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What types of asylum seekers are Europeans willing to accept? We conducted a conjoint experiment asking 18,000 eligible voters in 15 European countries to evaluate 180,000 profiles of asylum seekers that randomly varied on nine attributes. Asylum seekers who have higher employability, have more consistent asylum testimonies and severe vulnerabilities, and are Christian rather than Muslim received the greatest public support. These results suggest that public preferences over asylum seekers are shaped by sociotropic evaluations of their potential economic contributions, humanitarian concerns about the deservingness of their claims, and anti-Muslim bias. These preferences are similar across respondents of different ages, education levels, incomes, and political ideologies, as well as across the surveyed countries.This public consensus on what types of asylum seekers to accept has important implications for theory and policy.

This research examines the relationship between policy uncertainty and mergers and acquisitions (M&As). We find that policy uncertainty is negatively related to firm acquisitiveness and positively related to the time it takes to complete M&A deals. In addition, policy uncertainty motivates acquirers to use stock for payment and to pay lower bid premiums. Acquirers, on average, create larger shareholder value from M&A deals undertaken during periods of high policy uncertainty, which is attributable to their prudence as well as the wealth transfer from the financially constrained targets to acquirers.

This paper examines the aftermath of postwar financial crises in advanced countries. We construct a new semiannual series on financial distress in 24 OECD countries for the period 1967-2012. The series is based on assessments of the health of countries' financial systems from a consistent, real-time narrative source, and classifies financial distress on a relatively fine scale. We find that the average decline in output following a financial crisis is statistically significant and persistent, but only moderate in size. More important, we find that the average decline is sensitive to the specification and sample, and that the aftermath of crises is highly variable across major episodes. A simple forecasting exercise suggests that one important driver of the variation is the severity and persistence of financial distress itself. At the same time, we find little evidence of nonlinearities in the relationship between financial distress and the aftermaths of crises.

The article discusses the most important problem associated with the formation of professional mobility of future specialists in the field of life safety in educational institutions of the Ministry of Emergencies based on modular training. The modern social and economic situation actualizes the personality professional educational problem, the initiatives and competent, corporate, professional and mobile preparation in higher school. The authors, based on indicators of the formation of professional mobility and psychodiagnostic techniques that allow us to assess the level of formation of each of the selected indicators, identified and substantively characterized the levels of formation of professional mobility of cadets-future employees of the Ministry of Emergencies: partial, potential, updated.

The war initiated by Russia against Ukraine in February 2022 has resulted in the largest refugee migration in Europe since World War II, estimated by UNHCR (2022) at 6.3 million persons. In the first two months, almost 3.5 million war refugees crossed the Polish border, of which over 95% were Ukrainian citizens.

In the late 1990s and into the early 2000s, Germany was often called “the sick man of Europe.” Indeed, Germany's economic growth averaged only about 1.2 percent per year from 1998 to 2005, including a recession in 2003, and unemployment rates rose from 9.2 percent in 1998 to 11.1 percent in 2005. Today, after the Great Recession, Germany is described as an “economic superstar.” In contrast to most of its European neighbors and the United States, Germany experienced almost no increase in unemployment during the Great Recession, despite a sharp decline in GDP in 2008 and 2009. Germany's exports reached an all-time record of $1.738 trillion in 2011, which is roughly equal to half of Germany's GDP, or 7.7 percent of world exports. Even the euro crisis seems not to have been able to stop Germany's strengthening economy and employment. How did Germany, with the fourth-largest GDP in the world transform itself from “the sick man of Europe” to an “economic superstar” in less than a decade? We present evidence that the specific governance structure of the German labor market institutions allowed them to react flexibly in a time of extraordinary economic circumstances, and that this distinctive characteristic of its labor market institutions has been the main reason for Germany's economic success over the last decade.

Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)

We find that economic conditions at the time an auditor enters the labor market have a long-term impact on her judgment and decision making. Specifically, engagement partners who started their career during economic downturns issue audit adjustments more frequently. For the subsample of company-years with no audit adjustments, downturn auditors are more likely to issue a modified audit opinion. In addition, companies audited by downturn auditors are less likely to violate financial reporting and disclosure regulations. Together, our findings suggest that the early career stage is a critical formative period for auditors.

This book presents a collection of articles by Professor Lawrence Juenyee Lau from 1994 to 2018, discussing Chinese economic development over the past decades. With empirical findings, the author evaluates the relative importance of different sources of growth for Chinese economy, and scrutinizes the strategy of reform and development at various stages. Based on comprehensive account of China’s macroeconomy, the author addresses the question of whether Chinese economic growth is an extraordinary “miracle\" or an implausible economic “bubble.\"

The monitoring of economic activities is of great significance for understanding regional economic development level and policymaking. As the carrier of economic activities, land resource is an indispensable production factor of economic development, and economic growth leads to increased demand for land as well as changes in land utilization form. As an important means of earth observation, remote-sensing technology can obtain the information of land use and land cover change (LUCC) related to economic activities. This study proposes a method for analysing regional economic situations based on remote-sensing technology, from which LUCC information extraction, sensitivity factor selection, model construction and accuracy evaluation were implemented. This approach was validated with experiments in Zhoushan City, China. The results show that the economic statistical index is most sensitive to the construction land area, and the average correlation coefficient between the actual data and the predicted data is 0.949, and the average of mean relative error is 14.21%. Therefore, this paper suggests that LUCC could be utilised as an explanatory indicator for estimating economic development at the regional level, and the potential applications of remotely-sensed image in economic activity monitoring are worth pursuing.