Search results for: crisis signals

Authors: H. Namazi, H. T. N. Kuan

Abstract:

Brain activity can be measured by acquiring and analyzing EEG signals from an individual. In fact, the human brain response to external and internal stimuli is mapped in his EEG signals. During years some methods such as Fourier transform, wavelet transform, empirical mode decomposition, etc. have been used to analyze the EEG signals in order to find the effect of stimuli, especially external stimuli. But each of these methods has some weak points in analysis of EEG signals. For instance, Fourier transform and wavelet transform methods are linear signal analysis methods which are not good to be used for analysis of EEG signals as nonlinear signals. In this research we analyze the brain response to auditory stimuli by extracting information in the form of various measures from EEG signals using a software developed by our research group. The used measures are Jeffrey’s measure, Fractal dimension and Hurst exponent. The results of these analyses are useful not only for fundamental understanding of brain response to auditory stimuli but provide us with very good recommendations for clinical purposes.

Keywords: auditory stimuli, brain response, EEG signal, fractal dimension, hurst exponent, Jeffrey’s measure

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Authors: Valentina Narvaez Gaitan, Laura Valentina Rodriguez Leguizamon, Ruben Dario Hernandez B.

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This work describes a physiological signal emulation system that uses electromyography (EMG) signals obtained from muscle sensors in the first instance. These signals are used to extract their characteristics to model and emulate specific arm movements. The main objective of this effort is to develop a new biomedical software system capable of generating physiological signals through the use of embedded systems by establishing the characteristics of the acquired signals. The acquisition system used was Biosignals, which contains two EMG electrodes used to acquire signals from the forearm muscles placed on the extensor and flexor muscles. Processing algorithms were implemented to classify the signals generated by the arm muscles when performing specific movements such as wrist flexion extension, palmar grip, and wrist pronation-supination. Matlab software was used to condition and preprocess the signals for subsequent classification. Subsequently, the mathematical modeling of each signal is performed to be generated by the embedded system, with a validation of the accuracy of the obtained signal using the percentage of cross-correlation, obtaining a precision of 96%. The equations are then discretized to be emulated in the embedded system, obtaining a system capable of generating physiological signals according to the characteristics of medical analysis.

Keywords: classification, electromyography, embedded system, emulation, physiological signals

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Authors: M. Polic, N. Cesarec Salopek

Abstract:

When it comes to crisis, no company, notwithstanding its financial success, power or reputation is immune to the new environment and circumstances emerging from it. The main challenge company faces with during a crisis is to protect its most valuable intangible asset reputation. Crisis has the serious potential to disrupt company’s everyday operations and damage its reputation extremely fast, especially if the company did not anticipate threats that may cause a crisis. Therefore, when a crisis happens, company must directly respond to it, whilst an effective crisis communication can limit consequences arising from the crisis, protect and repair the reputational damage caused to the company. Since every crisis is unique, each one of it requires different crisis response strategy. In July 2018, airline labor unions threatened Croatia Airlines, the state owned flag carrier of Croatia, to hold a strike that would be called into question regular flights and affect more than 7.600 passengers per day. This study explores the differences between crisis response strategies that Croatia Airlines, the state owned flag carrier of Croatia and airline labor unions used during the crisis period within the Situational Crisis Communication Theory (SCCT) by analyzing the content of formal communication tools used by Croatia Airlines and airline labor unions. Moreover, this study shows how Croatia Airlines successfully managed to communicate to the general public the threat that airline labor unions imposed on it and how was it received by the Croatian media. By using the qualitative and quantitative content analysis, the study will reveal the frames that dominated in the media articles during the crisis period. The greatest significance of this study is that it will provide the deeper insight into how transparent and consistent communication, the one that Croatia Airlines used before and during the crisis period, contributed to the decision of the competent court (Zagreb County Court) which prohibited labor unions strike in August 2018.

