Download or read book A critical analysis of the 2007 2009 global financial and economic crisis and its implications for the travel industry and associated businesses written by Manuel Kaar and published by diplom.de. This book was released on 2009-09-17 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Introduction: At present (spring 2009), the world experiences one of the most severe economic crises in post-WWII history, precipitated mainly by the U.S. sub-prime mortgage crisis which became apparent to the broad public in 2007. In 2008, the U.S. sub-prime crisis turned into a global financial crisis, and subsequently into a global economic downturn that forced numerous countries into recession. Stock markets have fallen, large financial institutions have collapsed, and governments had to come up with rescue packages to bail out their financial systems. Although it can be argued that overall the tourism industry may not be as vulnerable as other commercial sectors when it comes to fluctuations in clients purchasing power, in the medium term tourism businesses are still likely to be at least as seriously affected by the upcoming new distribution of economic power as any other industry. A long-term trade and industry downturn may bring about a broad range of changes to the world, like altered roles of the United States, the European Union and the Asian block, insecurity and crime, a different understanding of handling energy resources, further polarization between rich and poor, or changing values and therefore consumer preferences in general to name just a few. All these factors may potentially have adverse impacts on tourism businesses, and thus require adequate attention and timely academic research. However, change can also mean positive development and can open up new chances and opportunities for the world economy. These opportunities need to be identified, assessed and exploited. With an estimated direct and indirect contribution of the travel and tourism sector of 9.4 percent to global GDP, 10.9 percent to world exports and 9.4 percent to world investment, the significance of the industry s role in the struggle for economic recovery clearly must not be underestimated. As the tourism industry is all about pleasant experiences and the positive things in life, it is sometimes hard to think about crisis management. When having to operate in an economically insecure environment of the current dimension, numerous managers therefore face the challenging situation of having to make decisions in fields they do have little or no knowledge about. However, in a fast-changing and highly volatile economic climate like the present, inaccurate decisions by executives of tourism businesses can have devastating consequences and can [...]
Download or read book A critical analysis of the 2007 2009 global financial and economic crisis and its implications for the travel industry and associated businesses written by Manuel Kaar and published by GRIN Verlag. This book was released on 2012-03-02 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - Macro-economics, general, grade: 1.2, University of applied sciences, language: English, abstract: There have been numerous incidents in one or more countries in the past that led to sudden and unexpected reductions in demand for tourism services and confronted travel businesses with an economic environment of high uncertainty. However, the current financial and economic crisis appears to be of a larger dimension than most other crises before, and numerous experts around the globe agree that the present economic slowdown has the potential to become one of the most challenging and transformational disturbances on a supranational level since the Great Depression. Predictions of future developments are vague and can only be educated speculation at best, yet for the tourism industry the initial effects of this first major crisis of the globalization era are already clearly perceptible. Drawing on an extensive review of already existing literature, this paper explains the various milestones during the period that led to the 2007-2009 global financial and economic disorder, and subsequently considers a choice of selected key implications for the tourism industry and associated businesses. The aim of this paper is therefore to provide an academically substantiated reference guide for market participants and policy-makers alike, with the ultimate purpose of making a contribution to reduce the number of cases where wrong decisions lead to major difficulties or even the failure of a destination or an individual business. Results of the research indicate that the identified impacts are likely to intensify throughout 2009 and 2010, and that the crisis will most likely also entail fundamental changes for the industry on a long-term basis. In particular, it was found that in the medium term decreased public funding for tourism projects and restricted access to capital are likely to force many travel businesses into serious liquidity problems. This may cause a series of reactions, including widespread workforce reductions and severe cuts in the quality of the provided services. Besides, the crisis is likely to have considerable effects on the way leisure and corporate travel is conducted, as for instance shorter and less frequent trips or a stronger tendency towards cost containment. However, the paper also points out that every crisis embodies a great number of opportunities and provides an analysis of a range of selected chances for destinations and tourism businesses. [...]
Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Crisis and Response written by Federal Deposit Insurance Corporation and published by . This book was released on 2018-03-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Crisis and Response: An FDIC History, 2008¿2013 reviews the experience of the FDIC during a period in which the agency was confronted with two interconnected and overlapping crises¿first, the financial crisis in 2008 and 2009, and second, a banking crisis that began in 2008 and continued until 2013. The history examines the FDIC¿s response, contributes to an understanding of what occurred, and shares lessons from the agency¿s experience.
Download or read book The Global Economic Recovery 10 Years After the 2008 Financial Crisis written by Ms.Wenjie Chen and published by International Monetary Fund. This book was released on 2019-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.
Download or read book Tourism and Crisis written by Gustav Visser and published by Routledge. This book was released on 2013 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the relationship between tourism and crises ranging from dramatic acts of terror to natural disasters, as well as the most significant economic recession since the late 1920s. The volume focuses on the roles and potential of tourism for development and relations between tourism, environment and broad global process of change at different levels of analysis, highlighting different types of "crisis". In particular it questions the general conviction that tourism-led development is a sustainable and necessarily solid platform from which to develop local, national and regional economies from a range of perspectives.
