To an average individual within the United States however, the relevance is reduced, with importance only for gathering general knowledge on the country. The jurisdiction of the analysis expands as far as the data is available and does not constitute intrusion on matters of national secrecy.
2. eview of Literature
2.1 esearch Tools
The primary tool to be used in the answering of the posed questions is that of conducting research. This tool is based on the analysis of the available information in order to find answers to the posed questions. Based on the sources used in conducting the research, the methodology can be categorized into four main areas:
Primary research -- meaning the analysis of primary information, or that coming directly from the players in the Nigerian business environment.
Secondary research -- or the analysis of information generated by secondary parties, mostly organized in international players that do not directly conduct operations in…...
mlaReferences
Little, K.L., 1973, African Women in Towns: An Aspect of Africa's Social Revolution, CUP Archive, ISBN 052109819X
Mambula, C., 2002, Perceptions of SME Growth Constraints in Nigeria, Journal of Small Business Management, Vol. 40
Manby, B., 1999, the Role and Responsibility of Oil Multinationals in Nigeria, Journal of International Affairs, Vol. 53
Soludo, C.C., 2009, Global Financial and Economic Crisis: How Vulnerable is Nigeria?, Central Bank of Nigeria, Retrieved from on June 9, 2009http://www.cenbank.org/OUT/SPEECHES/2009/GOVADD-21-1-09.PDF
Introduction
Background
In spite of the fact that its entire effects will not be acknowledged and well-known for numerous years, the 2007 – 2008 financial crisis is already deemed as one of the major financial problems in history. There is an overall covenant that trust and confidence played significant roles in the financial crisis and are pivotal to any efficacious plan for proper recovery. Akin to all preceding financial crisis, at the source of the problem lies a loss of confidence by investors and the general public in the strength of key financial establishments and markets (Earle, 2009). The reason for this study is that confidence plays a large role in how money is invested, where it is placed, and what markets will do. Everything from bonds to equities to precious metals and even blockchain is impacted by confidence. Banks must have some sense of their confidence levels should another economic crisis…...
mlaReferences
Bouvatier, V., & Delatte, A. L. (2015). Waves of international banking integration: A tale of regional differences. European Economic Review, 80, 354-373.Bruno, V., & Shin, H. S. (2015). Capital flows and the risk-taking channel of monetary policy. Journal of Monetary Economics, 71, 119-132.Dimon, J. (2017). Letter to shareholders. Retrieved from: Earle, T. C. (2009). Trust, confidence, and the 2008 global financial crisis. Risk Analysis: An International Journal, 29(6), 785-792.Earle, T. C., & Siegrist, M. (2006). Morality Information, Performance Information, and the Distinction Between Trust and Confidence 1. Journal of Applied Social Psychology, 36(2), 383-416.Earle, T. C., Siegrist, M., & Gutscher, H. (2010). Trust, risk perception and the TCC model of cooperation. Trust in risk management: Uncertainty and scepticism in the public mind, 1-50.Golafshani, N. (2003). Understanding reliability and validity in qualitative research. The Qualitative Report, 8(4), 597–606.Haitsma, R., Unalmis, D., & de Haan, J. (2015). The impact of the ECB\\'s conventional and unconventional monetary policies on stock markets. Journal of Macroeconomics, 48, 101-116.https://reports.jpmorganchase.com/investor-relations/2017/ar-ceo-letters.htm
International Banking Quantitative Study
Introduction
The purpose of this quantitative study is to assess the confidence levels of members of the international banking community with respect to the sector’s ability to weather another global economic crisis like that seen from 2007-2009 following the collapse of sub-prime in the U.S. and a tidal wave of leveraged defaults across the global banking sector which only found relief through central banking intervention (Haitsma, Unalmis & de Haan, 2016; Heller, 2017). To better understand the extent to which the international banking sector is prepared for another possible global economic crisis, it is helpful to address the community directly and obtain from the horse’s mouth, so to speak, how vulnerable real life bankers feel in 2018, what with a trade war between the U.S. and China possibly turning into a hot war, and numerous countries around the world audibly voicing their desire to begin getting away from…...
