literature review on financial crises

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Financial Crises: Review and Evidence

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Please note you do not have access to teaching notes, financial reporting quality during a crisis: a systematic review.

Journal of Accounting Literature

ISSN : 0737-4607

Article publication date: 18 October 2022

Issue publication date: 20 October 2022

This paper presents a systematic literature review, including content and bibliometric analyses, of the impact of a crisis on financial reporting quality. In addition, this review identifies emerging research themes and provides future directions.

Design/methodology/approach

The adopted systematic literature review approach finds 29 highly cited articles on the effect of a crisis on financial reporting quality, with an additional seven studies for analysis identified in a review of emerging literature.

This study consolidates prior research findings on financial reporting quality during a crisis under four major themes: (1) earnings quality and its determinants; (2) audit quality around a crisis; (3) conservatism, valuation effects and corporate governance; and (4) financial stability and regulations. Mixed and inconclusive findings are documented for most themes, suggesting that this literature is still in its infancy and that room exists for further theoretical refinement.

Practical implications

The study's findings potentially have important ramifications for managers, standard setters, government regulators and policymakers. By highlighting examples of changes in firms' reporting practices during a crisis, the study provides a context in which to understand the influence or potential influence of the current coronavirus (COVID-19) pandemic on firms' financial reporting practices.

Originality/value

To the best of the author's knowledge, this is the first study to systematically review and synthesise prior research findings on the quality of financial reporting during economic crises. The study identifies many unexplored research areas regarding crises, with possible direct implications for financial reporting practices. The impact of these issues needs to be carefully considered and understood, with the current coronavirus pandemic demonstrating that firms have the opportunity to compromise ethical aspects of their decisions as they experience pressure to maximise profits.

• Accounting quality
• Reporting quality
• Bibliographic analysis

Saha, A. (2022), "Financial reporting quality during a crisis: a systematic review", Journal of Accounting Literature , Vol. 44 No. 2/3, pp. 154-176. https://doi.org/10.1108/JAL-01-2022-0013

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A Crash Course on Crises

Markus K. Brunnermeier

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A Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries

• Markus K. Brunnermeier and Ricardo Reis

An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike

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With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.

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• A Financial Times Best Book of the Year: Economics

• 1.1 Crashes
• 1.2 Organization of the Book
• 1.3 Uses of the Book
• 1.4 Acknowledgments
• 2.1 A Model of Bubbles with a Keynesian Beauty Contest
• 2.2 The Japanese Bubble of the Mid-1980s
• 2.3 The Internet Bubble of 1998–2000
• 3.1 A Model of Misallocation
• 3.2 The Seeds of the Euro Crisis: Portugal’s Twenty-First Century Slump
• 3.3 Chile’s 1970s Liberalization and 1982 Crash
• 4.1 Modern and Shadow Banks
• 4.2 U.S. Subprime Mortgages and Securitization
• 4.3 The Spanish Credit Boom of the 2000s
• 5.1 Strategic Complementarities, Amplification, Multiplicity
• 5.2 Systemic Risk in the Irish Banking Sector in the 2000s
• 5.3 The Emerging Markets’ Storm of 1997–98
• 6.1 Debt and the Challenging Illiquidity-Insolvency Distinction
• 6.2 The Run on the German Banking System in 1931
• 6.3 The Greek Sovereign Debt Crisis of 2010–12 and the IMF
• 7.1 The Diabolic/Doom Loop
• 7.2 European Banks and Their Sovereigns in 2007–10
• 7.3 Argentina’s 2001–02 Crisis
• 8.1 Safe Assets
• 8.2 Borrowing Costs in the Euro Area: The 2010–12 Crisis
• 8.3 The Pandemic Flight to Safety of 2020
• 9.1 A Model of Exchange Rates and Recovery
• 9.2 The Mexican Tequila Crisis of 1994–95
• 9.3 The Lasting Stagnation from the 2008 Global Financial Crisis
• 10.1 Reserve Satiation and Quantitative Easing
• 10.2 The Bank of Japan’s Innovations since 1998
• 10.3 The Euro Area Yield Curve during Crisis
• 11.1 Savings and Investment, Revisited
• 11.2 The Rise of Savings during the 2020 Pandemic
• 11.3 The End of the U.S. Great Depression
• 12 Conclusion
• Bibliography

"'Economies sometimes go through macro-financial crises.' Indeed, they do, as we have so painfully learned in recent decades. In this excellent and blessedly brief book, two distinguished scholars bring students and busy professionals up to date on the best thinking about how these crises originate and unfold and how policymakers need to respond. A valuable guide for those who need to understand what contemporary economics has to say on this vital topic."—Martin Wolf, Financial Times

"A must-read."—Ashoka Mody, Project Syndicate

" A Crash Course on Crises packs a serious punch, covering a substantial amount of theoretical ground illustrated by real-world examples drawn from four continents and almost 100 years."—Anjalika Badalai, Society of Professional Economists

"Designed as both a complement to existing macroeconomic textbooks and a present-day primer for policymakers, [ A Crash Course on Crises ] is brief, direct and accessible. It will likely adorn the reading lists of financial economics courses for years to come."—Rémi Meehan, International Affairs

“You learn most about the character of an economy when it is in crisis, and there have been many to learn from. This book provides a first comprehensive, intuitive, and insightful description of the many macro-financial crises of recent decades. The two leading macroeconomists of our times cut through the clutter and distill essential lessons for students and policymakers.”—Gita Gopinath, First Deputy Managing Director, International Monetary Fund

“In this crash course, two top economists introduce students to what we know about financial crises, with a taste of economic theory and an abundance of fascinating case studies.”—Greg Mankiw, Harvard University

