Coronavirus caused a significant tourism crisis in Portugal in 2020. This book aims to analyze the situation and proposes practical local solidarity and business models for information and knowledge dissemination about/against the pandemic causes/impact. It includes suggestions and rules to be used by social actors to better cope with Covid-19. These suggestions may augment their social solidarity, inclusive practices, citizenship education, and lifelong learning opportunities, within a safe, resilient, and sustainable city. Such recommendations may also inspire other socioeconomic stakeholders, medium/small corporations, ONGs, associations, and local communities to develop and diffuse such instruments. The book aims to revitalize cultural tourism industries and services during and after the Covid-19 pandemic by helping create jobs in the areas of restoration, leisure, and culture via enhancement of knowledge transfer among universities, innovating industries, tourism agencies, museums, etc. This book is ideal for researchers, teachers, students, and other social agents within scientific communities, in connection with the above-mentioned scientific purposes, applied to technological and social needs.

This insightful book provides an astute analysis of how resilient multiple regional economies across Europe were to the global economic crisis of 2008-9. Assessing the impact and geography of the crisis, this book offers a cross-comparative study of how regional economies were affected, as well as an exploration of the role of local and regional policy in influencing economic resilience. The different experiences seen across Europe throughout the economic crisis raise a number of important questions: why were some regions more resilient to the crisis than others? What is meant when discussing a resilient economy? How might local and regional policy-makers help support the resilience of their economies? The expert contributors take these crucial questions into account, presenting detailed case studies using quantitative and qualitative research data to analyse how the crisis affected various European regions. Economic Crisis and the Resilience of Regions will be an essential read for academics, researchers, and policymakers interested in the concept of regional economic resilience, its measurement, and the factors influencing it, as well as for analysts interested in the geographical impact of the 2008-9 global economic crisis. Contributors include: G. Bristow, A. Healy, C. Kakderi, L. Kirchner, F. Koch, G. Masik, I. Sagan, M. Sensier, V. Sepp, D. Speda, U. Varblane, U. Varblane, R. Wink

How did economic ''experts'' worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory, on the other hand, is designed to be applicable to the real world, and this book shows how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to show how many Post Keynesian economists warned of the crisis as early as 2002. Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money-using, market-oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money-denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage's argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political Science, and history, who will appreciate its new perspective and analysis of global financial events.

After the COVID-19 outbreak in 2020, societies, economies, countries, and regions face unprecedented challenges in mainly the health, social, economic dimensions simultaneously. Countries need to recover pre-pandemic economic growth quickly, boost productivity and job creation, invest in smart healthcare systems and services, and work towards a climate-neutral and circular economy. On the one hand, companies and economies need to use the opportunities of the transition to a greener economy. The demand for greener products and services can boost the creation of new jobs. On the other hand, circular economy, with its potential impact on the life cycle of products, can contribute to the creation of sustainable growth and jobs. This book explores new and emerging frameworks, tools, strategies to support companies and economies towards the green and digital transformation in Asia, with special focus on ASEAN. It will analyze the role of disruptive technologies, cutting-edge green technologies and in these emerging practices in Asia and how they can boost the creation of new business opportunities, more jobs and economic growth for the recovery of Asian economies in post-covid-19 scenarios. The book aims is an international platform to bring together academics, scholars, researchers, decision makers, policy makers, and practitioners to share new theories, research findings, and case studies, to enhance understanding and collaboration in green growth, digital economy, environmental impact, green public procurement, sustainable performance, the transition to a more circular economy, and more in Asia, with a special focus on ASEAN.