mlaReferences
Bouvatier, V., & Delatte, A. L. (2015). Waves of international banking integration: A tale of regional differences. European Economic Review, 80, 354-373.Bruno, V., & Shin, H. S. (2015). Capital flows and the risk-taking channel of monetary policy. Journal of Monetary Economics, 71, 119-132.Chenail, R. J. (2011). Interviewing the investigator: Strategies for addressing instrumentation and researcher bias concerns in qualitative research. The Qualitative Report, 16(1), 255-262.Haitsma, R., Unalmis, D., & de Haan, J. (2016). The impact of the ECB\\'s conventional and unconventional monetary policies on stock markets. Journal of Macroeconomics, 48, 101-116.Heller, R. (2017). Monetary mischief and the debt trap. Cato Journal, 37(2), 247-261.Kanagaretnam, K., Lobo, G. J., Wang, C., & Whalen, D. J. (2015). Religiosity and risk- taking in international banking. Journal of Behavioral and Experimental Finance, 7, 42-59.Weiß, G. N., Bostandzic, D., & Neumann, S. (2014). What factors drive systemic risk during international financial crises?. Journal of Banking & Finance, 41, 78-96.Wong, E., Tsang, A., & Kong, S. (2015). International Banking and Liquidity Risk Transmission: Evidence from Hong Kong SAR. IMF Economic Review, 63(3), 515-541.
Economics and Global Capitalism The problem with the kind of thinking that postulates that human nature is based on self-interest is that underlying this supposition is the assumption that human nature is completely rational and logical and would never do anything to harm itself. This is not the case and economic booms and busts indicate as much. Self-interest is not always aimed towards a positive end. Sometimes, for instance, short-term self-interest is detrimental to long-term self-interest and vice versa. Sometimes people are motivated not by self-interest (at least in a temporal sense) but by charity, kindness, selflessness, self-sacrifice, or altruism. It could be argued that people sometimes believe they will be rewarded in a spiritual sense for these actions, but the basic idea is that they are essentially unselfish acts. Thus, to assert that self-interest is the rational motivating force behind human behavior is to really not understand humanity: humans are…...
Ergo, the role of the EU seems to be that of implementing protectionist policies. These would be developed onto three simultaneous directions.
A first set of policies would revolve around the creation of a new market architecture at the EU level. This would strengthen the EU's position in the face of future challenges by:
ensuring a sustained and strong support from central banks allowing banks to rapidly implement the rescue plans, and allowing the Union to rapidly implement decisive methods that would prevent the expansion of the crisis to other countries (Commission of the European Communities, 2008).
A second set of strategies revolves around the necessity to really analyze the impacts the crisis has had upon the real economy and find ways in which to improve the real economy. These policies would combine short-term solutions to issues in need of rapid response as well as long-term projects. The short-term solutions would be…...
mlaReferences
Budowsky, B., January 22, 2008, the Economic Crisis, the Hill
Kilmister, a., December 2008, the Economic Crisis and Its Effects, World Economy, No. 407
Miller, J., Jackson, B., Who Cause the Economic Crisis? The Annenberg Public Policy Center of the University of Pennsylvania
last accessed on January 7, 2009http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html ,
Global Economic Crisis
Throughout the history of the U.S. and the world at large, financial crises and the resultant economic recessions have occurred unerringly recurrently. In fact, the phenomenon has become so common that some think of such crises as parts of economic systems of the major world powers. The most recent one is the 2008 financial crisis that brought about the world economic recession. The recession resulted in over 4.1 trillion dollars in losses, increased poverty, unemployment numbers climbing to over 10% in the U.S. and quite higher in major European economies, major banks collapsed and several stock markets crashed. In fact, American investors alone lost over forty percent of their savings value. Housing prices dropped sharply from the high recorded previously in 2006. The 2008 crisis also resulted in decline in manufacturing, reduction of world trade, decrease in consumer spending, and many negative effects. Because of the importance of…...
mlaReferences
Aguiar, M., Hurst, E. & Karabarbounis, L. (2013). Time Use during the Great Recession, American Economic Review, 103, 1664-96.
Aluko SA (2008). The Global Economic Crisis and the Nigeria Financial System: The way forward; A paper delivered at the 14th seminar for Finance Correspondents held at Benue hotel, Markurdi, July 16th.
