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The First World War and the Trianon Treaty shocked the Hungarian economy. The Hungarian government implemented a payment moratorium from the start of the war, but after a one-year long moratorium, the government wanted to restore the working of the economy. But it desired to avoid the massive bankruptcies of the firms; therefore, a new institution, the compulsory non-bankruptcy settlement was introduced by the government in Hungary for helping the debtors. In my paper, I examine the rearrangement of the insolvency law in the interwar period which was generated by the compulsory nonbankruptcy settlement. This appeared beside the bankruptcy procedure, which regulation was passed by the National Assembly in 1881. It was the second Hungarian bankruptcy act, which remained unchanged until socialism. These two procedures were the significant elements of the insolvency law in the examined period. In my paper, I present the circumstances of the new institution’s introduction, its modification and its relation to the bankruptcy procedure.

The paper presents a comprehensive database on systemic banking crises during 1970-2011. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. The paper also presents information on the costs and policy responses associated with banking crises. The database on banking crises episodes is further complemented with dates for sovereign debt and currency crises during the same period. The paper contrasts output losses across different crises and finds that sovereign debt crises tend to be more costly than banking crises, and these in turn tend to be more costly than currency crises. The data also point to significant differences in policy responses between advanced and emerging economies.

Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their unconstrained counterparts cut prices. We develop a model in which firms face financial frictions while setting prices in customer markets. Financial distortions create an incentive for firms to raise prices in response to adverse financial or demand shocks. This reaction reflects the firms ' decisions to preserve internal liquidity and avoid accessing external finance, factors that strengthen the countercyclical behavior of markups and attenuate the response of inflation to fluctuations in output.

A Development Emergency: the title of this year's Global Monitoring Report, the sixth in an annual series, could not be more apt. The global economic crisis, the most severe since the Great Depression, is rapidly turning into a human and development crisis. No region is immune. The poor countries are especially vulnerable, as they have the least cushion to withstand events. The crisis, coming on the heels of the food and fuel crises, poses serious threats to their hard-won gains in boosting economic growth and reducing poverty. It is pushing millions back into poverty and putting at risk the very survival of many. The prospect of reaching the Millennium Development Goals (MDGs) by 2015, already a cause for serious concern, now looks even more distant. A global crisis must be met with a global response. The crisis began in the financial markets of developed countries, so the first order of business must be to stabilize these markets and counter the recession that the financial turmoil has triggered. At the same time, strong and urgent actions are needed to counter the impact of the crisis on developing countries and help them restore strong growth while protecting the poor. Global Monitoring Report 2009, prepared jointly by the staff of the World Bank and the International Monetary Fund, provides a development perspective on the global economic crisis. It assesses the impact on developing countries, their growth, poverty reduction, and other MDGs. And it sets out priorities for policy response, both by developing countries themselves and by the international community. This report also focuses on the ways in which the private sector can be better mobilized in support of development goals, especially in the aftermath of the crisis.