Keywords: crisis communication, crisis response strategy, Croatia Airlines, labor union, reputation management, situational crisis communication theory, strike

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Authors: Zahra Abdolkarimi, Naser Zourikalatehsamad,

Abstract:

Up to 40 years ago, after recognition of epilepsy, it was generally believed that these attacks occurred randomly and suddenly. However, thanks to the advance of mathematics and engineering, such attacks can be predicted within a few minutes or hours. In this way, various algorithms for long-term prediction of the time and frequency of the first attack are presented. In this paper, by considering the nonlinear nature of brain signals and dynamic recorded brain signals, ANFIS model is presented to predict the brain signals, since according to physiologic structure of the onset of attacks, more complex neural structures can better model the signal during attacks. Contribution of this work is the co-evolution algorithm for optimization of ANFIS network parameters. Our objective is to predict brain signals based on time series obtained from brain signals of the people suffering from epilepsy using ANFIS. Results reveal that compared to other methods, this method has less sensitivity to uncertainties such as presence of noise and interruption in recorded signals of the brain as well as more accuracy. Long-term prediction capacity of the model illustrates the usage of planted systems for warning medication and preventing brain signals.

Keywords: co-evolution algorithms, brain signals, time series, neural networks, ANFIS model, physiologic structure, time prediction, epilepsy suffering, illustrates model

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Authors: R. Biondi, G. Dys, G. Ferone, T. Renard, M. Zysman

Abstract:

This paper describes an automated implementable system for impulsive signals detection and recognition. The system uses a Digital Signal Processing device for the detection and identification process. Here the system analyses the signals in real time in order to produce a particular response if needed. The system analyses the signals in real time in order to produce a specific output if needed. Detection is achieved through normalizing the inputs and comparing the read signals to a dynamic threshold and thus avoiding detections linked to loud or fluctuating environing noise. Identification is done through neuronal network algorithms. As a setup our system can receive signals to “learn” certain patterns. Through “learning” the system can recognize signals faster, inducing flexibility to new patterns similar to those known. Sound is captured through a simple jack input, and could be changed for an enhanced recording surface such as a wide-area recorder. Furthermore a communication module can be added to the apparatus to send alerts to another interface if needed.

Keywords: sound detection, impulsive signal, background noise, neural network

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Authors: Eunsup Daniel Shim, Jooh Lee

Abstract:

The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

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Authors: Zhao Xinlei

Abstract:

The outbreak of the Ukraine crisis has had an important impact on the global political and economic order, especially the global food crisis and energy crisis, thus aggravating social and political conflicts. At the same time, with the intensification of the Ukraine crisis, the United States and European countries have imposed severe economic sanctions on Russia to prevent and contain Russia's special military operations against Ukraine. The essence of the Ukraine crisis is a geopolitical conflict and competition between Russia and the United States. For a long time, the United States has always regarded Russia as a serious strategic crisis and challenge. Therefore, for the United States, the outbreak of the Ukraine crisis is an extremely important opportunity to condemn and stop Russia's actions from an international perspective. In this process, China plays a very special role. This special positioning is not only reflected in the long-term friendly relationship between China and Russia and mutual support and assistance on the international stage but also in the complex economic relationship and interdependence between China and the United States. Therefore, China has adopted a "hedging strategy" in dealing with the Ukrainian crisis, and the use of the hedging strategy not only plays a special role in safeguarding China's own security and interests but also because China can act as an intermediary to coordinate Russia and the United States to promote the resolution of the Ukrainian crisis in a peaceful manner.

Keywords: Ukraine crisis Russia-Ukraine conflict balanced strategy Sino-US competition

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Authors: Saima Akbar

Abstract:

The global financial crisis severely and adversely impacted the Pakistanis’ financial setups with far-reaching consequences for its victims. This study aimed to analyze the various determinants of the banks’ financial performance in Pakistan. The stepwise multiple regression analysis and pre-post analysis were carried out in this regard by using SPSS ver 22. The study found that the assets quality is the most influential determinant of return over assets followed by bank size and solvency. Advances, liquidity, investments, and size have positive while poor assets quality and deposits have a negative impact on the return over assets. The comparison of the pre-crisis and post-crisis coefficient values of the independent variables revealed that the global financial crisis had exerted a significant impact on the relative ability of the financial performance determinants to explain variations in return over assets.

