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The global financial crisis: origin, contagion and impacts on Ethiopia
I Paul
Journal of Business and Administrative Studies , 2010,
Abstract: The financial crisis that erupted in September 2008—following more than two years of financial turmoil has become global crisis for the world economy. An attempt is made in this study to assess the possible causes of the origin, contagion and impact of the current global financial crisis with particular emphasis on Africa and Ethiopia. It also provides a summarized historical overview of past global financial crises in view of the economic theories of financial crises. The study utilizes the fundamental economic theories related to financial crisis to depict and illustrate the bigger picture. The paramount importance of this study is a detailed analysis of the current global financial crisis, and its wide ranging impacts by creating a clear link with past financial crises in different regions of the world. The method followed throughout this paper is qualitative and descriptive in nature. The transmission channels for the Ethiopian economy in the study are the knock on effects, external sector and commodity prices, investment, official transfers and remittance and the impact on the flower industry.
Investigating the Transmission Channels of the Global Financial Crisis to Tanzania  [PDF]
Maduhu Kazi
Modern Economy (ME) , 2014, DOI: 10.4236/me.2014.54032
Abstract:

This paper uses a series of Tanzania’s annual real GDP data for the period of 1970 to 2010, to investigate the transmission channels through which the ongoing financial crisis is affecting the economy. The channels which were examined are foreign aid, export earnings and Foreign Direct Investment (FDI). The paper also investigated how an increase in government expenditure, as popularly known as the stimulus package can boost the Tanzanian economy. Foreign aid was found to possess the positive sign as was expected and is statistically significant. Therefore there is a possibility that the ongoing global crisis has impacted the economy via a reduced foreign aid which is associated with recession in the developed economies; aid donors in this context. It was also found that the global financial crisis had a significant effect on Tanzania’s economic growth through other transmission channels namely FDI and exports. However, all the coefficients were small, indicating the little impact of the global financial crisis to Tanzania’s economy.

TAXATION OF FINANCIAL SECTOR AFTER THE CRISIS IN THE EUROPEAN UNION  [PDF]
Mara Eugenia-Ramona
Annals of the University of Oradea : Economic Science , 2012,
Abstract: Taxation of financial sector is an important issue of the actual fiscal policy, especially after the economic crisis impact. By taxing the financial sector, it is intended taxation of financial transactions, and financial activities. European Union supports the taxation of the financial system and makes proposals in this regard. This paper tries to reveal the major aspects concerning the taxation of financial sector, both theoretical and empirical aspects. It will analyze the reasons which justify the application of such taxes, but also difficulties involved in practice. Another major objective of this paper is to examine the role of taxation in the financial sector as important regulatory instrument. This subject is debated in European Commission papers and by many economists. There are underlined the necessity of such tax, the impact and the economic efficiency. Our purpose is to identify if this kind of tax is good for our economy and what can be the impact from budgetary point of view. For finding this answers the paper realize a complex analysis of the types of taxes applied on financial sector in countries which already adopted this kind of taxes, like United Kingdom, Austria, Hungary, Cyprus. We believe that the financial sector should be charged, because was responsible in great measure the economic crisis impact. A potential tax applied to financial sector is considered as an important source of budget revenues. This article tries to explore the possible tax measures for financial sector according to the major principle of public finance ¢a a€ equity and efficiency. Special attention will be given to the need to implement financial sector taxation in Romania. In the years before the crisis banks and entire financial sector in Romania recorded significant profits. For this reason such tax is justified given that this sector is exempt from VAT. Applying such a tax would reduce the budget deficit and on the long term will reduce the public debt.
Financial Crisis Effects on Romanian Economy
Magdalena DEDIU
Annals of Dun?rea de Jos University. Fascicle I : Economics and Applied Informatics , 2009,
Abstract: The world economy is under recession. The strong financial turbulences, thecollapses of the main stock exchanges with global extension, the global realestate crises and alimentary problems represent the signs of a fundamentalcorrection within the global economy. To tackle the unprecedented economicstorm, governments across the world have been spending trillions of dollars oneconomic stimulus packages to combat the recession, prompting a debate abouthow eventually to unwind this support. Removing the stimulus measures toosoon could see economies slump again, while leaving them in place too longcould risk stoking inflationary pressures. How world financial crisis manifest inRomania.
Political economy of the US financial crisis 2007-2009  [PDF]
Vuk Vukovi?
Financial Theory and Practice , 2011,
Abstract: The emphasis of this paper is on the political economy of the subprime mortgage crisis in the United States and how the policy makers contributed to it through their legislation and regulations, made under the rising influence of interest groups and the lobbying activities of the finance industry. The “Great Recession” of 2007-2009 began as a bubble-burst in the mortgage market in the United States that spilled over to the entire financial market of the US, and afterwards to the integrated world financial market. The crisis sprang up over the US real sector and, due to the decline in US aggregate demand, spread consequently to the real economy of the rest of the World. No sound evidence has been given for the publicly proclaimed idea that the causes of the crisis lie within the self-regulating free market. The causes of the crisis lie primarily in the activities of political power, i.e. in the extensive government regulation which has, under the strong influence of interest groups and the lobbying power of financial corporations, led to favouritism in macroeconomic policies and inefficient resource allocation. Regulation was enforced by stimulating affordable housing through government sponsored enterprises, oligopoly of the rating agencies, banking regulation and an increasing connection between government and the finance industry.
