamic output and output volatility connectedness with the USA, China and India using new empirical insights from the GFC versus 2016 Nigerian recession. The study, therefore, concludes that the Nigerian economy should be diversified immediately as a hedge against future real output shocks, while the USA, China and India should maintain and sustain their current policy frameworks to remain less vulnerable to real output shocks. [ABSTRACT FROM AUTHOR]

The article examines the evolving field of political sociology and highlights the need for a modern reassessment in the context of rapid global changes. The aim is to distinguish the framework of political sociology from that of other social sciences such as history, law and economics. The article emphasises the importance of understanding political power and its transformations in the context of crises such as economic downturns, pandemics and geopolitical conflicts. Reflecting on the seminal theories of Max Weber and Talcott Parsons, the discussion highlights how political power, legitimacy and the interplay with other forms of power (economic, technological, etc.) shape contemporary governance. Finally, the article suggests a focus on the dynamics of political power and its legitimacy in the globalised era, noting the growing influence of technological power and the complex challenges posed by modernity. [ABSTRACT FROM AUTHOR]

The COVID-19-driven stock market crash in early 2020, as well as the recession following the financial crisis, generated sizeable operating losses for property–liability insurance companies. However, property–liability insurers were able to hold their capitalisation levels relatively stable during both recessions, issuing new capital and reducing dividends. We use these two recent recessions to empirically examine the determinants and consequences of capital issuances by property–liability insurance companies. We find that property–liability insurers raise capital to restore depleted levels due to operating losses and to fund business growth, and these determinants do not change during recessions. We further examine whether capitalisation levels constrain insurers' ability to meet demand during recessions and find no evidence this occurs. We rather find that new capital is associated with premium growth in subsequent time periods. There seem to be fewer frictions affecting property–liability insurers to recapitalise and accommodate demand compared to other financial services firms. [ABSTRACT FROM AUTHOR]

The 2007–2008 financial crisis caused millions of Americans to lose their jobs, homes, and health insurance. From the encampments of Occupy Wall Street to the historic campaign of democratic socialist Bernie Sanders, the crisis also spawned a wave of progressive movements. To paraphrase the opening remarks of the inaugural issue of Catalyst: A Journal of Theory and Strategy , economic inequality is again up for debate. However, it is not up for debate in the pages of picture books. With picture books published between 2007 and 2019 as the reference point, this article argues that most of these books depoliticize economic inequality. Building on the work of other scholars, this article also argues that, despite other changes in the landscape of children's publishing, most of these books resemble books written before the recession. [ABSTRACT FROM AUTHOR]

I present a dynamic general equilibrium model in which commonality in bank assets endogenously changes over the business cycle and shapes systemic risk. To reduce individual risks, banks diversify, increasing portfolio overlap and hence the similarity of their exposures to fundamental shocks. Systemic financial crises burst at the end of credit booms when productive investment opportunities are exhausted, banks' diversification incentives are strong, and their portfolios are highly correlated. A calibrated model is able to match key moments related to frequency, severity, and the economy's behavior around systemic crises. [ABSTRACT FROM AUTHOR]

This paper assesses how environmental, social, and governance (ESG) news influence Portuguese stock market volatility depending on the business cycle. Given the lack of an adequate index to capture the effects of ESG media on the Portuguese stock market, a News Sentiment Index is developed. This index, which captures positive and negative ESG news on companies listed in the Portuguese Stock Index (PSI‐20), is then used as an external regressor in symmetric and asymmetric GARCH‐type models employed to model the stock market volatility. Results show that during non‐crisis periods ESG news reduce returns' volatility, and that when considering the period preceding the financial crisis the disclosure content (positive or negative) of the news matter. However, during economic downturns, neither the amount nor the content disclosure of ESG news affect volatility; thus, ESG preoccupations might no longer be paramount. [ABSTRACT FROM AUTHOR]

