Sovereign Debt Crisis in Sri Lanka and Bangladesh: A Comparative Study

Using IMF's World Economic Outlook (WEO) data for the macroeconomic variables, this study comparatively examines the sovereign debt crises in Sri Lanka and Bangladesh. It identifies different macroeconomic factors related to the sovereign debt crisis, investigates their interrelations, and explores if their debt crises are similar. It shows that the general revenue to Gross Domestic Product (GDP) ratios of Sri Lanka degraded to converge with the upgrading status of Bangladesh during the Covid-19 period. Since 2010, Sri Lanka has maintained a well-off economic status with per capita GDP, while Bangladesh has a long way to go yet. The general expenses to GDP ratio of Sri Lanka shows stresses on its GDP, while that of Bangladesh is more relaxed. Sri Lanka has overstressed debt to GDP ratio along with Balance of Payments (BOP) deficits, while Bangladesh has continued traces of managed debt to GDP ratio along with BOP surpluses. Bangladesh has taken enough precautions in their sovereign debt management, compared to Sri Lanka. Even in 2020, Bangladesh maintained progressive investment track over the threshold limit of 30%, while Sri Lanka fell into a debt trap. Following the pandemic, Bangladesh has enjoyed a gross national savings to GDP ratio of above the threshold of 25%, while Sri Lanka is going through a critical phase. It shows governance myopia of Bangladesh regarding its imbalanced current account positions, while governance myopia of Sri Lanka exists with reference to its imbalanced current account positions, adverse gross debts, and government borrowing as well.

Seniors' Long‐Term Care in Canada: A Continuum of Soft to Brutal Privatisation

We situate the contemporary crisis of COVID‐19 deaths in seniors' care facilities within the restructuring and privatisation of this sector. Through an ethnographic comparison in a for‐profit and nonprofit facility, we explore what we identify as brutal and soft modes of privatisation within publicly subsidised long‐term seniors' care in Vancouver, British Columbia, and their influence on the material and relational conditions of work and care. Workers in both places are explicit that they deliver only bare‐bones care to seniors with increasingly complex care needs, and we document the distinct forms and extent to which these precarious workers give gifts of their time, labour and other resources to compensate for the gaps in care that result from state withdrawal and the extraction of profits within the sector. We nonetheless locate more humane and hopeful processes in the nonprofit facility, where a history of cooperative relations between workers, management and families suggest the possibility of re‐valuing the essential work of care. [ FROM AUTHOR] Copyright of Antipode is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

When do arts organizations merge? A window of opportunity for nonprofit mergers

Negative repercussions of the COVID‐19 pandemic have escalated a continued interest in mergers. Research on the reasons or preconditions for merger implementation remains insufficient, however. This study focused on mergers involving arts organizations ("arts mergers”) and identified a set of conditions that open up a window of opportunity for nonprofit merger implementation. Two arts mergers have been studied using grounded theory. This study finds that nonprofit mergers are implemented when a shared concern for long‐term financial viability is coupled with foreseeable merger benefits and provision of merger support by external sources. Additionally, this study reports new findings on arts mergers and their unique traits. Findings suggest that support for mergers or similar types of interorganizational integration can be an effective means for strengthening the long‐term sustainability of nonprofits and the sector at large.

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.

Setting up of Bad Bank – A New Era Begins

During Covid 19 pandemic, Public Sector Banks (PSBs) experience the high and increasing level of gross non performing assets. This is as high as 14 per cent which is matter of concern to all stakeholders. Consequently, these banks to witness high provisioning, low capital base and dismal credit growth. To arrest the trends in stressed assets, existing recovery channels including Insolvency Bankruptcy Code have not produced the desired results. Hence, the Government has recently taken a bold decision to set up a Bad Bank and provide the sovereign guarantee to security receipts issued by the Bad Bank upon purchase of stressed assets from PSBs. The Bad Bank aims at buying stressed assets, restructure them successfully and, thereafter, to sell the same to investors which would facilitate the PSBs to clean their balance sheet and strengthen the capital base. While there is enough business potential for the Bad Bank in the near future, its success will depend on purchase price of assets transferred, expertise in management of distressed assets, business model and presence of a conducive environment to operate. It is hoped that, during the post pandemic, the Bad Bank would prove to be the best option for revival of stressed assets and enable PSBs to lend optimally for productive purposes. Towards this end, before the Bad Bank starts functioning, there is a dire need to create awareness of the same by understanding its background, organization structure, business model and emerging challenges.