Keywords: pre-crisis, post-crisis, coefficient values, determinants

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Authors: Marula Tsagkari

Abstract:

Greece finds itself in challenging times, facing a severe economic slowdown since 2009. Despite the fact that Greece is in the epicenter of the global interest, to the best of our knowledge there is no extend research on how the crisis has affected the Greek environment (directly and indirectly), the past years. Thus, the present study aims to fill the aforementioned research gap by examining a number of environmental indicators related with air emissions, waste, water and energy. Our results indicate that the crisis affected the Greek environment in both positive and negative ways. For Greece, the main challenge is to recover from the present economic recession as soon as possible, but not at any cost to the environment. In this context, this research unfolds the interrelation between the economic and the environmental crisis and suggests a sustainable restructuring of the Greek economy.

Keywords: Greece, economic crisis, environmental policy, environmental indicators

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Authors: Riznaldi Akbar

Abstract:

In this study, we compared the performance of the Artificial Neural Network (ANN) model with back-propagation algorithm in correctly predicting in-sample and out-of-sample external debt crisis in Indonesia. We found that exchange rate, foreign reserves, and exports are the major determinants to experiencing external debt crisis. The ANN in-sample performance provides relatively superior results. The ANN model is able to classify correctly crisis of 89.12 per cent with reasonably low false alarms of 7.01 per cent. In out-of-sample, the prediction performance fairly deteriorates compared to their in-sample performances. It could be explained as the ANN model tends to over-fit the data in the in-sample, but it could not fit the out-of-sample very well. The 10-fold cross-validation has been used to improve the out-of-sample prediction accuracy. The results also offer policy implications. The out-of-sample performance could be very sensitive to the size of the samples, as it could yield a higher total misclassification error and lower prediction accuracy. The ANN model could be used to identify past crisis episodes with some accuracy, but predicting crisis outside the estimation sample is much more challenging because of the presence of uncertainty.

Keywords: debt crisis, external debt, artificial neural network, ANN

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Authors: H. Namazi, H. T. N. Kuan

Abstract:

Brain activity can be measured by acquiring and analyzing EEG signals from an individual. In fact, the human brain response to external and internal stimuli is mapped in his EEG signals. During years some methods such as Fourier transform, wavelet transform, empirical mode decomposition, etc. have been used to analyze the EEG signals in order to find the effect of stimuli, especially external stimuli. But each of these methods has some weak points in analysis of EEG signals. For instance, Fourier transform and wavelet transform methods are linear signal analysis methods which are not good to be used for analysis of EEG signals as nonlinear signals. In this research we analyze the brain response to visual stimuli by extracting information in the form of various measures from EEG signals using a software developed by our research group. The used measures are Jeffrey’s measure, Fractal dimension and Hurst exponent. The results of these analyses are useful not only for fundamental understanding of brain response to visual stimuli but provide us with very good recommendations for clinical purposes.

Keywords: visual stimuli, brain response, EEG signal, fractal dimension, hurst exponent, Jeffrey’s measure

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Authors: Sami Adwan, Alaa Alhaj Ismail, Claudia Girardone

Abstract:

This paper examines the changes in the value relevance of book value of equity and net income of financial firms over the crisis period. It also examines how these changes vary with three variables, namely, fair value exposure, ownership concentration, and regulatory capital ratios. Using a sample of financial firms operating in the European Economic Area over 2005-2011, our findings suggest that the value relevance of book value of equity increases while that of net income decreases during the financial crisis. We find that more exposure to fair value accounting mitigates the impact of the crisis on the value relevance of book value of equity and net income. We also find that more concentrated ownership appears to have a mitigating impact on the changes in the value relevance of both book value of equity and net income in times of financial crisis. Finally, we find evidence that the level of regulatory capital ratios tends to have an attenuating effect on the changes in the value relevance of net income (but not book value of equity) in times of financial crisis.

