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Risks
Special Issues
Financial Crises and Poverty
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Financial Crises and Poverty

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (28 February 2022) | Viewed by 17189

Special Issue Editor

Dr. Stelios Markoulis

E-Mail Website
Guest Editor
Cyprus International Institute of Management, University of Cyprus, 2151 Nicosia, Cyprus
Interests: finance; banking

Special Issue Information

Dear Colleagues,

The motivation behind this Special Issue is to address the effect of financial crises on poverty. Given that the world has faced two large financial crises in the 21st century (in fact, one of them—related to Covid-19—is still unfolding), it would be particularly interesting and potentially important to attempt to shed further light on this important and topical issue. Please note that research that is related to the topic, but which may focus on another financial crisis (e.g., banking crisis, currency crisis, debt crisis) is also welcome. Topics that could be examined may focus, for instance, on the characteristics of people who become poor, and whether these differ from those of the chronically poor and the general population. Along the same lines, the question of whether the poor suffer disproportionately to the non-poor in periods of crisis could also be addressed. Moreover, research could also focus on how financial crises may affect income distribution and through which channels (slowdown in economic activity, reduction in asset prices, exchange rates etc.). It could also address issues such as unemployment and changes in wages, as well as policy responses. Of course, the aforementioned list of suggestions is non-exhaustive. The findings of the research carried out in this Special Issue should be of use to policy-makers wishing to identify leading monitoring indicators to track the impact of macroeconomic shocks and to design policies that protect the more vulnerable groups in times of financial crises.

Dr. Stelios Markoulis
Guest Editor

Manuscript Submission Information

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Keywords

  • Financial crisis
  • Banking crisis
  • Currency crisis
  • Poverty
  • Income distribution/inequality
  • Economic growth
  • Unemployment

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Published Papers (3 papers)

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Research

17 pages, 1841 KiB  
Article
From the Great Recession to the COVID-19 Pandemic: The Risk of Expansionary Monetary Policies
by Miguel Ángel Echarte Fernández, Sergio Luis Náñez Alonso, Ricardo Reier Forradellas and Javier Jorge-Vázquez
Risks 2022, 10(2), 23; https://doi.org/10.3390/risks10020023 - 18 Jan 2022
Cited by 8 | Viewed by 6510
Abstract
Central banks have been pursuing an expansionary monetary policy since before the pandemic, although the health and economic crisis of COVID-19 has boosted asset purchase programmes. After the Great Recession, a new phase began, characterised by low interest rates and liquidity injections. These [...] Read more.
Central banks have been pursuing an expansionary monetary policy since before the pandemic, although the health and economic crisis of COVID-19 has boosted asset purchase programmes. After the Great Recession, a new phase began, characterised by low interest rates and liquidity injections. These policies spilled over into financial markets and are leading to higher inflation. These policies stabilised the situation in the short term, but if they continue indefinitely there is a risk of debt overhang, investment mistakes and high inflation in the future. The aim of this article is to analyse monetary policy developments from the Great Recession to the COVID-19 crisis. Correlations between different macroeconomic variables will be shown through IBM SPSS Statistics. For this purpose, bi-variate correlations were used. For the predictions and confidence of the model data, Tableau Desktop Edition was used, which in turn was used for the generation of the graphs. There is a strong correlation between the growth of monetary aggregates and public debt and stock market capitalisation for the selected indicators. The main contribution of this research is the analysis of the long-term effects of a monetary policy. Full article
(This article belongs to the Special Issue Financial Crises and Poverty)
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20 pages, 2598 KiB  
Article
The Leniency of Personal Bankruptcy Regulations in the EU Countries
by György Walter and Jens Valdemar Krenchel
Risks 2021, 9(9), 162; https://doi.org/10.3390/risks9090162 - 6 Sep 2021
Cited by 7 | Viewed by 4835
Abstract
Discussions on personal bankruptcy regulations are usually focused on the controversial effects of leniency on society, economy, financial markets, entrepreneurship, and labour supply. However, the methodology of measuring leniency has been limited to one-time legislative changes or some elements of the US personal [...] Read more.
Discussions on personal bankruptcy regulations are usually focused on the controversial effects of leniency on society, economy, financial markets, entrepreneurship, and labour supply. However, the methodology of measuring leniency has been limited to one-time legislative changes or some elements of the US personal bankruptcy system. In contrast, we create a composite index of personal bankruptcy legislations. We calculate the composite index for 25 EU countries and the US as a benchmark, validate the results, and rank the countries according to the leniency of their personal bankruptcy systems. We analyse the index scores by region, law origin, and the age of the regime. We conclude that the systems show high heterogeneity and cannot be clustered by region or legal origin assumed based on former studies. However, there is a strong association between leniency and the age of legislation. Results indicate that personal bankruptcy policies in the EU are usually launched as creditor-friendly and are later shifted to a more lenient direction. Full article
(This article belongs to the Special Issue Financial Crises and Poverty)
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20 pages, 1382 KiB  
Article
Overdue Debts and Financial Exclusion
by Edina Berlinger, Katalin Dobránszky-Bartus and György Molnár
Risks 2021, 9(9), 158; https://doi.org/10.3390/risks9090158 - 31 Aug 2021
Cited by 2 | Viewed by 4805
Abstract
We examine the impact of overdue debts in small villages in one of Hungary’s most disadvantaged regions. We find that a significant number of debtors with overdue debts permanently escape from debt collectors. Accordingly, in our sample, overdue debts reduce the likelihood of [...] Read more.
We examine the impact of overdue debts in small villages in one of Hungary’s most disadvantaged regions. We find that a significant number of debtors with overdue debts permanently escape from debt collectors. Accordingly, in our sample, overdue debts reduce the likelihood of declared work by 14 percentage points on average. The lack of declared work alone reduces the probability of opening a bank account by 21 percentage points, and overdue debts further reduce it by 9 percentage points. The negative effect of overdue debts on health is almost as large as the positive effect of a high school diploma. In addition, the health-destroying effect extends not only to the debtor but to all members of the household. Therefore, overdue debts create a poverty trap mechanism exacerbating financial exclusion, hence resulting in significant losses for both the individual and society. We recommend paying more attention to smoothing credit cycles and resolving non-performing debt obligations. Full article
(This article belongs to the Special Issue Financial Crises and Poverty)
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