The Social Impact of Financial Crises: Evidence from the Global Financial Crisis

Abstract

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

Are Market‐Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?

“…The recent global financial crisis has highlighted the sheer scale of the negative externalities that might result from instabilities in the financial industry. Numerous countries have been forced to rely on very significant amounts of public funds to bail out financial institutions and have suffered from a dramatic slowdown in economic growth and social unrest (Dieckmann and Plank , Ötker‐Robe and Podpiera , Veronesi and Zingales ). Although there seems to be a plurality of causes of this global turmoil (Brunnermeier , Allen and Carletti , Purnanandam ), it is widely believed that the inadequacy of the financial regulatory framework has exacerbated the effects of the crisis (Acharya et al.…”

Fenomena Pengawasan Market Conduct di Indonesia oleh Otoritas Jasa Keuangan

“…Dalam perkembangannya, prinsip perlindungan konsumen sektor jasa keuangan juga menjadi perhatian utama regulator sektor jasa keuangan berbagai negara, khususnya negara-negara G-20. Berpangkal pada biaya ekonomi dan sosial yang besar dari krisis keuangan global, baik ditinjau dari rambatan dampak melalui jalur pasar barang dan tenaga kerja, jalur pasar keuangan dan jalur mekanisme penanganan (coping mechanism) krisis secara privat maupun publik (Otker-Robe & Podpiera, 2013), lembaga internasional dan lembaga standard-setting regulasi keuangan global mendukung agar implementasi perlindungan konsumen sektor jasa keuangan diterapkan secara lebih universal, khususnya karena kebijakan yang melindungi kepentingan konsumen produk dan jasa keuangan berkontribusi pada peningkatan manajemen risiko oleh rumah tangga, pasar keuangan yang lebih kompetitif, dan stabilitas keuangan yang lebih baik (Board, 2011).…”

Drugs and Society: A Public Health Issue and the New Approaches in Portugal and Uruguay

“…The economic crisis which began with the bankruptcy of the Lehman Brothers bank in 2007 caused a global financial crisis. Since 2008 this crisis has created many problems in the everyday reality of European citizens (Ötker-Robe & Podpiera, 2013). The countries of Southern Europe (Portugal, Greece, Spain, Cyprus, Italy) were hit harder by the global economic crisis resulting in the increase in poverty and social inequality, as well as the reduction of public funding for education and health (Poeschl, Valentim, & da Silva, 2015).…”