Query: Lessons from the global financial crisis for the semiconductor industry

Candidate papers:

abstract: During the global financial crisis in 2008, governments around the world have used a variety of policies to support threatened industries and to stabilize financial systems. In the present study, we empirically compare the patterns of the dynamic change in the financial performance of the semiconductor industry before and after government intervention by using the piecewise linear trajectory model for Japan, South Korea and Taiwan, three major economies for the industry. The empirical results indicate that, during the global financial crisis, the performance of the semiconductor industry can benefit from government support, in spite of the fact that the improvement was somewhat delayed after intervention. Moreover, the change pattern of the performance depends on the performance factor and the economy. Based on the results obtained as well as literature support, we summarize the economic and industrial policies that might have demonstrated usefulness for the industry and discuss some implications.
author_names: Chiu-hui Wu

Cherng G Ding

Ten-Der Jane

Hang-Rung Lin

Cheng-Ying Wu
title: Lessons from the global financial crisis for the semiconductor industry
year: 2015

abstract: This lecture is a tour d'horizon of the financial crisis aimed at extracting lessons for future financial regulation. It combines normative recommendations based on conventional welfare economics with positive assessments of the kind of measures likely to be adopted based on political economy considerations.
author_names: Willem H Buiter
title: Lessons from the global financial crisis for regulators and supervisors
year: 2009

author_names: Weng Shou-song
title: The Influence of a Global Financial Crisis on the Semiconductor Industry
year: 2008

author_names: William Coen
title: The global financial crisis and the future of international standard setting: lessons from the Basel Committee
year: 2016

abstract: This is a revised version of a lecture presented at Seoul National University on October 27, 2009. The author is indebted to Jill Blackford and Eamon Kircher Allen for preparing the lecture for publication. The author is University Professor at Columbia University, Chair of the Management Board and Director of Graduate Summer Programs at the Brooks World Poverty Institute at Manchester University, and co president of the Initiative for Policy Dialogue. This lecture is based on research supported in part by the Ford and Hewlett Foundations. A fuller articulation of many of these ideas (and references to the research on which they are based) is contained in Freefall: America, Free Markets, and the Sinking of the Global Economy, New York: WW Norton, 2009.
author_names: J E Stiglitz
title: Lessons from the Global Financial Crisis of 2008
year: 2010

abstract: Given the likelihood of periodic financial crises, much of the focus of policymakers should be on the proper response to rather than the prevention of crises. In this article, the authors begin by repeating Walter Bagehot's famous prescription for resolving financial trouble in the 19thcentury London money market: flood the system with liquidity and do all that can be done to keep the capital markets open and functioning. Although this message was disastrously ignored by the Federal Reserve Bank of 1929 33, Bagehot's advice was well understood by the Fed and U.S. Treasury in managing the crisis of 2008. Copyright Copyright (c) 2010 Morgan Stanley.
author_names: Brian Kantor

Chris Holdsworth
title: Lessons from the Global Financial Crisis (or Why Capital Structure is Too Important to Be Left to Regulation)
year: 2010

author_names: Richard J Morgan
title: Lessons from the Global Financial Crisis: The Relevance of Adam Smith on Morality and Free Markets
year: 2010

abstract: Inadequate disclosure has been at the heart of most policy analysis of the global financial crisis. According to the inadequate disclosure critique, investors had insufficient information regarding the risks involved in structured securities, the flaws of credit ratings, and the impact of excessive executive compensation, all among the main causes of the recent financial market collapse. However, the global financial crisis has also exposed the many limits of disclosure as an effective regulatory tool in the context of financial markets. For instance, many of the risks that led to the creation of the 2008 catastrophe were often fully disclosed but the markets failed to understand what was disclosed and appreciate the implications. The reasons for this failure were product complexity and the impact of socio psychological factors such as bounded rationality, strategic trade behaviour (herding) and cognitive biases. These findings pose a great challenge to the prevailing rational choice view of disclosure as a regulatory remedy of most market failures. At the same time, the issue of transparent financial markets dominates the global regulatory reform agenda. Accordingly, there is a clear need to devise strategies that make disclosure work under actual (not hypothetical) market conditions and redress the adverse impact of socio psychological factors. The chapter argues that in specific contexts, such as the field of prudential regulation of banks, disclosure will only work if it is supplemented by protective regulation, e.g. business activity barriers and position limits. It also argues that only through the use of experiments, as a complement to empirical studies, policy makers and regulators will be able to measure the actual contribution of disclosure to investor protection and devise effective disclosure strategies.
author_names: Emilios Avgouleas
title: What Future for Disclosure as a Regulatory Technique? Lessons from the Global Financial Crisis and Beyond
year: 2009

author_names: S Young

Vijaya Thyil
title: Corporate Governance and the Global Financial Crisis: A holistic approach to corporate governance: lessons from the financial crisis and the way forward
year: 2011

abstract: Each day, there is news of the crisis spreading to a newer part of the world or to a newer institution. What we are going through is an unprecedented crisis; and we will be failing the world if we do not draw lessons from the crisis to prevent its recurrence. [Statement at the International Monetary Fund, Washington DC]
author_names: Duvvuri Subbarao
title: Lessons from the Global Financial Crisis with special reference to Emerging Market Economies and India
year: 2008