The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign inv...The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.展开更多
The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent glo...The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.展开更多
As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier retur...As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier return to their hometowns, the dismissal of 20 percent of migrant workers from their jobs and a considerable decline in their wages. Thanks to a series of policies the state adopted to ensure growth and expand consumption, migrant workers soon got re-employed. However, some deep-rooted problems surrounding the issue of migrant workers＇ empoyment came to light as a result of this crisis. These problems need to be solved on an urgent basis, though it will involve a considerable amount of hard work over an extended period of time. While this will require a combination of transitional measures and long-range strategies, the employment of migrant workers should also be incorporated as a fundamental part of the undertaking to ensure economic growth, adjusting the industrial structure, transforming the development mode and pushing forward with the reform.展开更多
This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constru...This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constructed. Second, the equilibrium solutions of the representative agent＇s stochastic optimization problem are derived. Third, we obtain the equilibrium solutions of the central planner＇s stochastic optimization problem and the optimal government expenditure policy. Finally, the optimal tax policy is characterized.展开更多
文摘The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.
文摘The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.
文摘As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier return to their hometowns, the dismissal of 20 percent of migrant workers from their jobs and a considerable decline in their wages. Thanks to a series of policies the state adopted to ensure growth and expand consumption, migrant workers soon got re-employed. However, some deep-rooted problems surrounding the issue of migrant workers＇ empoyment came to light as a result of this crisis. These problems need to be solved on an urgent basis, though it will involve a considerable amount of hard work over an extended period of time. While this will require a combination of transitional measures and long-range strategies, the employment of migrant workers should also be incorporated as a fundamental part of the undertaking to ensure economic growth, adjusting the industrial structure, transforming the development mode and pushing forward with the reform.
基金This research is supported by the National Natural Science Foundation of China （No. 70271069）.
文摘This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constructed. Second, the equilibrium solutions of the representative agent＇s stochastic optimization problem are derived. Third, we obtain the equilibrium solutions of the central planner＇s stochastic optimization problem and the optimal government expenditure policy. Finally, the optimal tax policy is characterized.