Purpose: This study seeks to design an integrated model of concepts for research on organizational resilience in a period of economic crisis and synthesize strategy for an empirical approach. Originality/value: By recognizing economic recessions as crisis events, exogenous and recurrent, that challenge the evolutionary trajectory of the business environment and the adaptive capacity of firms, this study focuses on the convergence of scientific fields to unify the business cycle with characteristics and heterogeneous business dynamics from the perspective of resilience. Design/methodology/approach: Initially, we conducted a systematic review of the literature on "business cycle management" and "organizational resilience." Next, we used various combinations and variations of the terms "economic crisis" and "resilience," plus "management" and "performance" to expand the base of references from publications in relevant indexes. Thus, through research by authors from different areas of knowledge, the propositions raised here are based on the comprehensive and transversal assimilation of knowledge related to the context of economic crisis and the adaptive dynamics of organizations. Findings: This study organizes and reconciles convergences of scientific fields in an integrated model of concepts for studying organizational resilience throughout business cycles and synthesizes a research strategy with three analysis segments for an empirical approach. Thus, the findings cooperate with several streams of research that focus on the adversities faced by organizations in periods of recession and provide a broad prism of analysis, with significant space to explore the linkage of attributes and actions that favor or hinder the achievement of resilient performance in the face of a period of economic crisis. [ABSTRACT FROM AUTHOR]

Copyright of Strategic Universe Journal / Univers Strategic is the property of Dimitrie Cantemir Christian University, Institute for Security Studies 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.)

To understand the determinants of financial crises, previous research focused on developments closely related to financial markets. In contrast, this paper considers changes originating in the real economy as drivers of financial instability. To this end, I assemble a novel data set of long‐run measures of income inequality, productivity, and other macrofinancial indicators for advanced economies. I find that rising top income inequality and low productivity growth are robust predictors of crises, and their slow‐moving trend components largely explain these relations. Moreover, recessions that are preceded by such developments are deeper than recessions without such ex ante trends. [ABSTRACT FROM AUTHOR]

The article discusses Arie Arnon's book, "Debates in Macroeconomics from the Great Depression to the Long Recession: Cycles, Crises and Policy Responses." The book examines the evolution of macroeconomics from the Great Depression to the global financial crisis of 2008-09. Arnon argues that the response to the Great Depression led to the creation of macroeconomics as a subfield of economics, but the response to the more recent crisis did not result in a similar transformation. The article suggests that broader social, philosophical, and methodological debates within economics explain this difference. Arnon also highlights the potential for new directions in macroeconomics, drawing on historical figures like John Hicks and Friedrich Hayek. [Extracted from the article]

Copyright of Transformations in Business & Economics is the property of Vilnius University 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.)

The Great Financial Crisis and the COVID‐19 pandemic have raised concerns about business cycles. In this paper, we examine the dynamics of past business cycles in CAEMC economies to infer the shapes of recessions and subsequent recoveries. We use annual GDP data covering the period 1960–2020 and non‐parametric approach. The main results are fourfold. First, recessions are, on average, long with a positive duration dependence relationship and the strength of recoveries is independent of the duration and the depth of the associated recessions. Second, recessions and recoveries are not all alike, meaning that history cannot be used as a guide for forecasting issue. Third, nearly 45% of the recessions and subsequent recoveries are V‐shaped, and the L, U and W patterns appear when governments are heavily indebted. Fourth, a regional cycle sometimes emerges. The results suggest a strengthening of the capacities of CAEMC states and a resilient supply chain management. [ABSTRACT FROM AUTHOR]

In the current context, various factors add to the existing social and economic crisis, such as the COVID-19 pandemic and the Russian invasion of Ukraine, which, when articulated with common conflicting facts, increase projections regarding the slowdown in the economy, with an impact on inflation and declines in global economic growth. As part of the adverse effects of these variables, if the increase in the cost of basic products and services was anticipated, the supply chain escaped, food safety, the widening of social gaps, poverty, contributing to the massification of restrictive medicines, increasing vulnerabilities in social and political scenarios, in addition to less dynamism in the global economy, in the availability of food resources, increases in energy prices, inflationary pressure, among others. Previously, this investigative note explores the macroeconomic forecast, taking as reference the informants of the year 2022 brought by the World Bank, the International Monetary Fund, the Economic Committee for Latin America and the Caribbean and the Inter-American Development Bank. [ABSTRACT FROM AUTHOR]

Working conditions during the economic crisis of the first decade of the 21st century have been the object of extensive research. This study delves into the main risks facing workers subsequent to the recession and economic crisis of 2008-2014 and prior to the unsettling times provoked by the COVID-19 pandemic and the war in Ukraine. The choice of Spain as the study area stems from the deep effects of the economic crisis on this country and the fragmentation of its trade unions. Spain is likewise relevant as its authorities adopted two opposite strategies (respectively austerity followed by expansive investment) to cope and counter these problems over time. This qualitative study comprises in-depth interviews with 45 experts from various sectors of business. The findings suggest that factors such as persistent job insecurity and work overload profoundly affect the social environment and relationships of employees both at work and in the family generating individual coping strategies that weaken the role of trade unions. [ABSTRACT FROM AUTHOR]