The recent outbreak of Ebola Virus Disease (EVD) in West Africa has drawn attention to the role and responsiveness of health systems in the face of shock. It brought into sharp focus the idea that health systems need not only to be stronger but also more ‘resilient’. In this article, we argue that responding to shocks is an important aspect of resilience, examining the health system behaviour in the face of four types of contemporary shocks: the financial crisis in Europe from 2008 onwards; climate change disasters; the EVD outbreak in West Africa 2013–16; and the recent refugee and migration crisis in Europe. Based on this analysis, we identify ‘3 plus 2’ critical dimensions of particular relevance to health systems’ ability to adapt and respond to shocks; actions in all of these will determine the extent to which a response is successful. These are three core dimensions corresponding to three health systems functions: ‘health information systems’ (having the information and the knowledge to make a decision on what needs to be done); ‘funding/financing mechanisms’ (investing or mobilising resources to fund a response); and ‘health workforce’ (who should plan and implement it and how). These intersect with two cross-cutting aspects: ‘governance’, as a fundamental function affecting all other system dimensions; and predominant ‘values’ shaping the response, and how it is experienced at individual and community levels. Moreover, across the crises examined here, integration within the health system contributed to resilience, as does connecting with local communities, evidenced by successful community responses to Ebola and social movements responding to the financial crisis. In all crises, inequalities grew, yet our evidence also highlights that the impact of shocks is amenable to government action. All these factors are shaped by context. We argue that the ‘3 plus 2’ dimensions can inform pragmatic policies seeking to increase health systems resilience. La récente épidémie de la maladie à virus Ebola (MVE) en Afrique de l’Ouest a attiré l’attention sur le rôle et la réactivité des systèmes de santé face au choc. Elle a mis en évidence l’idée que les systèmes de santé doivent non seulement être plus forts, mais aussi plus «résilients». Dans le présent article, nous soutenons que la réponse aux chocs est un aspect important de la résilience, en examinant le comportement du système de santé face à quatre types de chocs contemporains: la crise financière en Europe à partir de 2008; les catastrophes liées au changement climatique; l’épidémie de MVE en Afrique de l’Ouest de 2013 à 2016; et la récente crise des réfugiés et des migrations en Europe. Sur la base de cette analyse, nous identifions les dimensions critiques «3 plus 2» particulièrement pertinentes pour la capacité des systèmes de santé à s’adapter et à réagir aux chocs; les actions dans tous ces domaines vont déterminer le niveau de réussite d’une riposte. Il s’agit-l à de trois dimensions fondamentales correspondant à trois fonctions des systèmes de santé: les «systèmes d’information sur la santé» (disposer des informations et des connaissances nécessaires afin de prendre une décision sur ce qui doit être fait); les «mécanismes de financement/financement» (investir ou mobiliser des ressources pour financer une riposte); et le «personnel de santé» (qui devrait planifier, mettre en œuvre et la manière de le faire). Celles-ci recoupent deux aspects transversaux: la «gouvernance», en tant que fonction fondamentale affectant toutes les autres dimensions du système; et les «valeurs» prédominantes façonnant la riposte, et comment elle est vécue aux niveaux individuel et communautaire. De plus, dans toutes les crises examinées ici, l’intégration au sein du système de santé a contribué à la résilience, tout comme la connexion avec les communautés locales; à preuve, les ripostes communautaires réussies face à Ebola et les mouvements sociaux répondant à la crise financière. Dans toutes les crises, les inégalités ont augmenté, mais nos données montrent également que l’impact des chocs se prête à l’action du gouvernement. Tous ces facteurs sont façonnés par le contexte. Nous soutenons que les dimensions «3 plus 2» peuvent éclairer des politiques pragmatiques visant à renforcer la résilience des systèmes de santé. 西非的埃博拉病毒 （EVD） 暴发引发人们关注卫生体系在冲 击中的作用以及应对冲击的能力。核心的想法是卫生体系不 仅需要更强, 而且要更有韧性。我们认为应对冲击是韧性的重 要方面, 在本文中将剖析面对当代四种冲击时的卫生体系行 为：自2008年起的欧洲金融危机；气候变化灾害；2013至 2016年西非EVD疫情；以及近期欧洲难民和移民危机。依据 这一分析, 我们发现了卫生体系应对冲击时至关重要 的”3+2”维度；在这些维度采取行动可决定应对是否成功。 其中包括3个核心维度, 对应卫生体系的3个功能：”卫生信息 系统”（具备决策所需的信息和知识）；”资金/筹资机 制”（投入或调度应对所需的资源）；”卫生人力”（规划和实 施人员以及工作方案）。以上维度又与两个方面交叉：”治 理”, 是影响所有体系维度的基本功能；主导”价值观”, 指导 应对措施, 决定其对个人和社区的影响。此外, 在本文探讨的 所有危机中, 卫生体系内部整合有助于提高韧性, 埃博拉疫情 中的成功社区应对机制和应对金融危机的社会动员还证明, 与 地方社区联合同样有助于提高卫生体系韧性。所有危机都带 来了不平等现象, 但我们的证据也显示, 冲击的影响与政府行 动相关。所有因素都随环境而改变。我们认为”3+2”维度可 以指导制定提高卫生体系韧性的务实政策。 El reciente brote de la Enfermedad del Virus del Ébola (EVE) en África Occidental ha llamado la atención sobre el papel y la capacidad de respuesta de los sistemas de salud frente al choque. La EVE resaltó la idea de que los sistemas de salud necesitan no solo ser más fuertes sino también más “flexibles”. En este artículo, argumentamos que la respuesta a los choques es un aspecto importante de la capacidad de recuperación, examinando el comportamiento del sistema de salud frente a cuatro tipos de choques contemporáneos: la crisis financiera en Europa a partir de 2008; desastres del cambio climático; el brote de EVE en África Occidental 2013-2016; y la reciente crisis de refugiados y migración en Europa. Con base en este análisis, identificamos las dimensiones críticas ‘3 más 2’ de relevancia particular para la capacidad de los sistemas de salud para adaptarse y responder a los choques; las acciones en todos estos determinarán el grado de éxito de una respuesta. Estas son tres dimensiones básicas que corresponden a tres funciones de los sistemas de salud: ‘sistemas de información de salud’ (tener la información y el conocimiento para tomar una decisión sobre lo que se debe hacer); ‘mecanismos de fondos/financiación’ (inversión o movilización de recursos para financiar una respuesta); y ‘personal ’de la salud’ (quién debería planearlo e implementarlo y cómo). Estas dimensiones se cruzan con dos aspectos transversales: ‘gobernanza’, como una función fundamental que afecta a todas las demás dimensiones del sistema; y ‘valores’ predominantes que dan forma a la respuesta, y cómo ésta se experimenta a niveles individual y comunitario. Además, a través de las crisis examinadas aquí, la integración dentro del sistema de salud contribuyó a la capacidad de recuperación, al igual que la conexión con las comunidades locales, evidenciado por las respuestas comunitarias exitosas al Ébola y los movimientos sociales que respondieron a la crisis financiera. En todas las crisis, las desigualdades crecieron, pero nuestra evidencia también resalta que el impacto de los choques es susceptible a la acción gubernamental. Todos estos factores están formados por el contexto. Argumentamos que las dimensiones ‘3 más 2’ pueden informar las políticas pragmáticas que buscan aumentar la capacidad de recuperación de los sistemas de salud.

