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Jasmine Kaur (2010) - The author emphasises that recession is the much talked about topic now a days in every sphere of work-field across the globe. It refers to the state of an economy when it is having a negative growth rate. It is the result of reduction in the demand of products in the global market over a sustained period. Recession has had a negative effect on India on Share market, Real estate IT and Industrial sector leading to increased lay-offs, unemployment etc.
John Sargis and Takis Fotopoulos(2008)- The authors remark that the credit crisis, which began reaching its peak with the central banks around the world pumping some $323 billion into the system to keep it liquid, with stock exchanges' values falling and the most important central banks in the world jointly and massively intervening in the intra-bank market. However, despite these increasingly desperate attempts to avoid a more crisis, or at least to minimise the effects of the present crisis, today, some analysts foresee the possibility of collapse of the banking system followed by a world recession similar to that of Great Recession.
John Walsh(2010)- The author explains that the Southeast Asian labour markets are characterized by the diversity of the countries of which they are part and by the historical antecedents of colonialism that have largely given them their nature. Most have adopted a form of the export oriented, import substituting low labour cost manufacturing paradigm of economic development known as the East Asian Economic Model. Having already passed through the Asian Financial Crisis of 1997 and its disruptive effects, workers in the region are facing a different set of challenges as a result of the present ongoing crisis which include the structural changes to the East Asian Economic Model and the possibility of public unrest in the continuing absence of genuine democratization across most of the region. The great discovery of Southeast Asian governments in the late 1960s was that their diverse populations (were rather uniformly hardworking and would happily toil through the day and night in factories making clothing, shoes, appliances and electronics. Government needed only to woo investment most of it foreign with full ownership rights for production facilities, tax breaks and central bank intervention to keep local currencies undervalued and hence keep the exports cheap. The proposition was irresistible for cost cutting multinationals and spawned globally competitive, but small scale local businesses had to provide components, contract manufacturing and support services to anything from making models for toy moulds to packaging semiconductors to cleaning multinationals factories.
Jone Kalendiene and Giedrius Miliauskas (2011) - The authors discuss the concept of competitiveness of economy and analyzes the export as an indicator of it. Different export market orientation and manufacturing sector's longer reorientation process provide an explanation. It revealed that there was high dependence of trade on conjuncture in foreign markets and it supported the need of further price and non-price competitiveness analysis.
Jordan and Rolf (2009) - The authors remark that due to the current economic downturn, the Singapore has experienced one of its most severe recessions since independence. The financial crisis, which caused a fall in prices, at most of the world's leading stock exchanges and a sharp decline in industrial production led to a negative impact on the city-state's export-dependent economy.
Jude Esguerra (2007) - The author explains that the Asian crisis has done more than to keep Filipinos from spending unwisely. If the region-wide recession was no longer sufficient proof of how bad things are, one should consider the facts kept hidden in unemployment figures. The official line maintains that the Philippine economy is in good shape; good enough to significantly bring down 1998 first quarter unemployment figures into impressive second quarter ones. What is not made plain is that the number of unemployed Filipinos looking for work did not include those who were retrenched and those who had given up on the shrinking job market. In truth, the crisis did more than just downsize the workforce; it has also exposed the shortcomings of government and the Central Bank in handling the effects of the crisis. On vital fiscal policies, the administration appears to be at odds with itself. Not assured of sound sustainable investment conditions and consumer demand, businesses are left with very little prospect of reopening their factories and shops until the region recovers from the crisis. This makes for an economic disaster that hits labor.
Junk ova S E. Matuskova (2011)-The author remarked that the Czech Republic entered the crisis with relatively good starting conditions, which showed no significant macroeconomic imbalances, and the financial system was not destabilized. However, the crisis declined the GDP in 2009 to 4.1% due to economic recession in the Euro zone.
Kathleen Patterson & Gray Oster (2008), the authors highlight that the global economic crisis has brought to the forefront of organizations the concepts of viability and survival, which at these times can be desperate pursuit. There are three main reactions in organizations, namely the corporate reactions in organizations, namely the corporate reaction to remain viable, the employee reaction to survive the turbulence, and the human resources reaction including recruiting and hiring talent, corporate organization, training and institutional learning.