This paper is dedicated to the World Economic Order and to its evolution since the end of the Second World War, while showing its influence on the European Union's position as one of the key global actors. The author highlights also the new phase of the Global Order and the main forces that drive a new system of international relations under the strength of regionalization. At the same time, the position of the EU under the pressure of the main challenging forces has been analysed by the author, after more than 15 years since the eruption and spreading of the deepest financial international crises of the last century. The 2008 international financial crash and the post-crisis period embodied a seismic shock to the world economy in the form of a deep economic recession. It is important in the rapidly changing world that the EU Member States take the necessary measures to increase their competitiveness position in the world. [ABSTRACT FROM AUTHOR]

The economic crisis triggered by the coronavirus pandemic is the most significant global crisis of its kind outside of wartime and the full impacts are still largely unknown. The path to economic recovery is impaired by the war on Ukraine. Many countries have either entered or are about to enter an economic recession. Now that many government support measures have expired or have been exhausted, it is unlikely that they will return at the same level. Many businesses are facing both a liquidity and a solvency crisis. This article considers the impact of these times of crisis and uncertainty on insolvency law-making across over 30 economies where the European Bank for Reconstruction and Development invests. It reflects on arguments raised by Menezes and Lawless in this volume and argues that national legislators should look to insolvency reforms (including in relation to digitalisation) to help their economies recover from recession and the economic shocks of the pandemic and the war on Ukraine, and work to improve the availability of insolvency data. Many international commentators have analysed the global crisis insolvency response from a developed economy perspective. This article focuses on the position in emerging economies, finding that, for a variety of reasons, insolvency was not at the forefront of the national emergency response for many emerging economies during the pandemic. It highlights some of the main deficiencies in insolvency frameworks and makes some suggestions for future policy-making for countries that want to strengthen the overall resilience of their insolvency systems, and financial restructuring processes in particular, to navigate future crises. [ABSTRACT FROM AUTHOR]

What legitimizes archaeological work in an age of global climate change, socio-political crises and economic recession? On what topics should archaeology focus its research questions, and what forms of archaeological engagement are not merely justifiable but able to make a difference in light of such challenges? Today, there is a tendency, we argue, that archaeological responses to current challenges are expected to align with a specific mode of conduct, political stance and genre, where, for example, a very particular notion of activism, responsibility and ethics is dominating. There is no denial that current challenges call for immediate instrumental reactions, but we contend that valuable reactions can – or even must – vary, and that more fundamental and slow ontological and epistemological change should also be nested within these responses. In this article, we explore what it means to care – what it means to be concerned – in the Anthropocene through archaeological practice and aesthetic engagement. By highlighting the relations between ethics and aesthetics, we explore ways in which we get in touch with the objects of concern, placing undecidability and speculation as dispositions equally important to urgency and impact. [ABSTRACT FROM AUTHOR]

Purpose: Country crises can provoke damages to a country's economic activity and citizens in a way that will always demand a deeper understanding of their determinants. Political issues are commonly mentioned as an important factor boosting these crises. This paper investigates the political factors behind financial crises and recessions. Design/methodology/approach: Using variables from the ICRG rating system, logistic panel regressions are run to determine whether or not the political risk variables explain country crises. Findings: Results disclose the importance of socioeconomic conditions to financial crises and recessions with no influence from the political arena. Against expectations, political instability does not help to explain crises. Political risk ratings also show their importance, demonstrating that the higher is the risk, the higher is the probability of debt and currency crises occurrence. Originality/value: The findings in this paper contribute to a growing literature of political risk and crises, enhancing the value of political risk assessment and increasing the application of its consequences. [ABSTRACT FROM AUTHOR]

This paper investigates whether pollution-intensive industries develop faster in a time of economic downturn. Using firm-level panel data from 2005 to 2013, we find supporting empirical results in an analysis of China's manufacturing industries in the 2008 economic crisis. We find that pollution-intensive firms tended to produce more compared with non-pollution-intensive firms in the 2008 economic crisis, with the pre-crisis period as a baseline. We further find that this effect is more pronounced in areas with higher export dependence and a smaller proportion of production from pollution-intensive industries. The relatively faster production expansion in pollution-intensive industries is more evident for state-owned enterprises. [ABSTRACT FROM AUTHOR]

