The aggregate and sectoral time‑varying market efficiency during crisis periods in Turkey:a comparative analysis with COVID‑19 outbreak and the global financial crisis

This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.

Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.

Roles of Financial Innovation and Information Technology:Lessons from US Sub-prime Mortgage Crisis and Its Implications for China

The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.

Predicting Corporate Failure and Global Financial Crisis： Theory and Implications

The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.

Chinese Trade Unions Strive to Protect Workers' Rights and Interests in Dealing with the Global Financial Crisis

Protecting the rights and interests of workers and staff members constitutes an important aspect of China＇s human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.

Finance Sector in Eurasian Economies During and After the Global Crisis in 2008

As in the other countries around the world, banking systems in Eurasian economies, comprised of Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, were adversely affected by the 2008 global crisis. A common challenge across most economies is to revive private-sector credit growth. Compared with the high increases of 80 percent in the period immediately prior to the crisis, credit growth has slowed sharply and even turned negative in real terms in a number of economies. Governments in many countries have taken measures to address banking sector stress. The measures for restoring credit growth and thus a high economic growth will be discussed in a part of our work. In the short run, such measures include aiding banks to repair balance sheets and also providing liquidity. In the medium term, measures should promote de-dollarization and the development of local debt markets.

Handling the Global Financial Crisis:China's Policy Response and Its Assessment

Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.

The Middle East and North Africa （MENA） Oil Exporters After the Global Crisis

Our research topic is about the economic situation in the Middle East and North Africa （MENA） oil exporters after the global crisis in 2008. The authors tried to find the answers to the questions such as ＂How bad or good is the situation there？＂ and ＂what is the expectation about the future of the region？＂ Like other countries around the world, the MENA oil exporters, comprised of Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, United Arab Emirates, Yemen were adversely affected by the global crisis. The MENA oil exporters are recently recovering from their recession in 2009 when the global crisis was felt intensively there. GDP in the region has grown by 3.5 percent in 2010 after a low growth of 0.7 percent in 2009. The average real GDP growth excluding Libya is projected to reach 4.9 percent in 2011. Two developments mark the outlook： the unrest in the region and the surge in global fuel and food prices. For most oil exporters, the expected increase in oil prices and production volumes will lead to higher growth in 2011 and stronger fiscal and external balances, notwithstanding recent increases in government spending. The oil exporters＇ combined external current account surplus is estimated to increase. The effects of the political events in Tunisia and Egypt have spread in varying degrees to the MENA oil exporters in the region, and many of these countries are responding with public spending and job-creation measures to alleviate social tensions. The social unrest also highlights the need to pursue fundamental economic reforms--social policy, fiscal management, governance, business environment, labor markets, and financial sector access to facilitate more inclusive economic growth. While the MENA countries are generally divided into two sub-regions such as ＂oil exporters＂ and ＂oil importers＂ in the economic literature, the authors will deal with only the MENA oil exporters in this work. The negative effects of the global crisis in these countries on growth, inflation, current account balance, budget balance, and finally financial sector will be reviewed in this work and the expectations and the developments which occurred after the crisis in these countries will be dealt with especially in the context of the IMF reports.

Some Potential Solutions to Global Environment Problems ＆ Energy Crisis： Based on Design

Nowadays human society enters the 21st century, with the rapid economic and technological development, people＇s material and spiritual requirements has got great satisfaction. However, natural environmental damage brought by us is also accelerating. Natural disasters happen frequently, including ecological degradation and deterioration, energy resources crisis, greenhouse effect, earthquakes, tsunamis, volcanoes etc. The global crisis has once again waken-up call to mankind. How to properly solve these crises had become a common and urgent responsibility of mankind. This paper will mainly discuss and seek some new potential methods in solving energy crisis and environmental problems from the perspective of automotive and architecture design. As an architect, how to avoid light pollution and reduce heat absorption of roof, increasing heat reflectance of roof are becoming their main and urgent responsibilities. On the other hand, reducing greenhouse effect, researching and developing new low-carbon, low-emission fuel sources are also becoming automotive designers＇ obligations. Living in harmony with nature ＆ earth is becoming the common human themes of the 21 st century.

China's Fumiture Industry——How to Deal with Foreign Teehnical Barriers to Trade in the Global Economic Crisis

At present,the global economic crisiscontinues to spread across the world.Theeconomies of all countries are sliding into aslump,trade protectionism is gaining ground,andexport orders have declined substantially for productprocessing and trading enterprises.Chinesefurniture companies are suffering from certainnegative impacts.China,as a large furniture producer,should draw lessons from this global economiccrisis.Furniture companies should enhancetheir capabilities of independent innovation andbrand building,increase product quality,and addvalue.In order to reduce losses from foreign technicalbarriers to trade,relevant departmentsshould strengthen their ability to respond to foreigntechnical regulation,standard,conformity assessment,inspection,and quarantine.Because agreat variety of environmental regulations areemerging endlessly,furniture companies must doa good job of producing green label certificationand actively respond to green trade barriers.

