Økonomiske kriser og finansielle kriser og katastrofer

Finansiel risikostyring giver en samlet fremstilling af de metoder, der anvendes til måling og styring af finansiel risiko. Den behandler alle de risici, en risk manager støder på i sit arbejde; herunder markedsrisiko, kreditrisiko, likviditetsrisiko, modpartsrisiko og operationel risiko. Med bogen får du metoder til effektiv måling og styring af disse risici.Bogen tager udgangspunkt i danske eksempler og dansk lovgivning, men inkluderer også den påvirkning, der kommer udefra i form af eksempelvis EU-lovgivning og anbefalinger fra Basel-komitéen.3. udgave er ajourført med de nyeste risikostyringsteknikker, for eksempel i forbindelse med overgangen fra Value at Risk til Expected Shortfall, og bogen er opdateret med den nye lovgivning på området. Desuden er klimarisiko og risici i forbindelse med cyberangreb nyt i forhold til 2. udgave, og der angives effektive metoder til at styre disse komplekse risici.Bogen henvender sig til alle, der arbejder med risikostyring i finansielle virksomheder og i finansafdelinger i ikke-finansielle virksomheder. Bogen er ligeledes velegnet til undervisning på videregående uddannelser. I forbindelse med undervisning kan opgavehæfte, formelsamling, Excel-ark og PowerPoint-præsentationer gratis downloades på bogens hjemmeside.Jørgen Just Andresen, cand.merc.int og HD (R), er direktør og medstifter af Financial Training Partner A/S og ekstern lektor på CBS (Copenhagen Business School), hvor han underviser i finansielle virksomheders risikostyring. Han er medlem af Finansforeningens udvalg for risikostyring og compliance. Tidligere har han arbejdet som chefkonsulent i SimCorps kursus-afdeling og som analytiker og dealer i Danske Markets. Jørgen Just Andresen er også forfatter til bogen Finansielle Derivater (Djøf Forlag).

Drawing on evidence-based and expert-validated interventions, this guidance note lays out a comprehensive series of measures policy makers could weave into national agendas. These range from steps to bolster health guidelines and ramp up testing and contact tracing to strategies that can improve community engagement and prevent misinformation.

This book presents a new history of economic crises, looking at seven crashes over the past two hundred years, showing how some pushed markets in the direction of more cross-border integration of labor, goods, and capital markets while others prompted substantial deglobalization.

"In The Power of Money, economist Paul Sheard distills what money is, how it comes into existence, and how it interacts with the real economy"--

"With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book's ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework."--Amazon.com

God kriseledelse handler om at se de muligheder, der kan opstå ud af krisen – uden at tabe de involverede af syne.KORT & GODT OM KRISELEDELSE beskæftiger sig med organisatoriske kriser og giver konkrete bud på, hvordan man kan handle hensigtsmæssigt i dem. Bogens bærende tanke er, at en krise berører organisationens relationer, og derfor skal kriser forstås relationelt og håndteres relationelt – for de er karakteriseret ved trusler om tab og kan ikke adskilles fra de mennesker, som gennemlever dem.Når først krisen er en realitet, handler god kriseledelse om at beskytte kritiske funktioner og mildne følelsen af tab. Men kriseledelse er mere end blot akut brandslukning. En strategisk tilgang til kriseledelse kan understøtte organisatorisk læring og tilpasning og i visse tilfælde forhindre krisen i overhovedet at opstå.KORT & GODT OM KRISELEDELSE bygger på forfatternes mangeårige erfaring og på velfunderet viden om kriser og krisereaktioner. Bogen er skrevet til ledere og ledergrupper, der ønsker at styrke kriseberedskabet over for interne og eksterne interessenter.

78 vibrant colored illustrations jump off the page, stimulating the visual senses. To conclude the book, the reader counts globes scattered on each page, a coloring activity (Hardback ONLY), and journaling which is a form of self-expression!

Thinking beyond pandemic capitalism

Master's Thesis from the year 2016 in the subject Business economics - Investment and Finance, grade: 1.3, University of Frankfurt (Main) (Chair of Banking and Finance, Faculty of Economics and Business Administration), language: English, abstract: As the last global financial crisis has shown, macroeconomic shocks have huge impacts on numerous economic sectors. The distortions caused by the crisis led to world-wide declines in trade, output and employment. This paper takes special emphasis on bank leverage ratios. Our longitudinal sample ranges from 2004 to 2015, including 5,069 observations of 483 banks in the United States and Europe. Our investigations are based on a modified Gropp and Heider (2010) style linear two-way error component model that uses leverage determinants of non-financial firms to describe bank capital structure. It is investigated how bank capital structure and its determinants respond to the financial crisis. The results show that the financial crisis had strong impacts.