Kalim Siddiqui (2009)- The author explains that the Japan, the world's second largest economy is experiencing the worst economic crisis since the Second World War and the government is attempting to avoid a return to the "lost decade" of the 1990s when it was stuck in a deflationary spiral. To fight back recession, the Bank of Japan has kept the interest rate to 0.1 %, even lower than Bank of England's 0.5 %. Japan's economy has grown only at an average of 1% annually since 1992. The country's economic miracle of the 1950s and 1960s has encouraged debate among the scholars to the significance of Japan's economic past. It is widely seen as due to different model of development in areas such as industrial organisation, the role of the state, social institutions and history. Her appeal lies in the dramatic growth rates and economic transformation. Japan was first Asian country to break the western monopoly of modern industrialization.
Kalim Siddiqui (2009) - The author quotes that the current financial crisis has an impact on the growth, trade and employment in emerging market economies (EMEs) namely China and India. The emerging market economies are characterized as transitional, which means that they are in the process of moving from a closed to an open market economy. It is said that by adoption of neoliberal policies, the economy will lead to a better economic performance levels, as well as transparency and efficiency in the capital market.
Kehinde Oladele Josepha and Ogunnaike Olaleke Oluseyea (2011), the authors remarked that Global economies around the world have experienced the most traumatic moments in the last one-decade. The crisis has been described by scholars, as perhaps been the worst financial crisis since the great economic depression of the 1930s. This paper lucidly examines the effects of global economic recession on the development of human capital with reference to Nigeria nation. The paper offers useful policy recommendations, which include the need for government and appropriate agencies to put in place policies such as enabling environment that will lead to the growth and development of human capital in Nigeria. Government needs to put forward policies that minimize cost at all levels, maximize efficiency of output, training and retraining of goods hands; and that there is need to encourage better motivation of workers at every sector of the economy amongst others.
Khan A.Q and Mariyam Mehtab (2010) - The authors remarked that during 2008-2010, it has been highly turbulent for the world economy, which has hit hard by a profound financial crisis. It is being apprehended as the worst ever crisis to hit the world economy since the Great Depression of 1930's. The rumours are flying thick and people all around the world are gripped with a sense of fear and panic. Future is uncertain and economic analysts are failing to come up with an answer as to how long the recession would last.
Lester M. Salamon, Stephanie L. Geller, and Kasey L (2009) - The authors remarked that the current recession had already resulted in serious economic costs for our nation. Although the media has focused on the downturn's severe effects on businesses, there has been little attention on how it has affected our country's critical non-profit sector. The current recession has already resulted in serious economic costs for our nation, with 9 percent of the workforce unemployed and significant reductions in corporate profits and stock valuations.
Lixia Wang, Iftikhar Hussain (2010) - The authors examined the financial crisis and their impact on world economies, particularly China. The study compared the Southeast Asian financial crisis and the recent US based crisis of subordinated debt conduction in Chinese context. Then, it analyzed the impact of financial crisis in three areas the economic growth potential, social conflicts and responding to risks. There is a need for stable economic growth to expand domestic demand to compensate for the decline in current account surplus.
The financial crisis in developed countries has traumatized all world markets. Consequently, the world economy is facing the most severe slowdown since the 1930s. The economic decline following the financial crisis primarily caused lower growth rates in developing countries. The consequence of banking crisis in rich countries and emerging markets has common impacts. There are broadly similar patterns in housing and equity prices, unemployment, government revenues and debt. In some developing countries, the effects have been much more severe than in the developed countries.
Magdalena Dediu (2009) - The author explains that the world economy is under recession. The strong financial turbulences, the collapses of the main stock exchanges with global extension, the global real estate crisis and alimentary problems represent the signs of a fundamental correction within the global economy. To tackle the unprecedented economic storm, governments across the world have been spending trillions of dollars on economic stimulus packages to combat the recession, prompting a debate about how eventually to unwind this support.