Agricultural development and food security： The way out of crisis

The purpose of this study is to elicit how investments in agricultural development and food security would safeguard the Virgin Islands （BVI） and the Caribbean, by extension, from future global crisis. History shows that agriculture played a significant role in the rise of civilization globally and was the main contributor to the Caribbean economy before the 1950＇s. Overall, it was determined that the BVI population, in general, is desirous of more investment opportunities within the agricultural sector, to assist with the alleviation of poverty at the national level, to advance economic development and trade across the region and to make sustainable development more attainable for the Caribbean, as a whole. To do this, agricultural development and food security must become the focal point of the BVI and other Caribbean economies. Accordingly, the paper recommends that investment within the agricultural sector be undertaken more aggressively across the region. The mixed research approach method was used to validate these claims.

The Impact of Global Financial Crisis on China Chemical Fiber Industry and Response Strategies (Part Ⅱ)

Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments

Nuclear Crisis Affects Global Village

At Beijing’s large restaurants, the table talk recently has all been about seafood. Some believe that not only are fish from Japan polluted, but that seafood from the Chinese coast is also not safe.Maybe it’s still too early to say how serious the Fukushima nuclear accident is,but it can be certain that its influence has moved beyond Japan, helped along withthe Pacific air and ocean current, as traces

Are the coronavirus disease 2019 (COVID-19)-themed applications launched during the pandemic sustainable?

Many digital applications(Apps)were launched during the coronavirus disease 2019(COVID-19)pandemic for various purposes such as information sharing,risk assessment,self-management of symptoms,contact tracing,home monitoring,and decision making.Since the quality of COVID-19-themed Apps varied and was less reliable based on measurements using the mobile Apps rating scale method,some of these Apps are considered useful while some are said to have the potential to harm users.This suggests the need for authorized institutions to validate and ensure the safety and security of these Apps before it was launched in public.This is necessary considering the potential dangers arising from App inaccuracies,as well as the potential misuse of user data due to data breaches.With these considerations in mind,we consider that the vaccine passport is an App with a COVID-19 theme that must be refined and applied sustainably amid the ongoing global crisis and the uncertainty of this pandemic.

Financial Integration Among the ASEAN 5 ＋ 3 Stock Markets： A Preliminary Look at the First 10 Years of the New Millenium

The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, and South Korea. The research determined the stock return volatility for each country＇s index during the first decade of the new millennium. The findings showed that there is the presence of integration and co-integration with Philippine index＇s return with the index＇s returns of the following countries： Indonesia, Singapore, and Thailand. Furthermore, there is evidence of volatility clustering in these stock markets. The study concluded with the policy implications of greater integration in light of the planned cross trading among four ASEAN bourses, namely, Philippines, Singapore, Thailand, and Malaysia by 2012.

Permanence of Economic Potential of Cities Based on Sector Development

The paper attempts to answer the following key question: how will a city′s world rank change in the face of crisis in its main economic sector? Crisis is defined here as a decline in financial performance in the given sector, which leads to the decline of its constituent firms and corporations on the world economic scene. The World Economic Center Index(WECI) has been created in order to rank cities based on the value of their resident corporations by sector and show their level of stability upon the removal of the most important sector. This provides information on the potential of each analyzed city as well as on its advanced features or area of specialization. Research has shown that nearly half the World Economic Centers are dominated by the financial and materials sectors of the economy. Different sectors dominate different regions of the world. For example, consumer staples and materials were dominant in North America, while information technology and financials were dominant in Europe. In Asia, several sectors tend to dominate the economy. Research has shown that the ability of a principal economic sector to resist economic crisis largely depends on the strength of the command and control function of a city. Finally, a high globalization level of a city is a key determinant of its susceptibility to economic crisis.

New ideas on China＇s Foreign Trade Development Strategy

China has been a leader in export strategy since the reform and opening-up for trade. This has played a positive role in economic development, however, since stepping into a large country economy, entering the.WTO and the current development of economic globalization at a rapid rate, the leading export strategy has already been very difficult to adapt to the daily challenges in export because of the constant changes in domestic and international economic environment. In view of this, China should turn its strategy into one of dynamic comparative advantages with a global competitive strategy, in conformity with big country＇s economy in the economic background of globalization.

China's New International Financial Strategy amid the Global Financial Crisis

The Chinese Government has stepped up its drive to reconstruct its international ftnancial strategy after the sub-prime crisis developed into a global financial crisis in 2008. The main aim of the strategy is to reduce the country＇s dependence on the US dollar in foreign trade, cross-border capital flows and foreign exchange reserve management. The strategy can be divided into three tiers： renminbi internationalization, regional monetary cooperation and reconstruction of the international monetary regime. So far, the Chinese Government has fared well in the application of all three tiers. We hoM that the Chinese Government should continue in the same direction in a coordinated manner despite various challenges it faces.

Impact of the Global Financial Crisis on China: Empirical Evidence and Policy Implications

This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable： a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China ＂s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China ＇s economic structure so as to return the economy to a sustainable path.

What Caused the Sharp Downturn in the Chinese Economy during the Global Financial Crisis? A Critical Note on Causality in Trade Linkage

In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the ＂collapse of external demand,＂ the present paper scrutinizes three relevant issues： How have large Chinese importers behaved in a demand-price setting？ How have Chinese commodity imports and exports interacted in recent years？ Did the downturns in China＇s export growth come earlier and were they deeper than those in Chinese import growth？ All answers appear to suggest a conclusion contrary to the abovementioned view： sharp downturns in China＇s trade and economy during the reeent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely ＂external. ＂ Insomuch as globalization has advanced, a large economy like China＇s today faces new potential sources of macroeeonomic disturbances, from inside and outside.