Seminar paper from the year 2017 in the subject Economics - History, grade: 1,7, University of Agder, course: History of Financial Crises, language: English, abstract: This paper starts in chapter two with a description of how the Tulipmania took place and what circumstances influenced the development of the Tulipmania. Chapter three focuses on the consequences of the crash for the speculators as well as the Dutch economy and society. Thereby actions of the government, courts and private arrangements will be considered. Besides that, the question about the seriousness of the consequences will be discussed. The fourth chapter examines the scientific disputes about the perception of the Tulipmania that exist till today. There are contradicting views about the importance of the Tulipmania as well as the kind of crisis the Tulipmania was. Especially the term bubble is criticised, and some authors even doubt the existence of a Tulipmania entirely. As to find an explanation to these controversies the second to last chapter scrutinizes the situation of some of the most influential sources. The last chapter shortly sums up the paper and contains a few concluding remarks about the discussions mentioned before.The Tulipmania is usually one of the first so called bubbles referred to in economic history which took place in the 1630s in the Netherlands. Object of speculation in these days were (rare) tulip bulbs. The positive development of prices over years boosted the speculations and hence the prices. In February of 1637 the crash followed when the prices dropped immediately. One main problem in researching the Tulipmania, is the availability and reliability of historical sources. The empirical data about prices and the economy as a whole are incomplete and often matter of interpretation.

Seminar paper from the year 2017 in the subject Sociology - Miscellaneous, grade: 1,0, University of Siegen, language: English, abstract: This essay argues that trust in institutions, in particular in European institutions, has been severely shaken due to the financial and economic crisis and therefore trust in national parliaments has been risen. To attain the objective, the essay intended to answer the subsequent queries:(1) had the Eurozone crisis had an impact on the citizens¿ trust in EU- and national Institutions and(2) to what impact did the crisis have on the sense of belonging to a nation and not a Union - the feeling of acting as a single nation?The present essay consists of different parts: The beginning is presenting an introduce to the Economic and Monetary Union of the EU by contributing some characteristics and, then defining the concept of political trust. Following to that, the Operationalization will be presented followed by the results and the conclusion.

Essay from the year 2018 in the subject Economics - Other, grade: 39.5/40, University of Queensland, language: English, abstract: Although catalysed by the Global Financial Crisis (GFC) of 2007-2008, substantial responsibility for the Euro crisis can be attributed to the institutional and structural problems entrenched in the design of the European Economic and Monetary Union (EMU). The crisis led to subdued growth and record levels of unemployment in the economies of Greece, Ireland, Italy, Portugal and Spain ¿ collectively known as the GIIPS ¿ and the wider eurozone. The beginnings of the crisis were in the sovereign debt problems of these countries, the causes of which varied from successive unsustainable government deficits in Greece, to bank guarantees and bailouts shifting private debt into public hands in Ireland and Spain. What these sovereign debt crises had in common, however, were the structural and institutional problems of the EMU, which both created the conditions for, and prevented the recovery of, the wider Euro crisis.This essay will outline these problems. First, institutions and structures in the political economy will be briefly defined. Secondly, the inability of a united monetary policy to cater for the differences between northern and southern European varieties of capitalism will be examined. Thirdly, the structures and institutions hindering a swift and effective economic recovery will be outlined. Finally, the viability of proposed recovery approaches will be evaluated.

Bachelor Thesis from the year 2015 in the subject Economics - Finance, grade: 1,7, University of Frankfurt (Main), language: English, abstract: The main issue of this working paper is whether the accounting treatment of the Repurchase agreement 105 contributed to the collapse of Lehman Brothers. It was questioned how the Repos were used and the following effects over Lehman¿s financial stability. While seeking for an appropriate solution of the main issue, the paper goes through the historical fluctuations of the financial system, from the 1950s till 2006 (two years before the Lehman¿s bankruptcy). Further, the paper reviews some causes that may have led to the collapse of the investment bank. Finally, the global impact of the collapse has been summarized and possible preventions from future crisis have been proposed by the author.

