Financial Crisis and its Effect on Psychological Well-Being, Health, Satisfaction, and Financial Incapability, A Systematic Review

Background and Objectives: The decline in GDP caused by the global economic recession of 2008 and that caused by the COVID-19 pandemic has resulted in the poor economy of countries around the globe with increased rates of unemployment and adverse job conditions. This systematic review aims to identify the impact of a Financial crisis on Psychological well-being, Life satisfaction, Health Satisfaction, and Financial Incapability. Methodology: The literature included in the review was searched from Feb 1, 2023, to March 26, 2023, by using the PUBMED database as the search engine. Studies discussing the impact of the financial or economic crisis on psychological well-being, Health, Life satisfaction, and Financial Incapabilities published in the English Language were included in this review whereas systematic reviews and metanalysis, case reports, articles published in languages other than English and articles with limited access were excluded. Result(s): Of the 26 articles found eligible for the study, there were 22 Quantitative studies, 2 qualitative studies, and 2 Mixed Method Studies. Most of the articles included in this study discussed the Global Economic crisis caused by COVID-19 and the Global Financial Crisis of 2008. Almost 80% of the studies included in this review discussed psychological well-being and the prevalence of psychological disorders including Depression, Anxiety, Stress, Fear, Loneliness, Burnout, and Suicide whereas the rest of the articles discussed mortality regarding mental disorders. Conclusion(s): Financial crisis or economic recession results in an increased prevalence of common mental disorders affecting psychological well-being by increasing rates of unemployment and adverse job conditions. Policymakers with competitive financial behavior and knowledge are essential elements for psychological well-being and life satisfaction.Copyright © 2023 Lahore Medical And Dental College. All rights reserved.

Lessons for the Age of Consequences: COVID-19 and the Macroeconomy

Comparative empirical evidence for 22 OECD countries shows that country differences in cumulative mortality impacts of SARS-CoV-2 are caused by weaknesses in public health competences, pre-existing variances in structural socio-economic and public health vulnerabilities, and the presence of fiscal constraints. Remarkably, the (fiscally non-constrained) U.S. and the U.K. stand out, as they experience mortality outcomes similar to those of fiscally-constrained countries. High COVID19 mortality in the U.S. and the U.K. is due to pre-existing socio-economic and public health vulnerabilities, created by the following macroeconomic policy errors: (a) a deadly emphasis on fiscal austerity (which diminished public health capacities, damaged public health and deepened inequalities);(b) an obsessive belief in a trade-off between ‘efficiency' and ‘equity', which is mostly used to justify extreme inequality;(c) a complicit endorsement by mainstream macro of the unchecked power over monetary and fiscal policy-making of global finance and the rentier class;and (d) an unhealthy aversion to raising taxes, which deceives the public about the necessity to raise taxes to counter the excessive liquidity preference of the rentiers and to realign the interests of finance and of the real economy. The paper concludes by outlining a few lessons for a saner macroeconomics.

Marginal Cost of Energy Volatility in the Brazilian Interconnected Power System

From 2018 to 2022, on average, 70% of the Brazilian effective electric generation was produced by hydropower, 10% by wind power, and 20% by thermal power plants. Over the last five years, Brazil suffered from a series of severe droughts. As a result, hydropower generation was reduced, but demand growth was also declined as results of the COVID-19 pandemic and economic recession. From 2012 to 2022, the Brazilian reservoir system operated with, on average, only 40% of the active storage, but storage recovered to normal levels in the first three months of 2022. Despite large capacity of storage reservoirs, high volatility of the marginal cost of energy was observed in recent years. In this paper, we used two optimization models, NEWAVE and HIDROTERM for our study. These two models were previously developed for mid-range planning of the operation of the Brazilian interconnected power system. We used these two models to optimize the operation and compared the results with observed operational records for the period of 2018-2022. NEWAVE is a stochastic dual dynamic programming model which aggregates the system into four subsystems and 12 equivalent reservoirs. HIDROTERM is a nonlinear programming model that considers each of the 167 individual hydropower plants of the system. The main purposes of the comparison are to assess cooperation opportunities with the use of both models and better understand the impacts of increasing uncertainties, seasonality of inflows and winds, demand forecasts, decisions about storage in reservoirs, and thermal production on energy prices. © World Environmental and Water Resources Congress 2023.All rights reserved

The impact of Covid-19 on the Korean and US labour markets

This study compares labour market experiences in South Korea and the US at the outbreak of the pandemic and then again in November 2020. We found that the pandemic had the most considerable effect on the not-at-work rate in South Korea and the unemployment rate in the US. We computed concentration indices to measure inequality in the labour markets using education as a socioeconomic ranking variable. Applying a Recentered Influence Function (RIF) regression, we found that unemployment was more concentrated among less-educated workers in South Korea. Still, the not-at-work rate was more concentrated among highly educated workers. While the ability to work from home played an important role in explaining these inequalities, by November 2020, the Korean labour market showed minimal disparities. In general, US workers with lower education levels experienced higher unemployment and not-at-work rates. The capability to work remotely considerably reduced inequality in April, but it did not in November.

