H2020Индивидуална стипендия2021–2024

FINSYS RECOVERY · European financial systems in post-crisis recovery

„Хоризонт 2020“ — Действия „Мария Склодовска-Кюри“

Период: 2021-11-15 → 2024-11-13
Финансиране от ЕС: 219 312 €
Участници: 1
Схема: MSCA-IF

Линиите свързват координатора с партньорите.

Накратко на български

Европейските финансови системи и тяхната промяна след събития като глобалната финансова криза се анализират в периода 2005–2020 г. Това помага да се разбере как икономическите шокове влияят върху разпределението на ресурсите и ежедневието на хората.

Този кратък обзор е генериран от изкуствен интелект

Кратко обяснение, генерирано от езиков модел по текста на CORDIS. Оригиналът е по-долу.

Резултати накратко

European financial systems in post-crisis recovery

The project European financial systems in post-crisis recovery (FINSYS RECOVERY) aimed to understand how financial systems (FS) developed from 2005 to 2020 across European countries, and how crises affected the trajectories of the different countries’ FS during this period. FS profoundly affect societies and our everyday lives through resource accumulation and distribution, but the understanding of how they respond to shocks, evolve and embark on different paths is limited. The project provided a detailed view of European FS and their post-crisis trajectories, and quantitatively investigated how shocks in the shape of crisis events (e.g. the global financial crisis, the EURO crisis) and related policy responses influenced them. Insights on how and why FS evolve in response to shocks could hardly be timelier. There are ongoing political initiatives to promote deeper integration of EU FS, while at the same time counterfactors such as Brexit and nationalism appear to pull the EU apart. All this occurs against the backdrop of another major economic crisis, as the grip of the COVID-19 pandemic has tightened over our economies. The project was conducted at CBS´s EGB department which bases its research on international business, economics, and politics, and is an international research center of excellence on the interaction between states and markets, and how business and governments interact to influence each other. The overall conclusions from the project is that traditional dichotomous typologies of financial systems have become less suited to understanding contemporary financial systems. Instead, alternative typologies of institutional variation and transformation are proposed, allowing for a more complex and multi-dimensional understanding of financial systems and their evolution. The conclusions also demonstrate co-existence of multiple and different equilibria even within national geographical institutional configurations. Results also show that institutional transformation (and indeed sluggishness) is a fragmented process with incoherent consequences. These conclusions matter to the ongoing debates about how financial systems shape growth opportunities, the distribution of resources and opportunities in society and our everyday lives.

Текст от CORDIS, на английски · Данни: CORDIS, © Европейски съюз

Цел на проекта

FINSYS RECOVERY i) provides a detailed view of how European financial systems (FS) evolved in the period 2005-2020; and ii) quantitatively investigates how shocks in the shape of crisis events (e.g. the global financial crisis, the EURO crisis and the COVID-19 pandemic) and related policy responses influenced FS trajectories across European countries in this period. The project seeks to generate new ways of understanding FS and their transformations by drawing on an interdisciplinary framework based on financial economics, political economy and corporate governance. By regressing panel data on macroeconomic outcomes and policy responses of different crises on an innovative country-based FS metric, it applies methods that are uncommon in research on FS. The FS metric enables the construction of a spectrum of FS across countries that can be tracked over time. This, in turn, allows for looking beyond the extant literature’s dichotomous conceptualization of FS as either bank- or market-based. In addition, it sheds light on issues that are often neglected in FS research, such as the role of cross-border listings or borrowing and the role of non-bank financial intermediaries. By using a large European panel dataset, the project seeks to generate new insights on the direction, speed and lag by which shocks influence FS. FINSYS RECOV thereby complements earlier research that typically focuses on how outcomes of shocks vary between different FS, or case-based research on how select small numbers of FS have responded to particular shocks.Generating insights on how FS respond to shocks, and if EU FS are converging or diverging, could hardly be timelier. There are ongoing political initiatives to promote deeper integration of EU FS, while at the same time counterfactors such as Brexit and nationalism appear to pull the EU apart. And this occurs against the backdrop of another major economic crisis, as the grip COVID-19 has tightened over our economies.

Оригинален текст от CORDIS (на английски).

Участници

COPENHAGEN BUSINESS SCHOOL · FrederiksbergКоординаторДания