How do firm‐specific shocks contribute to large economic downturns associated with financial crises? Using a large and representative dataset on Greek firms covering all sectors of the economy over the period 2000–2014, we find that the contribution of firm‐specific shocks to the volatility of aggregate sales growth increased substantially (about 30%) during the Greek financial crisis and dominated the contribution of macro‐economic and sectoral shocks. We also find that, throughout the sample period, inter‐firm linkages are two and a half times as important as the direct effect of firm shocks in driving aggregate fluctuations. However, during the financial crisis, the Greek economy became more granular, and the direct effect of firm‐specific shocks had increased importance in driving aggregate volatility. [ABSTRACT FROM AUTHOR]

This paper examines whether differences in the quality of investor protection between countries affect firm riskiness and firm performance during the COVID-19 economic downturn. Using a large cross-country dataset and a broad variety of controls measured at the state and firm level, we find that jurisdictions that offer stronger investor protection experience significantly lower volatility and better performance during the pandemic. This effect is amplified in countries strongly affected by COVID-19. Our results contribute to the ongoing debate in the finance literature about the impact of the quality of investor protection on corporate behaviour and performance. [ABSTRACT FROM AUTHOR]

A study of the post-2011 economic slowdown in India that challenges liberal and Keynesian interpretations by drawing on Nitzan and Bichler's argument of 2009 that modern-day capitalist activity is shaped primarily by differential rather than absolute accumulation and the accumulation of power so as to squeeze and lock out competitors, monopolize resources, sabotage production and acquire unused capacity. In an exploration of the deep-rooted entanglements of power, crisis and accumulation, firm-level data from India are examined to show that a growth slowdown, economic crisis and destruction of the livelihoods of millions of people have provided an opportunity for top corporate houses to entrench their power and wealth. Crisis, in other words, has been good for business. [ABSTRACT FROM AUTHOR]

Skowronek's theory of "political time" posits that presidential success follows historical cycles, but it does not specify a unique causal mechanism. Each president merely reacts to their predecessor or to historical circumstance. Scholars of "political time" also suggest that the power of history may be diminishing over time. This article uses theory and evidence to address the causality issue in both instances. First, it shows that economic crises drive political time forward. Second, it argues that recent political commitments to a combination of New Deal and Reaganite ideas and policies have been used to attenuate economic crises. Hence, it is not that the power of history has waned. Rather, the causal nature of political time has been under‐specified. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Historia Económica / Journal of Iberian & Latin American Economic History is the property of Cambridge University Press 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.)

The 2008–2009 global economic downturn emphasized the role of demand contractions and the potential mediation role of trade on firms' performance in times of crisis. Evidence in anticyclical sectors such as the food industry is scarce. Using European firm‐level data on the 2008–2009 crisis, we explore (i) whether the internal demand or market synchronism (external demand) prevailed when assessing their relation with the crisis and (ii) the role innovation strategies played in mitigating this in weathering the drop in demand. Results indicate that the more internationalized firms are, the more they suffer from economic crises, with exporters the most affected, but that innovation can have a mitigating role. [EconLit Citations: F14, G01, O32]. [ABSTRACT FROM AUTHOR]

The authors describe an undergraduate economics elective focused on the Great Recession and the recession resulting from the COVID-19 pandemic. They have taught the course with great success at both liberal arts colleges and research universities and at all levels of the curriculum ranging from a first-year seminar to an upper-level elective. They present a roadmap for instructors interested in offering the class. Although intermediate macroeconomics is assumed as a prerequisite, the authors discuss how they have adapted the class for students with different backgrounds. The course is divided into seven units: the housing bubble and asset pricing, housing policy and history, propagation and panic, monetary policy, fiscal policy, aftermath and international perspectives, and the macroeconomics of COVID-19. Sample assignments and readings are both provided. [ABSTRACT FROM AUTHOR]

Copyright of Human Review is the property of Eagora Science 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.)

This paper investigates the relationship between sustainability and financial performance using a sample of G7 firms from 2004 to 2020. We find a positive bidirectional relationship that firms with better sustainability performance are more profitable in the future and firms with better financial performance have higher subsequent sustainability performance. In addition, we test how two major crises (the financial crisis and the COVID‐19 pandemic) affect the sustainability‐financial performance relationship. Firms with better sustainability performance are hit harder on their financial performance, but the benefits of financial performance on sustainability are strengthened during the financial crisis. During the ongoing COVID‐19 crisis, firms with strong sustainability performance have been more resilient, and their financial performance has dropped less than firms with poor sustainability performance. However, the benefits of profitability on sustainability are weakened. Our results suggest that sustainability provides "insurance"‐like protection against economic downturns during COVID‐19 and mature sustainability offers economic benefits but not early‐stage sustainability. It expands the contingency perspective of sustainability–financial performance relationship to crisis management. [ABSTRACT FROM AUTHOR]

