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Global financial crisis : implications for ASEAN -- Contents -- Preface -- Global Financial Crisis and Implications for Asean -- Commentaries: In Response to lead article, "Global Financial Crisis and Implications for ASEAN", by Masahiro Kawai -- Commentary: Charles Adams -- Commentary: V. Anantha-Nageswaran -- Commentary: Michael Lim Mah Hui -- Commentary: Pradumna B. Rana -- Commentary: Lim Chin -- What ASEAN Must do to Cope with the Crisis: Act Together to Maintain Confidence in the Underlying Strength of the Region's Economies -- About the Contributors.

Global financial crisis and its evolution on current world, as each state seeks to manage the global economy in order to protect its citizens from major financial setbacks in the future, become more and more popular issue. The global financial crisis destroys the real estate and financial markets, causes different countries coming into recession, which later has to be overcome not at individual but at larger effort. Most of the time of recession governments must borrow from international institutions, in order to save the country and the commercial banks not letting them to go bankrupt. In the term of financial crisis many people lose their money that has been invested not only in securities but also in the real estate and the unemployment rate begins to grow in leaps. The financial crisis is not just a phenomenon of the last decade. 81 till the Second World War and 182 after the Second World War financial crises, of which ten in one way or another affected the whole world, promote analysis of the attributes between these crises, in order to avoid massive losses across the global economy in the future. The article analyzes the key global financial crises in the last three centuries. The same causes of these crises, the effects and the assumptions enable discussion that the crisis is repeated cyclically. Therefore, one of the stages of the economic business cycle is the crisis. Each country business cycles are manifested in different ways, but during to the impact of globalization after the boom period in the markets, the financial asset price bubbles always burst, letting the crisis affect all the states and therefore causing an occurrence of global financial crisis, classified as a large-scale financial crisis type. Although the biggest global financial crisis happened in different centuries and in different economic conditions, respectively, in 1929 and 2008, there could be seen multiple interfaces between these crises. The central bank is responsible for a stable financial system in the country and in order to effectively manage it, central bank can apply different means of financial stability maintenance, including preventive, administrative and systematic liquidation assistance. DOI: https://doi.org/10.15544/ssaf.2012.27

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The Global Financial Crisis is now widely acknowledged to be the most severe economic downturn since the 1930s. It is unique not only in its gravity and scope, but also in its underlying causes and wider social, political, and economic implications. It continues to generate heated debate amongst economists, historians, pundits, political scientists and the general public. But is has been by and large neglected by philosophers and professional ethicists. Global Financial Crisis: the Ethical Issues begins to remedy this neglect. -- Publisher description.

The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.

This collection gathers experts from Africa, North America, Asia and Europe to examine international policy responses to the 2008 global financial crisis. In doing so they reveal the implications for international cooperation, coordination and institutional change in global economic governance, and identify ways to reform and even replace the architecture created in the mid 20th century in order to meet the global challenges of the 21st.

pt. 1. Introduction -- pt. 2. Solutions in America and Asia -- pt. 3. Solutions in Europe -- pt. 4. Impacts and responses in the BRICs -- pt. 5. Impacts and responses in developing countries -- pt. 6. Innovation in global economic governance -- pt. 7. From G8 to G20 -- pt. 8. Conclusion.

This paper exams the impact of high levels of bank debt, leverage, credit obtained from government banks and cash reserves in the long and short terms investments of firms in the main Latin American countries after this crisis. For this purpose, it is applied a difference-in-differences test in a sample of more than 500 public and private firms, using hand-collected data of firms' governmental bank dependence. The review period considers five previous (2003–2007) and subsequent years (2008–2012) to the crisis. The major results are reduction of long-term investments for firms with greater banking dependence, as well as short-term investments for firms with a higher level of cash reserves. Besides, firms that are more reliant on government-owned banks reduce capital expenditures. Differently from other studies, this one examines the impact of the last global financial crisis on the firms´ investment, considering its dependence of bank debt of institutions that belongs to the government or not. Understanding the mechanisms available to emerging economies can shed light on new countercyclical policies of governments and changes in the legislations of the financial system.

