Search

The main purpose of this article is to analyze the labor market integration of documented and undocumented skilled Mexican immigrants in Los Angeles Metropolitan region during the global recession of 2008. To this end, we use a mixed methodological approach. From the quantitative perspective, we analyze data from the American Community Survey. The qualitative approach includes 20 open-ended interviews with Mexican skilled immigrants. The main findings reveal that skilled immigrants were not negatively affected by the global recession. In addition, legal immigration status turned out to be the most important factor in differentiating those who obtained a skilled occupation and those who did not. However, some immigrants, including those who were undocumented, were able to strategically use their investment in human capital and their access to professional social networks in order to obtain professional occupations. [ABSTRACT FROM AUTHOR]

Changing economic situation of a country affects working capital by influencing lenders' financing abilities, firms' business activities, and managers' decisions. Hence, this paper explores the influence of macroeconomic factors in the relationship between working capital financing and firm performance over the period of 2000–2018. Applying the two‐step generalized methods of moments, we found a non‐linear and inverted U‐shaped relationship between working capital finance (WCF) and firm performance, significantly influenced by the macroeconomic indicators that is, gross domestic product (GDP) growth, Inflation rate, and interest rate. We segregated the data regarding the global financial recession period 2008–2010 and disclosed that the non‐linear and inverted U‐shaped relationship between WCF and firm performance turns to linear and negative during this recession period. We also evaluated the role of GDP growth, inflation, and interest rate in WCF and firm performance relationship during the global recession and found that these factors do not influence the nexus during this period. Firm managers, lending agencies, and researchers may use these results in choosing the best financing options in working capital under the changing situation of macroeconomic factors. The WCF and firm performance analysis during the global recession period (2008–2010) may be the best prediction model for the current financial crisis caused by COVID‐19. [ABSTRACT FROM AUTHOR]

This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis –like that unleashed in 2008–. An updated assessment of the evidence in this respect is developed, through a review of available empirical studies and analysis of the outcomes -in terms of recovery of economic activity- of having applied one and the other 'competing' economic policies. The approach focuses on the causal relationships involved, mainly between variations in public spending/fiscal deficit and changes in economic activity's indicators. [ABSTRACT FROM AUTHOR]

This article examines the dynamics of unemployment, poverty and inequality in South Africa post-1994, which marks the year in which South Africa became a democracy. The study employs exploratory analysis mainly to delve into the South African government's capability of redressing past injustices. The analysis provides an overview of the government's strengths and weaknesses on unemployment, poverty and inequality considering its overarching economic policies. The findings show that since the advent of the new democratic dispensation, the government has developed policies that have focused on the alleviation of unemployment, poverty and inequality. Nevertheless, since 1994, attempts by the South African government to alleviate these problems have yielded limited success. Based on the findings, this study recommends that the policymakers for the country should prioritise the enforcement of the current economic growth-led policies that have the prospect of reducing poverty, unemployment and inequality. While the focus is on economic growth-led policies, the study further recommends that care should be taken to narrow the income inequality gap. [ABSTRACT FROM AUTHOR]

After the COVID-19 pandemic-induced global recession of 2020, the Republic of Serbia achieved one of its highest growth rates in 2021 in the past two decades of transition, that rate being 7.5% (only in 2004 was a higher 9% growth rate achieved). At the beginning of 2022, however, Europe was faced with a new global upheaval caused by war in Ukraine with unpredictable economic consequences. Inflationary pressures have been increasing, primarily due to the strong growth of energy and food prices. The effects of global recessions reflect in the slowdown in structural reforms in all transition economies. The paper investigates the structural performance of the growth of the Serbian economy between the global recession and the slowdown in growth. A special accent is placed on the analysis of structural problems, the solution of which was in the shadow of economic growth.

