One of the statements of purpose of the American Recovery and Reinvestment Act (ARRA) was "to assist those most impacted by the recession." To consider this facet, the ARRA is assessed along this dimension using the concept of risk-sharing. We estimate a trend-stationary autoregressive model of county-level wage income dynamics with each county subject to an idiosyncratic shock and a common shock (with county-specific factor loading). These shocks are used to estimate a redistributive fiscal policy function. The fiscal-offset is 33.6% for the common shock and 6.64% for the county-specific shock. Both of these fiscal policy parameters are statistically and economically significant.
《美国复苏与再投资法案》(American Recovery and Reinvestment Act, ARRA)的宗旨之一是“帮助那些受经济衰退影响最大的人”。为了考虑这方面，使用风险分担的概念沿着这个维度评估ARRA。我们估计了一个趋势平稳的县级工资收入动态自回归模型，每个县都受到一个特殊冲击和一个共同冲击(具有特定县的因素负载)。这些冲击被用来估计再分配财政政策的功能。一般冲击的财政补偿为33.6%，特定国家冲击的财政补偿为6.64%。这两个财政政策参数在统计和经济上都具有重要意义。
{"title":"Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?","authors":"Mario J. Crucini, Nam T. Vu","doi":"10.2139/ssrn.3435919","DOIUrl":"https://doi.org/10.2139/ssrn.3435919","url":null,"abstract":"One of the statements of purpose of the American Recovery and Reinvestment Act (ARRA) was \"to assist those most impacted by the recession.\" To consider this facet, the ARRA is assessed along this dimension using the concept of risk-sharing. We estimate a trend-stationary autoregressive model of county-level wage income dynamics with each county subject to an idiosyncratic shock and a common shock (with county-specific factor loading). These shocks are used to estimate a redistributive fiscal policy function. The fiscal-offset is 33.6% for the common shock and 6.64% for the county-specific shock. Both of these fiscal policy parameters are statistically and economically significant.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121943074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Greece went bankrupt in 2009 presumably because it run an exorbitant public deficit and had accumulated a huge public debt. However, in reality Greece went bankrupt because its model of social and economic organization has been surpassed by European and international developments. To avoid this tragedy, Greece had been given by EEC initially and EU later on enough time to prepare before integrating into the Eurozone. From the treaties it signed Greece ought to have introduced structural transformations to render its economy consistent with the four European freedoms. Instead, time and again successive governments procrastinated and employed all sorts of gimmicks to protect the model of state socialism they had erected on the pillars of the 1975 Constitution. But time and circumstances caught up with their policies and now the cost for confronting the challenges that lie ahead has become enormous. Hopefully, sooner than later, those responsible for the bankruptcy of Greece and the hardships that have befell on the Greek people will discover that their self-interest coincides with that of the country and they will take the lead in the replacement of the present hard core statist model with one based on free and open markets and outward looking entrepreneurship.
{"title":"Greece: Still in the Woods","authors":"G. C. Bitros","doi":"10.2139/ssrn.3084094","DOIUrl":"https://doi.org/10.2139/ssrn.3084094","url":null,"abstract":"Greece went bankrupt in 2009 presumably because it run an exorbitant public deficit and had accumulated a huge public debt. However, in reality Greece went bankrupt because its model of social and economic organization has been surpassed by European and international developments. To avoid this tragedy, Greece had been given by EEC initially and EU later on enough time to prepare before integrating into the Eurozone. From the treaties it signed Greece ought to have introduced structural transformations to render its economy consistent with the four European freedoms. Instead, time and again successive governments procrastinated and employed all sorts of gimmicks to protect the model of state socialism they had erected on the pillars of the 1975 Constitution. But time and circumstances caught up with their policies and now the cost for confronting the challenges that lie ahead has become enormous. Hopefully, sooner than later, those responsible for the bankruptcy of Greece and the hardships that have befell on the Greek people will discover that their self-interest coincides with that of the country and they will take the lead in the replacement of the present hard core statist model with one based on free and open markets and outward looking entrepreneurship.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116341782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The social well-being of the Russian middle class in terms of the dynamics of its financial standing and opportunities of successful self-actualization has somewhat improved. According to representatives of the middle class, the prospects of self-actualization depend primarily on a high level of education, rather than an opportunity to start one’s own business or find a new job. However, more than a half of the respondents from the core and close periphery of the middle class fear the future.