The global economic crisis and governance of human mobility / Bimal Ghosh -- 2. Migration and development linkages re-examined in the context of the global economic crisis / S. Irudaya Rajan and B. A. Prakash -- 3. The global economic crisis and impact on migration from South-Asian and South-East Asian countries : what are the lessons to be learned? / Vanessa Steinmayer -- 4. The effect of the global economic imbalance on migrant workers and economies of the Gulf Cooperation Council / Olga Marzovilla -- 5. The financial crisis in the gulf and its impact on South Asian migration and remittances / S. Irudaya Rajan and D. Narayana -- 6. The Dubai model and the impact of the financial crisis on South Asian migrant workers in the United Arab Emirates / D. Narayana and Vinoj Abraham -- 7. Global financial crisis and its consequences on migrants in Qatar : macro and micro perspectives / Hrushikesh Mallick and Udaya Shankar Mishra -- 8. Global financial crisis and the migrant labour market : a study of Kuwait / K. Pushpangadan and M. Parameswaran -- 9. Low-skilled Indian construction workers in the gulf, Singapore and Malaysia : return to India, reintegration and re-migration / Auke Boere -- 10. Impact of the global recession on migration and remittances : the Kerala experience / K.C. Zachariah and S. Irudaya Rajan -- 11. Global financial crisis and return of South Asian Gulf migrants : patterns and determinants of their integration into local labour markets / Vinoj Abraham and S. Irudaya Rajan -- 12. Inclusive growth and economic crises : labour migration and poverty in India / Arjan de Haan -- 13. Food inflation and financial crisis in India : impact on women and children / S. Mahendra Dev -- 14. Migration, human rights and development / S. Irudaya Rajan and Charles Nellari -- 15. Remittances and financial participation : a household-level analysis in Kerala / Deepa Iyer -- 16. International labour migration : global words, national leads and local deeds / S. Krishna Kumar -- 17. Broadening exchanges and changing institutions : multiple sites of economic transnationalism / S. Irudaya Rajan and V. J. Varghese.

"Preface" -- "Contents" -- "Notes on Authors" -- "List of Figures " -- "List of Tables " -- "Monetary Policy Since the Global Financial Crisis" -- "1 Introduction " -- "2 Inflation Targeting" -- "2.1 Theoretical Aspects of IT" -- "2.2 Theoretical and Empirical Problems of IT" -- "3 Monetary Policy Reactions Following the GFC and GR" -- "3.1 Reaction of the Main Central Banks" -- " US Fed Reactions" -- " UK BoE Reactions" -- " EMU ECB Reactions" -- "3.2 Unorthodox Monetary Policies" -- " Quantitative Easing" -- " Zero and Negative Interest Rates" -- "4 Financial Stability" -- "5 Summary and Conclusions" -- "References" -- "Lessons on Fiscal Policy After the Global Financial Crisis" -- "1 Introduction " -- "2 Fiscal Policy as Seen Before the Financial Crisis" -- "3 First Responses of Fiscal Policy After the Financial Crisis" -- "4 Second Rounds of Responses of Fiscal Policy" -- "5 The 'Debt Scare'" -- "6 The 'Multiplier'" -- "7 Composition of Deficit Reduction" -- "8 Structural Budgets" -- "8.1 Introduction to Structural Budgets" -- "8.2 'Potential Output'" -- "8.3 Estimating 'Potential Output'" -- "8.4 'Potential Output' and Unemployment" -- "8.5 Why Do Structural Budget Deficits Persist?" -- "9 Concluding Comments" -- "References" -- "Inequality and the Need for Relevant Policies" -- "1 Introduction " -- "2 Inequality Since 2008" -- "3 Why Is There So Much Inequality?" -- "3.1 Dimensions of Inequality" -- "3.2 Structural Factors" -- "3.3 Competitive Advantage Versus Comparative Advantage" -- "3.4 A Race to the Bottom" -- "3.5 Further Distortions" -- "3.6 Mechanisms of Rent Extraction" -- "4 Rentier Capitalism Par Excellence" -- "4.1 Rent Deflation" -- "4.2 Dominance of Financial Capital" -- "4.3 Illicit Financial Outflows