“Written by two of the leading economic thinkers today, A Crash Course on Crises is an eminently readable introduction to modern thinking about the macroeconomic and financial underpinnings of economic crises. The book, targeted at the intelligent undergraduate, the curious policymaker, and the interested public citizen, unpacks complex ideas while explaining the causes of crises as well as the tools policymakers have used to recover from them. It will be very useful as accompanying reading in any macroeconomics or macro-finance course.”—Raghuram Rajan, author of The Third Pillar

“A remarkably fresh take on teaching financial crises, drawing on examples from around the world to eloquently exposit even the most difficult concepts in a thoroughly engaging format.”—Kenneth S. Rogoff, coauthor of This Time Is Different

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REVIEW article

The linkage between global financial crises, corporate social responsibility and climate change: unearthing research opportunities through bibliometric reviews provisionally accepted.

• 1 Kotebe University of Education, Ethiopia
• 2 University of Johannesburg, South Africa

The final, formatted version of the article will be published soon.

Financial matters, corporate social responsibility (CSR), climate change, and other sustainable solutions all work in tandem. In order to provide a thorough understanding of the integration between various components during crises, it is necessary to provide knowledge of the interaction between financial, societal, and environmental aspects. In order to accomplish this, hundreds of papers were examined and presented using bibliometric analysis. The study demonstrated that, when examining financial crises in relation to CSR and climate change, sustainability issues were clearly examined. Sustainability, environmental economics, governance approaches, and sustainable development are some of the main issues in this comprehensive subject. Besides, the emerging topics that need more research include organizational resilience, global financial crises, and sustainable performance, while there are no specific themes developed in the subject matter that integrate financial crises, CSR, and climate change. Thus, future researchers need to provide new insights on the integration of these concepts.

Keywords: Financial crises, CSR, Climate Change, sustainability, scientific mapping, thematic

Received: 19 Feb 2024; Accepted: 08 May 2024.

Copyright: © 2024 Chebo, Dhliwayo and Batu. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

* Correspondence: Mx. Abdella K. Chebo, Kotebe University of Education, Addis Ababa, Ethiopia

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Crisis Leadership, Group Dynamics, and Change Management: A Literature Review and Future Perspectives

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• Dimitrios Belias 3 ,
• Nikolaos Trihas 4 &
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Over the past 10 years, humanity has been witnessing a plethora of serious crises, such as financial, the COVID-19 pandemic, and climate crisis. As a result, these crises have caused several problems in the global market, especially in the tourism and hospitality industry. Hence, crisis leadership, group dynamics, and change management are becoming more well-known in the academic community. However, research in this field remains fragmented, as there are very few empirical reviews on this topic. In addition, existing reviews seem to approach this subject from a subjective approach without the proposal of a theoretical and practical model that can measure the connection between the variables of crisis leadership, group dynamics and change management. The aim of the current study is to investigate the influence of crisis leadership on group dynamics/change management and the proposal of several tools so as to measure the above relationships. The methodology that is used in this paper is a literature review that synthesizes theoretical insights and empirical findings.

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Belias, D., Trihas, N., Ntalakos, A. (2024). Crisis Leadership, Group Dynamics, and Change Management: A Literature Review and Future Perspectives. In: Katsoni, V., Cassar, G. (eds) Recent Advancements in Tourism Business, Technology and Social Sciences. IACuDiT 2023. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-54342-5_13

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Book Review: Anonymous public servants are the heart of George Stephanopoulos’ ‘Situation Room’

This cover image released by Grand Central Publishing shows “The Situation Room: The Inside Story of Presidents in Crisis” by George Stephanapoulos with Lisa Dickey. (Grand Central Publishing via AP)

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The biggest challenge for an author tackling the history of the Situation Room, the basement room of the White House where some of the biggest intelligence crises have been handled in recent decades, is the room itself. As a setting, it’s pretty underwhelming.

In “The Situation Room: The Inside Story of Presidents in Crisis,” George Stephanopoulos describes how the room — actually a series of rooms — for much of its history didn’t live up to its reputation in popular imagination or media. The centerpiece of it, as Stephanopoulos writes, had “all the charm of a cardboard box.”

But what keeps readers engaged in Stephanopoulos’ history isn’t any behind the scenes schematics or technology. This isn’t a Tom Clancy novel, though it moves along as briskly as one. Instead, it’s the stories Stephanopoulos and Lisa Dickey share of the normally nameless and faceless public servants, the duty officers who have staffed the center since its inception during John F. Kennedy’s presidency.

Stephanopoulos, a political commentator and ABC anchor who worked in the Clinton White House, wisely zeroes in on a single crisis during each of 12 presidencies during the Situation Room’s history. Along the way, he reveals much about the differing management styles of the nation’s presidents and offers plenty of interesting pieces of history.

This includes the granular level of detail Lyndon B. Johnson sought in regular calls to the Situation Room late at night or early in the morning. The book offers a glimpse at the frenzied conversations that took place following Ronald Reagan’s shooting in 1981.

It should come as no surprise that the most riveting chapter centers around the moment that led to the most widely seen photo of the “Sit Room” — the killing of Osama bin Laden.

Stephanopoulos reveals that the photo — which showed former President Barack Obama in a cramped conference room receiving updates on the raid on the terrorist leader’s compound — could have looked a lot different. A larger room was available, but officials were worried about losing the audiovisual link if they tried moving it from the cramped room.

The duty officers whose stories are at the heart of the book are portrayed as apolitical figures, with one saying they “serve in silence.” Stephanopoulos’ book is a fitting tribute to them.

AP book reviews: https://apnews.com/hub/book-reviews