Seminar paper from the year 2018 in the subject Economics - Finance, grade: 1,3, University of Applied Sciences Essen, language: English, abstract: In this paper, these effects as well as the connection between the Greek crisis and the euro crisis are examined. To begin with, an insight into the causes of the debt crisis in Greece and how the crisis has spread to the eurozone. This will be followed by the euro crisis in general and its other causes. The fifth chapter deals with measures and solutions for Greece as well as the entire euro zone. This work finishes with a conclusion on the topics mentioned.In recent years, the news and media have dealt extensively with the ¿euro crisis¿. For this reason, it should be a common term for any European. The euro crisis isn¿t about the euro, but about a currency, bank, economic crisis and about state debts. Because of the different opinions about the crisis¿ causes, this topic is a very controversial one. It is common that the global financial crisis, which resulted from the Lehmann bankruptcy in 2008, is being considered responsible for the euro crisis. However, the global financial crisis wasn¿t accountable. There are other reasons for the outbreak of the euro crisis, such as the existing weaknesses of a system, which was already missing in structure, or Americäs financial crisis. Not to forget, however, is the ¿Greek crisis¿ and its impact on the euro zone.

Master's Thesis from the year 2014 in the subject Economics - Finance, grade: 1,0, Free University of Berlin, language: English, abstract: The European financial crisis of 2008 and the subsequent debt crises have deeply shaken political systems, economies, and societies all over Europe. And while their devastating effects on many sources of well-being (political stability, economic activity, social justice) are obvious, the discourse about ¿the crisis¿ also features more optimistic tropes: an opportunity to make tabula rasa, to ¿heal¿ dysfunctional financial systems, to deconstruct governance structures that are prone to corruption. And indeed, in historical examples of governance norms transitioning from particularism to universalism, there were always triggering factors, and one of those possible triggering factors is a major financial crisis. So, could the financial, economic, political and social turmoil in Europe after 2008 ¿ the ¿crisis¿ ¿ be such a triggering factor and have actually a positive effect on corruption levels? A first brief examination of perception-based corruption measures provides no clear answer. The five countries most heavily affected by the crisis ¿ Greece, Ireland, Italy, Portugal, and Spain (GIIPS) ¿ display different developments after 2007: while in Greece and Italy, corruption levels seem to have deteriorated severely, Portugal and Spain do not show this grave negative effect, and in Ireland, the trend is even positive during the first crisis years ¿ and aggravates thereafter. It seems as if corruption levels in the individual countries were affected differently by the complex crisis developments ¿ but what could explain this variance?According to the model by Alina Mungiu-Pippidi, corruption is the result of an equilibrium between resources for corruption (material resources, power) and constraints to corruption (legal and normative constraints). Now, as material resources for corruption have obviously decreased with the crisis, should this not lead to less corruption? How are the other components of the equilibrium affected?

L¿AVENIR nous a souvent fasciné comme horizon d¿attente et objet d¿espérance. Entre les découvertes remarquables et les sidérations dues aux violences de l¿histoire mondiale et à la prise de conscience du désastre environnemental, comment inventer un avenir à l¿époque de l¿Anthropocène ? Comment penser l¿avenir dans un temps suspendu par les crises sanitaire, économique et géopolitique. L¿avenir sera-t-il pris en charge par une démesure techno-économique ? L¿avenir serait-il en train de disparaître (effondrement) ? Et si l¿avenir exigeait de travailler sur les bouleversements des temporalités et des conditions d¿habitabilité de la terre ? Face à la violence, à l¿inefficacité, au leurre, et si l¿avenir était le fruit d¿une résistance, d¿une critique et d¿une utopie ?C¿est cette dernière proposition qui est mise au travail au sein de cet ouvrage collectif. Comment penser l¿articulation entre ces trois fonctions ? Posture critique vis-à-vis de la modernité ; posture utopiste pour continuer, raisonnablement ou pas, d¿espérer ; posture résistante par son ancrage dans le réel et dans les combats actuels. En somme, tenir dans l¿opposition (résistance) à partir de ce qui est identifié comme posant question (critique) pour que l¿avenir espéré puisse advenir (utopie).

