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This paper characterizes the deposit runs that occurred in the commercial banking system during 2008 and compares them with deposit runs during the 1930s. The importance of withdrawals by large depositors is a strong source of continuity across the two eras and reflects the longstanding concentration of deposit holdings. Runs occurred in 2008 despite the presence of national deposit insurance, which does not fully cover large accounts and therefore has limited impact on the incentives of those account holders. Large depositors continue to represent a source of both market discipline and financial instability. [ABSTRACT FROM AUTHOR]

Several approaches and concepts of physics, such as Random Matrix Theory, have been used to investigate the complexity of financial time series. This study aims to analyze the spectrum of stock correlation in the Brazilian stock market by applying Random Matrix Theory to the subprime and Asian financial crisis periods and their temporal neighborhoods. Results show evident synchronized market behavior during both crises. The results also show that the period preceding a crisis presents symptoms which may predict future crises. Thereby, the methodology presented here could be used by the market as a tool that helps to anticipate possible market fluctuations. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to analyze the effects that task environment and firm's market power exerts on Brazilian firm's competitive position, during the period of 2012 to 2017, which encompasses the effects of the 2008 crisis. Design/methodology/approach: We used Partial Least Squares path modeling when estimating the effects of competitive environment and market power on a firm's competitive position, considering the effects of time. The size of firm was used as a weighting factor. The sample is comprised by manufacturing industry Brazilian publicly traded firms, active in the period 2012 to 2017. Findings: The capacity of firms to achieve and sustain a favorable competitive position is directly dependent on the degree of market power they own. Under a reactive managerial point of view, managers should make strategic choices that allow the firm to stay close to consumers, to maintain and reinforce market power, avoiding reductions in market share. Under a proactive managerial point of view, managers should take advantage of market power by building barriers that would make it difficult for competitors to have access to consumers. Originality/value: This research brings two original contributions. The first one is the identification of the determining factors of the competitive position of Brazilian firms, during the period after the 2008 financial crisis. The second one is the proposition and test of a structural equations model to estimate the effects of market power and task environment on firm's competitive position. [ABSTRACT FROM AUTHOR]

This article analyzes the entanglement between the contemporary discourse of empathy and the neoliberal imaginary, arguing that it threatens the (already strained) relationship between empathy and justice. Joining current scholarly debates about the pro-social effects of empathy, the article focuses on a specific case study: the 2009 criminal trial of Ralph Cioffi and Matthew Tannin, two Wall Street executives charged with conspiracy and fraud after their hedge fund collapsed. Their criminal trial, which was one of the first prosecutions originating from the credit crunch, ended with a surprising acquittal. In this study, I analyze how the defense made skillful use of the discourse of empathy in order to affect the jury’s final decision. Their strategies, I argue, drew power from the broader cultural context of the neoliberal embrace of empathy – and the underlying beliefs, expectations, and confusions that accompany this embrace. Particularly, I show how the defense mobilized the neoliberal ethos of hard work, optimism and globalism in order to encourage the jurors to step into the shoes of the defendants. The counsels’ call to empathy involved a blurring between self-oriented perspective-taking and other-oriented perspective taking, so that an imaginative stepping-into-the-shoes of the defendants was confused with a deep understanding of Cioffi and Tannin’s actual experience and genuine intentions. This distorted pseudo-empathy, I argue, played a decisive role in the final outcome of the trial – and perhaps helped contribute to the crises of empathy that we are currently undergoing. [ABSTRACT FROM AUTHOR]

Scholars cite racist political-economic systems as drivers of health inequities in the United States (i.e., racial capitalism). But how does racial capitalism generate health inequities? I address this open question within the historical context of predatory lending during the 2008 financial crisis. Relevant hypotheses are tested with multiple waves of data from Black and White participants of the National Longitudinal Study of Adolescent to Adult Health (N = 8,877). Across socioeconomic strata, I find that Black participants report higher rates of foreclosure, eviction, repossession, delinquent bills, lost income, and new debts in the wake of the financial crisis. Using structural equation and quasi-experimental models, I then show that Black participants also self-report rapid health declines and increases in prescription drug abuse throughout this period, much of which is explained by chronic financial stress. I conclude that racial capitalism can generate health inequities by ensnaring Black Americans in a toxic web of financial exploitation and stress proliferation. [ABSTRACT FROM AUTHOR]