"I'm Doing This for Me:” Gendered Reasons for Enrolling in Postsecondary Education During a Time of Economic Uncertainty

This study examines the gendered experiences of working class, nontraditional postsecondary students in the context of the Great Recession. Based on in-depth interviews with 75 students, and a longitudinal analysis of their academic transcripts 6 to 8 years later, we find that both men and women emphasized the importance of providing for their families. In the context of an economic downturn, interviewees were concerned about improving their job prospects with educational credentials to ensure greater financial stability. Yet whereas men focused primarily on financially providing for their families as their reason for enrolling in college, women emphasized both providing for their families and self-development. This blending of the perceived purposes of education suggests that women expressed a more complex, multifaceted understanding of their reasons for enrolling in education. This study has implications for not only the Great Recession but motivations for enrolling during other recessions, including the COVID-19 pandemic. © 2023 North Central Sociological Association.

A path to new normal of nuclear medicine facilities: Considerations for reopening

The stormy clouds of the coronavirus disease 2019 outbreak caused a rapidly spreading epidemic still hanging over the sphere. Any steps to transition toward a new normal should be guided by health authorities, together with economic and societal considerations. There are various items mainly falling into three classifications, including patient worry, clinical demand, and economic recession. Social distancing, lay-offs, and decreased number of patients with health insurance may lead to a prolonged period to retrieve normalcy. To return to a new normal, an individualized management model should be developed for each laboratory based on staff, instruments, services, crowding, physical space, hospital base unit, or outpatient clinic. Continuous training of different occupational staffs is among the key parameters in maintaining this readiness. The proposed response model should have internal and systemic integrity as well as coherence among the included items in two intra- and inter-unit management categories, namely thinking globally and acting locally.Copyright © 2021 mums.ac.ir All rights reserved.

Human resource management in recession: Restructuring and alternatives to downsizing in times of crisis

In just over a decade two global crises have created significant instability across the world and plunged many national economies into recession. While studies of HRM during economic downturns are limited, the global impact of COVID-19 on employment adds impetus to the debate. Though downsizing and mass layoffs attract most attention, redundancies are just one potential response to challenging economic conditions, and various other employment adjustments might be viewed as complements or alternatives to workforce reductions. However, little is known about the implementation of HR practices or enactment of HR strategies during recession. Drawing upon 56 in-depth interviews, this article presents three case studies of recessionary restructuring in British manufacturing firms. The cases share a concern with mitigating redundancies and highlight the importance of actor agency as well as institutional and organisational context in shaping restructuring outcomes. The article contributes to HR theory regarding HRM in recession and employment restructuring.

Understanding the globalization-crisis linkage: A "differenced” approach

The recent string of adverse global shocks (financial crisis, trade war, COVID-19, Ukraine war) poses a potential challenge to the well-known welfare enhancing effects of globalization, necessitating a better understanding of the longer run globalization-crisis linkage as opposed to its shorter run effects. Focusing on the Great Recession, we discover an evolving role of trade and financial openness from one that propagates and deepens the negative effects of crises to one that confirms its well-established contributions. Key to this is generating counterfactual output for open countries as if they were closed and examining the comparative impact of the crisis. © 2023 The Authors. Review of International Economics published by John Wiley & Sons Ltd.

Families' Financial Stress & Well-Being: The Importance of the Economy and Economic Environments.

The Great Recession and the unfolding COVID-19 Pandemic Recession-two major disruptions to the economy that occurred just one decade apart-unequivocally confirm the importance of the economy and economic environments for understanding families' financial stress and well-being. However, recent published literature places too little emphasis on the economy and economic environments and instead focuses on explanations rooted within individuals and families. In this article, we review research on families' financial stress and well-being published in JFEI between 2010 and 2019, which analyzed data collected during the Great Recession and were subsequently published in the shadow of the economic downturn. We discuss the economy and economic environments as gaps in the literature and encourage future research to focus on these explanations of stress and well-being, especially in response to the pandemic recession.

Wall Street QE vs. Main Street Lending.