{"title":"The Middle Class Is Getting Out of the Crisis, but Has Apprehensions About the Future","authors":"E. Avraamova, D. Loginov","doi":"10.2139/ssrn.3057298","DOIUrl":"https://doi.org/10.2139/ssrn.3057298","url":null,"abstract":"The social well-being of the Russian middle class in terms of the dynamics of its financial standing and opportunities of successful self-actualization has somewhat improved. According to representatives of the middle class, the prospects of self-actualization depend primarily on a high level of education, rather than an opportunity to start one’s own business or find a new job. However, more than a half of the respondents from the core and close periphery of the middle class fear the future.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130337987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
During the period 1929-34 a campaign forcing the repatriation of Mexicans and Mexican Americans was carried out in the U.S. by states and local authorities. The claim of politicians at the time was that repatriations would reduce local unemployment and give jobs to Americans, alleviating the local effects of the Great Depression. This paper uses this episode to examine the consequences of Mexican repatriations on labor market outcomes of natives. Analyzing 893 cities using full count decennial Census data in the period 1930-40, we find that repatriation of Mexicans was associated with small decreases in native employment and increases in native unemployment. These results are robust to the inclusion of many controls. We then apply an instrumental variable strategy based on the differential size of Mexican communities in 1930, as well as a matching method, to estimate a causal "average treatment effect." Confirming the OLS regressions, the causal estimates do not support the claim that repatriations had any expansionary effects on native employment, but suggest instead that they had no effect on, or possibly depressed, their employment and wages.
{"title":"The Employment Effects of Mexican Repatriations: Evidence from the 1930&Apos;S","authors":"Jongkwan Lee, G. Peri, Vasil Yasenov","doi":"10.3386/w23885","DOIUrl":"https://doi.org/10.3386/w23885","url":null,"abstract":"During the period 1929-34 a campaign forcing the repatriation of Mexicans and Mexican Americans was carried out in the U.S. by states and local authorities. The claim of politicians at the time was that repatriations would reduce local unemployment and give jobs to Americans, alleviating the local effects of the Great Depression. This paper uses this episode to examine the consequences of Mexican repatriations on labor market outcomes of natives. Analyzing 893 cities using full count decennial Census data in the period 1930-40, we find that repatriation of Mexicans was associated with small decreases in native employment and increases in native unemployment. These results are robust to the inclusion of many controls. We then apply an instrumental variable strategy based on the differential size of Mexican communities in 1930, as well as a matching method, to estimate a causal \"average treatment effect.\" Confirming the OLS regressions, the causal estimates do not support the claim that repatriations had any expansionary effects on native employment, but suggest instead that they had no effect on, or possibly depressed, their employment and wages.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114460112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore’ sites. However, there has not been a systematic investigation of the offshore geography of crisis-implicated securitization. Here we fill this gap by constructing the first comprehensive jurisdictional map of the largest pre-crisis Asset-Backed Commercial Paper (ABCP) programs, and examining the rationale for and impacts of this geography in detail. We show that offshore jurisdictions were disproportionately involved in producing the most unstable ABCP classes. However, this is difficult to explain in terms of the traditional role of offshore banking centers as sites for direct avoidance of onshore regulation and transparency. Rather, we propose a Minskian model of pre-crisis offshore ABCP production, wherein these jurisdictions specialized in alleviating incidental institutional frictions (e.g. double taxation) hindering onshore financial innovation. In this context, they could sometimes be legitimately described as improving the institutional ‘efficiency’ of financial markets; however, by facilitating the endogenous evolutionary instability of these markets, this apparently innocuous service had profoundly negative effects. This normative disconnect poses a conundrum for offshore reform.
{"title":"Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis","authors":"Daniel Haberly, D. Wójcik","doi":"10.2139/ssrn.2870744","DOIUrl":"https://doi.org/10.2139/ssrn.2870744","url":null,"abstract":"Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore’ sites. However, there has not been a systematic investigation of the offshore geography of crisis-implicated securitization. Here we fill this gap by constructing the first comprehensive jurisdictional map of the largest pre-crisis Asset-Backed Commercial Paper (ABCP) programs, and examining the rationale for and impacts of this geography in detail. We show that offshore jurisdictions were disproportionately involved in producing the most unstable ABCP classes. However, this is difficult to explain in terms of the traditional role of offshore banking centers as sites for direct avoidance of onshore regulation and transparency. Rather, we propose a Minskian model of pre-crisis offshore ABCP production, wherein these jurisdictions specialized in alleviating incidental institutional frictions (e.g. double taxation) hindering onshore financial innovation. In this context, they could sometimes be legitimately described as improving the institutional ‘efficiency’ of financial markets; however, by facilitating the endogenous evolutionary instability of these markets, this apparently innocuous service had profoundly negative effects. This normative disconnect poses a conundrum for offshore reform.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133343118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a unique database of survey respondents on crowdinvesting, we explore users’ perceptions of motivations and risks of crowdfunding with financial returns (equity crowdfunding and p2p lending). Specifically, our sample consists of respondents on a crowdinvesting survey from Germany, Spain and Poland, and we analyze the relative importance of a set of risks and motivations when using crowdinvesting. Our results show that the main profile of a crowdfunding investor is a young male with high education. We also find that respondents seem to be motivated more by higher returns in p2p lending and by interest and excitement in equity crowdfunding. Last, we also find interesting inter-country analyses regarding the willingness to invest and how this is affected by different risks that respondents face.