Copyright of EU-topías: A Journal on Interculturality, Communication & European Studies is the property of Universite de Geneve, Global Studies Intitute 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 study aimed to evaluate whether the stimulus package after the 2008 financial crisis led to the distortion of financial intermediation in China. Accordingly, we investigated the relationship between company survival and the financial intermediation function in China during the sample period, which reflects the financial crisis in 2008. The study presents two main findings. First, access to bank loans resulted in a decrease in the risk of failure for the relatively poorly performing state-owned enterprises (SOEs) in China after the 2008 financial crisis. Distorted financial intermediation by banks was more pronounced for the large-sized SOEs. Therefore, "zombie firms" inevitably emerged among the manufacturing SOEs in China as result of the financial crisis and subsequent fiscal expansion. Second, access to short-term bank loans led to a deterioration rather than an improvement in the performance of the poorly performing SOEs after 2007. [ABSTRACT FROM AUTHOR]

This paper analyzes the effect of Bank of Japan’s implementation of negative interest rate policy on various macroeconomic indicators – the Nikkei Stock, unemployment rate, foreign exchange rate, gross domestic product (GDP), and inflation rate – in a pre-and-post analysis. The implementation of negative interest rates was in response to conventional monetary policy having little to no effect after the financial crisis of 2008. The Bank of Japan was not the first central bank to implement negative interest rates; however, it is only one of six central banks to do so. For this reason, literature in unconventional monetary policy, specifically negative interest rates, is limited. In this paper, we find evidence that movements in the Nikkei 225 Stock, the exchange rate, unemployment, and GDP coincide with movements expected under conventional monetary policy. We also find evidence of statistically significant impact on GDP and unemployment. However, we could not find evidence it had an effect on the inflation rate. Overall, this paper finds that the unconventional monetary policy of negative interest rates followed similar movements as that of conventional monetary policy.

Copyright of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekonomik Yorumlar is the property of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekomomik Yorumlar 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 measures and compares the performance of GCC conventional and Islamic banks in terms of total factor productivity growth (TFPG) before and after the 2008 financial crisis. The sources of TFPG are technical change, size economies, and observed asset growth. Technical change and size economies are measured by estimating a translog cost function and factor share equations. Results show that Islamic banks outperformed conventional banks overall and across different sizes. To the extent that product and process innovation improves TFPG, Islamic banks have weathered the 2008 financial crisis by being more innovative than conventional banks. [ABSTRACT FROM AUTHOR]

The Financial Crisis, which broke out in the US due to the mortgage bubble, had spread through financial channels to core countries. The periphery countries that weren’t fully integrated into the financial markets had been influenced via economic ways, indirectly. However the crisis -spreading on a global scale- had had negative impacts on all countries and had led to changes in the economic policies of states. One of the possibilities of the crisis was for it to turn into a cyclical crisis because of its reach throughout the whole world and the failure of economic policies -applied to one after another- in the preventing of the spread and impact of the crisis in a short time, resulting in economic and neoliberal policies being questioned. The periphery economies, being economically affected by the crisis, had to assume many economic costs due to mortgage loans in the US, which had nothing to do with them. In the study, through the examples of Brazil and Turkey within the framework of these discussions, the implication of economic policy has been examined for periphery countries. In the study, the way in which both countries were affected by the crisis has been evaluated through net capital flows, foreign direct investments, foreign trade data, and main economic indicators. Although neoliberal policies, which pushed both countries towards this process, had added them to the global economic system, they had to apply Keynesian policies because neoliberalism had become inadequate in exiting the crisis. In the conclusion of the study, policy proposals have been made for getting out of the crisis by discussing the ineffectiveness of the economic policies that had been implemented.

