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The global financial and economic downturn that affected tourism from 2007 through to 2010 and beyond has cast substantial attention on the role that crisis events play in tourism. These concerns have only been exacerbated by natu...
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The global financial and economic downturn that affected tourism from 2007 through to 2010 and beyond has cast substantial attention on the role that crisis events play in tourism. These concerns have only been exacerbated by natural disasters, such as the 2010 Icelandic volcanic plume, pandemics, and the potential of future global change. The potential effects of crisis events on international tourism are likely to increase in both size and frequency as tourism becomes increasingly hypermobile and the global economy even more interconnected. A review of the literature on tourism and crisis suggests that economic and financial crises receive the most research attention, with these crises events often being linked to other events such as terrorism and increased energy costs. This article concludes that the discourse on crisis in tourism raises fundamental concerns about the way that the notion of crisis is conceptualised and what constitutes normality.
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An organization may waste a few hours to write a press release when disaster happens. If a pre-set program of measures has already proposed, such as simply fill in the date, location, probably, the number of casualties. The rest o...
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An organization may waste a few hours to write a press release when disaster happens. If a pre-set program of measures has already proposed, such as simply fill in the date, location, probably, the number of casualties. The rest of the things have already been prepared, including news release to the public. This is the so-called "crisis management". No organization can be exempted from the crisis; therefore all organizations must learn how to deal with the crisis as much as possible. The objective of this paper is to study the origin, basic elements, characteristics, stages, categories, inferences, scopes and common mistakes of crisis management, and then provides specific strategies for diversity of situations so as to establish the concepts of the four basic elements of crisis management (prevention, preparedness, implementation and learning) to enhance organizational capability to deal with crises.
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Several twin crises occurred in the Turkish economy in the last three decades. In this article, we aim to analyze the link between banking and currency crises and to illustrate the essential determinants of these twin crises by de...
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Several twin crises occurred in the Turkish economy in the last three decades. In this article, we aim to analyze the link between banking and currency crises and to illustrate the essential determinants of these twin crises by developing a multivariate logit model for the period 1990-2013. The empirical findings show that Turkish currency crises are mainly due to excessive fiscal deficits, rises in short-term external debt, overvaluation of Turkish lira, and external adverse shocks; banking crises are primarily caused by excessive money supplies and bank short positions. The empirical findings also indicate that banking crises lead to currency crises, and vice versa.
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The purpose of this study is to provide empirical evidence on the links between currency and banking crises. Panel data probit and bivariate probit models are estimated to a sample of 21 developed and developing countries having m...
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The purpose of this study is to provide empirical evidence on the links between currency and banking crises. Panel data probit and bivariate probit models are estimated to a sample of 21 developed and developing countries having monthly observations between the years 1985 and 2010. The findings indicate that banking crises precede currency crises, and vice versa. Currency crises also indirectly influence future banking crises probability through external shocks, liberalized financial markets, or highly-leveraged banking sectors. The study also finds evidence of contemporaneous correlation between the two crises. The results not only confirm the theoretical links between banking and currency crises, but also underline the importance of higher frequency data in analyzing the relationship between various financial crises. (C) 2019 Elsevier B.V. All rights reserved.
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As the research base for school crisis intervention and prevention expands, the need for well-developed tools to assess school readiness in the event of a crisis increases. This paper describes how the Comprehensive Crisis Plan Ch...
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As the research base for school crisis intervention and prevention expands, the need for well-developed tools to assess school readiness in the event of a crisis increases. This paper describes how the Comprehensive Crisis Plan Checklist (CCPC) was updated to reflect advances in crisis management and crisis planning. An extensive literature search and pilot study were used to refine existing items and create new items for the checklist. The Comprehensive Crisis Plan Checklist, 2(nd) Edition (CCPC-2) has 102 items separated into three sections: prevention, intervention, and postvention. The CCPC-2 can be used by crisis teams to create new crisis plans or evaluate existing ones. Users are encouraged to carefully consider the inclusion of all items and articulate why individual items are not necessarily based on their specific needs. The CCPC-2 was given to 10 pairs of raters to evaluate school-based crisis plans; average interrater reliability was 89.04%. Discussion focuses on item analysis and how to use the checklist within a school setting.
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Abstract In this paper we examine the consistency in the timing of crisis events of the most prominent databases of banking and fiscal crises. We calculate Cohen's kappa measure, utilize signaling approach and panel logit models w...
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Abstract In this paper we examine the consistency in the timing of crisis events of the most prominent databases of banking and fiscal crises. We calculate Cohen's kappa measure, utilize signaling approach and panel logit models with random effects on selected early warning indicators and identify the most influential crisis observations using the Pregibon's delta‐beta influence statistics. Our results confirm that the degree of commonality across databases is indeed relatively high, especially if introducing a 1‐year lag. However, there is still a significant role played by a few influential observations. This problem is more pronounced in the banking crisis literature.