No issue is more fundamental in contemporary macroeconomics than identifying the causes of the recent Great Recession. The standard view is that the banks were to blame because they took on too much risk, 'went bust' and had to be bailed out by governments. However very few banks actually had losses in excess of their capital. The counter-argument presented in this stimulating new book is that the Great Recession was in fact caused by a collapse in the rate of change of the quantity of money. This was the result of a mistimed and inappropriate tightening of banks' capital regulations, which had vicious deflationary consequences at just the wrong point in the business cycle. Central bankers and financial regulators made serious mistakes. The book's argument echoes that on the causes of the Great Depression made by Milton Friedman and Anna Schwartz in their classic book A Monetary History of the United States. Offering an alternative monetary explanation of the Great Recession, this book is essential reading for all economists working in macroeconomics and monetary economics. It will also appeal to those interested in the wider public policy debates arising from the crisis and its aftermath. Contributors include: P. Booth, J.E. Castaneda, T. Congdon, C. Goodhart, S. Hanke, D. Laidler, A. Ridley, R. Skidelsky, R. Thomas

Much has been written on the financial crisis of 2008 - the most severe economic downturn since the Great Depression - analysing its causes and the risks for the future of the global economy. This book takes an alternative approach which focuses on the legacy of the global financial crisis, what is remembered and what lessons have been drawn from it. This volume provides perspectives on this legacy from a variety of contributors including central bankers, regulators, politicians, academics, and journalists. They offer insight into what remains of the crisis in terms of public and industry awareness, changes to the post-2008 financial architecture, lessons from the national experiences of highly exposed small economies, and considers this legacy in terms of oversight by regulatory regimes. These diverse perspectives are drawn together here to ask how we can ensure that these lessons will be transmitted to the new generation of global financiers.

`Peter van Bergeijk has written a fascinating book on the recent trade collapse, that in size can only be compared to the (trade) crises of the 1930s. There are at least two reasons to read the book. The first is to get a better understanding why the world has witnessed a dramatic decline of international trade. Peter van Bergeijk systematically analyzes the standard explanations that are given for this collapse, for example those put forward by the WTO, and concludes that most are wrong or unconvincing, and provides his own thought provoking explanation: risk and uncertainty. The second reason to read the book is that it provides all those interested in international trade with a clear and interesting introduction to understand the world of international trade and learn a great deal along the way, and not only about the recent trade collapse.' - Steven Brakman, University of Groningen, The Netherlands On the Brink of Deglobalization addresses the breakdown of international trade and capital flows in 2008/09 and challenges the mainstream narrative for the world trade collapse. Detailed chapters on international finance, fragmentation of production, protectionism and earlier episodes of collapsing trade reveal data that contradicts conventional explanations and demonstrates that the trade collapse was driven by the shock of (perceived) trade uncertainty. Peter van Bergeijk discusses why trade barriers and import substitution are seen as solutions during depressions while presenting empirical evidence demonstrating the risks of such policies. This book provides a broad, historical and statistical analysis relevant to understanding the recent world trade collapse. Being the first comprehensive analysis of the risks and drivers of deglobalization, this unique and challenging book will appeal to trade economists, trade policymakers and analysts as well as those involved in international business.

This book examines the main causes of financial instability and highlights that, with the exception of wars and pandemics, the financial system is the source of the crisis, not just a means of spreading it, as most mainstream experts believe. Based on the following findings, the innovative sections of this book provide academics and policymakers with important and practical knowledge: because negative shifts in the financial system precede recessions, financial indicators can predict the onset of a crisis much earlier than real variables; the proposed recession forecasting model can predict the emergence of the crisis a month in advance. When the economy's sensitivity to the financial system is reduced, there will be only modest negative economic growth and no true recessions.

This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.

Ray Dalio, the legendary investor and international bestselling author of Principles - whose books have sold more than five million copies worldwide - shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to antic ipate 2008's events and navigate them well while others struggled badly. As he explained in his international best seller Principles, Ray Dalio believes that almost everything happens over and over again through time, so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part research series, he does just that for big debt crises and shares his template in the hopes of reducing the chances of big debt crises hap pening and helping them be better managed in the future. The template comes in three parts: 1. The Archetypal Big Debt Cycle (which explains the template) 2. Three Detailed Cases (which examines in depth the 2008 financial crisis, the 1930s Great Depression and the 1920s infla tionary depression of Germany's Weimar Republic) 3. Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years) Whether you're an investor, a policy maker, or are simply interested in debt, this unconventional perspective from one of the few people who navigated the crisis successfully, Principles for Navigating Big Debt Crises will help you understand the economy and markets in revealing new ways.