Monetary and fiscal authorities reacted swiftly to the COVID-19 pandemic by purchasing assets (or "Wall Street QE") and lending directly to non-financial firms (or "Main Street Lending"). Our paper develops a new framework to compare and contrast these different policies. For the Great Recession, characterized by impaired balance sheets of financial intermediaries, Main Street Lending and Wall Street QE are perfect substitutes and both stimulate aggregate demand. In contrast, for the COVID-19 recession, where non-financial firms faced significant cash flow shortages, Wall Street QE is almost completely ineffective, whereas Main Street Lending can be highly stimulative.

"I Could Be Unemployed the Rest of the Year”: Unprecedented Times and the Challenges of "Making More”

The COVID-19 pandemic has been unprecedented in many ways, but perhaps no more so than in the sudden expansion of—and increase in—unemployment assistance benefits. We ask how precarious workers, many of whom were "hustling” for money or engaged in creative fields, feel about making more on unemployment. How are they using the funds? We draw on remote interviews and online surveys with 199 gig and precarious workers in New York City during the first wave of the pandemic. We find that workers are ambivalent about unemployment assistance and concerned that a financial influx today portends a shortage tomorrow. This "specter of the unknown” affected workers' use of their benefits. As a result, even though the Coronavirus Aid, Relief, and Economic Security Act was intended to mitigate the social and economic impact of the pandemic, these programs—despite being helpful—may have also contributed to precarious workers becoming even more certain of their insecurity.

Reinstating fiscal policy for normal times: Public investment and Public Jobs Programmes

This paper upholds the classical Keynesian position that a laissez-faire market economy lacks a spontaneous tendency to full employment. Focusing on the UK case, it argues that monetary policy could not prevent the economic collapse of 2008-9 or achieve full recovery from the Great Recession that followed. The paper then outlines the case for fiscal policy to regain a permanent status of primacy in modern macroeconomic management, beyond the pandemic emergency. It distinguishes between public investment and automatic stabilisers, reducing discretionary actions to a minimum. It presents the case for re-empowering the State'spublic investment function and for reforming the system of automatic counter-cyclical stabilisers by means of public jobs programmes.

Study of Pandemic of 2020-2021 by Sociocultural Groups of Countries: Applied Analysis of Parameters

Sociocultural factors have become a one of the priority areas in research within the framework of theories of long-term development. This article discusses the parameters of groups of countries (values of survival-self-expression and traditional secular-rational values) according to the Inglehart - Welzel cultural map, along with other sociocultural and socio-economic indicators. The significant cumulative advantage (gross domestic product (GDP) per capita) of three groups of countries - Anglo-Saxon, Protestant and Catholic - compared to the rest reflects a long history of world progress. A number of the social parameters of these groups probably reflect their level of development, to which other factors have played a role in the long term. A key question addressed in the article. is whether sociocultural factors that have developed over long periods have a significant impact on the behaviour of countries in the context of modern crises, and in this case, on the incidence of vaccination in countries in critical conditions. To answer this question, qualitative and quantitative methods of analysis have been conducted using the instance of the COVID-19 pandemic in 2020-21. The hypothesis was tested on an array of 80-94 countries for which there was relevant statistical data. The tables and calculations presented in the article indicate the following results: countries more advanced in the direction of self-expression values on the Inglehart scale demonstrate higher vaccination scores and lower disease scores, and those oriented toward secular-rational values have higher rates of suicide than countries with predominantly traditional views.

How did COVID-19 affect the labor force participation of older workers in the first year of the pandemic?

This paper uses the Current Population Survey to study older workers' transitions out of employment and into retirement during the first year of the pandemic. We find that, among workers ages 55 to 79, the likelihood of leaving employment over the course of a year rose by 6.7 percentage points, a 43-percent increase over baseline. Workers without a college degree, Asian-Americans, those whose jobs were not amenable to social distancing, and part-time workers saw disproportionate impacts. In contrast, the likelihood of retiring increased by 1 percentage point, and there was no immediate retirement boom for full-time workers under 70.

Escaping into a master's degree in times of crisis? Master's degree applications and enrolment over the business cycle

The consequences of graduating in a recession could be severe and long-lasting. Bachelor's graduates can, however, avoid entering the labour market by continuing their education. Using a Norwegian dataset containing information on all graduates and their applications to and enrolment in master's degree programmes over a 15-year period, we find that a one percentage point increase in the field-specific unemployment rate results in a 6.5 percentage points increase in applications and a 3.9 percentage points increase in enrolment. Moreover, using a survey of the 2020 bachelor's graduates cohort, that is, the Covid-19 cohort, we find evidence indicating that those pushed into a master's degree by conditions in the labour market differ substantially from those whose decision to enrol in a master's degree is not driven by labour market conditions.

