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Indonesia, Southeast Asia's most populous state and its largest economy, was deeply affected by the economic crisis of 1997–1998. Its economic contraction in 1998, of over 13%, was the sharpest among all four crisis-affected East Asian economies. This followed three decades of virtually uninterrupted, rapid economic growth. The country's economic crisis was accompanied by regime collapse, resulting in the departure of then President Suharto after 32 years of authoritarian rule. This paper examines the country's socioeconomic development in the decade since the crisis, in the context of the earlier growth, and the very different institutions of economic governance operating under the new democratic regime of weakened central authority and many more economic policy actors. The main conclusions are that growth and macroeconomic stability have been restored surprisingly quickly, but that microeconomic policy and the investment climate are less predictable.

This paper first provides a brief review of the global financial tsunami. It then explains why the quantitative easing in the US and the unique characteristics of the Asian property markets have contributed to the formation of property bubbles in some Asian economies. Thereafter, it discusses the possibility of a bursting of property bubbles in Hong Kong, Singapore or another Asian economy a few years from now, and highlights that the bursting of the property bubble in that economy could trigger severe corrections of property prices in this region through the contagion effect. After pointing out that the implied crisis could be more severe than that during the Asian Financial Crisis, it (i) discusses policies that could mitigate the damages of the potential crisis and (ii) draws important lessons and conclusions that could pre-empt similar disasters in the future.

Due to rigid rules, incomplete institutions and concentration on short-run fiscal discipline, economic and institutional diversity and insufficient reforms caused the progressive segmentation of the Eurozone. Insufficient integration process is due to lack of trust among member countries and the need to keep a hard budget constraint of national budgets to avoid uncontrolled inflationary pressure and moral hazard. Although understandable in the short run, this situation is causing serious economic and social costs and damages to the development of vulnerable countries. The paper enquires possible solutions to this dangerous stalemate, that could also provide useful suggestions for other countries.

This paper investigates the impact of foreign bank entry on Thai domestic banks by using panel data on 17 domestic commercial banks from 1990 to 2002. The study examines different factors affecting bank performance, including changes in the foreign ownership of banks, financial regulations, and market structure. The results show that an increase in the presence of foreign banks has led to a rise in overhead expenses, a decline in profits, and an increase in the interest spreads of domestic banks. In the short run, increased competition from foreign banks seems to have negative effects on domestic banks.

This work aims to inspect the common debate about the implication of derivative instruments in amplifying the last financial crisis. To reach this goal, the study chooses a sample of banks entirely from emerging countries — over the whole period 2003–2011 — in which we examine the impact of derivatives simultaneously on performance, risk and stability during the ordinary period “the pre-crisis period”, 2003–2006, and the unstable period “the crisis and post crisis period”, 2007–2011. The regressions are estimated by generalized methods of moments (GMM) as developed by Blundell and Bond (1998). The major conclusion reveals that only swaps can be considered as implicated in the intensification of the last financial crisis. Therefore, the rest of derivatives instruments cannot be responsible in the amplification of the recent financial crisis. Indeed, the widespread idea accusing all derivatives to be in part responsible of the intensification of the last financial crisis should be revised.

In this paper, we compare the performance of Islamic stock indices (ISI) and conventional stock indices (CSI) from FTSE, DJ, MSCI, S&Ps and Jakarta series using common risk-return metrics. The sample consists of 64 ISI and CSI, and covers the period from 2002 to 2017. The majority of the stock indices are from the Pacific Rim countries’ stock markets. Additionally, we employ the GARCH-M model to examine the impact of past volatility on spot returns. Findings suggest that the ISI are less sensitive to the average market movements compared to the CSI, but surprisingly offer similar raw returns suggesting primary support for the low risk-high return paradox. On further examination, results reveal that M², Omega, Sharpe and Treynor measures indicate that ISI underperform CSI while Jensen’s alpha and Sortino ratio put ISI ahead of CSI. Moreover, findings show that pre-crisis winners (CSI) were losers during the 2008 crisis but subsequently recovered and ended up with higher returns than ISI. Findings also show that the previous volatility of stock returns can be potentially used for predicting future returns.

The global crisis has not invalidated everything about macroeconomics. However, it has highlighted some of mistakes of the discipline's dominant intellectual framework. Post-macroeconomic thinking recommended in this paper should not be understood as another metanarrative of the end of metanarratives. The use of the prefix post here suggests and emphasises much more than temporal posterity. Post-macroeconomics should follow from macroeconomics more than it follows after macroeconomics. The theorising of post-macroeconomics is therefore neither systematically oppositional, nor hegemonic. It does not advocate a "dialectic opposition" between macroeconomics and post-macroeconomics. Rather, it suggests that the latter builds on the former and goes beyond it.

Regarding the approach of reducing risks of settlements, a system is considered to be resilient if it can address temporary and permanent risks and adapt itself to rapidly changing conditions without losing its functionality. To this end, a dynamic management approach on a local scale is needed for realizing resilience. Due to the importance of local management in improving resilience in cities, this study aims to assess the resilience capacity of the local risk management in terms of exposure to various crises in Tabriz, Iran. The findings in this study show that integrity and coordination in decision- or policy-making, enhancement of organizational and local capacities, and confrontation or rehabilitation approaches in critical conditions and after that are not desirable in Tabriz. Also, the centralized and top-down approaches lead to no proper local planning and management that can facilitate the resilience measures. In light of no spatial equilibrium in Tabriz and the inefficiency of conventional planning and management systems, technocrat-oriented and top-down, changing the management practices and emphasizing the local and bottom-up approach are necessary for the thorough understanding of facilities and limitations and implementation of realistic planning.