Keywords: value relevance, financial crisis, financial firms, fair value, ownership concentration, regulatory capital

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Authors: Mai Yen Nhi Doan, Viet Le, Chamindika Weerakoon

Abstract:

Social enterprises have emerged as sustainable organisations that deliver social achievement along with long-term financial advancement. However, recorded financial barriers have urged social enterprises to divert to other financing methods due to the misaligned ideology with traditional financing capitalists, in which crowdfunding can be a promising alternative. Previous studies in crowdfunding have inadequately addressed crowdfunding for social enterprises, with conflicting results due to the unsuitable analysis of signals in isolation rather than in combinations, using the data from platforms that do not support social enterprises. Extending the signalling theory, this study suggests that crowdfunding success results from the collaboration between costly and costless signals. The proposed conceptual framework enlightens the interaction between costly signals as “organisational information”, “social entrepreneur’s credibility,” and “third-party endorsement” and costless signals as various sub-signals under the “campaign preparedness” signal to achieve crowdfunding success. Using Qualitative Comparative Analysis, this study examined 45 crowdfunding campaigns run by Australian social enterprises on StartSomeGood and Chuffed. The analysis found that different combinations of costly and costless signals can lead to crowdfunding success, allowing social enterprises to adopt suitable combinations of signals to their context. Costless signal – campaign preparedness is fundamental for success, though different costless sub-signals under campaign preparedness can interact with different costly signals for the desired outcome. Third-party endorsement signal was found to be the necessary signal for crowdfunding success for Australian social enterprises.

Keywords: crowdfunding, qualitative comparative analysis (QCA), signalling theory, social enterprises

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Authors: Arzu K. Kamberli

Abstract:

This article examines the relationship between economics and physics, starting with Adam Smith, with a new econophysics approach in Economics-Physics with the Gauss Law model proposal using for the Electric Field calculation, which will allow us to anticipate the Global Financial Crisis. For this purpose, the similarities between the Gauss Law using the electric field calculations and the global financial crisis have been explained on the formula, and a model has been suggested to predict the risks of the financial systems from the electricity field calculations. Thus, this study is expected to help for preventing the Global Financial Crisis with the contribution of the science of economics and physics from the aspect of econophysics.

Keywords: econophysics, electric field, financial system, Gauss law, global financial crisis

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Authors: Rodrigo Montufar-Chaveznava, Fernando Brambila-Paz, Ivette Caldelas

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In this paper, we present the advances corresponding to the denoising processing of magnetotelluric signals using several filters. In particular, we use the most common spatial domain filters such as median and mean, but we are also using the Fourier and wavelet transform for frequency domain filtering. We employ three datasets obtained at the different sampling rate (128, 4096 and 8192 bps) and evaluate the mean square error, signal-to-noise relation, and peak signal-to-noise relation to compare the kernels and determine the most suitable for each case. The magnetotelluric signals correspond to earth exploration when water is searched. The object is to find a denoising strategy different to the one included in the commercial equipment that is employed in this task.

Keywords: denoising, filtering, magnetotelluric signals, wavelet transform

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Authors: Gladie Lui

Abstract:

The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Silvia Lorenzo, Hongmian Gong

Abstract:

With the influx of research assessing the economic impact of the global financial crisis of 2007-8, a spatial analysis based on empirical data is needed to better understand the spatial significance of the financial crisis in New York, a key international financial center also considered the origin of the crisis. Using spatial statistics, the existence of financial clusters specializing in credit and securities throughout the New York metropolitan area are identified for 2000 and 2010, the time period before and after the height of the global financial crisis. Geographically Weighted Regressions are then used to examine processes underlying the formation and movement of financial geographies across state, county and ZIP codes of the New York metropolitan area throughout the 2000s with specific attention to tax regimes, employment, household income, technology, and transportation hubs. This analysis provides useful inputs for financial risk management and public policy initiatives aimed at addressing regional economic sustainability across state boundaries, while also developing the groundwork for further research on a spatial analysis of the global financial crisis.