Arestis, P., Charles, A. & Fontana, G. (2013). Financialization, the Great Recession, and the Stratification of the U.S. Labor Market, Feminist Economics, DOI:10.1080/13545701.2013.795654
Claessens, S. & Kose, M.A. (2013). Financial Crises: Explanations, Types, and Implications. IMF Working Paper
Economic Crisis
The revelation of the financial crisis that unfolded in United States in 2008 is considered to be the worst economic crisis since the Great Depression, 1929. The distinctive causative factors that have contributed to the U.S. economic crisis 2008- 2009 are differentiated by aggravated financial control, higher risks in capital investment, the housing bubble phenomena in relation to the brisk credit expansion. The aggregation of these factors in the U.S. economy directed the economy towards the de- leverage and credit crunches as the bubble burst. The following paper shall be discussing about the degree of correlation between the tax implications policies with respect to the financial crisis in U.S.. The precise review of strong linkages between the taxation and economic crises is the explicit explanation of the crisis that shook America. The paper also highlights the key factors that demonstrated their abilities and rescued U.S. In the economic crisis.
Introduction
The…...
mlaReference
Carr, D.A. (2011). Responses to Local Fiscal Shocks: Path Dependency Effects of the Clean Air Act. Public Finance and Management, 11(2), 160+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5050180027
Hendrickson, J.M., & Nichols, M.W. (2010). Did Commercial Banks Close Branches in Low-income Neighborhoods in Response to the Cra? Implications for Understanding the 2007-2008 Financial Crisis. Journal of Legal, Ethical and Regulatory Issues, 13(1), 17+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5044499375
Johnson, E.M. (2010, April). Mr. Trust Buster. In These Times, 34, 7+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5041402599
Robinson, S.N., & Nantz, D.P. (2009). Lessons to Be Learned from the Financial Crisis. Journal of Private Enterprise, 25(1), 5+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5037768696
Economic Crisis Policies
US current economic crisis is considered to be started from real estate sector. The real sector started to decline in 2006 and it accelerated in 2007 and 2008. Housing prices have fallen from the peak from about 25% so far. The decline in prices left homeowners with no option and they were unable to refinance their mortgages and causes default of mortgages. This default of mortgages and loans swallowed the banks and financial markets such as falling of Lehman's brothers and other anks and blow to rest of economy happened as the whole economy was relying on banks and ultimately it slows down investment in the country and capital flows to other parts of the world like China and India. ank losses cause reduction of bank capital which in turn requires capital reduction thus saving bank from lending. It is estimated that every $100 loss and reduction of…...
mlaBibliography
ISR international socialist review. (2009, april). Retrieved from The U.S. economic crisis:causes and solutions: http://www.isreview.org/issues/64/feat-moseley.shtml
Journal of accountancy. (2009, october). Retrieved from The U.S. economic crisis: root causes and road to recovery: www.journalofaccountancy.com/Issues/2009/Oct/20091781
Eyes on wall street. (2011, april). Retrieved from Levin coburn investigates casues of financial crisis: http://www.eyesonwallstreet.com/2011/04/articles/financial-crisis/levincoburn-report-investigates-causes-of-the-financial-crisis/
Rude, C. (2009). World Economic Crisis and Fed Reserve Response to it. Studies in Political Economy.
The U.S. is a property owning civilization and a number of the people wanted land and housing. Americans however scarcely ever create savings. "The country itself lives on other countries' savings by issuing bonds to finance its excessive consumption. The current crisis began with cheap housing loans offered by banks. Banks provided loans but instead of holding the loan in their books, they packaged them into collateralized debt obligations (CDOs) and sold them to other agencies. These agencies passed them on to others and spread them globally as assets" (the Current Economic Crisis, its causes, its impact and possible alternatives, 2009).
Interest rates were lowered and housing loans went up with construction activities leading to land prices increasing. The real estate was booming, generating employment and incomes. But as the rate of interest on housing loans came down, banks started to compete to get more business. Because of low interest rates,…...
mlaReferences
Avizius, R. 2009. Financial Crisis Big Picture: What has the Government Response Been? [ONLINE] Available at: [Accessed 22 May 2012].http://www.marketoracle.co.uk/Article9229.html .
Centeno, M.A. & Cohen, J.N. 2012. The Arc of Neoliberalism. [ONLINE] Available at: [Accessed 22 May 2012].http://www.yale.edu/macmillan/transitionstomodernity/papers/CentenoCohen.pdf .
Crotty, J. 2009. Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' . [ONLINE] Available at: [Accessed 22 May 2012].http://cje.oxfordjournals.org/content/33/4/563.full .