How the Rules of no.11/POJK.03/2020 Banking Restructuring Policy Improve Financial Performance? (Empirical Study of Islamic Banks in Indonesia)

The Covid-19 pandemic has significantly impacted the economy, including the banking industry. The im-pact on the banking industry is a decline in the health of banks. One form of bank soundness assessment can be seen from the movement of financial ratios, including Non-Performing Financing (NPF), Capital Adequacy Ratio (CAR), Return on Assets (RoA), and Operational Expenditure to Operating Income (BOPO), and Financing to Deposits Ra-tio (FDR). This study aimed to examine the impact of the implementation of banking restructuring policies on the fi-nancial performance of Islamic Commercial Banks in Indonesia. This study used an observation period of 36 months, calculated 1 year before and after the implementation of rules No.11/POJK.03/2020. The sampling method used purposive sampling with 119 observational data samples. Hypothesis testing used the independent Mann-Whitney t-test since the data were not normally distributed. The results showed that the banking restructuring policy could only improve the bank's financial performance, namely CAR and FDR, but not the ratio of NPF, ROA, and BOPO. The contribution of this study can be used as one of the basics for assessing the effectiveness of implement-ing government policies. Copyright © 2022- All Rights Reserved.

Mid-Crisis Restructuring Law Reform in the United Kingdom

Economic shocks create insolvency law-making space, generating opportunities for legal reform that may be absent in good times. Policymakers may suddenly acquire a mandate to resource institutions or drive through a change in the law where in good times such reforms were likely to be foiled by interest group capture, or simply unlikely to get sufficient political traction. A crisis, then, is an opportunity for the well-prepared insolvency policymaker. Insolvency rule-making in crisis conditions is, however, plainly also risky. Making best use of the opportunity implies making more than temporary changes to the regime. But design choices made mid-crisis will almost inevitably be influenced by the features of the crisis itself, generating a risk that the result of the reform effort will be distorted law, ill-suited to the achievement of the lawmaker's objectives in the long run. This paper considers the permanent restructuring law reforms enacted in the UK during the first wave of the Covid-19 pandemic. At first glance, these reforms appear to exemplify the case of the well-prepared policymaker, poised to drive through carefully planned changes to the law when the opportunity arises. On closer inspection, however, a different picture emerges. The permanent measures, which were enacted in a fast-track legislative process, departed from the Government's pre-pandemic plan in material and undesirable ways. In some cases, these deviations mean that the original objective has not been achieved at all;in others, the objective has been at least partially achieved, but at unnecessary cost. Overall, the UK experience appears to better exemplify the risks of attempting insolvency law reform in a crisis, than the opportunities that a crisis affords to an insolvency policymaker. [ FROM AUTHOR] Copyright of European Business Organization Law Review is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Restructuring Lessons from the Covid Pandemic: Bail-Out vs. Market Approach

Bail-out, bail-in, or restructuring? In this article, we argue that restructuring has its rightful place in macro crises, such as the Covid pandemic. A policy that primarily focuses on insolvency avoidance and bail-outs is misled as it creates unwanted risk incentives, distorts market selection and resource allocation, and reduces beneficial transformative pressure. As a crisis typically goes hand in hand with new and fundamental developments, the changing environment should be met by competitive innovation. Bail-outs which tend to preserve the status-quo may be justified as part of a comprehensive emergency strategy and to overcome temporary market dysfunction. Such a response strategy, however should always be designed in concert with restructuring options. We propose amendments to the German insolvency and restructuring laws to address the shortcomings of restructuring/insolvency uncovered during the Covid pandemic. The goal is to improve the restructuring/insolvency regime so that it can better deal with the specific challenges of macro crises.

Covid-19 Measures in Switzerland—Considerations from a Practice Perspective

This paper offers some observations from a practitioner perspective on Swiss measures to support businesses during the Covid-19 pandemic, as a complement to the paper ‘Governmental measures in Switzerland against mass bankruptcies during the Covid-19 pandemic' by Rodriguez and Ulli in this volume. A brief overview of the main fiscal and non-fiscal measures is followed by analysis of the reasons for non-use of a major non-fiscal measure (a new moratorium), and some suggestions as to the lessons that can be learned from this for the design of analogous relief policies in future crises.