Clinico-Etiological Profile of Children Admitted with Head Injury in a Tertiary Health Care Centre During the COVID Pandemic

Background The mechanism of injury, type of pathology, mode of management and specific problems, in the pediatric age group make these a unique population. The COVID-19 pandemic and lockdown caused a significant reduction in the number of road traffic accidents during the same period and the resultant number of head injuries in children.Methods This was a descriptive study of 76 consecutive pediatric patients admitted with head injury between June and December 2020. Children under 18 years with head injury admitted in our hospital were included.Results The most common etiology of pediatric head injury was found to be fall from height (61.8%) followed by road traffic accidents (27.6%). The most common age group affected was 1 to 5 years with a mean of 6.3 +/- 1 5 years. Road traffic accidents were commonly seen in the 15 to 18 age group. The Glasgow Outcome Score (GOS) of 1 (death) was seen in one patient (1.3%) and low disability in 98.7% of patients.Conclusion Falls formed the most important cause of pediatric head injury during this pandemic, and carefulness on the part of parents can help avoid dangerous consequences for the children. Recovery with minimal disability was observed in approximately all cases in this study. The number of severe traumatic brain injury was very low in this study. This can be attributed to the COVID-19 pandemic causing significant reduction in road traffic accidents and the number of severe head injury Clinicoetiological Profile of Children Admitted with Head Injury During the COVID Pandemic

Recovery from the COVID-19 Recession: Uneven Effects among Young Workers?

In this paper, we examine the labor market recovery from the COVID-19 recession and test for effects of termination of pandemic unemployment insurance programs among 15-24-year-olds. We use data from the January 2016-October 2022 Current Population Survey. Using regression-based methods, we show that while 15-19-year-olds experienced a brisk, full recovery in labor market outcomes from the COVID-19 recession, the recovery was sluggish and incomplete among 20-24-year-olds, with some work outcomes lagging below pre-pandemic norms well into 2022. Termination of pandemic UI programs led to increased work hours and full-time employment among 20-24-year-olds but did not have these effects among 15-19-year-olds. © 2023 Walter de Gruyter GmbH, Berlin/Boston.

Managing the COVID-19 crisis by fiscal strategies: Lessons from four countries

The COVID-19 Crisis is urgent, global in scale, and has generated a massive impact globally. During the outbreak of the crisis, well-designed fiscal strategies play a critical role in effective crisis management. This article uses an international and comparative perspective to find fiscal strategies used by four countries including China, South Korea, the United States, and Italy to manage the COVID-19 crisis for the period of April 2020 to December 2021. It examines key similarities and differences regarding to these major fiscal strategies adopted by the four countries. This article offers important lessons and summarizes effective practices for other countries that were considering fiscal strategies to manage and deal with the economic and fiscal impacts induced by the COVID-19 crisis.

Effects of the pandemic on tourism and the Chilean economy, a look from multivariate techniques

The impact of the Covid-19 pandemic has brought dire consequences. The paralysis of a large part of the tourism sector since April 2020 has strongly affected the economy and employment worldwide, leaving without a livelihood a number of people who live and depend on the tourism company. In this context, the present research aims to analyze the effect of the pandemic on tourism in Chile. It is methodologically based on two aspects, first, on the documentary review of different sources that critically analyze the consequences of this health crisis on the economy and tourism, and secondly, on the data processing carried out through the application of the HJ Biplot Multivariate Cubes Model. As the main results of this research, it is evident that the pandemic has caused a decrease in employment and sales in Accommodation Services and Food Services, as well as the arrivals of passengers at Tourist Activity Establishments. It is projected that this study could be a contribution in the construction of public policies that support the reactivation of the national and world economy through tourism. © 2023, Universidade de Aveiro. All rights reserved.

Economy: Exceptionality as a driver of structural change in the Basque Autonomous Community and Navarre

The global pandemic generated a crisis of still unpredictable consequences, further aggravated by the war in Ukraine. In 2008 a broad consensus had emerged on the need for far-reaching reforms, which basically meant doing away with the neoliberal consensus that had prevailed since the 1980s, although the chances of recovery were soon made dependent on the economic cycle. Once again, the current crisis is calling into question the quality and effectiveness of the social protection system and the welfare state itself. The responses seem to indicate a change of direction, towards safeguarding and strengthening the public sector. The Basque Country and Navarre are affected too. Two symptoms of this are the reinforcement of investment in health, which implies reversing previous cuts, and the approval of systems to cover the most disadvantaged groups. These measures require, however, the backing of other structural measures, particularly fiscal ones. © 2023, Onati International Institute for the Sociology of Law. All rights reserved.