Esteva, G. (n.d.). The Meaning of the Global Crisis and "Recovery" for Study Abroad: What are we Preparing Students for? [ONLINE] Available at: [Accessed 22 May 2012].http://digitalcollections.sit.edu/cgi/viewcontent.cgi?article=1110&context=faculty_symposium .
This program is focused onto the following directions:
Generating stability with exchange rates
ebuilding confidence in the monetary policy
Better managing and restricting public debt
eforming and restructuring the banking sector to insure more transparency and the implementation of internationally recognized policies (The Icelandic Government Information Center, 2008).
4. Short-term forecast for the economy
The 2008 has severely impacted the Icelandic economy. In light of the dramatic effects as well as the efforts put into the reconstruction and reconsolidation of the Islanding economy, major growths are not expected. In other words, it is generally assumed that the country will regain its stability through small and gradual victories, which will, for the time being, only manage to stabilize the economy. Growth rates are expected to remain low and for 2010 for instance, the growth rate of the gross domestic product is expected to be close to zero (Central Intelligence Agency, 2010).
In terms of actually achieved stability,…...
mlaReferences:
2008, Economic programme in cooperation with IMF, The Icelandic Government Information Center, / last accessed on August 2, 2010http://www.iceland.org/info/iceland-imf-program
2008, Economic outlook 2008-2012, Landsbanki, last accessed on August 2, 2010http://www.landsbanki.is/Uploads/Maillist/Docs/economicoutlook2008-2012.pdf
2008, Glitnir releases economic forecast for Iceland, IceNews, / last accessed on August 2, 2010http://www.icenews.is/index.php/2008/06/02/glitnir-releases-economic-forecast-for-iceland
2010, Iceland economic statistics and indicators, Economy Watch, / last accessed on August 2, 2010http://www.economywatch.com/economic-statistics/country/Iceland
Economic Crisis
The recession of 2008-2009 and the subsequent government responses provides a good test for economic theories. There are no controlled experiments in economics, so we can only work with case studies in order to understand how economies work. A good starting point is to consider the issue through multiple different lenses, so that we can understand how the crisis occurred and what prescriptions might be best suited for response either to address the root problems or to engage in prevention. This paper will consider the works of Marx, Schumpeter and Keynes in analyzing the financial crisis. All three of these men would have been able to understand its causes, but likely would have taken very different approaches to solving the problem.
The second issue at hand is the question of the future of capitalism. We have a pretty good sense at this point of what the response of government is…...
mlaReferences
Cox, W. & Alm, R. (2013). Creative destruction. Library of Economics and Liberty. Retrieved December 7, 2013 from http://www.econlib.org/library/Enc/CreativeDestruction.html
Eichengreen, B. (2010). The crisis of financial innovation. University of California at Berkeley. Retrieved December 7, 2013 from http://emlab.berkeley.edu/~eichengr/crisis_finan_innov.pdf
Isfeld, G. (2012). Canada's banks shake off global sector crisis. Financial Post. Retrieved December 7, 2013 from http://business.financialpost.com/2012/10/10/canadas-banks-shake-off-global-sector-crisis/
Liu, H. (2008). Too big to fail moral hazard. Asia Times. Retrieved December 7, 2013 from http://www.atimes.com/atimes/Global_Economy/JI23Dj12.html
2007 Economic Crisis on American Car market
Effect of the 2008 global economic crisis on automotive industries
Crisis in the United States
Crisis in Canada
Crisis in ussia
Crisis in European markets
Crisis in Asian markets
Effects by other related crisis events
In this paper, we will review the effects of 2008 global automotive crisis. Our main focus will be on the American car manufacturers and the negative impact they suffered due to the crisis. We will also have a look at how this crisis had affected car manufacturers in other major markets around the world notably Europe, Canada and the prominent Asian markets such as China and India. Finally, we will look at some of the other factors which were important to this event namely the energy crisis since the cost of fuel is directly related to the car industry.
Introduction
The automobile industry is a very important part of the global economic structure, in many of the…...
mlaReferences
Lee, C. (2003). Financial Liberalization and Economic Crisis in Asia. New York: Routledge.
Pempel, T.J. (1999). The Politics of Asian Economic Crisis. New York: Cornell University Press.
Arestis, P. (2001). What Global Economic Crisis? New York: Palgrave.