This study examines whether the dynamic relationship between the Chinese and international fossil markets changed during the 2008 financial crisis and is changing during the COVID-19 pandemic. The impact of the crises are analyzed by including the periods affected by the crises as dummy variables in the VAR and VECM models. Monthly data for the 2000:1-2020:12 period were used in the study. Our results suggest that the effects of the COVID-19 on the linkages between the Chinese and international fossil fuel markets are not as evident compared to the 2008 financial crisis. The study identifies that the effects of the 2008 financial crisis and the COVID-19 pandemic on the linkages are mostly driven by the impacts of these crises on the Chinese fossil fuel markets. The study indicates the importance of controlling the risk involved in the Chinese fossil fuel market when events like the 2008 financial crisis and the COVID-19 pandemic are changing the linkages between the Chinese and international fossil fuel markets. [ABSTRACT FROM AUTHOR]

This article claims that—notwithstanding limitations—in environmental cooperation with China Europe has been effective in projecting international norms that China has shown interest in embracing. On the one hand, European normative power effectiveness is due to its power of example in global environmental issues and Beijing’s acknowledgement of Europe’s leading global role in this area. On the other hand, it is a result of Beijing’s recognition of the urgency of the issue domestically, indispensable to secure further economic growth and global influence. This suggests the relevance of the power of domestic interest to Beijing’s approach towards international cooperation with international standards as pursued by Europe. Persisting limitations to Europe’s effectiveness, however, include the normative divergence burdening relations with China, and its fragmented governance system. In addition, the economic, political and social problems Europe is facing following the 2008 financial crisis have challenged its global standing, constraining its normative ambitions concerning China.

This commentary seeks to summarize, assess, and make integrated sense of three scholarly works that, together, help to shed light on the discussion regarding central banks' scope, mandate, power, and independence. The issue is clearly relevant in comparative politics as one building block to evaluate both state capacities to manage the domestic economic environment routinely and the global crises faced recently. Within a period of 13 years, central banks across the world were at the center of the response to two different but highly devastating crises. The level of power enjoyed nowadays by central banks is, to a large extent, an outcome of the evolution following the 2008 crisis, which better equipped these institutions to provide some necessary economic policy interventions in 2020. The articles here reviewed are fine contributions to empirical observation and future research in this area. [ABSTRACT FROM AUTHOR]

This article discusses the thought of the contemporary French philosopher and economist Frédéric Lordon and analyses his responses to the 2008 global financial crisis. The key focus is on a play in alexandrine verse that Lordon wrote about the crisis, D'un retournement l'autre: comédie sérieuse sur la crise financière (2011). The article contextualizes the play and situates it within Lordon's wider intellectual project, which draws on Marx and Spinoza to provide a political theory of affects. I compare the ways Lordon explains the derivative finance at the heart of the subprime crisis in both his play and his economic writings. My discussion centres on the concepts of affect and image in Lordon's attempt to explain the crisis to the public, in whom Lordon wants to inspire the desire for political change. I conclude by asking critically how useful Lordon's theory and literary work are in a time of crisis. [ABSTRACT FROM AUTHOR]

Many market technicians claim that technical rules are effective more in bear markets than in bull markets. Using the 2008 financial crisis as the backdrop for testing, this study investigates how effective they are in the stock markets of Hong Kong, Korea, Singapore and Taiwan. Accordingly, this study performs three tasks. First, it examines the transmission mechanism of stock market movements between the U.S. market and the four Asian markets using vector autoregression. Second, it employs three technical rules - simple moving average, dual moving average, and trading range break - and evaluates their effectiveness in the four markets. Third, it uses the bootstrap method for statistical inferences about the returns from using these technical rules. This study concludes with some important policy implications for the four Asian markets. [ABSTRACT FROM AUTHOR]

This paper seeks to place the explosion of popular interest in empathy within a specific historic context: the financial crisis of 2008. The financial crisis, and the years of economic recession that followed, led to a general discontent with the neoliberal system. The paper argues that key texts of the post-crisis discourse of empathy tapped into this malaise by advancing a radical critique of the neoliberal worldview on the basis of care theory. However, the embrace of global empathy ironically became entangled with the ethos of neoliberal globalism that it sought to supersede. The post-crisis vision of an empathetic world thus ended up reinforcing the very paradigm it critiqued. The paper posits that the awkward alliance between the ethos of empathy and the neoliberal imaginary may explain the recent backlash of popular aversion to the discourse of empathy and its rejection in present-day politics. [ABSTRACT FROM AUTHOR]