The Demise of Finance-Dominated Capitalism goes well beyond the dominant interpretation that the recent financial and economic crises are rooted in malfunctioning and poorly regulated financial markets. The book provides an overview of different theoretical, historical and empirical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crises. In the first part of the book the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The second part deals with the 2007-09 financial and economic crises in particular, and discusses five explanations of the crises in more detail. The special focus of the book is the long-run problems and inconsistencies of finance-dominated capitalism that played a key role in the crisis and its severity. The comprehensive literature reviews on the issues of financialization and economic crises will be a valuable aid to students. Policy makers will find the broader views on the causes of the recent financial and economic crises and the contradictions of finance-dominated capitalism of great interest. Alternative views on the long-run developments towards financialization, as well as on the relationships of these developments with the recent financial crises, will appeal to researchers in this field. Contributors: R. Barradas, N. Budyldina, C.A. Carrasco, D. Detzer, N. Dodig, T. Evans, G. Gabbi, E. Hein, H. Herr, A. Kalbaska, S. Lagoa, E. Leao, J. Michell, OE. Orhangazi, F. Serrano, A. Vercelli

While crises do not occur frequently, their impact can be devastating as organizations are still vulnerable to man-made and natural crises. From terrorism, environmental, scientific, financial, political, pandemic to natural disasters, crises can occur at any moment, and if not managed efficiently and effectively can be disastrous. Thus, businesses can suffer not only loss of profit, but the ultimate demise of their business. It becomes increasingly difficult, at times, to prevent crises such as these. It then becomes difficult to develop practical means that can mitigate their undesirable effects once they occur. For instance, globally, businesses and industries of all sizes have experienced the effects of COVID-19, an external pandemic. The recovery process requires SMEs to rearrange and reestablish their missions, goals, and infrastructure of the business. This is an overwhelming challenge of recovering. Historically, academics and practitioners have developed various management methodologies and technologies to help business manager's deal with challenges in their environments, yet many businesses fail. Thus, these challenges need to be researched more closely in order to overcome business failure. Many of these challenges are external events in which firms need to adapt and react. Getting the right adaptation and reaction to these external events will depend on whether a firm continues with success or fails altogether. Companies may fail due to their inability to properly respond to a crisis, whether it be a business or organizational crisis. This book will identify strategies of SMEs that have recovered and how they recovered for preparation for future crises and other external impacts. It will showcase the resulting impact of external events such as environmental impact, like fires, or other impacts like the COVID-19 pandemic on businesses and educational entities. Specifically, it will discuss how SMEs or other businesses reacted through unexpected crisis. Therefore, the empirical contributions can be helpful for future entrepreneurs and current SMEs. The book will focus on external crisis including widespread environmental destruction, natural disasters, pandemic, sabotage by outsiders, and/or terrorism, and how firms can adapt and react.

Essentials of Money and Capital Markets provides students with a comprehensive but concise exploration of financial institutions and financial instruments. The book begins with a discussion of the debt levels in the United States, the variability of interest rates, and the financial crisis of 2007-2009. Over the course of 14 chapters, students learn about the Federal Reserve, the U.S. Treasury, pension plans, mutual funds, banks, determinants of interest rates, time values, money market instruments and rates, and the risks associated with changing interest rates. Dedicated chapters address spot and forward interest rates, arbitrage for bonds, theories of the term structure of interest rates, bond ratings and default risk, mortgages and mortgage-backed securities, futures contracts, and financial futures. The fourth edition features updated coverage of the causes and consequences of the financial crisis of 2007-2009. Featuring class-tested content and insightful coverage, Essentials of Money and Capital Markets is well suited for graduate and upper-level undergraduate courses in business, economics, and finance.

This book analyzes how financial liberalization affected the development of the financial crisis in Europe, with particular attention given to the ways in which power asymmetries within Western Europe facilitated financial liberalization and distributed the costs and gains from it. The author combines institutional narrative analysis with empirical surveys and econometrics, as well as country-level studies of financial liberalization and its consequences before and after the 2008 Global Financial Crisis. Author Nina Eichacker charts institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates the change in securitization, and European banks' tendencies to hold securitized assets on their balance sheets. It creates a framework for understanding the power dynamics between national, industrial, and class interests in Western Europe that promoted secular financial liberalization as well as the institutional design of the EMU that mandated financial liberalization. Finally, it examines the process of financial liberalization in detail in three states, Iceland, Ireland, and Germany. Students and researchers interested in financial liberalization and financial crises as well as policymakers will find the analyses in this book invaluable.