{"title":"User's Perceptions of Motivations and Risks in Crowdfunding with Financial Returns","authors":"N. Daskalakis, Wei Yue","doi":"10.2139/ssrn.2968912","DOIUrl":"https://doi.org/10.2139/ssrn.2968912","url":null,"abstract":"Using a unique database of survey respondents on crowdinvesting, we explore users’ perceptions of motivations and risks of crowdfunding with financial returns (equity crowdfunding and p2p lending). Specifically, our sample consists of respondents on a crowdinvesting survey from Germany, Spain and Poland, and we analyze the relative importance of a set of risks and motivations when using crowdinvesting. Our results show that the main profile of a crowdfunding investor is a young male with high education. We also find that respondents seem to be motivated more by higher returns in p2p lending and by interest and excitement in equity crowdfunding. Last, we also find interesting inter-country analyses regarding the willingness to invest and how this is affected by different risks that respondents face.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"155 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128180339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
L. Spierdijk, Sherrill Shaffer, Timothy J. Considine
For banks, cost management has gained importance in the current environment of low interest rates. In this environment, banks' revenues from interest are under pressure, leading to renewed interest in the substitutability of banks' input factors. Substitution elasticities typically depend on two factors: cost technology and economic conditions (relative input prices or cost shares). Technological shifts and policy changes are therefore expected to affect firms' elasticities of substitution. This study estimates U.S. commercial banks' substitution elasticities during the 2000-2013 period. It analyzes the total effects of the technological shifts and policy changes on banks' substitution elasticities during that period. An endogenous-break test divides the sample into a precrisis period (2000-2008) and a crisis period (2009-2013). During the pre-crisis period, banks' inputs are inelastic substitutes. After the onset of the crisis, especially the long-run substitutability of most input factors decreases to even lower levels due to changes in both cost technology and economic conditions. At the same time, banks' response to input price changes becomes more sluggish. The results indicate that the availability of substitutes is substantially worse during the (post-) crisis period, which limits banks' possibilities for cost management.
{"title":"Adapting to Changing Prices before and after the Crisis: The Case of US Commercial Banks","authors":"L. Spierdijk, Sherrill Shaffer, Timothy J. Considine","doi":"10.2139/ssrn.2859850","DOIUrl":"https://doi.org/10.2139/ssrn.2859850","url":null,"abstract":"For banks, cost management has gained importance in the current environment of low interest rates. In this environment, banks' revenues from interest are under pressure, leading to renewed interest in the substitutability of banks' input factors. Substitution elasticities typically depend on two factors: cost technology and economic conditions (relative input prices or cost shares). Technological shifts and policy changes are therefore expected to affect firms' elasticities of substitution. This study estimates U.S. commercial banks' substitution elasticities during the 2000-2013 period. It analyzes the total effects of the technological shifts and policy changes on banks' substitution elasticities during that period. An endogenous-break test divides the sample into a precrisis period (2000-2008) and a crisis period (2009-2013). During the pre-crisis period, banks' inputs are inelastic substitutes. After the onset of the crisis, especially the long-run substitutability of most input factors decreases to even lower levels due to changes in both cost technology and economic conditions. At the same time, banks' response to input price changes becomes more sluggish. The results indicate that the availability of substitutes is substantially worse during the (post-) crisis period, which limits banks' possibilities for cost management.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127437074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Financial Crisis and ensuing Great Recession caused enormous hardship for households. Using original datasets, we examine the effects of the recession on a population many might think had nothing left to lose: low- and moderate-income households in the Detroit metropolitan area. We find that the Great Recession in fact imposed significant costs on these households, reducing employment and assets and increasing hardships in a wide variety of ways. Our findings suggest the need for more robust safety net policies and financial services that can help cushion the blows from sharp reductions in incomes and assets.
