called this the “North African Miracle,” others have voiced skepticism. 2
In light of the above, the main findings in the present paper can be seen as providing support to the NA countries’ resilience or the ability of these countries to resist and withstand the negative impact of the financialcrisis
It is widely thought that the present global financialcrisis is partly as a result of the repeal of the Banking Act of 1933, popularly known as Glass-Steagall Act (“GSA”). It contained provisions that separated the commercial banking from the investment banking. It erected a
, several questions arise at present: To what extent has the recent severe financialcrisis (2007-2009) affected the factors that explain this left-right placement? To what extent do elites and citizens share the same understanding of ideology today? Actually, the claim has also been made that elites are
The financial crisis early-warning models were improved gradually with the continued regional financial crises that provided a wealth of empirical data by the end of last century. However, none of the crisis early-warning models correctly predicted the global financial crisis in 2008. Previous researches show the KLR model have better performance, so we reviewed the crisis early-warning system based on the KLR model using the recently data. This paper first tested the KLR model, and made some amendments based on the actual economic environment. Then we re-test the modified model, which show an improved performance. At last, the future crisis probabilities of some selected countries are predicted by using the amendatory model.
Deficiency of the US financial regulation has stimulated the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The fundamental causes of the regulatory deficiency can be categorized as follows: excessively indebted consumption culture in a long term, permanently abolishing the regulation on financial derivatives by the US Commodity Futures Trading Commission, and the regulations before the reform not fitting for the fictitious economy. The operation of financial products is like to fly a kite. The financial product is the kite, governmental adjustment is the string, market regulation is the wind, national culture and legislature and judicature are the environment. Those coordinated elements can guarantee a healthy financial market. To construct an effective financial regulatory system in China, it is needed to make culture with Chinese characteristics, advance the coordinated development of governmental and market regulation, and promote financial legislations and related implementation.
The economic recession throughout the history has always been accompanied by relaxation or abandonment of anti-monopoly laws, but this crisis is not experiencing substantive recession of anti-monopoly law enforcement in major countries and regions. This has mainly resulted from the recognition that anti-monopoly law enforcement could ease adverse effects of economic recovery. Considering China’s short history of anti-monopoly law enforcement and consistent tradition of government intervention in the economy, more strict anti-monopoly law enforcement should be adopted, and more attention should be paid to government-led anti-competitive efforts.
, Roberts does point to a fundamental flaw in the functionality of central banks, which is the complete reliance on them – accepted by them without hesitancy – during the recent financialcrisis. Roberts rightly explains that the
renovated system of central banking was, above all, an anti
The most popular account of Canada’s resilience through the global financialcrisis focuses on the purported stability of its banking system. ‘We Canadians are not prone to gloating’, wrote Robert Elliott in Forbes Magazine . ‘Still, many of us might be forgiven for having felt a twinge of