I bogen STORE KRISER viser forfatterne, hvordan virksomheder forbereder sig og anvender de rette strategier til at overleve eller ligefrem udnytte kriser. For kriser gør ikke kun ondt. De rummer også potentialet til, at virksomheder udvikler sig, så noget nyt og bedre får plads til at gro.Bogens forfattere forsker i iværksætteri og entreprenørskab og har gennem en årrække undersøgt kriser - senest coronakrisen, der fungerer som en gennemgående case i bogen.STORE KRISER henvender sig til ledere, mellemledere og medarbejdere samt til studerende, der skal introduceres til strategi, forretningsudvikling og krisehåndtering.

The impact of the COVID-19 pandemic - at the interlocking levels of politics, economy, and society - have been different across regions, states, and societies. In the case of the Middle East and North Africa, which was already in the throes of intense tumult following the onset of the 2011 Arab Spring, COVID's blows have on the one hand followed the trajectory of some global patterns, while at the same time playing out in regionally specific ways. Based on empirical country-level analysis, this volume brings together an international team of contributors seeking to untangle how COVID-19 unfolds across the MENA. The analyses are framed through a contextual adaptation of Ulrich Beck's famous concept of "risk society" that pinpointed the negative consequences of modernity and its unbridled capitalism. The book traces how this has come home in full force in the COVID-19 pandemic. The editors, Larbi Sadiki and Layla Saleh, use the term "Arab risk society". They highlight short-term and long-term repercussions across the MENA. These include socio-economic inequality, a revitalized state of authoritarianism challenged by relentless democratic struggles. But the analyses are attuned to problem-solving research. The "ethnographies of the pandemic" included in this book investigate transformations and coping mechanisms within each country case study. They provide an ethically-informed research praxis that can respond to the manifold crises crashing down upon MENA polities and societies

'A masterclass in spotting the early signs of a crisis' Nouriel Roubini'This is the historical perspective we need' John Kay'A first point of entry for anybody who wants to learn how the world sleep-walked into multiple crashes' Daron Acemoglu'Fascinating, well-written and authoritative' Tim Harford-----------------------------------------------------------------The global economy has weathered the most tumultuous century in modern financial history. Since the Wall Street Crash in 1929, financial meltdowns have repeatedly sent shockwaves through our world. From the currency crises of the 1980s and 1990s, to Japan's housing crash, the dot com boom and bust, the global financial meltdown, the euro crisis and the COVID pandemic, The Great Crashes tells the stories of ten of these historic events. They serve as a series of cautionary tales, each with their own set of lessons to be learnt.With clear-eyed analysis, renowned economist Dr Linda Yueh extracts a three step framework to help recognise the early signs of a crash and mitigate the effects - all with the hope of preventing the worst mistakes of the past from being repeated in the next inevitable financial crisis. She warns about where the next one might come from and shows how her framework could contain it.Combining her in-depth knowledge with compelling storytelling, The Great Crashes is essential reading that offers urgent lessons for the modern world.-----------------------------------------------------------------'An important contribution that can help society anticipate and tackle potential crashes in the future' Christine Lagarde

Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 12/12, Copenhagen Business School (Department of Finance), language: English, abstract: This thesis investigates the default probabilities of market-implied sovereign default probabilities by using credit default swap (CDS) spreads and conducts an analysis of the spreads¿ determinants. Building on the no-arbitrage pricing model of CDS, the probabilities for Greece defaulting within the next five years from today is approximately 75%, assuming a recovery rate of 25%. Against economical intuition, the results provide a positive correlation between the recovery rate and CDS spreads.A comparison of Greece¿s default in 2012 with its default probabilities indicates that spreads closer to 2012 are much higher, hence imply higher default probabilities and therefore capture the default accurately. Though, spreads taken exactly T years before the default provide vague, i.e. very low default probabilities.The regression analysis provides different results for the determinants of spreads of either country, though in neither model all variables are statistically significant individually, e.g. Greece¿s spreads can solely be explained by the country specific factor, the unemployment rate. The unexpected negative effects of FX on the spreads could be an indicator of a cracked Eurozone.Further, the analysis of today¿s actual vs. the regression¿s predicted spread indicates an overestimation of the predicted spreads of Greece, Italy, Germany and France, where Greece¿s absolute difference between the actual and predicted spread by far is the biggest (approx. 7000 BPS). Hence, Greece also seems to be very likely to default from statistical view. Assuming that the statistical model is correct and always overestimates the spreads by a factor of 4.4, then results suggest a potential statistical arbitrage possibility where the arbitrageur would go long in the French spreads and short in the German spreads.