Liou, K.T. (2002). Managing Economic Development in Asia. Westport, CT: Praeger.
Global Credit Crisis on UK Northern ock Bank
The lingering effects of the Great ecession of 2008 still remain, but most authorities appear to agree that the corner has been turned and global economic recovery is well underway. The cause of the Great ecession of '08 was primarily the sub-prime mortgage meltdown that occurred in the United States, and its effects were already being experienced as early as September 2007, when the United Kingdom experienced a mass market run on Northern ock Bank, the first in the nation's history. The global credit crisis that resulted from these events has been felt in differing degrees by the nations of the world, but few countries in the increasingly globalized international community have been entirely immune from its effects. To gain new insights into this fiasco, this paper provides a corporate profile for Northern ock Bank, followed by a review of the relevant…...
mlaReferences
'Corporate Profile.' (2011). Northern Rock Bank. [online] available: http://companyinfo.
northernrock.co.uk/investorRelations/corporateProfile/.
'Directors' report and financial statements for the period 3 July 2009 to 31 December 2009.'
(2010). Northern Rock Bank. [online] available: / downloads/2009_NR_plc_Financial_Report_and_Accounts.pdf.http://companyinfo.northernrock.co.uk
Thus if the taxation policy is shifted, it is possible to create a better situation. Taxes that are now current can be abolished if their contributions are minor. On the other hand taxes can be levied on things that are considered harmful like tobacco and drugs. This will be discussed when the remedies are sought to be established. (Edwards, 292)
"What should be done to resolve it most effectively?"
Tax cuts and abolishing some taxes can be effective with increased government spending. John Meynard Keynes advocated government spending as a method of getting over recession. Therefore a deep consideration of the federal government budget is in order. The budget uses the taxes, and spending by government to reach the desired equilibrium and thus the taxes, and spending are often beyond the general equilibrium and hence budgets are always unbalanced. To control inflation taxes are raised and spending reduced. Like wise in…...
mlaReferences
Brue, E. Essentials Of Economics.
Tata McGraw-Hill, 2006.
Carbaugh, Robert J. Contemporary Economics: An Applications Approach.
M.E. Sharpe, 2010.
Economics
hile the U.S. is only showing the first signs of recovery from the global economic crisis, other nations such as Australia and China have recovered much more quickly. There are a number of factors that have contributed to the disparity in economic performance in the past three years in these different nations. In particular, three factors will be considered. The first is the situation in each country at the outset of the crisis. As the crisis was largely precipitated by a credit crunch, the differences between the structure and regulation of the banking sectors in each country will be given particular attention. The second factor will be the response on the part of each federal government to the crisis. The third factor will be the nature of the different economies -- the degree to which different structures have impacted the recovery process. Lastly, policy implications will be drawn for the…...
mlaWorks Cited:
BEA. (2011). National income and product accounts table. Bureau of Economic Analysis. Retrieved March 4, 2011 from http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2007&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid
Chinability.com. (2010). GDP growth in China 1952-2009. Chinability.com. Retrieved March 4, 2011 from http://www.chinability.com/GDP.htm
Jones, F. (2011). Krugman: Stimulus didn't fail because it never happened. Moneynews.com. Retrieved March 4, 2011 from http://www.moneynews.com/StreetTalk/paul-Krugman-Stimulus-Didnt/2011/02/16/id/386333
Maiden, M. (2009). Australia's banking sector is as strong as a brick outhouse. The Age. Retrieved March 4, 2011 from http://www.theage.com.au/business/australias-banking-sector-is-as-strong-as-a-brick-outhouse-20090506-avdj.html
I. Introduction
A. Explanation of the Wall Street Crash of 1929
B. Importance of understanding the causes and consequences of the crash
II. Background
A. Economic conditions leading up to the crash
B. Speculation in the stock market
C. Overproduction and underconsumption
III. Causes of the Crash
A. Stock market bubble
B. Excessive borrowing and margins
C. Lack of government regulation
D. International economic instability
IV. Effects of the Crash
A. Stock market collapse
B. Bank failures
C. Unemployment and poverty
D. Worldwide economic downturn
V. Response to the Crash
A. Government interventions
B. New Deal policies
C. Reforms in banking and financial sectors
VI. Lessons learned from the Crash
A. Importance of regulation and oversight
B. Need for diversification and risk management
C.....
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