Tag Archive | "financial crisis"

Financial Crisis Effect on Public Debt in Western Balkans Countries

The end of the first decade of the twenty-first century will be remembered by appearance of one of the greatest economic crisis. This time, it had a global character. The crisis has been appeared, almost unexpectedly, in the middle of 2007 in the US, but very soon it was transferred to other countries in the world as well. Very likely, it will last durably, with wide devastating consequences. The current economic crisis has made the existing unfavorable situation more complex and deepened the present imbalances and risks. The economic and financial crisis led to a strong increase in the public debt in the euro area countries, the United Kingdom, the United States and Japan. Moreover, without a change of policy, the public debt will continue to expand in most of developing countries such as Albania.
Public debt challenges are a major recurring concern across the globe. Today many countries face the prospect of high and unsustainable public debt levels amid a weak economic recovery caused by the global financial crisis that started in 2007. The impact of the crisis on public debt was immediate, severe and with potential long-lasting negative effects due to its housing roots and global reach. The basic aim of this article is to consider the effect of the current financial crisis on the movements and sustainability of the public debt in the period up to 2013.
The paper will try to analyze also the effects that public debt has on the economic growth through the examination of the main data used in this study. The results are consistent with the existing literature that has found a negative correlation between public debt and economic growth.

  Financial Crisis Effect on Public Debt in Western Balkans Countries (690.2 KiB, 1,824 hits)

Posted in Economics, Volume V, Issue no. 1

The Analysis of Limited Russian and North European Corporate Governance Standards after Global Crisis, Corporate Scandals and Market Manipulation

This paper mainly analyzes principles and standards of some international and North European corporate governance frameworks which are issued during or after the global crisis.

First, it looks at the United Nation Good corporate governance practices and analyzes its strengths and impacts on corporate governance model of a company.

Second, it compared the UN standards to generally accepted governance standards of Sovereign Wealth Funds. The paper finds out that during the global crisis time 207-2008, despite taking care of risk management, there still lacks of certain governance standards in these 2 Codes. The, it analyzes some relative good corporate governance standards in Russia and a few North European countries including: Norway and Finland.

Third, this paper provides with a short summary of evaluation of these above 2 corporate governance principles in 2 groups which can enable corporations to compare to their current codes.

Last but not least, it aims to realize a limited general set of standards of corporate governance and give proper recommendations to relevant governments and organizations. Additionally, it includes a section for recommending corporate governance for developing countries including Viet Nam.

  The Analysis of Limited Russian and North European Corporate Governance Standards after Global Crisis, Corporate Scandals and Market Manipulation (419.5 KiB, 1,228 hits)

Posted in Economics, Volume III, Issue no. 1

The Impact of National Currency Instability and the World Financial Crisis in the Credit Risk. The Case of Albania

My research paper aims at analyzing the relationship which exists between macroeconomic situation and the indicators that measure the quality of the credits in the Albanian bank system for the period 2002-2010. The results of the research work have proved the raised hypothesis that the instability of the national currency, in relation to Euro and the American Dollar, and the world financial crisis have influenced upon the systematic credit risk in Albania. First, we would like to express our evaluation about the credit portfolio characteristics and the tendency of the credit risks in our bank system, evidencing some very important moments which have affected sensibly the tendency of problematic credits. Further, we have investigated the relationship between the credit risk, which is measured by the ratio non-performing loans to total loans and some of the main macroeconomic indicators.

  The Impact of National Currency Instability and the World Financial Crisis in the Credit Risk. The Case of Albania (860.1 KiB, 2,168 hits)

Posted in Economics, Volume II, Issue no. 1

The Financial System of the New EU Member States: Experiences and Current Challenges

The current financial crisis has had a severe impact on the European financial systems, reinforcing the ongoing discussion about the scale, scope, performance, safety and soundness of the financial system and its institutions. In this context, the purpose of this research is to highlight, using an empirical approach and a quantitative analysis, the vulnerabilities accumulated by the financial systems from the new EU member states (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) during the period before the current global economic crisis broke out and to emphasize the extremely serious consequences of the current crisis on their financial systems, the interaction between the financial sector and the real economy, the measures taken by the authorities in order to avoid the collapse of financial systems, as well as the new challenges aroused for the authorities in the current context. Finally, we argue then that building a safer financial system with better crisis management and a compelling solution for burden‐sharing should be the current priority.

  The Financial System of the New EU Member States: Experiences and Current Challenges (1.1 MiB, 2,894 hits)

Posted in Economics, Issue no. 7