Introduction

The distribution of the first funds of the European recovery plan, the progressive lifting of Covid restrictions, the work of the Conference on the Future of Europe and the geopolitical tension caused by Russia's invasion of Ukraine have marked European news in the first months of 2022. In this uncertain and worrying context, the European Union (EU) is striving to address the important challenges it confronts, such as the climate transition, digitalisation, security at its external borders and strategic autonomy, among others. The response given to these challenges will determine not only the position of the EU on the world stage, but also the sustainability of the European project itself in the coming years.

Strategic Restructuring and Business Freedoms and Their Impact on the Financial Performance of the Economy of Bosnia and Herzegovina

Political events in 2022, the consequences of the COVID-19 coronavirus, bad management, inadequate restructuring, are just some of the causes of the crisis and poor business performance of many companies. The research results show that companies in the EU mostly use internal restructuring strategy (39.60%) and business expansion strategy (38.25%). Assessments of the area of application of restructuring strategies according to (EBRD) (The European Bank for Reconstruction and Development) show that Bosnia and Herzegovina has stagnated in terms of restructuring activities (Grades -2, up to 2) in the last 20 years. In addition to the partial approach of each company, we developed and modeled an integral approach and focused the work on measuring the impact of restructuring activities on the state and development of the economy of Bosnia and Herzegovina, where positive impact results were obtained (0.701081731). The aim of the paper is to point out the influence of strategic restructuring and economic freedoms on the development of the economy of Bosnia and Herzegovina. In the paper, based on statistical analysis, we tested the impact and evaluations of restructuring strategies of companies in Bosnia and Herzegovina compared to companies in the European Union. The results showed a statistically significant difference compared to companies from Western Europe, Central Europe and Eastern Europe.

The Pandemic as a Chance to Modernise Italian Insolvency and Restructuring Law

The pandemic exerted a profound influence on Italian insolvency and restructuring law. In 2020, after several years of preparation, a wide-ranging reform, whose focus was to enhance the judicial management of distress, was about to enter into force in Italy. In that context, there were two events inducing a radical rethinking of that reform: the pandemic and the duty to transpose Directive (EU) 2019/1023 (which the Italian legislature had largely overlooked while devising the project for reform). The result of the rethinking has been a set of rules more restructuring-friendly, partly and initially conceived as a response to the Covid-19 emergency, but largely preserved also in the post-pandemic framework. Difficult challenges lie ahead, the main one being the heavy legacy of State-guaranteed corporate loans, for which an ad hoc scheme has been developed. A significant and lasting consequence of the legislation enacted during the pandemic is the suspension of the ‘recapitalise or liquidate' rule, on which the Italian corporate law system has traditionally relied for crisis detection purposes. This paradigm shift comes at the same time as an increased emphasis on early detection of financial distress and an increase in directors' responsibility in this regard. © 2023, T.M.C. Asser Press.

A Gateway Framework to Guide Major Health System Changes Comment on "‘Attending to History' in Major System Change in Healthcare in England: Specialist Cancer Surgery Service Reconfiguration”

Recent events – on both a global scale and within individual countries – including the lockdowns associated with COVID-19 pandemic, inflation concerns, and political tensions, have increased pressure to reconfigure social services for ongoing sustainability. Healthcare services across the world are undergoing major system change (MSC). Given the complexity and different contextual drivers across healthcare systems, there is a need to use a variety of perspectives to improve our understanding of the processes for MSC. To expand the knowledge base and develop strategies for MSC requires analysing change projects from different perspectives to distil the elements that drove the success. We offer the Gateway Framework as a collaborative transformational system tool to assess and reorganise operations, services, and systems of healthcare organisations. This framework and guiding questions, accounts for past events whilst being proactive, future orientated, and derived from externally defined and a standardised requirements to promote safe, high-quality care. Keywords: Major System Change, Restructuring, Health Systems, Healthcare Safety, Healthcare Quality Copyright: © 2023 The Author(s);Published by Kerman University of Medical Sciences. This is an open-access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/ licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Citation: Eljiz K, Greenfield D, Derrett A. A gateway framework to guide major health system changes: Comment on "‘Attending to history' in major system change in healthcare in England: specialist cancer surgery service reconfiguration.” Int J Health Policy Manag. 2023;12:7681. doi:10.34172/ijhpm.2023.7681. © 2023, Kerman University of Medical Sciences. All rights reserved.