Mario D. Nuti (2009) - The author remarks that all forecasts for transition countries since mid-2008 have been repeatedly downgraded. The latest forecasts envisage an average income decline of 5 per cent in 2009 and only a small recovery of 1.4 per cent in 2010. The performance is very diverse. In general, transition countries faced two shocks a sudden stop, reversal of capital inflows, and an exports collapse due to the global slump. More specific factors include homemade sub-primes (domestic loans to households, enterprises and governments originally denominated in foreign currency), external imbalances, worsening terms of trade for primary products exporters, fall or reversal of FDI, portfolio investment inflows, funds withdrawal by foreign banks, external demand reduction, differences in initial positions and policy response.
Mario Sarcinelli (2010)-The author elucidates that hedge funds could provoke a crisis, probably because they had remained due to American influence, outside the scope of any direct regulation, subject only to the surveillance of the banks that provided them credit, or because the system had run a serious risk in 1998 when a sudden liquidity crisis forced the creditor banks, prodded by the New York Fed, to bailout LTCM in extremis. There have been many financial crises in recent centuries, with wars we tend to think that the horror of the last will prevent the next, and so for financial crises we believe the errors that provoked the most recent one will not be repeated in the one to follow. Supposing that the same errors will be avoided, others will be committed; the unstoppable push for innovation, the change of generations and the fading of historical memory will determine the conditions of a new crisis. We can only try, through the institutional structure of control, to make them less frequent, less disruptive, and more manageable.
Matiur Rahman, Muhammad Mustafa(2009)- The author depicts that this paper is an exploration of the primary reasons for current U.S. great recession, its global transmission, major economic and financial programs, future challenges, and exit strategies. The root cause lies in the U.S. real estate market debacle due to massive subprime lending and proliferation of mortgage-backed securities. The real estate market trouble spilled over into U.S. major banks and other financial intermediaries as well as financial markets. Due to rapid financial globalization, the U.S. financial meltdown and deep recession caused damages to other major economies in the world. Worldwide major economic and financial programs saved the world economy from further deterioration, and set a stage for uncharted nascent recovery. There are dangers of high global inflation in the future with chance of double-dip recession if exit strategies are applied untimely to withdraw excess liquidity in inappropriate doses.
Mehta D, Naveen K. Mehta and Rishi Mishra (2010) - The authors elucidate that no business activity can be completed without effective business communication network. The stage of economic turmoil is the most important time for any organization to regroup its strategy. Now, strong, transparent and constant internal and external communication networks play a vital role. The global meltdown is a blessing in disguise for the organizations to invigorate their business communication network.
Michael Adeloye Adebamowo (2011) - The author remarks that the global structural defect in the economy will eventually affect all the aspects of our lives and existence, which might influence the environment particularly in the aspect of Sustainable Housing development. The economic recession doesn't just occur but certain factors like dollar collapse, oil price rise, inflation, housing bubble, loss of consumer confidence, excess buying and global economy are responsible. The current global financial meltdown that began with the US housing bubble in 2006 was aggravated by low interest rates and increased global liquidity. The subprime or near-subprime loans being initiated and sold to banks by the US real estate brokers, as well as the hedge funds, the Structured Investment Vehicles (SIV) and financial instruments such as Collateralized Debt Obligations (CDO), Credit Default Swaps (CDS) and other derivatives were the bane of the crisis. Other factors included the under estimation of the liquidity risk and the employment of short-term oriented incentive schemes. A combination of these factors imposed deleterious effects on the US financial system, which in turn, was translated into the global economy, owing to the wrong decision by the US Government not to intervene at a most crucial time. In view of this, much of the global economic crisis is traceable to inefficient regulation of financial actors as well as the needless post-crisis foot-dragging in Government intervention, which made the meltdown that could have been limited to the US economy, to snowball into a global financial dilemma. The far-reaching implication of this US-induced economic quagmire is manifest in a host of recession symptoms, which have already spread not only to other developed economies of the world but also to emerging or transition economies.