The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines the explanations for the global crisis to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, including Marxian, Post Keynesian and other heterodox schools. This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy. Contributors include: E. Bakir, R. Bellofiore, A. Campbell, R. Desai, B. Fine, D. Fouskas, A. Freeman, D. Harvey, A. Kaltenbrunner, E. Karacimen, D. Kotz, S. Mavroudeas, S. Mohun, O. Orhangazi, M. Roberts, T. Subasat, J. Toporowski, J. Weeks

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought. The contributors bring together different perspectives from across the entire spectrum of economic opinion to examine what is likely to be the single most important economic problem of our time. The unifying feature is that all of the authors disagree with the standard mainstream neo-classical models being applied in attempting to comprehend what has gone on and then, more importantly, to devise policies to bring this recession to an end. The problems that modern macroeconomics may have caused in being the basis for economic policy are addressed, and it is concluded that the deepening problems found in economies across the developed world are not due to governments having refused to take the advice of their economic advisors but are in many respects due to their actually having taken this advice. Suggesting alternative ways of understanding how economies work so that other types of policies might be used instead, this book will prove a fascinating read not just for scholars and policy-makers concerned with our macroeconomic and financial problems but for anyone interested in deepening their understanding of our contemporary economic debate.

In the last decade, both developed nations and emerging economies have been rocked by the effects of global financial crises precipitated by a baffling range of causes, from sub-prime mortgage rates to outbreaks of virulent disease. Financial and governmental bodies have acknowledged the pressing need for algorithmic models capable of predicting such crises in order to inform interventionary measures, yet to date, no single model has emerged that is robust and agile enough to sufficiently meet that task while maintaining a useful signal-to-noise ratio, making them little more reliable than a carnival fortune-teller. The Handbook of Research on Financial and Banking Crisis Prediction through Early Warning Systems addresses the inequity of developed and developing nations from the bottom up through an exploration of current literature, specific case-studies, and data-based recommendations for new crisis indicators. Touching on such topics as the Greek debt crisis, electronic banking, and financial crises in developing economies, this publication targets an audience of academics, financial analysts, researchers, post-graduate students, and policymakers working in the fields of international finance and liability management.

The New York Times bestselling author delivers an insightful, urgent analysis of who stands to win and who's at risk to lose in a post-pandemic world.

The Covid-19 outbreak has turned bedrooms into offices, pitted young against old and widened the gaps between rich and poor, red and blue, the mask-wearers and the mask-haters. Some businesses, like video conference software maker Zoom and Amazon, woke up to find themselves crushed under an avalanche of consumer demand. Others, like the restaurant, travel, hospitality and live entertainment industries, scrambled to not become instantly obsolete. But the pandemic has not been a change agent so much as an accelerant of trends that were already well underway.

In Post Corona, Galloway outlines the contours of both crisis and opportunity that lie ahead. While the powerful tech monopolies will thrive in the disruption other businesses, like commercial real estate, will struggle to maintain a value proposition that no longer makes sense when we can't stand shoulder to shoulder. Combining his signature humour and brash style with razor-sharp business insights, Galloway offers both warning and hope in equal measure.

In an ever-changing economy, market specialists strive to find new ways to evaluate the risks and potential reward of economic ventures. They start by assessing the importance of human reaction during the economic planning process and put together systems to measure financial markets and their longevity. Fractal Approaches for Modeling Financial Assets and Predicting Crises is a critical scholarly resource that examines the fractal structure and long-term memory of the financial markets in order to predict prices of financial assets and financial crises. Featuring coverage on a broad range of topics, such as computational process models, chaos theory, and game theory, this book is geared towards academicians, researchers, and students seeking current research on pricing and predicting financial crises.

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.