The recent string of adverse global shocks (financial crisis, trade war, COVID‐19, Ukraine war) poses a potential challenge to the well‐known welfare enhancing effects of globalization, necessitating a better understanding of the longer run globalization‐crisis linkage as opposed to its shorter run effects. Focusing on the Great Recession, we discover an evolving role of trade and financial openness from one that propagates and deepens the negative effects of crises to one that confirms its well‐established contributions. Key to this is generating counterfactual output for open countries as if they were closed and examining the comparative impact of the crisis. [ABSTRACT FROM AUTHOR]

Considering the issue of recession, one can come to the conclusion that this concept arises consistently and is caused by many factors. At the moment, there is a very big dispute among many scientists regarding the probability of a global recession in the whole world. This is preceded by many factors, the main of which is Russia’s terrorism against Ukraine. This article is devoted to the study of the concept of «recession» and its causes. It also examines the concept of the «economic cycle» and examines the types of causes of recession. The reasons that can cause the current global recession are considered, including Russia’s war against Ukraine, the decision of OPEC+, which is reflected in the fall in oil prices, and the third factor is the fall of the world’s three largest economies. The impact of Russian aggression on the world economy is analyzed. Fluctuations in oil prices and peculiarities of the decisions taken by the Organization of Oil Exporting Countries have been studied. The article considers three largest economies of the world, the USA, the EU and China, their development at the current stage, the level of inflation and their reaction to a possible recession, the reasons that precede the occurrence of recession. Conclusions were made regarding the threats of recession for Ukraine, including the drop in prices for raw materials, the decrease in financial aid from other countries, and the decrease in foreign investments. Analyzing the probability of the onset of recession, you cannot get a 100 % result, but according to the assessment, even if it occurs, it will not be long enough and almost imperceptible to the population. Considering the Ukrainian economy specifically, the negative impact of the recession will be much less than that of the Russian invasion.

This research explores the specific parts of constant exchange conflict between the US and China, with a particular interest on its implications for the global economic politics. The world supply chain has been significantly disrupted as a result of the trade dispute, which has been marked by a series of tariff impositions and retaliatory measures that have impacted a variety of industries. The trade war has made cybersecurity risks, forced technology transfers, and theft of intellectual property even more of a concern. Prices have gone up and supply chain blockages have occurred as a result of tariffs imposed by both nations on essential technological goods like consumer electronics, telecommunications equipment, and semiconductors. Innovation and expansion in the technology sector have been further hampered by restrictions on cross-border collaborations and investments. In addition, the trade war has leading transnational organizations to re-examine their manufacturing and sourcing reliance on China. Expanding their supply chains by looking for new markets and alternative production sites has been an option for many businesses. Investors, stakeholders in the industry, and policymakers all need to keep a close eye on the changing dynamics if they want to navigate the complexities, come up with plans to reduce risks, and take advantage of potential opportunities. [ABSTRACT FROM AUTHOR]

Copyright of Economic Horizons / Ekonomski Horizonti is the property of Economic Horizons 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 aim of this paper is to investigate the growth dynamics of 20 larger Croatian cities, macro-regional and regional centres, in order to indicate changes in their competitiveness. The analyses were carried out for three relevant periods: the period of growth before the global recession (2001-2008), the period of the global recession (2009-2014) and the recovery period of the Croatian economy (2015-2019). Employment is one of the most important indicators of economic growth, so employment dynamics data were used in the analyses. The paper points to differences in employment growth of individual Croatian cities compared to the national average and seeks to determine whether this growth is the result of the action of structural (exogenous) factors or local (endogenous) factors. Therefore, a shift-share analysis was carried out, resulting in calculations of the regional, structural, and local factors. It found that in the years before the recession, larger cities had on average much stronger employment growth than the Croatian average. In the pre-recession period, the local factor played an extremely important role in shaping employment growth; in most cities, it was more significant than the structural factor. When the recession hit, larger cities saw a drop in employment of about the same intensity as at the state level, while in the post-recession period they had a slightly slower recovery compared to the Croatian average. In the recession period, there was a sharp decline in the local competitiveness of cities, whose significant recovery in the post-recession period has so far been absent. The number of cities that are above the national average in terms of employment dynamics was decreasing. Above-average growth was achieved during all three relevant periods only Split, Zadar, Dubrovnik, and Varaždin. In all three periods, Split, Zadar, Slavonski Brod, and Varaždin had local competitive advantages.