{"title":"Nothing Left to Lose? Changes Experienced by Detroit Low- and Moderate-Income Households During the Great Recession","authors":"Michael S. Barr, Daniel Schaffa","doi":"10.2139/SSRN.2836589","DOIUrl":"https://doi.org/10.2139/SSRN.2836589","url":null,"abstract":"The Financial Crisis and ensuing Great Recession caused enormous hardship for households. Using original datasets, we examine the effects of the recession on a population many might think had nothing left to lose: low- and moderate-income households in the Detroit metropolitan area. We find that the Great Recession in fact imposed significant costs on these households, reducing employment and assets and increasing hardships in a wide variety of ways. Our findings suggest the need for more robust safety net policies and financial services that can help cushion the blows from sharp reductions in incomes and assets.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122500862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuring household income and wealth heterogeneity that matches micro data from the Panel Study of Income Dynamics (PSID). We document how these losses are distributed across households and how they are affected by social insurance policies. We find that the welfare cost of losing one's job in a severe recession ranges from 2% of lifetime consumption for the wealthiest households to 5% for low-wealth households. The cost increases to approximately 8% for low-wealth households if unemployment insurance benefits are cut from 50% to 10%. The fact that welfare losses fall with wealth, and that in our model (as in the data) a large fraction of households has very low wealth, implies that the impact of a severe recession, once aggregated across all households, is very significant (2.2% of lifetime consumption). We finally show that a more generous unemployment insurance system unequivocally helps low-wealth job losers, but hurts households that keep their job, even in a version of the model in which output is partly demand determined, and therefore unemployment insurance stabilizes aggregate demand and output.
{"title":"On the Distribution of the Welfare Losses of Large Recessions","authors":"Dirk Krueger, K. Mitman, F. Perri","doi":"10.3386/w22458","DOIUrl":"https://doi.org/10.3386/w22458","url":null,"abstract":"How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuring household income and wealth heterogeneity that matches micro data from the Panel Study of Income Dynamics (PSID). We document how these losses are distributed across households and how they are affected by social insurance policies. We find that the welfare cost of losing one's job in a severe recession ranges from 2% of lifetime consumption for the wealthiest households to 5% for low-wealth households. The cost increases to approximately 8% for low-wealth households if unemployment insurance benefits are cut from 50% to 10%. The fact that welfare losses fall with wealth, and that in our model (as in the data) a large fraction of households has very low wealth, implies that the impact of a severe recession, once aggregated across all households, is very significant (2.2% of lifetime consumption). We finally show that a more generous unemployment insurance system unequivocally helps low-wealth job losers, but hurts households that keep their job, even in a version of the model in which output is partly demand determined, and therefore unemployment insurance stabilizes aggregate demand and output.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127154809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This essay documents the boom and bust of the Chinese A-share bubble in 2014-2015. The short-lived bull market started with the expectation of the state sector reform, capital market opening-up, and monetary easing. It was then fueled and heated by the flooding of new investors and the runaway leverage. The regulatory bodies failed to check the leverage in the early stage. Forceful crackdown on leverage, which came too late, finally tipped the market toward a violent crash. The 10% daily trading limits and the voluntary suspension of trading exacerbated the illiquidity problem during the crash. To make a more robust financial system, China has to strengthen regulation and supervision of financial activities. For this purpose, China should consider re-unifying the currently segmented regulatory and supervisory bodies into a new powerful authority above the ministerial level.
{"title":"The 2015 Stock Panic of China","authors":"J. Qian","doi":"10.2139/SSRN.2795543","DOIUrl":"https://doi.org/10.2139/SSRN.2795543","url":null,"abstract":"This essay documents the boom and bust of the Chinese A-share bubble in 2014-2015. The short-lived bull market started with the expectation of the state sector reform, capital market opening-up, and monetary easing. It was then fueled and heated by the flooding of new investors and the runaway leverage. The regulatory bodies failed to check the leverage in the early stage. Forceful crackdown on leverage, which came too late, finally tipped the market toward a violent crash. The 10% daily trading limits and the voluntary suspension of trading exacerbated the illiquidity problem during the crash. To make a more robust financial system, China has to strengthen regulation and supervision of financial activities. For this purpose, China should consider re-unifying the currently segmented regulatory and supervisory bodies into a new powerful authority above the ministerial level.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130384155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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