Download or read book COVID 19 and the Hospitality and Tourism Industry written by Gursoy, Dogan and published by Edward Elgar Publishing. This book was released on 2021-09-14 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a comprehensive understanding of the implications of the COVID-19 pandemic for the tourism and hospitality industry, this book discusses the topic from economic, sociological and psychological perspectives. Critical case studies are used to explore both micro impacts on individuals involved in the industry and governmental and international responses to issues posed by the pandemic more broadly.
Download or read book Tourism Marketing in Bangladesh written by Azizul Hassan and published by Routledge. This book was released on 2020-10-20 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tourism is often a key driver of economic growth in many countries. The recent upward trends of tourism and hospitality education in higher academic institutions in Bangladesh suggests a growing tourism sector. Very little has been written on Bangladesh’s tourism industry. This is the first edited volume published from an international publisher which looks at this industry and how it has developed and flourished. The book begins by looking at tourism policy planning and provides a comprehensive overview of topics from tourism products and services in Bangladesh to how they are being marketed. It also discusses how private and public tourism institutions can address future long term trends. This book will appeal to those interested to learn more about developing tourism industry in emerging economies and may provide invaluable lessons from Bangladesh’s experience and success.
Download or read book Enhancing Business Stability Through Collaboration written by Ari Kuncoro and published by CRC Press. This book was released on 2017-10-16 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business practices in emerging markets are constantly challenged by the dynamic environments that involve stakeholders. This increases the interconnectedness and collaboration as well as spillover effect among business agents, that may increase or hold back economic stability. This phenomenon is captured in this proceedings volume, a collection of selected papers of the 10th ICBMR 2016 Conference, held October 25—27, 2016 in Lombok, Indonesia. This ICBMR’s theme was Enhancing Business Stability through Collaboration, and the contributions discuss theories, conceptual frameworks and empirical evidence of current issues in the areas of Business, Management, Finance, Accounting, Economics, Islamic Economics, and competitiveness. All topics include aspects of multidisciplinarity and complexity of safety in research and education.
Download or read book Understanding Financial Crises written by Franklin Allen and published by OUP Oxford. This book was released on 2009-04-02 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.
Download or read book Economic Crisis International Tourism Decline and Its Impact on the Poor written by World Tourism Organization and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2009 global economic crisis has significantly impacted international tourism, causing a decline in international tourist arrivals and international tourism revenues. This study looks into the effects of the decrease in international tourism demand on the employment, income opportunities and the livelihood of poor and vulnerable groups, as well as on the capacity of households to cope with such shocks. The report combines a comparative large-N macro-economic analysis with case studies on the Maldives, Costa Rica and Tanzania.
Download or read book Current Issues in Hospitality and Tourism written by A. Zainal and published by CRC Press. This book was released on 2012-08-22 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globally the hospitality and tourism industry is evolving and undergoing radical changes. The past practices are now advancing through the rapid development of knowledge and skills acquired to adapt and create innovations in various ways. Hence, it is imperative that we have an understanding of the present issues so that we are able to remedy problems on the horizon. Current Issues in Hospitality and Tourism: Research and Innovations is a complilation of research in the broad realm of hospitality and tourism. This book is divided into eight sections covering the following broad themes: – Training and education (hospitality students learning); – Organization and management (practical issues and current trends in the hotel, catering and tourism industry); – Product and food innovation; – Marketing; – Islamic hospitality and tourism issues; – Gastronomy; – Current trends; – Tourism The contributions, from different parts of the globe, present a new outlook for future research, including theoretical revelations and innovations, environmental and cultural exploration aspects, tourist destinations and other recreation and ecotourism aspects of the hospitality and tourism industry. Current Issues in Hospitality and Tourism: Research and Innovations will be useful as a reference for academics, industry practitioners and policy makers, and for those with research interests in the fields of hotels, tourism, catering and gastronomy.
Download or read book Tourism Travel and Hospitality in a Smart and Sustainable World written by Vicky Katsoni and published by Springer Nature. This book was released on 2023-05-26 with total page 693 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book features the second volume of the proceedings of the 9th International Conference of the International Association of Cultural and Digital Tourism (IACuDiT). Held at the Syros Island in Greece in September 2022, the conference's lead theme was ‘Tourism, Travel, and Hospitality in a Smart and Sustainable World’. With a full appreciation of the contributions made by numerous writers toward the progress in tourism research, this book presents a critical academic discourse on sustainable practices in a smart tourism context, stimulating future debates and advancing knowledge and understanding in this critical area of knowledge. It also puts emphasis on the knowledge economy and smart destinations notion. It enacts new modes of tourism management and development and presents chapters on cultural heritage tourism, emerging technologies and tourism consumer behaviour, such as tourism education, location-based services, Internet of Things, smart cities, mobile services, gamification, digital collections and the virtual visitor, social media, social networking, and augmented reality.
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