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The farm crisis in the United States in the 1980s had profound effects on rural, agricultural regions of the country, but almost no impact on urban and suburban areas. At the same time, the 2007-2008 housing crisis impacted almost...
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The farm crisis in the United States in the 1980s had profound effects on rural, agricultural regions of the country, but almost no impact on urban and suburban areas. At the same time, the 2007-2008 housing crisis impacted almost all metropolitan areas, but was much more deeply felt in certain states, such as California, Arizona, Nevada, and Florida. I use a difference-in-differences methodology and find that religiosity as measured by religious attendance, prayer frequency, and religious intensity increased significantly in areas impacted by the farm crisis for those who worked in agriculture, and by the housing crisis for those who worked in housing-related industries. Chen describes increased religiosity in Indonesia following the 1998 financial crisis, and this article demonstrates a similar response to severe financial distress in the United States. This increase is not due to a lower opportunity cost of time, as those who are currently employed have higher levels of attendance than those who are not. I hypothesize that the increased religiosity results from religious institutions' ability to provide public goods, both financial and emotional, in the form of community support.
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Episodes of extraordinary turbulence in global financial markets are examined during nine crises ranging from the Asian crisis in 1997-98 to the recent European debt crisis of 2010-13. After dating each crisis using a regime switc...
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Episodes of extraordinary turbulence in global financial markets are examined during nine crises ranging from the Asian crisis in 1997-98 to the recent European debt crisis of 2010-13. After dating each crisis using a regime switching model, the analysis focuses on changes in the dependence structures of equity markets through correlation, coskewness and covolatility to address a range of hypotheses regarding contagion transmission. The results show that the great recession is a true global financial crisis. Finance linkages are more likely to result in crisis transmission than trade and emerging market crises transmit unexpectedly, particularly to developed markets.
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Rapidly rising deficits at both the federal and state and local government levels, along with prospective long-term financing problems in the Social Security and Medicare programmes, have triggered a one-sided austerity-focused cl...
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Rapidly rising deficits at both the federal and state and local government levels, along with prospective long-term financing problems in the Social Security and Medicare programmes, have triggered a one-sided austerity-focused class war in the USA and around the globe. A coalition of the richest and most economically powerful segments of society, conservative politicians who represent their interests and right-wing populist groups like the Tea Party has demanded that deficits be eliminated by severe cuts at all levels of government in spending that either supports the poor and the middle class or funds crucial public investment. It also demands tax cuts for the rich and for business. These demands constitute a deliberate attempt to destroy the New Deal project, begun in the 1930s, whose goal was to subject capitalism to democratic control. In this paper I argue that our deficit crisis is the result of a shift from the New Deal-based economic model of the early postwar period to today's neoliberal, free-market model. The new model has generated slow growth, rising inequality and rising deficits. Rising deficits in turn created demands for austerity. After tracing the long-term evolution of our current deficit crisis, I show that this crisis should be resolved primarily by raising taxes on upper-income households and large corporations, cutting war spending and adopting a Canadian-or European-style health care system. Calls for massive government spending cuts should be seen as what they are-an attack by the rich and powerful against the basic interests of the American people.
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Purpose - The purpose of this paper is to provide a comprehensive review of organizational crisis and organizational change management and to provide a guide to crisis prevention, management and recovery by highlighting critical a...
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Purpose - The purpose of this paper is to provide a comprehensive review of organizational crisis and organizational change management and to provide a guide to crisis prevention, management and recovery by highlighting critical actions to be taken during each stage of an organizational crisis. A second aim is to compare the crisis management of two financial firms during the 2007 financial crisis: Lehman Brothers and Paulson & Company. Design/methodology/approach - The methodology involved a review of the literature and a case analysis related to organizational crisis and organizational change management. The synthesis of these two approaches is a conceptual paper. Furthermore, the article is supplemented by comparing the management of the 2007 financial crisis by both Lehman Brothers and Paulson & Company in an attempt to compare the literature findings to a global organizational crisis. Findings - The literature suggests that organizations with early crisis detection methods and crisis management plans already in place before the onset of a crisis are significantly better prepared to manage and survive a crisis event. In addition, these better prepared organizations have the opportunity to reposition themselves and turn a crisis event into a strategic opportunity. This is evident in the authors' comparisons of both Lehman Brothers' and Paulson & Company's different management of the 2007 financial crisis. Practical implications - The demand for crisis management is on the rise as the 2007 financial crisis exposed the lack of preparedness among financial institutions, challenged the assumptions crisis management plans were based on and required a regulatory transformation of financial markets. Surviving firms are recovering and learning from the crisis as their crisis management proved to be ineffective. Originality/value - The scope of this paper offers readers a guide to organizational crisis management, supplemented with examples from a financial crisis that affected almost every organization in the world and from which many organizations are still recovering. Any organization, regardless of industry, can benefit from the guide presented in this research. Moreover, the framework of this paper can enable practitioners to formulate and improve their organization's crisis management plans and capabilities. Financial institutions, Financial markets, Organizational change, Change management, Corporate
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