The importance of the textile industry in the economy of Egypt is very high. The garments manufacturing sector contributed 3% to GDP, employed about one-third of the industrial labour force and provided annual exports worth around $2.6bn, accounting for 15% of all non-petroleum exports. (1) one of the impoverished nation's biggest industries. Currently this industry is facing great challenges in its growth rate. The major reasons for these challenges can be the global recession, unfavorable trade policies, internal security concerns, the high cost of production due to increase in the energy costs, different safety issues, etc. Depreciation of Egyptian Pound that significantly raised the cost of imported inputs, rise in inflation rate, and high cost of financing has also effected seriously the growth in the textile industry. As a result neither the buyers are able to visit frequently Egypt nor are the exporters able to travel abroad for effectively marketing their products. (Egypt’s Qualified Industrial Zone (QIZ) programme, allows products manufactured in an Egyptian QIZ to be exported to the US at a tariff rate of zero. the textile and clothing industry has taken the greatest advantage of the programme, exporting more than $800m worth of woven and knitted clothing to the US in 2014. In 2011 over 95% of Egypt’s QIZ exports consisted of garments and linens) (2) With an in-depth investigation it was found that the Egyptian textile industry can be brought on top winning track if government and others individuals takes serious actions in removing or normalizing the above mentioned. Additionally, the government should provide subsidy to the textile industry, minimize the internal dispute among the exporters, (The US remains the most popular export destination for Egyptian textiles, receiving 53.5% of ready-made garments, followed by the EU, with 31.7%) (3), The country should withdraw the withholding and sales taxes etc. Purchasing new machinery or enhancing the quality of the existing machinery and introducing new technology can also be very useful in increasing the research and development (R and D) related activities that in the modern era are very important for increasing the industrial growth of a country.

The world is passing through the most difficult exogenous crisis in the history, which severely affects its stability in the long term, risking an uncontrolled slide into uncertainty. Compare to 2008 global financial crisis generated by non-performing loans and their securitization, the new corona virus (COVID19), which appeared in China in late 2019 and turned into an epidemic since January 2020, has severely affected the entire world economy. The pandemic is imposing a heavy burden on individuals and societies and putting health care systems under severe strain. It is obvious that the pandemic will pass, especially in the context of COVID-19 vaccines authorised in the EU following the positive recommendation of the European Medicines Agency for a conditional marketing authorisation for the BioNTech and Pfizer vaccine, Moderna, Johnson and Johnson and Astrazeneca too, but it will leave behind a severe economic crisis. The study is trying to present the main causes and characteristics of the crisis, with special attention to its impact on Romania, which has witnessed an economic downturn in the first half of 2020, registering a decline in Hospitality industry, manufacturing, distribution (other than consumer goods) and transport. To deal with high budget, Romania issued 3,3 billion euros worth of bonds at the end of May 2020. But, in the long term, the external debt burden is increasing, the sustainable development of Romania facing new risks arising from both the global crisis and the internal vulnerabilities.

The aim of this paper is to investigate the growth dynamics of 20 larger Croatian cities, macro-regional and regional centres, in order to indicate changes in their competitiveness. The analyses were carried out for three relevant periods: the period of growth before the global recession (2001-2008), the period of the global recession (2009-2014) and the recovery period of the Croatian economy (2015-2019). Employment is one of the most important indicators of economic growth, so employment dynamics data were used in the analyses. The paper points to differences in employment growth of individual Croatian cities compared to the national average and seeks to determine whether this growth is the result of the action of structural (exogenous) factors or local (endogenous) factors. Therefore, a shift-share analysis was carried out, resulting in calculations of the regional, structural, and local factors. It found that in the years before the recession, larger cities had on average much stronger employment growth than the Croatian average. In the pre-recession period, the local factor played an extremely important role in shaping employment growth; in most cities, it was more significant than the structural factor. When the recession hit, larger cities saw a drop in employment of about the same intensity as at the state level, while in the post-recession period they had a slightly slower recovery compared to the Croatian average. In the recession period, there was a sharp decline in the local competitiveness of cities, whose significant recovery in the post-recession period has so far been absent. The number of cities that are above the national average in terms of employment dynamics was decreasing. Above-average growth was achieved during all three relevant periods only Split, Zadar, Dubrovnik and Varaždin. In all three periods, Split, Zadar, Slavonski Brod and Varaždin had local competitive advantages. [ABSTRACT FROM AUTHOR]