Cognitive-behavioral therapy for panic disorders.

This article discusses the treatment of panic disorder in terms of cognitive behavioral psychotherapy. Panic disorder is one of the most common anxiety disorders. The etiology of panic disorder assumes the coexistence of genetic and environmental factors. Panic attacks often accompany other mental and somatic diseases. The constant feeling of intense anxiety with a number of somatic symptoms affects the deterioration of everyday functioning, significantly reducing one's quality of life. The global situation caused by SARS-CoV-2 may correlate with the increase in the incidence of panic disorder. The introduction of appropriate therapeutic interventions at the earliest possible stage of the disease gives patients a chance for long-term remission. So far, it has been proven that the best results of pharmacological treatment are achieved thanks to the antidepressant and benzodiazepine drug groups. One of the non-pharmacological interventions with the highest clinical effectiveness is cognitive-behavioral psychotherapy. Compared to other trends, cognitive- behavioral therapy is characterized by the most reliable research proving its high effectiveness. Psychotherapy of panic disorders in the cognitive-behavioral approach includes a complete conceptualization of the patient's problem, taking into account individual theoretical models. Treatment of panic attacks is based on a protocol which takes into account both cognitive and behavioral interventions, e.g. psychoeducation, cognitive restructuring, breathing training, relaxation exercises and both interoceptive and in vivo exposures. Research results indicate that this therapy is an alternative form of treatment for panic disorders. Sources indicate that the effectiveness of interventions based on cognitive-behavioral therapy is comparable to that of pharmacotherapy.Copyright © 2022 Termedia Publishing House Ltd.. All rights reserved.

Online work adjustment in the sustainable development context during COVID-19 pandemic: a systematic literature review

This paper aims to systematically analyse and synthesise the contemporary literature on fundamental contextual issues impacting online work adjustment during the COVID-19 pandemic and to identify future research priorities in these fields, in the light of relevant perspectives of Sustainable Development Goals (SDGs) and Fourth Industrial Revolution (IR 4.0). This research used the preferred reporting items for systematic reviews and meta-analyses (PRISMAs) design approach to conduct a systematic literature review. Three academic databases, namely Scopus, ScienceDirect and Google Scholar, were utilised. The findings emphasised the importance of current research distribution, contextual issues, and thematic analysis outcomes, which recommend an essential future research agenda on online work adjustment during and after the COVID-19 pandemic. Copyright © 2022 Inderscience Enterprises Ltd.

A Cross-Country Policy-Maker Perspective on Corporate Restructuring Laws Under Stress

The onset of the COVID-19 pandemic saw a period of rapid experimentation with insolvency law settings, designed to prevent a wave of insolvencies. Although governments acted quickly to keep debtors out of insolvency processes, they did not alter high levels of underlying indebtedness. In this worsening economic climate characterized by low growth, high inflation, fiscal tightening and high indebtedness, it appears, in certain countries, that these measures may have deferred, rather than prevented, high insolvency levels. A key economic legacy of the COVID-19 pandemic is the extensive fiscal stimulus and the resulting budgetary constraints this has placed on governments. In this context, there is increasing evidence of the importance of frameworks for out-of-court debt workouts as a complement to formal corporate restructuring frameworks. © 2023, The Author(s).

TRADEMARKS AND THE PROTECTION FOR BUSINESS ACTORS IN INDONESIA DURING COVID 19 OUTBREAK

The recognition of the Covid-19 (SARS CoV-2) outbreak as a global pandemic by WHO on March 11th, 2020, has brought impacts on various sectors including the economic sector. The Government of Indonesia is also striving to prevent the transmission of Covid-19 by establishing a large-scale social restriction policy in various regions. The determination of the large-scale social restriction policy, which requires people to undertake their activities at a distance (social distancing), has in fact caused considerable losses to Micro, Small, and Medium Enterprises (hereafter MSMEs) because the demand and purchasing power of the community has dramatically decreased. This situation makes it difficult for MSMEs actors to pay instalments for business capital loans, which has the potential to increase the number of bad loans in the banking sector. This research is an empirical law study that aims to analyze the Government of Indonesia's policies in protecting micro, small, and medium enterprises from the impact of the Covid-19 pandemic. The results of this research indicate that the strategies that must be implemented by the government in protecting MSMEs actors from the impact of the Covid-19 pandemic are by relaxing and restructuring MSME loans, and providing stimulus in the form of working capital. © 2022, Supporting Academic Initiatives Foundation. All rights reserved.