Total insolvencies filed by Canadian Households reached a record number in 2009 when close to 152,000 individuals sought the protection of the Bankruptcy and Insolvency Act. This paper aims to investigate the factors that dictate the choice of insolvent debtors during an economic crisis, by comparing their choice before, during and after the crisis. Using data provided by the Office of the Superintendent of Bankruptcy, and in addition to explain insolvency choice by the debtor's wealth, income and level of debt, the results show that insolvent debtors are more likely to file for bankruptcy during an economic crisis than before and after. This is in fact, a significant contribution to the literature, for never before had debtors' insolvency choice been looked at in light of the effects of an economic crisis. [ABSTRACT FROM AUTHOR]

The evolution of resource requirements in developed countries after the 2008 crisis seemed to indicate that there is a process of dematerialization. This paper analyses dematerialization in a group of developed countries and the effects of the economic cycle on resource use. The aim is to determine whether dematerialization can be linked to the effects of the economic crisis or, on the contrary, is independent of the economic context. To do this, a descriptive part is proposed in which the existence of dematerialization over the last 50 years is analysed. Subsequently, a model is estimated in which the effect of recessionary, low-growth and normal growth periods on the consumption of material resources is contrasted. The raw material input is used as an indicator of the use of material resources, which makes it possible to link each country to all the resources it requires for the normal functioning of its economy, regardless of where they are consumed. Among the main results, it can be noted that reductions in resource consumption occur in periods of recession and low growth, while for growth above 2% there is no dematerialization. [ABSTRACT FROM AUTHOR]

This article investigates the relation between cooperation in innovation activities and innovation before and during the last economic recession. We find that cooperation in innovation activities has a stronger relation with radical innovation performance during the economic recession than before, this being true irrespectively of whether the partners are national or international. This benefit from cooperation during the economic turmoil is higher in the case of firms having different types of partners simultaneously. We also find that past cooperation in innovation activities is positively associated to innovation performance during the crisis. [ABSTRACT FROM AUTHOR]

In times of crisis, cash and liquidity play an essential role. This paper analyzes the working capital measures over the course of a business cycle. We examine (1) how companies behave in economic downturns regarding their working capital components and (2) whether firms with higher financial constraints behave differently in economic downturns regarding their working capital components. The analyses were conducted with descriptive statistics and generalized linear mixed-effects modeling. Our dataset consists of 2111 stock-listed firms and 10,555 observations spread over the period of five years during the financial crisis era. The findings indicate that days sales outstanding and shorter days inventory held are related to better financial performance while days payable outstanding had no observable effect. Furthermore, financially constrained firms have shorter days sales outstanding than average firms. In economic downturns, firms seem to reduce both working capital and fixed investments to asset ratios. The financially constrained firms pushed down their fixed investments ratio more aggressively than average firms while, in contrast, the financially strongest firms pushed down the working capital to asset ratio in comparison to average firms. Interestingly, neither the cash conversion cycle, days payable outstanding, nor company performance or fixed investments to asset ratios fully returned to the pre-shock level. The behavior of non-financially constrained firms, which also perform better, indicates a stronger supply chain orientation than that of average firms. This might indicate that the supply chain-oriented view of working capital management could provide a more favorable and resilient alternative to the prevailing self-orientation. [ABSTRACT FROM AUTHOR]

Over the last four decades, banking crises around the globe have become longer. Along with the unprecedented government responses to the Great Recession of 2007–2008, protracted financial crises have led scholars to ask whether political decisions were somehow to blame. Despite growing concerns, little attention has been paid to the political and institutional determinants of financial crisis duration. This paper considers the role of these factors in determining the duration of systemic banking, currency, sovereign debt, and twin or triple coinciding crises. Relying on an extensive database of 125 countries observed over the 1976–2017 period and estimating a discrete-time duration model, we find that the electoral cycle, political ideology, majority governments, institutional quality, and central bank independence matter. This study shows that the duration dynamics of financial crises are idiosyncratic and must be examined individually. Finally, allowing for more flexible duration dependence patterns, we observe that the durations of both banking and twin or triple coinciding crises follow a nonmonotonic cubic model, while the probability of debt crisis ending declines monotonically over time. [ABSTRACT FROM AUTHOR]