THE FINANCIAL CRISIS AND THE IMPACT OVER THE SECTORS OF ECONOMY  [PDF]
Nistor Ioan,Ulici Maria
Annals of the University of Oradea : Economic Science , 2009,
Abstract: The financial crisis is perceived as a tsunami wave started in july in the United States and which is presented on all countries in Europe and around the world. Mortgage crisis has affected indirectly the Romanian economy. The main factor which affected t
IS THE NATIONALIZATION OF THE BANKING SECTOR A SOLUTION TO THE PRESENT FINANCIAL CRISIS?
RADU CRISTIAN MUSETESCU,RADU CRISTIAN MUSETESCU,RADU CRISTIAN MUSETESCU
Ad Alta : Journal of Interdisciplinary Research , 2012,
Abstract: We argue in this paper that the institutional premises of the contemporarybanking system are erroneously defined. In consequence, contemporary commercialbanks cannot operate under normal circumstances as any other sector of the economy.The three core elements of the contemporary financial system – namely fiat money,fractional reserve commercial banking and central banking – imply a system which isfundamentally socialized. The most logical coherent consequence of such aninstitutional setting is the full control and operation of the entire credit industry by thestate. The present crisis is a consequence of such an institutional setting and thenationalization of commercial banking – a logical step according to the premises of theinstitutional setting – will but speed up the process of a long depression.
GLOBAL ECONOMIC CRISIS: CAUSES, IMPACT ON INDIAN ECONOMY, AGRICULTURE AND FISHERIES
Apu Das, Kumar N.R., Biswajit Debnath and Mandal S.C.
International Journal of Agriculture Sciences , 2012,
Abstract: The global economic crisis started in United States of America mainly due to ‘sub-prime mortgages’ where interest rate was slower down and there was a great demand for housing loans. Later, American banks repackaged this debt to worldwide financial instruments called ‘Collateralized debt obligations’ and sold them worldwide, which resulted in unaffordable mortgage payments and many people defaulted or undertook foreclosure. Then this mortgages crisis affected worldwide. Different views on the reasons of the crisis include sub-prime mortgage, securitization and repackaging of loans, excessive leverage, mismatch between financial innovation and regulation, fair value accounting rules, typical characteristics of US financial system, failure of global corporate governance & complex interplay of multiple factors. Developed countries have so far been the most affected, with a decline in FDI inflows in 2008, mainly due to sluggish market prospects. Flows into developing economies continued to grow in 2008, but at a much lower rate than the year before. Indian economy and agriculture cannot be completely insulated from the global and domestic economic recessions. The impact of economic crisis on Indian agriculture and fisheries were transmitted through three distinct channels, viz., financial sector, exports and exchange rates, and the impact manifests itself in several direct and indirect ways. Some of the impacts were decreased GDP growth rate, high inflation, FDI inflows and international trade.
Macro Effect of Global Financial Crisis on Nigerian Economy  [cached]
Oke Micheal Ojo,Ajayi Lawrence Boboye
Asian Journal of Finance & Accounting , 2012, DOI: 10.5296/ajfa.v4i1.1660
Abstract: This study examined the macro effect of the global financial crisis on Nigerian economy using key economic variables. It adopted the Error Correction Mechanism (ECM) technique to analyse the time series data from secondary sources. The study used Gross Domestic Product (GDP) as the dependent variable, as well as, a measure of economic growth while the other key variables such as the Inflation Rate (INF), Money Supply (MS) and Foreign Direct Investment (FDI) represent the explanatory variables. The results revealed a positive relationship between GDP and FDI as well as MS, while a negative relationship was found between GDP and Inflation. The study recommended among others; that to reduce or eliminate completely the negative effect of the global financial crisis, the government and the monetary authority must formulate and implement policies that will reduce inflation, diversify the economy as well as encouraging local and foreign investors.
The influence of crisis on the sector structure of economy focusing on agriculture.  [PDF]
S. Junková,E. Matu?ková
AGRIS on-line Papers in Economics and Informatics , 2011,
Abstract: The Czech Republic entered the crisis with relatively good starting conditions - showed no significantmacroeconomic imbalances and financial system was not destabilized. However, the crisis has here also been and a decline in GDP in 2009 to 4.1% was mainly due to economic recession in the Euro zone. In many countries there has been a change in the sector scope. The Czech Republic belongs to the industrial-oriented countries and the significance of recession is also demonstrated by the development of industrial production and exports. Further economic increase depends mainly on exports, because there are many industries in the Czech Republic with foreign majority and a large part of their production goes abroad. Czech agriculture has been also facing adverse impacts of the crisis. These have occurred since the second half of 2008. The article analyses the contributions to GDP and trends in future years. There are also described changes in the sector economic structure with focus on agriculture.
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