Keywords: financial clusters, New York, global financial crisis, geographically weighted regression

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Authors: Jiří. J. Urbánek, Hana Malachová, Josef Krahulec, Jitka Johanidisová

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The paper deals with crisis situations investigation and modelling within the organizations of critical infrastructure. Every crisis situation has an origin in the emergency event occurrence in the organizations of energetic critical infrastructure especially. Here, the emergency events can be both the expected events, then crisis scenarios can be pre-prepared by pertinent organizational crisis management authorities towards their coping or the unexpected event (Black Swan effect) – without pre-prepared scenario, but it needs operational coping of crisis situations as well. The forms, characteristics, behaviour and utilization of crisis scenarios have various qualities, depending on real critical infrastructure organization prevention and training processes. An aim is always better organizational security and continuity obtainment. This paper objective is to find and investigate critical/ crisis zones and functions in critical situations models of critical infrastructure organization. The DYVELOP (Dynamic Vector Logistics of Processes) method is able to identify problematic critical zones and functions, displaying critical interfaces among actors of crisis situations on the DYVELOP maps named Blazons. Firstly, for realization of this ability is necessary to derive and create identification algorithm of critical interfaces. The locations of critical interfaces are the flags of crisis situation in real organization of critical infrastructure. Conclusive, the model of critical interface will be displayed at real organization of Czech energetic crisis infrastructure subject in Black Out peril environment. The Blazons need live power Point presentation for better comprehension of this paper mission.

Keywords: algorithm, crisis, DYVELOP, infrastructure

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Authors: Kapila Warnakulasuriya, Walimuni Janaka Mendis

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In this study, an artificial intelligence-based approach is developed to diagnose abnormal tissues in human or animal bodies by analyzing magnetic resonance signals. As opposed to the conventional method of generating an image from the magnetic resonance signals, which are then evaluated by a radiologist for the diagnosis of abnormalities, in the discussed approach, the magnetic resonance signals are analyzed by an artificial intelligence algorithm without having to generate or analyze an image. The AI-based program compares magnetic resonance signals with millions of possible magnetic resonance waveforms which can be generated from various types of normal tissues. Waveforms generated by abnormal tissues are then identified, and images of the abnormal tissues are generated with the possible location of them in the body for further diagnostic tests.

Keywords: magnetic resonance, artificial intelligence, magnetic waveform analysis, abnormal tissues

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Authors: Gultekin Gurcay

Abstract:

In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Jitendra Aswani

Abstract:

In the first section of this study, impact of Global Financial Crisis (GFC) on the synchronization of fourteen Asian Stock Markets (ASM’s) of countries like Hong Kong, India, Thailand, Singapore, Taiwan, Pakistan, Bangladesh, South Korea, Malaysia, Indonesia, Japan, China, Philippines and Sri Lanka, has been analysed using the network science and its metrics like degree of node, clustering coefficient and network density. Then in the second section of this study by introducing the US stock market in existing network and developing a Minimum Spanning Tree (MST) spread of crisis from the US stock market to Asian Stock Markets (ASM) has been explained. Data used for this study is adjusted the closing price of these indices from 6th January, 2000 to 15th September, 2013 which further divided into three sub-periods: Pre, during and post-crisis. Using network analysis, it is found that Asian stock markets become more interdependent during the crisis than pre and post crisis, and also Hong Kong, India, South Korea and Japan are systemic important stock markets in the Asian region. Therefore, failure or shock to any of these systemic important stock markets can cause contagion to another stock market of this region. This study is useful for global investors’ in portfolio management especially during the crisis period and also for policy makers in formulating the financial regulation norms by knowing the connections between the stock markets and how the system of these stock markets changes in crisis period and after that.

Keywords: global financial crisis, Asian stock markets, network science, Kruskal algorithm

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Authors: Maciej Zaręba, Sławomir Lasota

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Knowing the degree of dependencies between the sets of input signals and selected sets of indicators that measure a production system's effectiveness is of great importance in the industry. This paper introduces the SELM method that enables the selection of sets of input signals, which affects the most the selected subset of indicators that measures the effectiveness of a production system. For defined set of output indicators, the method quantifies the impact of input signals that are gathered in the continuous monitoring production system.

Keywords: manufacturing operation management, signal relationship, continuous monitoring, production systems

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Authors: Mohammad Zavid Parvez, Manoranjan Paul

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Epilepsy is a common neurological disorders characterized by sudden recurrent seizures. Electroencephalogram (EEG) is widely used to diagnose possible epileptic seizure. Many research works have been devoted to predict epileptic seizure by analyzing EEG signal. Seizure prediction by analyzing EEG signals are challenging task due to variations of brain signals of different patients. In this paper, we propose a new approach for feature extraction based on phase correlation in EEG signals. In phase correlation, we calculate relative change between two consecutive segments of an EEG signal and then combine the changes with neighboring signals to extract features. These features are then used to classify preictal/ictal and interictal EEG signals for seizure prediction. Experiment results show that the proposed method carries good prediction rate with greater consistence for the benchmark data set in different brain locations compared to the existing state-of-the-art methods.