In Spain, the 2008 financial crisis exacerbated pre-existing economic and social inequalities. Unemployment skyrocketed, poverty increased, and many people were evicted. In response, Spaniards joined together in solidarity. Movements such as 15-M denounced the neo-liberal policies and corruption that led to the crash and called for change. This article explores how post-2008 Spanish cultural works were another form of resistance that encouraged social mobilization in response to the crisis. The article employs Los primeros días de Pompeya by María Folguera (2016) as a paradigmatic example of how art elicits emotional responses from the spectator that encourage transformation through social mobilization. [ABSTRACT FROM AUTHOR]

This article aims to calculate the quarterly default rate of customers loans in the UK for different simulated stress-scenarios based on a macro-economic model. These simulations are from Q1 2019 until Q4 2023. The simulated default rates are compared to default rates from the 2007–2009 crisis. In addition to this, the uplift, elasticity and level of extremeness of a simulated default rate were also computed. This paper employed a systematic literature review methodology in order to gather knowledge about the available literature about the topic. The data analysis component of this project was divided into three different parts: 1) Monte Carlo simulations were used in order to simulate stress macro-economic conditions, 2) back-transformation was employed in order to calculate the default rate, which was calculated in function of the macro-economic variables, 3) a visualisation dashboard containing the results, built using R Shiny. Scenarios 1, 2 and 3 show a 30%, 3%, and 4% default rate increase, respectively, between Q4 2023 and the 2007–2009 economic crisis. Our research might be relevant for banks and stakeholders to assess how certain scenarios will affect the default rate and the macro-economic environment for sustainable economies. Furthermore, the findings can be used to validate or invalidate macro-economic models.

To find out if gold remains to be unlinked with the crude oil market after the 2008 financial crisis, we investigated how long-run price linkages and price causalities among crude oil and gold markets changed before and after the crisis. To have a good reference, we also tested the same issue for the oil-platinum relationship. Using the cointegration methods, we found little evidence that gold began to have a price linkage with the crude oil market after the 2008 financial crisis. Conversely, we identified a long-run relationship between the crude oil and platinum markets after the crisis. Hence, we found that compared to the platinum market, the gold market remained unlinked with the oil market after the 2008 financial crisis indicating that it continued to be independent of the crude oil market.

Selected non‐methane hydrocarbons (NMHCs) obtained from long‐term operation of the Photochemical Assessment Monitoring Stations (PAMS) in Taipei allowed for the assessment of the effectiveness of emission control measures on ozone precursors from 2007 to 2016. Despite the very pronounced diurnal and seasonal cycles of all the 51 target compounds, almost all species showed various degrees of declining trends over the decade. When dividing the 51 compounds into five groups of alkanes, alkenes, ethyne, aromatics, and isoprene, the decadal trends are assessed as −0.7 ± 0.8, −0.3 ± 0.1, −0.02 ± 0.14, −1.9 ± 1.2, and − 0.09 ± 0.02 ppbC year−1, respectively. Meanwhile, as evidenced by multiple NMHC ratios as effective indicators of atmospheric photochemical conditions, a trend of gradual lessening in the degree of photochemistry over time was noticed. Air masses in Taipei are suggested to be increasingly more contributed by local emissions and less affected by mixing with transboundary or long‐range transported influences. Key Points: Significant declines of non‐methane hydrocarbons were observed in Taipei as an East Asian representative metropolis from 2007 to 2016A concentration decrease of 15.8% coincides with the drop in fossil fuel sales in 2008, in association with the great economic crisisThe influences of long‐range transported air masses from East Asia on Taiwan have lessened over time [ABSTRACT FROM AUTHOR]

Copyright of Journal of Accounting Review is the property of Journal of Accounting Review 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 find out if gold remains to be unlinked with the crude oil market after the 2008 financial crisis, we investigated how long-run price linkages and price causalities among crude oil and gold markets changed before and after the crisis. To have a good reference, we also tested the same issue for the oil-platinum relationship. Using the cointegration methods, we found little evidence that gold began to have a price linkage with the crude oil market after the 2008 financial crisis. Conversely, we identified a long-run relationship between the crude oil and platinum markets after the crisis. Hence, we found that compared to the platinum market, the gold market remained unlinked with the oil market after the 2008 financial crisis indicating that it continued to be independent of the crude oil market. [ABSTRACT FROM AUTHOR]