A series of financial crises in the last thirty years, among other things, serves as a reminder of the importance of financial stability. Therefore, preserving the financial system's stability, especially its most important segment - the banking sector, is the principal goal and the most significant challenge faced by the macro-prudential and economic leaders. The benefits of financial stability are manifold, starting from creating favourable circumstances for business and providing security for participants in the financial market to increased efficiency of financial intermediaries and better allocation of limited resources. Also, the greater resilience of the financial system and its ability to absorb financial and economic disruptions facilitates the achievement of other economic policy objectives. Starting from the position that financial stability is one of the fundamental preconditions for sustainable economic growth, this paper aims to analyse and assess the impacts of the global 2008 recession and the COVID-19 pandemic on the stability of the Serbian financial system. [ABSTRACT FROM AUTHOR]

This theoretical paper aims at reviewing and forecasting the possible economic after-impact of COVID-19 worldwide. It is entirely based on published sources such as articles, online and print information (e. g. information published on newspapers, Internet and different TV channels). The long last economic impact this viral outbreak is yet to be known as such dreadful news will possibly show up only after once it slowed down or completely wiped out although some of them have already been visible. In this paper, the author predicts three possible scenarios that the world economy might face. He has also provided some action recommendations for the individual Governments and economic organizations in order to reduce (as such loss cannot be prevented completely) the after-effects of such deadly catastrophe that shows up once in a century. The paper is expected to assist as a baseline for further research attempts to be made regarding the economic impact of COVID-19 by the academicians and guide the policy makers to make some recovery plans.

Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns. [ABSTRACT FROM AUTHOR]

The world is passing through the most difficult exogenous crisis in the history, which severely affects its stability in the long term, risking an uncontrolled slide into uncertainty. Compare to 2008 global financial crisis generated by non-performing loans and their securitization, the new corona virus (COVID19), which appeared in China in late 2019 and turned into an epidemic since January 2020, has severely affected the entire world economy. The pandemic is imposing a heavy burden on individuals and societies and putting health care systems under severe strain. It is obvious that the pandemic will pass, especially in the context of COVID-19 vaccines authorised in the EU following the positive recommendation of the European Medicines Agency fora conditional marketing authorisation for the BioNTech and Pfizer vaccine, Moderna, Johnson and Johnson and Astrazeneca too, but it will leave behind a severe economic crisis. The study is trying to present the main causes and characteristics of the crisis, with special attention to its impact on Romania, which has witnessed an economic downturn in the first half of 2020, registering a decline in Hospitality industry, manufacturing, distribution (other than consumer goods) and transport. To deal with high budget, Romania issued 3,3 billion euros worth of bonds at the end of May 2020. But, in the long term, the external debt burden is increasing, the sustainable development of Romania facing new risks arising from both the global crisis and the internal vulnerabilities. [ABSTRACT FROM AUTHOR]

The aim of this paper is to assess how the outbreak of the new coronavirus led to the contamination of major industries in the global economy and how the rapid political and fiscal response of several governments triggered and prolonged the recession while trying to save the lives of citizens. We also investigated the effect of social distance policies on the level of economic activities and on the prices of stock indexes. Data were collected from stock exchanges on four continents: North America, Africa, Asia and Europe. We extracted information from the stock market on the closing price (PF), lowest price (PB) and highest price (PMA) of the main stock market indicators on the four continents: the FTSE 500 index (United Kingdom); SP 500 (USA); Nikkei 225 (Japan); and the SA Top 40 index (South Africa). In the estimates, we adopted the natural logarithm of each price data to reduce the asymmetry observed in the distribution of stock price data. We concentrated the analysis in the period from January to May 2020, when the coronavirus started to spread to other countries and international markets. We empirically examine the impact of social distance policies on economic activities and stock market indices. The findings reveal that the increasing number of blocking days, monetary policy decisions and international travel restrictions have severely affected the level of economic activities and the closing, opening, lower and higher share prices of the main stock indexes. On the other hand, the restriction imposed on the domestic movement and the increase in spending on fiscal policies had a positive impact on the level of economic activities, although the growing number of confirmed cases of coronavirus virus did not significantly affect the level of economic activities. The discussion in this article contributes to the literature on financial crisis (eg, Allen & Carletti, 2010; Mian & Sufi, 2010; Stiglitz, 2010; Jagannathan, Kapoor & Schaumburg, 2013), as it shows that non-financial and / or non-economic factors they can trigger financial and economic collapse in unprecedented ways. [ABSTRACT FROM AUTHOR]