Keywords: EEG, epilepsy, phase correlation, seizure

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Authors: Sevilay Konya, Sadife Güngör, Zeynep Karaçor

Abstract:

Turkish economy is occurred depending on different factors from time to time and the banking crises of different magnitudes. Foremost among the factors which hinder the development of countries and societies- crises in the country's economy. Countries' economic growth rates affect inflation, unemployment and external trade. In this study, effect of November 2000, February 2001 and 2008 banking crisis on Turkey's economy and banking crisis will be examined and announced as conceptual. In this context, this study is investigates Turkey's GDP, inflation, unemployment and foreign trade figures. Turkey's economy affected have been identified from 2000 November 2001 February and 2008 banking crisis.

Keywords: banking crises, Turkey’s economy, economic effects, Turkey

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Authors: Hyein Ko

Abstract:

In 2017, many signs of populism occurred around the world. This paper suggests that populism is not a sudden phenomenon, but a manifestation of common people’s will. By analyzing previous research, this paper proposes three factors related to populism: Inequality, experience of economic crisis, and rapid cultural change. With these three elements, four cases will be investigated in this article; two countries experienced populism, and the other two countries did not experience it. Comparing four cases by using three elements will give a fruitful foundation for further analysis regarding populism. In sum, aforementioned three elements are highly related to the occurrence of populism. However, there is one hidden factor: dissatisfaction with established politics. Thus, populism is not a temporal phenomenon. It is a red alert for democratic crisis.

Keywords: common people, democratic crisis, populism, Trump phenomenon

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Authors: Arzu K. Kamberli, Tolga Ulusoy

Abstract:

Technological developments and the resulting global communication have made the 21st century when large capitals are moved from one end to the other via a button. As a result, the flow of capital inflows has accelerated, and capital inflow has brought with it crisis-related infectiousness. Considering the irrational human behavior, the financial crisis in the world under the influence of the whole world has turned into the basic problem of the countries and increased the interest of the researchers in the reasons of the crisis and the period in which they lived. Therefore, the complex nature of the financial crises and its linearly unexplained structure have also been included in the new discipline, econophysics. As it is known, although financial crises have prediction mechanisms, there is no definite information. In this context, in this study, using the concept of electric field from the electrostatic part of physics, an early econophysical approach for global financial crises was studied. The aim is to define a model that can take place before the financial crises, identify financial fragility at an earlier stage and help public and private sector members, policy makers and economists with an econophysical approach. 2001 Turkey crisis has been assessed with data from Turkish Central Bank which is covered between 1992 to 2007, and for 2001 Argentina crisis, data was taken from IMF and the Central Bank of Argentina from 1997 to 2007. As an econophysical method, an analogy is used between the Gauss's law used in the calculation of the electric field and the forecasting of the financial crisis. The concept of Φ (Financial Flux) has been adopted for the pre-warning of the crisis by taking advantage of this analogy, which is based on currency movements and money mobility. For the first time used in this study Φ (Financial Flux) calculations obtained by the formula were analyzed by Matlab software, and in this context, in 2001 Turkey and Argentina Crisis for Φ (Financial Flux) crisis of values has been confirmed to give pre-warning.

Keywords: econophysics, financial crisis, Gauss's Law, physics

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Authors: Joanna Konstantinou

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The study is about the challenges faced by entrepreneurs in a crisis context and in turbulent economies. The scope is to determine which factors, if any, are related to the success of a new business venture, such as innovation, access to funding and capital, enhanced digital skills, employment relations and organizational culture as well as a company’s strategic orientation towards international markets. The crisis context has been recorded to have affected the number of SMEs in the Greek economy, the number of people employed as well as the volume of the output produced. Although not all SMEs have been equally impacted by the crisis, which has been identified to affect certain sectors more than others, and although research is not exhaustive in that end, employment relations and patterns, firm’s age, and innovation practices in relation to employees’ learning curve seem to have a positive correlation with the successful survival and resilience of the firm. The aim is to identify important factors that can contribute positively to the success of a startup business, and that will allow businesses to acquire resilience and survive economic adversities, and it will focus on businesses of the Greek economy, the country with the longer lasting economic crisis and the findings will be lessons to learn for other economies.