Changes to Corporate Restructuring Laws in the Czech Republic During the Covid-19 Pandemic

In the course of the Covid-19 global pandemic, corporate restructuring laws worldwide underwent a stress test as the financial health of companies significantly deteriorated. In response to public demand, legislators in the Czech Republic adopted various bail-out programmes and bail-in measures in order to provide debtors who ran into temporary problems in connection with the Covid-19 pandemic with additional protection against individual creditors to help solve their financial troubles. This paper outlines the various bail-in and bail-out measures that were introduced during the critical phase of the pandemic in 2020–2021 and analyses the extraordinary measures that were adopted in the Czech Republic. After the pandemic, once the temporary emergency measures were lifted, the number of insolvency petitions and proceedings surprisingly decreased in comparison to previous years. This may suggest that financial aid programmes in the Czech Republic may even have been too generous. While public debt in the Czech Republic increased dramatically during the pandemic as a result of the governmental bail-out/financial aid programmes, the ‘helicopter money' contributed significantly to accelerating the increase in the country's inflation rate. © 2023, The Author(s).

Simultaneous Individual Complicated Grief Treatment With a Couple

Persistent complex bereavement/complicated grief occurs when, after a period of 12 months following a death, there remains an ongoing intense yearning and sorrow for the deceased, preoccupation with the death and its circumstances, difficulty accepting its reality, and disruption in personal identity. This case study illustrates the successful application of Complicated Grief Treatment (CGT), a manualized research-supported intervention, with a husband and wife each receiving individual therapy simultaneously with separate clinicians. The core of CGT involves graded completion of imaginal and situational revisiting (i.e., exposure) exercises. To target maladaptive rumination and counterfactual thinking more explicitly, strategies from a research-based treatment for trauma, Cognitive Processing Therapy, were also incorporated for one member of the couple. To our knowledge, CGT has not been examined with couples receiving individual therapy delivered simultaneously. As such, practitioners have little information about how to proceed with cases where multiple members of the same family are experiencing complicated grief. We will detail the treatment provided, outlining the course of care for each member of the couple, highlighting unique adjustments made to tailor implementation to each individual and to deliver the intervention simultaneously. Quantitative and qualitative data show the effects of treatment on symptoms of complicated grief, depression, and relationship satisfaction.Copyright © The Author(s) 2022.

Integrating Mindfulness and Acceptance Into Traditional Cognitive Behavioral Therapy During the COVID-19 Pandemic: A Case Study of an Adult Man With Generalized Anxiety Disorder

Generalized Anxiety Disorder (GAD) can be chronic and impairing, highlighting the need for effective treatments. Although Cognitive Behavior Therapy (CBT) is an effective treatment for GAD, a number of patients continue to report GAD symptoms treatment. Integrating evidenced-based treatment components into CBT treatments, such as mindfulness- and acceptance-based treatment components found in Acceptance and Commitment Therapy (ACT), may help improve the efficacy of treatment. Emerging interventions and research suggest that the cognitive restructuring aspect of CBT and acceptance stance of ACT (e.g., cognitive defusion) can be implemented into treatment concurrently from a stance of increasing a patient's coping skills repertoire and psychological flexibility. This systemic case analysis examined the efficacy and clinical utility of integrating ACT into a manualized CBT treatment for GAD. Furthermore, this study examined treatment efficacy and therapeutic alliance as the treatment rapidly and unexpectedly transitioned from in-person to telehealth due to the COVID-19 pandemic. Pre- to post-treatment and time-series analyses showed significant decreases in anxiety symptoms, worry, depressive symptoms, and emotion dysregulation. Although there was an initial increase in depressive and anxiety symptoms, worry, and emotion dysregulation following the switch from in-person to telehealth services, these quickly subsided and resumed a downward trend. The therapeutic relationship did not deteriorate during the transition to telehealth. This case study provides evidence of feasibility and efficacy of an integrated CBT/ACT approach in treating GAD. It also suggests that despite some temporary increase in symptoms, therapeutic alliance and treatment efficacy were not impacted by the switch to telehealth.Copyright © The Author(s) 2022.