Nearly 20 years ago, the U.S. Department of Homeland Security launched Ready.gov, a national public service advertising campaign designed to educate and empower Americans to prepare for and respond to emergencies such as natural and technological disasters. To date, little is known about the accessibility and adaptability of this information for vulnerable populations including persons with disabilities (PwDs) and those with limited English proficiency (LEP). This computer-automated analysis seeks (1) to determine the general web, mobile and language accessibility of state websites which extend and/or amplify the Ready.gov national campaign goals, (2) to evaluate the document accessibility of downloadable emergency preparedness information, and, based on findings, (3) reflect upon improvement opportunities for disaster and emergency management preparedness messaging processes to vulnerable populations. An exploratory, quantitative content analysis relying on computer-automated software is used to assess the web, language, mobile and document accessibility of Ready.gov state-affiliated websites dedicated to providing public information for emergency preparedness and disaster response. Additional factors such as the use of CAPTCHA, adherence to the Matterhorn Protocol, disclosure of accessibility policy statements, and the presence of tailored information are evaluated. No significant differences among FEMA regions were found. The most frequent errors were likely to impact the POUR dimensions of perceivability and operability. In all, 76% of the Ready.gov state-affiliated websites had WCAG Level AA detectable accessibility failures on the home pages. Furthermore, 62% of the sites offered translational language formats for LEP users, while only 6% ($n=3$) explicitly provided PwDs an option to report accessibility-related user experiences to the agency. Document accessibility was deemed to be poor with 80% of the websites disseminating downloadable .pdfs such as emergency planning guides and preparedness kits in inaccessible digital formats. These findings identify opportunities for improvement specifically, in the web, mobile and document accessibility of information associated with the Ready.gov national campaign. We argue that improvement and compliance is expected to reduce the likelihood of litigation, increase the resilience of vulnerable populations, and improve user experiences.

In view of the rise of extreme events and increasing frequency of transboundary crises occurring worldwide, crisis readiness becomes increasingly pertinent.

The aim of this study is to develop a questionnaire assessing the crisis ready mindset of Singaporean youths and examine how cognitive biases and cultural variables influence the crisis ready mindset.

A crisis ready mindset can be broken down into six dimensions:

• Perceived possibility of crises
• Preparation for crises
• Reaction to surprise element of crises
• Emotional reaction
• Cognitive processes
• Coping ability

To avoid cognitive biases in crisis readiness, there are strategies that can be undertaken at the individual and national level. On the individual level, the premortem technique can be adopted. Recommendations on crisis communications to the public will also be discussed.

This chapter introduces the system for crisis management in Sweden. Over the last century, Sweden has gone from being a poor European backwater to being among the countries with the highest human development in the world. The droughts and harsh winters that killed thousands and drove numerous Swedes to emigrate in the past are mere distractions today and the contemporary system for crisis management is designed to deal with a broader variety of crises than the ones triggered by natural hazards. The system is based on the principles of responsibility, parity and proximity, and distributes sector and area responsibility for crisis management to numerous actors. It is built to a great extent on collaboration between these actors, which is challenging but working relatively well in the cultural context of consensus-seeking and compliance to official guidelines and accepted rules of engagement. However, the system is in itself ambiguous in the sense of distributing responsibility to all kinds of actors and then focusing almost exclusively on public actors in legislation, guidelines and practice. There is also often a gap between policy and practice concerning how area responsibility is exercised, and a lack of clarity in current sector specific legislation.

The hospitality industry has subsequently been struck by a range of disasters. Either; globally or regionally, natural or man-made disasters. Reflecting the hospitality and tourism industry’s vulnerability to hazardous events in the internal and external environment, they have caused dramatic fluctuations in Tourist arrivals and revenue. The chapter investigates the impact of these disasters and crises on hospitality and tourism industry. Aims to review some attempts to investigate the impact of disasters, how emergency planning could mitigate these impacts, and how to recover from it. Furthermore, it reviews the theories and models which could be used as an effective strategies to cope with uncertainty, how to plan, manage, and recover from such events. Emergency plans used by industry players to overcome the effect of such events and quick return to normality. Emergency planning could mitigate the effect of such events and recover from such disasters. The finding also emphasizes the power of media in clearing the ambiguity, which helps marketing efforts towards tourists to change their attitudes and visit safe rather than visiting hazardous destinations. Effective planning and the urgent need for better cooperation, coordination and awareness efforts among the industry stakeholders, government agencies, and local communities could mitigate the negative impact of hazardous events, allowing organizations to learn from the past to prevent the same effects in the future.

This research is about disaster risk reduction and management using learning from past disasters as theoretical framework because disasters and crises continue to re-occur for the same reasons they could have been prevented and mitigated. This chapter has two main aims. First, to consider how lessons from past disasters, may be linked to strategies for disaster risk reduction and management. Second, critically review how lessons from disasters can be made actionable in an organizational context using conceptual model of actionable learning from disasters. Historically, proximate cause and nature of risk, crisis and disaster has generated intense theories and models in both the social and pure sciences. Albeit the applied implications of existing risk and disaster theories are questionable, this research informs the debates about risk, crisis and disaster management theory and practice by considering and reflecting on mindfulness, complexity, modernity, fragility, isomorphic learning, and policies ambiguity; and the application of disasters lessons from cross-organizational isomorphism, event isomorphism and self-isomorphism. One of the fundamental contributions involved using case studies of two emergency and disaster response organizations in Ghana and Nigeria which were used to address the issues raised in the research. In conclusion, the chapter reflected on the challenges of learning from past disasters, devoted to the explanation of disaster risk reduction strategies and its components: identification, prevention, reduction, mitigation and appraisal, evaluation, management and communication, flexibility, resilience and robustness. The main lessons and implications from “actionable learning from disasters model” to disaster risk reduction and management are discussed.