Keywords: entrepreneurship, innovation, crisis, challenges

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Authors: Recep Sait Arpat, Hakan Güreşci

Abstract:

Emergency, disaster and crisis management terms are generally perceived as the same processes. This conflict effects the approach and delegating policy of the political order. Crisis management starts in the aftermath of the mismanagement of disaster and emergency. In the light of the information stated above in this article Turkey and United Kingdom(UK)’s crisis management systems are analyzed. This article’s main aim is to clarify the main points of the emergency management system of United Kingdom and Turkey’s disaster management system by comparing them. To do this: A prototype model of the political decision making processes of the countries is drawn, decision making mechanisms and the planning functions are compared. As a result it’s found that emergency management policy in Turkey is reactive whereas it’s proactive in UK; as the delegating policy Turkey’s system is similar to UK; levels of emergency situations are similar but not the same; the differences are stemming from the civil order and nongovernmental organizations effectiveness; UK has a detailed government engagement model to emergencies, which shapes the doctrine of the approach to emergencies, and it’s successful in gathering and controlling the whole state’s efforts; crisis management is a sub-phase of UK emergency management whereas it’s accepted as a outmoded management perception and the focal point of crisis management perception in UK is security crisis and natural disasters while in Turkey it is natural disasters. In every anlysis proposals are given to Turkey.

Keywords: crisis management, disaster management, emergency management, turkey, united kingdom

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Authors: Sofía Luna, Carla González Salamanca

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The 2008 economic crisis had huge implications in Europe. In this continent, the repercussions of the crisis were not only economic but also political and institutional. The economic stress has generated changes in the perception of the citizens, their attitude and the confidence placed in the political organizations. The lost of confidence is not only present in the debtor countries but it is also present in the European economic powers like Germany and France. This research explains how the economic crisis had an impact in the identity, population’s attitude and how this generated the rise of extreme right parties. In addition, it defines the different types of attitudes and support that exist towards these political and economic institutions. The results of this investigation show that the depression beside of its economic implications, it caused institutional, social and political difficulties for the Union. Moreover, the support and attitudes of the population were severely strained because the confidence in the political organization decreased. Furthermore, a rise in the otherness sentiment was shown. In other words, the distinction between “us” and “them” increased causing repercussions in the collective European identity. Additionally, there was a spread in national identities that caused the rise of the extreme right wing parties. In conclusion, the 2008 economic crisis caused not only economic stress but also it generated a political, social and institutional crisis in Europe.

Keywords: Europe, identity, economic crisis, otherness sentiment

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Authors: Pau Rausell-Koster, Jordi Sanjuan-Belda

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The economic crisis of 2008 had a special impact on cultural consumption in Spain. It fell by almost 30% in a few years, and its share of total family spending decreased from 3.19% in 2007 to 2.38% in 2015. In 2017, unlike other indicators, cultural consumption levels were still far from recovering their pre-crisis values. In times of economic difficulties, the satisfaction of primary subsistence needs takes priority over that of social, cultural and experiential needs, among which cultural consumption would mostly be framed. However, its evolution cannot be attributed exclusively to macroeconomic trends. In parallel to these, technological advances mainly related to the Internet have been disseminated in recent years, which have a very marked impact on the consumption patterns of some cultural sectors. Thus, the aim of this study is to define the causes of the decline in cultural consumption in Spain in recent years, and analyse what type of products, territories and population profiles suffered it especially. From the data analysis of the Family Budget Survey, the study seeks to improve the understanding of the determinants of cultural consumption and their behaviour in the face of macroeconomic trends, as well as identify and extract some policy implications regarding to the upcoming crisis caused by COVID-19.

Keywords: consume patterns, cultural consumption, economic crisis, economic trends

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