Vision Crisis and Change Management in a Rapidly Changing World
DOI:
https://doi.org/10.17722/ijme.v3i2.132Keywords:
Global financial crisis, Financial Crisis Management, Financial regulation, Decision-making, Systemic Risk, LiquidityAbstract
The purpose of this study is to investigate and discuss current literature on crisis management within organisational settings. The key characteristic of a crisis is that you cannot control it that’s why they call it crisis “management”. In order to be able to manage crises effectively and it sets out a framework for the decision-making process should understand the steps of effective crisis management. The results of this paper indicate that the impact of the global crisis is being driven by the country’s high dependence on management of a financial crisis which led to regulation is rising and is creating new challenges that need managing. It is hoped that the study will be able to fill the gap in research in the area of crisis vision and change management regulation due to the limited literature on this area in emerging countries. Knowledge of effective crisis management policy is a significant in terms of providing an in-depth understanding of how decision-making can deal with crises. Further study in this area would be beneficial in helping management organisations to manage crises effectively.
References
Aderhold, R., Cumming, C. and Harwood, A. (1988). International linkages among equities markets and the October 1987 market break. Quarterly Review, pp. 34-46.
Ahimud, Y., Mendelson, H. and Lantrebach, B. (1997). Market microstructure and securities values: Evidence from Tel Aviv stock exchange. New York University, Leonard N. Stern School Finance Department Working Paper Series 45, pp. 365-390.
Aljazeera Net (2008). Talks to sell Lehman collapse. [online] Available at: .
AMF Arab Monterey Fund (2009). Annual reports. [online] Available at: http://www.amf.org.ae>.
Banziger, H. (2008). Setting the right framework for modern financial markets: Lessons learned from the recent crisis. Financial Stability Review (12), pp. 1-8.
Bates, K. and Krueger, A. (1993). Generalisations arising from the country studies. In R. Bates and A. Krueger, Political and economic interactions in economic policy reform: Evidence from eight countries, (ed.), Oxford: Basil Blackwell.
BBC News (2008). US Libya relations in “new phase”. [online] Available at: .
Bencivenga, V. R. and Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies Limited 58, pp.195-209.
Bencivenga, V.R., Smith, B. D. and Starr, M. (1995). Transaction costs, technological choice, and endogenous growth. Journal of Economic Theory 67(1), pp.153-177.
Bencivenga, V. R., Smith, B. D. and Starr, R. M. (1996). Equity markets, transactions costs, and capital accumulation: An illustration. World Bank Economic Review 10(2), pp. 241-265.
Boden, N. (2008). Black Monday: FTSE plunges 212 points as global markets tumble following Lehman collapse. [online] Available at: .
Christensen, S.L. and Kohls, J. (2003). Ethical decision making in times of organizational crises: A framework for analysis. Business and Society, 42(10), pp. 328-358.
Croft, J., Larsen, T., Burgess, K. and Parker, G. (2008). Lloyds TSB poised to rescue HBOS. Financial Times, Thursday, 18th September 2008, p.1.
Derrabi, M. and Leseure, M. (2005). Global asset allocation: Risk and return on emerging stock markets, In: S. Motamen-Samadian, Risk management in emerging markets, (ed.), UK: London, Palgrave Macmillan.
Diamond, D.W. (1996). Financial intermediation as delegated monitoring: A simple example. Federal Reserve Bank of Richmond Economic Quarterly 82/3, pp. 51-66.
Fama, E.F. (1989). Permanent and temporary components of stock prices. Journal of Political Economy 96(2), pp.246-273.
Felsted, A. and Burgess, K. (2008). AIG forms keystone of financial system. Financial Times, Tuesday, 16th September 2008, p.5.
Financial Times (2008). Markets data equities. [online] Available at: .
Fulghieri, P. and Rovelli, R. (1998). Capital markets, financial intermediaries and liquidity supply. Journal of Banking and Finance 22(9), pp.1157-1180.
Greenwood, J. and Smith, B. (1997). Financial markets in development and the development of financial markets. Journal of Economic Dynamic and Control 21, pp. 145-181.
Harris, S. (1987). Current issues in the world sugar economy. Food Policy 12(2), pp. 127-145.
