Economic Crisis and Economic Theory

Endogenous crisis and the economic paradigm

This paper proposes that the global financial and economic crisis has a single cause underlying all other causes. The single cause is attributed to the economic paradigm which drives individual behaviour, business, government and education. We define the economic paradigm and explain its power to drive endogenous economic processes, ultimately leading to the course of events which is recognised...

The Global Financial Crisis, Economic Integration and China’s Exports: A Causal and Predictive Analysis

Recent strong growth of China’s exports has elevated the country to a rising global economic power and caused geo-political concern to policy-makers in the country and its trading partners world-wide. What are the determinants of this growth, how has it affected major economies in ASEAN (World Bank, 2009) in particular, and what kind of evidence-based responses are required and appropriate? The...

The Economic Crisis is a Crisis for Economic Theory Alan Kirman

Economic Crisis and Audit Fees

Economic crisis generally increases firms’ bankruptcy and consequently audit risk. Hence, auditors are more likely to respond to this increased risk through increasing audit fees. However, in the lack of adequate empirical and theoretical evidence, the role of this macro-economic variable, economic crisis, is not clearly demonstrated on audit fees. Therefore, this study investigates the role of...

Financial Instability in a Developing Economic Setting: The Case of Iran

The examination of the theory and history of financial crisis in Europe and the United States is the subject matter of two important works by Kindle Berger (Kindle Herger, 1978, and Kindle Berger & Lafarge, 1982). In his first work, Kindle Berger (1978), has provided us with a remarkable account of European and American financial history from 1720 to 1975. The second hook (Kindle Berger & Lafar...

An Analysis of Earthquake Preparedness in Tehran with Emphasis on the Resilience Theory (Case Study of Tehran District 4)

Earthquake vulnerability is one of the most important challenges faced by metropolises in Iran. Earthquakes are the most unexpected disasters among various natural and unnatural hazards. They cannot be prevented in any special way, and so far no tools and technology have been able to predict their occurrence. In fact, unpreparedness in times of crisis, especially in earthquakes, causes vulnerab...