Michael M. Goldman (2011) - The author explains that the impact of economic
recessions on business strategy and marketing had recently received increased research attention. However, these contributions were limited, especially with respect to sports marketing businesses and those operating in emerging markets. The main aim of the study was to examine the impact of the global recession on the business model of sports marketing businesses in South Africa. The results of the research pointed to business model shifts, inï¬‚uencing the customer value proposition, agency relationships, revenue models and staffing approaches of sports marketing ï¬rms. Theoretical and practical implications were discussed to revisit the business model upon which sports marketing businesses could compete in a post crisis world.
Mihaela Carmen Muntean, Costel Nistor, Rozalia Nistor, Paolo Panico (2011) - The paper aims to present the effect that there are financial tensions in countries with developed economies on emerging economies. Because many economies have entered into recession, this has resulted in significant slowing of economic growth. The objectives are related to the presentation of the current global economic situation, the rapidity with which it converts the entire world into financial crisis. In addition, there are levels of trade flows, financial and monetary, the financials tensions, effect in developed economies and emerging economies, financial ratios and analysis, their composition and relations between them.
Mihaela NeculiÅ£Äƒ and Daniela Åžarpe (2010) - The authors remarked that the world economic crisis is a system crisis that has deep implications on country groups. For the developed countries, the crisis means the diminishing of the economic increase rhythm, reduction of new work places creation, unemployment increase, deepening of social tensions and a diminishing of the work productivity increase. Moreover, there can be a sustained pressure over the social assistance and protection, over the living level increase and of the antisocial phenomena increase. On the other hand, there is a counter-pressure from these countries to maintain certain advantages they have due to the integration policies, advantages that were brought about by the international work division, by the international economic relations based on the comparative cost theory, intensification of armament production and of technical progress of the world finances.
Muhamad Abduh, Mohd Azmi Omar and Jarita Duasa (2011) - The authors explain that the nature of Islamic banks is different from conventional banks, which may lead to different deposit behaviour of their depositors. The study aimed to analyze the dynamic effects of interest and profit rate changes, production level, inflation and financial crisis towards the fluctuation of total deposits in Islamic banks. Meanwhile the inflation had negative effect on total deposits of Islamic banks, which reflected the changes on depositors' consumption pattern during the recession. Interestingly the financial crisis was positively affecting total deposits in Islamic banks. It indicated that due to the 1997/1998 financial crisis experience the bank depositors had trusted Islamic banking to be more resilient in facing financial crisis and hence the inflow of deposits to Islamic banks was happened during 2007/2008 financial crisis.
Mujtaba (2008) - The author highlights that the financial downturn that is affecting developed economies is likely to get worse as the European countries, the US and others go into a deeper depression due to the increase in Job losses, which often follows recession. The slump in the market and increased job losses will have some important implications for the changing tasks of human resource professionals. As the unemployment continues to increase, HR professionals are likely to be dealing with more stressed employees who are the sole wage earners in their families.
Muthe. P.R(2009)- The author quotes that almost everybody today seems to be discussing about Recession its impact on emerging countries because almost all business sectors have been more or less affected by this Global recession. The current wave of US recession has made every Nation to look inwards to think seriously regarding impact of recession on different sectors of their economy. The Indian economy is consist of majorly three sectors 1) Primary sector ( known as Agriculture ) , 2) Secondary sector ( known as Industry ) and 3) Tertiary sector ( known as service sector ) which service sector recently alone contribute 55.1% of Indian GDP.
Mutu Simona and Matis Eugenia(2007)- The authors explain that in order to measure the liquidity risk they have developed an analysis model, based on stress-testing scenarios that shows the ability of the bank to face different types of liquidity crisis. The scenarios were designed for each balance sheet position for assets and liabilities: Ordinary Course of Business, Name Crisis (Mild Name Crisis and Severe Name Crisis), Market Crisis (Mild Market Crisis and Severe Market Crisis) that reflects banking sector crisis and persistent recession. This offered a dynamic image about the bank's liquidity in report with different types of liquidity scenarios, but also about the time horizon of analyze. The research also wanted to highlight the most significant features to consider in order to implement an effective liquidity risk management and to achieve a more integrated supervisory framework.