The COVID-19 pandemic has led to economic and health crises (“twin crises”) worldwide. Using a sample of firms from 73 countries over the period January to December 2020, we examine stock price reactions of multinational corporations (MNCs) and purely domestic companies (DCs) to the crisis. We find that, on average, MNCs suffer a significantly larger decline in firm value relative to DCs during the stock market crisis caused by the pandemic with notable heterogeneity in this underperformance across both industry and region. The evidence of MNC underperformance is robust to using abnormal returns, an alternative crisis window, a matched sample that accounts for differences in characteristics between MNCs and DCs, alternative model specifications, and alternative proxies for multinationality. Further analysis on the effect of government responses on the valuation gap suggests that stringent government responses exacerbate MNCs’ underperformance. Finally, we show that a stronger financial system mitigates negative crisis returns, especially under stringent government responses, while real factors, such as the firm’s supply chain, investments in human capital, research and development, exacerbate negative crisis returns. Our findings have important implications for managers of MNCs and government policymakers alike and contribute to studies on the international diversification–performance relation by demonstrating a dark side of globalization during a tail-risk event.

This virtual special issue (VSI) collects together 19 papers published in Organization Science that explore how organizations learn from crises. The objective is to discuss insights that can help us understand the COVID-19 pandemic crisis, implications that existing research carries for organizations’ abilities to keep hard-earned lessons after the storm passes, and opportunities that the current phenomenon offers for future inquiry in this domain. Organizations, large and small, in scores of countries, have suspended normal operations. To survive, many organizations have adapted by shifting almost all human-to-human interactions online while facing an ethical dilemma and a tense tradeoff between public health and economic well-being. We take stock of the research on organizational learning from crises, summarize useful knowledge for managing the current crisis, and provide directions for future research.

PurposeThe goal of this study is to analyze the relationship between public governance and COVID-19 vaccinations during early 2021 to assess the preparedness of countries to timely policy responses to cope with pandemic crises.Design/methodology/approachThis global study elaborates descriptive statistics, correlations, regression analyses and Independent Samples T-Test on 112 countries, comparing those with high/low level of governance, to determine whether statistical evidence supports the hypothesis that good governance can improve the timely administration of vaccines.FindingsBivariate correlation reveals that doses of vaccines administered × 100 inhabitants have a high positive association with the General Index of Governance (r = 0.58, p-value <0.01). The result is confirmed by partial correlation (controlling density of population per km2): r = 0.584, p-value <0.001. The coefficient of regression in the models also indicates that an increase in the General Index of Governance improves the expected administration of doses of COVID-19 vaccines (p-value <0.001).Research limitations/implicationsAlthough this study has provided interesting results that are, of course, tentative, it has several limitations. First, a limitation is the lack of data in several countries. Second, not all the possible confounding factors that affect the vaccination against COVID-19 are investigated, such as country-specific health investments and expenditures, and these aspects should be examined in the future development of this research. A third limit is related to the measurement of governance through the World Governance Indicators, which are based only on perceptions and can be biased by different socio-economic factors.Practical implicationsThe identification of factors determining the timely vaccinations may help to design best practices of health policy for improving the resilience of countries to face pandemic crises.Social implicationsThe improvement of preparedness of countries through good governance can foster a rapid rollout of vaccinations to cope with pandemic threats and the negative effects of their socio-economic impact.Originality/valueThis study presents a global analysis of the role of public governance for timely vaccinations to face pandemic crises in society.

We estimate the impulse response function (IRF) of GDP to a banking crisis using an extension of the local projections method. We demonstrate that, though robust to misspecifications of the data-generating process, this method suffers from a hitherto unnoticed bias which increases with the forecast horizon. We propose a correction to this bias and show through simulations that it works well. Applying our corrected local projections estimator to the data from a panel of 99 countries observed between 1974 and 2001, we find that an average banking crisis yields a GDP loss of just under 10% in 10 years, with little sign of recovery. Like the original local projections method, our extension of it is widely applicable.

The worldwide COVID-19 pandemic puts countries and their governments in an unprecedented situation. Strong countermeasures have been implemented in most places, but how much do people trust their governments in handling this crisis? Using data from a worldwide survey, conducted between March 20th and April 22nd, 2020, with more than 100,000 participants, we study people’s perceptions of government reactions in 57 countries. We find that media freedom reduces government trust directly as well as indirectly via a more negative assessment of government reactions as either insufficient or too strict. Higher level of education is associated with higher government trust and lower tendency to judge government reactions as too extreme. We also find different predictors of perceived insufficient reactions vs. too-extreme reactions. In particular, number of COVID-19 deaths significantly predicts perceived insufficient reactions but is not related to perceived too-extreme reactions. Further survey evidence suggests that conspiracy theory believers tend to perceive government countermeasures as too strict.