TORONTO, ON – The global financial crisis accelerated China’s rise in the world economy, disrupting a post-cold war status quo in which the United States was the world’s largest and most dynamic economy and undisputed super power. The world economic order is shifting. Can those who manage international commercial, cultural or political exchanges afford to ignore this shift? (more…)
Like the impact of an elephant herd grazing on grassland, multinational banks shape the financial environment to an extent that far outweighs their small number. And like a contagious person on a transnational flight, when these giant, interconnected banks succumb to financial ills, they are uniquely positioned to infect wide swaths of the financial system.
Researchers from Princeton University, the Bank of England and the University of Oxford applied methods inspired by ecosystem stability and contagion models to banking meltdowns and found that large national and international banks wield an influence and potentially destructive power that far exceeds their actual size. (more…)
ANN ARBOR, Mich.— The global financial crisis has contributed to an increase in the rates of suicide and attempted suicide for economic reasons in Italy, new research shows.
A team of researchers, co-led by Roberto De Vogli, associate professor of health behavior and health education at the University of Michigan School of Public Health,
looked at data from 2000-10 and found an increase in suicides and attempted suicides for economic reasons during the entire period. (more…)
The first overt indications of the impending global financial crisis manifested themselves in August 2007, when BNP Paribas announced it was severing ties with three hedge funds specializing in mortgage debt for American real estate properties. The crisis was exacerbated by the immediate freeze on credit by banks to their customers – and to each other. The crisis came to a head in 2008 when the United States government refused to rescue investment firm Lehman Brothers from financial collapse. Subsequent actions by the American government and by foreign governments, as well as actions taken by commercial enterprises world wide, have been focused on repairing the financial damage to sovereign economies and to individuals thrown out of work – and out of their homes. (more…)