Henry, P. (2000a). Stock market liberalisation, economic reform, and emerging market equity prices. Journal of Finance 55(2), pp.529-564.
Henry, P. (2000b). Do stock market liberalisation cause investment boom?. Journal of Financial Economics 58(1-2), pp. 301-334.
Higgott, R. (1998). The Asian economic crisis: A study of the politics of resentment. New Political Economy 3(3), pp. 333-356.
IMF International Monetary Fund (1992). World economic outlook: World economic and financial survey, May, World Bank, Washington, D.C.
IMF International Monetary Fund (1996). World economic outlook: World economic and financial survey, May, World Bank, Washington, D.C.
IMF International Monetary Fund (1998). World economic outlook: World economic and financial survey, May, World Bank, Washington, D.C.
IMF International Monetary Fund (1999). Lane, T., Ghosh, A. R., Hamann, J., Phillips, S., Schulze-Ghattas, M. and Tsikata, T, IMF supported programs in Indonesia, Korea and Thailand: A Preliminary Assessment, Occasional Paper No. 178.
IMF International Monetary Fund (2003). The IMF and the Middle East and North Africa. [online] Available at: < http://www.imf.org/external/np/exr/ib/2003/081503.htm>.
Javed, A.Y. and Ahmed, A. (1999). The response of Karachi Stock Exchange to nuclear detonation. The Pakistan Development Review 38(4), pp. 777-786.
Kaminsky, G.L., Lizondo, S. and Reinhart, C.M. (1997). Leading indicators of currency crises. Policy Research, Working Paper Series, No.1852.
Kleidon, A.W. (1992). Arbitrage, nontrading, and stale prices: October 1987. Journal of Business 65(4), pp. 483-507.
Levine, R. (1991). Stock market, growth, and tax policy. Journal of Finance 46(4), pp. 1445-65.
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature 35(2), pp. 688-726.
Levine, R. and Zervos, S. (1998). Stock market, banks, and economic growth. American Economic Review 88(3), pp.537-558.
Lin, W-L., Engle, R.F. and Ito, T. (1994). Do bulls and bears move across borders? international transmission of stock market returns and volatility. Review of Financial Studies 7(3), pp.507-538.
Mackenzie, M., Gray, A., Bullock, N. and Gangahar, A. (2008). US stocks plummet to 3-Year lows. [online] Available at: .
Masters, B. (2008). Lehman job losses a blow to economy on brink of a slump. Financial Times, Tuesday, 16th September 2008, p.7.
Mishkin, F.S. and Eakins, S.G. (2003). Financial markets in institutions. (4th ed.), New York: Boston San Francisco.
Neumark, D., Tinsley, P.A. and Tosini, S. (1991). After-hours stock prices and post-crash hangovers. Journal of Finance 46(1), pp. 159-178.
Onaran, Y. and Scinta, C. (2008). Lehman files biggest bankruptcy case as suitors balk. [online] Available at: .
Poshakwale, S. (1997). Time series properties of emerging and developed stock markets: An analysis and comparison. PhD. Unpublished Thesis, UK: Manchester University.
Puzzanghera, J. and Reynolds, M. (2009). Obama vows tougher financial regulations while pressing nations on stimulus. [online] Available at: .
Risk Magazine (2000). The puzzling decline in financial market liquidity Avinash Persaud, State Street. [online] Available at: http://www.bis.org/publ/bppdf/bispap02h.pdf>.
Rodrik, D. (1996). Understanding economic policy reform. Journal of Economic Literature 34(1), pp. 9-41.
Roll, R. (1989). Industrial structure and the comparative behaviour of international stock market indices. Journal of Finance 47(1), pp.3-41.
Sherman, P. (2009). Obama’s goals at G-20: Concerted stimulus, regulatory reform. [online] Available at: .
Solnik, B.H. (1974). An equilibrium model of the international capital market. Journal of Economic Theory 8(4), pp. 500-524.
Sturzeneqqer, F. and Tommasi, M. (1998). The political economy of reform. UK: MIT Press.
Taylor, P. (2008). Bankruptcy filing reveals it to be the biggest in US history. The Daily Telegraph, Tuesday, 16th September 2008, p.7.
Wood, A. (2008). Asian shares fall sharply as crisis spreads. [online] Available at: .