The COVID‐19 pandemic broke out at a time when there were heightened uncertainties in the global economy. Understanding these uncertainties provides an important background for analyzing the impact of the pandemic on the global economy, assessing the effectiveness of policy measures in combating the pandemic and reviving the global economy, and predicting the trajectory of the economic recovery in the post‐pandemic era. We analyze how COVID‐19 would likely deepen an existing malaises in the global economy, and what could be done to address these problems while managing the economic recovery. We argue that three fundamental factors that could lead to a solid recovery in the post pandemic era are structural reform, new technology and re‐integration. They could be managed by instituting a new "global social contract." Supported by strong public policies at all levels, especially at national level, these three factors could bring about the salvation of the global economy as it recovers or re‐emerges from the pandemic crisis. [ABSTRACT FROM AUTHOR]

The financial crises of 2007-2008, caused wide-spread falling output and unemployment, in the affected countries and also globally. The severity of the recession was such that it was called the “Great Recession”. As a result of an increase in demand from China and India, at the same time, oil prices rose significantly. The empirical results from this study show that oil price changes negatively affected global growth rate in the 1970s but not in the 1990s and 2000s. These results suggest that the Great Recession in 2008 that initiated by the financial crises, was independent of a significant rise in oil prices.

The huge diversity in family life and living arrangements across the globe has far‐reaching implications for the ways in which families are supported and family justice is administered. Given the serious concerns about the number of relationships that break down and the potentially detrimental impacts on children and their parents, it is essential to understand the triggers threatening the stability of couple relationships, including the financial stresses caused by the recent global recession and accompanying fiscal austerity. Since family relationships are central to the psychological, emotional, social, and economic well‐being of adults and children everywhere, policy makers and practitioners should collaborate across international boundaries to develop interventions that promote family well‐being, secure the best interests of children, and ensure the conditions and systems in which families can thrive. Key Points for the Family Court Community: Family life and family living arrangements are continuing to change.Diversity in family structures means that family justice and relationship support systems need to adapt and respond.Good‐quality family relationships, regardless of the structures they take, are essential for children's and adults' well‐being.International collaboration between practitioners and policy makers across jurisdictions and across sectors is vital to support family relationships and protect children's and adults' well‐being. [ABSTRACT FROM AUTHOR]

In the article the reinsurance market during the global recession. Reinsurance market and its place in the global insurance space were studied. The nature of reinsurance market and peculiarities of its development were considered. Author determined the processes of capitalization on the global reinsurance market, defined the process of the reinsurance market establishing and its cycles of development. Current state of domestic and foreign reinsurance market and its trends during the global recession were disclosed. The mechanism of the reinsurance on global reinsurance market was reviewed. The prospects of the domestic reinsurance market development were discussed. Integration processes of Ukrainian reinsurance globalization were defined.

Risk is inherent to the pursuit of opportunity. This paper draws on the recent literature and looks at the risks and opportunities firms and their workers face in the global value chains. First, it examines the sharing mechanisms that firms provide from the national and global perspectives; second, it takes a closer look at the new opportunities and challenges for firms and individuals in the global arena; third, it discusses the role of economic upgrading and social upgrading; and finally it sheds light on how the government can help people manage risks and reap the benefits of participation in global value chains.

During the process of social and economic transition in the SEE countries numerous non-governmental organisations found a fertile ground for their activities. In spite of unstable political and general conditions these organisations have managed to survive and contribute to the creation of social capital. Non-governmental organisations have gradually become efficient subjects of civil society (or the third sector) and their role in the processes of social and economic transition of post-communist societies was recognized and accepted by all the social participants, both domestic and from abroad. It is generally assumed that the turbulent processes of social and economic transition of these countries would have probably had a different course without the social engagement of non-governmental organisations that catalysed and amortized the social processes in which they took part. The main goal of this paper is to point out the importance of applying the marketing concept integrated into the crisis management of non-governmental organisations (NGOs) in transitional countries of South-Eastern Europe (SEE) during the economic recession starting in 2008. Although the main purpose of marketing is to secure the organisational survival on the public scene, this is also an opportunity for non-governmental organisations to additionally profile themselves and improve the image they have in society.