VZA (Veri Zarflama Analizi) modelleri ile yapılan etkinlik ölçümü çalışmalarının önemli bir bölümü, bankacılık sektörü üzerinde gerçekleştirilen çalışmalardan oluşmaktadır. VZA modeli sonucu elde edilen bulgular, etkin olmayan bankaların, etkin olabilmeleri için almaları gereken karşı önlemleri net bir şekilde ortaya koymaktadır. Etkinliğin zaman içerisindeki seyrini, ilgili dönem içerisinde etkinlikte meydana gelen değişimleri gözlemlemek ve bu değişimlerin sebeplerini analiz etmek üzere de VZA’nın farklı modelleri kullanılmaktadır. Bu çalışmada da, 2008 küresel kriz sürecinde, Türkiye Bankacılık Sektörü etkinlikleri, Çok Kriterli VZA ve Malmquist Üretim Endeksi modeli yardımıyla ölçümlenmiştir. 2008-2010 döneminin incelendiği çalışmada, ÇKVZA modeli etkin bankaları kendi içerisinde sıralamaya olanak sağlarken, Malmquist üretim endeksi modeli ise kriz sürecinde bankaların etkinliklerinde meydana gelen değişimleri ve sebeplerini ortaya koymayı amaçlamaktadır. Çalışma sonucunda elde edilen bulgular, 2008 küresel finansal kriz sonrası Türkiye bankacılık sektöründe, önemli birtakım değişimler olduğunu ortaya koymaktadır. Bankacılık sektörü etkinlik değerlerinin, 2008 yılından 2009 yılına geçişte %36 oranında (ortalama) arttığı, 2010 yılında ise 2009 yılına göre yaklaşık %79 oranında azaldığı görülmektedir. Takipteki krediler girdisindeki önemli artışlar ve net faiz geliri ve faiz dışı gelirler çıktılarındaki keskin düşüşler, etkinlik değerlerinde önemli değişimlere/dalgalanmalara sebep olmuştur. Olumsuz teknolojik değişim, bankaların girdilerini ya da kaynaklarını, çıktıları üretmekte etkin biçimde kullanmadıklarının bir göstergesidir. Teknolojik değişimin, kriz sonrasında mikro, küçük, orta ve büyük ölçekli bankalar üzerinde olumsuz bir etkisi olduğu da çalışma kapsamında elde edilen bir diğer önemli bulgudur.

This article claims that--notwithstanding limitations--in environmental cooperation with China Europe has been effective in projecting international norms that China has shown interest in embracing. On the one hand, European normative power effectiveness is due to its power of example in global environmental issues and Beijing's acknowledgement of Europe's leading global role in this area. On the other hand, it is a result of Beijing's recognition of the urgency of the issue domestically, indispensable to secure further economic growth and global influence. This suggests the relevance of the power of domestic interest to Beijing's approach towards international cooperation with international standards as pursued by Europe. Persisting limitations to Europe's effectiveness, however, include the normative divergence burdening relations with China, and its fragmented governance system. In addition, the economic, political and social problems Europe isfacingfollowing the 2008 financial crisis have challenged its global standing, constraining its normative ambitions concerning China. [ABSTRACT FROM AUTHOR]

Neoliberal capitalism has faced severe criticism both in principle and in practice since the Lehman Shock in 2008. The purpose of the paper is to identify and explain how the current mode of neoliberal capitalism redefines and reshapes the societal roles of the university sector in neoliberal capitalist societies, notably the UK and the US in the post-credit crunch period. The paper examines capital-labour relations in relation to the concept of capitalism, which is then interpreted in the context of the socio-economic roles of the universities. This paper argues that the 2008 financial crisis per se has not removed government expectation of the economic role of the universities, which has been shaped in government neoliberal policy and practice over three decades and lately developed in relation to the discourse of the knowledge economy. The effect of 2008 was rather the rise of ontological insecurity, the loss of credibility in degrees and awareness on problematic graduates' transition from university to work in a secure, managerial or professional occupation, as new dominant political discourses such as 'lost generation', 'youth unemployment' and 'living wage' suggest. This paper clarifies the differences between higher education access and graduate employment opportunities. [ABSTRACT FROM AUTHOR]

An introduction is presented which discusses articles within this special issue focused on discrete architectural design which includes topics such as automation, computational architects, and the philosophy of discrete architectural design.