Coping with Crises

How Governments Deal with Emergencies

Coping with Crises

This volume is a comparative study to examine both in theory and in practice the employment of constitutional emergency powers in five polities to combat internal and/or external threats. The focus is only on limited governments and not on absolutist government free of legal constraints.

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis

Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.

Tourism Crises

Causes, Consequences and Management

Tourism Crises

In a world of increasing uncertainty it is vital that managers within the tourism industry are equipped with superior decision making skills and expertise necessary to deal with crisis conditions. Tourism Crises provides an effective synthesis of crisis management and tourism research with a solid theoretical foundation. It examines the principles and practices of crisis management within the context of tourism as a multi-sector industry. Using up to date international case studies, it tackles the following areas: · Political disturbance: the relationship between politics and tourism and political inspired tourism crises. · Social unrest: host-guest relations and tourists as targets of unrest · Economic instability: crises arising from fluctuating exchange rates and lack of investor confidence · Environmental conditions: natural disasters and health crises · Technological crises; transport accidents and crises arising from technical failure · Corporate crises. Human resource issues and questions of finance With a user-friendly learning structure, each chapter will assess the presence of and tendency towards particular types of crisis, supported by a series of examples and cases, which describe organisational situations, challenges and responses. Approaches to managing crises will be assessed and appropriate tools and techniques of crisis management are explored, enabling readers to gain an insight into this critical aspect of tourism decision making and equipping them with the skills and expertise necessary to deal with crisis conditions. * The first student focussed textbook to coherently tackle this significant and important area * Examines the principles and practices of crisis management within the context of the tourism industry * Uses up to date international case studies involving terrorism, environmental crises, health crises and technological crises, which have had major impacts on the industry.

Managing Tourism Crises

Managing Tourism Crises

In a world of increasing uncertainty it is vital that managers within the tourism industry are equipped with superior decision making skills and expertise necessary to deal with crisis conditions. Tourism Crises provides an effective synthesis of crisis management and tourism research with a solid theoretical foundation. It examines the principles and practices of crisis management within the context of tourism as a multi-sector industry. Using up to date international case studies, it tackles the following areas: · Political disturbance: the relationship between politics and tourism and political inspired tourism crises. · Social unrest: host-guest relations and tourists as targets of unrest · Economic instability: crises arising from fluctuating exchange rates and lack of investor confidence · Environmental conditions: natural disasters and health crises · Technological crises; transport accidents and crises arising from technical failure · Corporate crises. Human resource issues and questions of finance With a user-friendly learning structure, each chapter will assess the presence of and tendency towards particular types of crisis, supported by a series of examples and cases, which describe organisational situations, challenges and responses. Approaches to managing crises will be assessed and appropriate tools and techniques of crisis management are explored, enabling readers to gain an insight into this critical aspect of tourism decision making and equipping them with the skills and expertise necessary to deal with crisis conditions.

Canadian Public Budgeting in the Age of Crises

Shifting Budgetary Domains and Temporal Budgeting

Canadian Public Budgeting in the Age of Crises

In the aftermath of the 2008 financial crunch, a pending era of budgetary austerity looms over Canada. Canadian Public Budgeting in the Age of Crises provides a roadmap through the difficult fiscal decisions that have characterized contemporary federal politics across four decades. The authors provide an accessible and comprehensive overview of the constraints that have affected budgetary outcomes in the recent past and that will affect the near future, with analysis spanning micro, macro, social, environmental, and intergenerational domains. They examine the current Harper government's Conservative era, but also look at public budgeting under Chrétien, Mulroney, and Trudeau. Set in the crucial context of macroeconomic policy shifts and in a global comparative context, Canadian Public Budgeting in the Age of Crises broadens and deepens our understanding of government spending, borrowing, and taxing. Budgetary domains - complex realms of fiscal content, choice, and governance - are introduced and balanced against an analysis of these domains with pertinent and up-to-date discussions on institutional influences, dominant actors, and shifting power imbalances.

Fiscal Crises, Liberty, and Representative Government, 1450-1789

Fiscal Crises, Liberty, and Representative Government, 1450-1789

These essays focus on the growth of representative institutions and the mechanics of European state finance from the end of the Middle Ages to the French Revolution.

Why Do Governments Divest?

the macroeconomics of privatization : with 11 figures and 14 tables

Why Do Governments Divest?

On an unprecedented scale, nations at all income levels and across the political spectrum have initiated privatization programs over the past twenty years. In the course of this privatization movement, microeconomic efficiency arguments have become the standard justification for the divestment of public assets. This book presents an alternate view and argues that short-term macroeconomic considerations are often the true motive behind privatization programs. Why Do Government Divest? The Macroeconomics of Privatization is a comprehensive treatment of the macroeconomic issues of privatization. In addition to reviewing topics in economic growth and efficiency, this book explores the fiscal, monetary, balance-of-payments, and employment aspects of privatization. Several diverse case studies illustrate how the pursuit of such short-term political objectives can reduce the benefits of privatization.

Bailouts

Public Money, Private Profit

Bailouts

Today's financial crisis is the result of dismal failures on the part of regulators, market analysts, and corporate executives. Yet the response of the American government has been to bail out the very institutions and individuals that have wrought such havoc upon the nation. Are such massive bailouts really called for? Can they succeed? Robert E. Wright and his colleagues provide an unbiased history of government bailouts and a frank assessment of their effectiveness. Their book recounts colonial America's struggle to rectify the first dangerous real estate bubble and the British government's counterproductive response. It explains how Alexander Hamilton allowed central banks and other lenders to bail out distressed but sound businesses without rewarding or encouraging the risky ones. And it shows how, in the second half of the twentieth century, governments began to bail out distressed companies, industries, and even entire economies in ways that subsidized risk takers while failing to reinvigorate the economy. By peering into the historical uses of public money to save private profit, this volume suggests better ways to control risk in the future. Additional Columbia / SSRC books on the privatization of risk and its implications for Americans: Health at Risk: America's Ailing Health System--and How to Heal ItEdited by Jacob S. Hacker Laid Off, Laid Low: Political and Economic Consequences of Employment InsecurityEdited by Katherine S. Newman Pensions, Social Security, and the Privatization of RiskEdited by Mitchell A. Orenstein

the growth in government domestic debt: changing burdens and risks

the growth in government domestic debt: changing burdens and risks

Abstract: This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability.