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Über dieses Buch

In the first decade of the twenty-first century, the biggest event of worldwide proportion was the 2008 global financial crisis, which was caused primarily by ineffective governance, failed surveillance systems and implementation flaws. While fiscal and monetary policies succeeded in pulling many countries out of a financial freefall, most economies have performed beneath pre-recession levels as governments continued to struggle with their finances.

Examining the financial crisis from the viewpoint of intangible assets provides a different perspective from traditional economic approaches. National Intellectual Capital (NIC), comprised mainly of human capital, market capital, process capital, renewal capital and financial capital, is a valuable intangible asset and a key source of national competitive advantage in today’s knowledge economy. The authors—pioneers in the field—present extensive data and a rigorous conceptual framework to analyze the connections between the global financial crisis and NIC development. Covering the period from 2005 to 2010 across 48 countries, the authors establish a positive correlation between NIC and GDP per capita and consider the impact of NIC investment for short-term recovery and long-term risk control and strategy formulation.

This book summarizes and synthesizes the data presented in a series of eleven SpringerBriefs volumes on “National Intellectual Capital and the Financial Crisis,” concerning the co-developments between NIC and GDP growth and describes the internal and external factors that influenced the relative success or failure of national strategies in weathering the crisis. The authors go on to explore the impacts of various policy reforms, including stimulus packages and consolidations employed around the world, with particular respect to the factors enhancing or impeding short-term recovery versus long-term growth. Finally, they propose a new model of “sustainable national intellectual capital” and challenge readers to consider how to pass on a healthy globe and harmonious society to the next generation.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract
The 2008 global financial crisis is considered by many economists to be the worst one since the Great Depression of the 1930s. The initial sign of the crisis actually started in mid-2007, which broke out with the Lehman Brothers’ financial troubles in September 2008. Unexpectedly, what started off as sub-prime mortgage problems in the financial sector of the United States snowballed into the deepest and most widespread financial and economic crisis that disrupted global financial markets in decades. The spreading financial turmoil has resulted in a number of financial institution failures; first in some advanced countries, then in developing ones. World political leaders, national ministers of finance and central bank directors coordinated their efforts to reduce fear (please refer to Appendix A for meetings held by world leaders), but the crisis continued and eventually led to a global currency crisis. During this period, economies worldwide slowed, credits tightened, international trade declined, and business and consumer confidence eroded with enormous and rapid job losses.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 2. Macroeconomic Development Comparisons of the 48 Countries

Abstract
This chapter seeks to update the macroeconomic status of the studied 48 countries with the most current statistics for readers to further understand developments 5 years after the outbreak of the financial crisis. We first briefly review the vulnerabilities that caused the 2008 global financial crisis. Second, we report on the Global Competitiveness Index (GCI) to the most current 2012–2013 ranking. Third, we update the four macroeconomic indicators of real GDP growth rate, general government debt, unemployment rate, and consumer price inflation to the most current 2012 statistics at time of writing. All the graphs presented in this chapter are based on the NIC ranking order listed in Appendix E, ten countries per graph. For example, the top ten NIC countries are in the first graph, the 11–20 NIC countries in the second graph, and so on. The rationale of such presentation is to show each country’s development path together with its counterparts for easier comparison. Attention can be paid to the country that have different development pattern with its peers.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 3. Insights from NIC and GDP Co-development

Abstract
In this chapter, we also summarize the national intellectual capital (NIC) development of the 48 countries in five groups, namely NIC ranking 1st–10th, 11th–20th, 21st–30th, 31st–40th, and 41st–48th. The main purpose of such grouping is to see which countries excels or lags in a group with similar NIC performance. For the ease of reading, we prepare a summary in Table 3.1 displaying the high and low countries in NIC, HC (human capital), MC (market capital), PC (process capital), RC (renewal capital), and FC (financial capital) for the five ranking groups. The table provides a good direction for the lagging countries in each capital to set their goals for catching up with their counterparts. Readers can refer to Appendix F for the graphs of NIC, HC, MC, PC, RC, and FC each covers five ranking groups.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 4. Internal and External Influence

Abstract
This 2008 global financial crisis study from the lens of intangible national intellectual capital and tangible GDP co-development provides a different perspective to view the burgeoning global knowledge economy. In particular, the quantitative panel data covering 48 countries spanning 6 years (2005–2010) and qualitative description of the financial crisis through extensive literature review uncovered a plethora of topics for discussion from various angles. Chapters 2 and 3 mainly summarize macroeconomic indicators and national intellectual capital (NIC) research findings by NIC ranking groups. Chapter 4 introduces our research observations by topic, particularly the internal economic condition and external support or disturbance that influenced national recovery from the global financial crisis.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 5. Types of Stimulus Packages and Consolidation

Abstract
During the 2008 global financial crisis, most of the governments proposed and implemented stimulus packages in order to stabilize their economy. The stimulus packages by definition are fiscal measures (government spending or tax cuts), including those aimed at stabilizing banks and other financial institutions as bank rescue or financial assistance packages (Nanto 2009). On the contrary, countries required bailout could not offer stimulus but need consolidation in order to obtain external financial support, such as Greece and Portugal. To coordinate global efforts, world leaders began a series of international meetings (please refer to Appendix A) to address changes in policies, regulations, oversight, and enforcement.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 6. Enhancing and Impeding Policies Before and During the Crisis

Abstract
In Chap. 4, we introduced the internal and external environment that impacted each country’s crisis response and recovery. In Chap. 5, we reported on stimulus packages and consolidation of various types. Through investigating the macro environment, micro environment and the crisis coping measures of these 48 countries, we found some policies could enhance and some impede national economic development. The policies described in this chapter shed some light on where the countries are today. Table 6.1 is a summary of English literature reported enhancing and impeding policies the 48 countries adopted. The table enables readers to get key information for each individual country in an efficient manner. We also elaborate on how the policies facilitate or hamper national economic development.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 7. Structural Reforms After the Financial Crisis

Abstract
Financial crises provide ideal opportunities to examine the soundness of national governance and financial system. National strengths as well as weaknesses were uncovered through examining the effectiveness of crisis management and the resilience of various governance systems. Regions such as ASEAN and Nordic countries clearly reported that one of the main reasons of their faster recovery was the experience they learned from and the reforms they adopted after previous financial crisis. As such, lessons learned and reforms after the 2008 global financial crisis will also shed lights for future crises.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Chapter 8. Navigating Intellectual Capital After the Financial Crisis

Abstract
This last book of the NIC and financial crisis series summarizes the reports of the previous 11 volumes, covering 48 major countries from 2005 to 2010 with four macro indicators extended to the most current 2012 statistics at the time of writing. This chapter further summarizes the results of the previous seven chapters in this book. In what follows, we present our general observations and suggestions for navigating intellectual capital after the financial crisis in three sections. The first section describes our findings by drawing connections between national intellectual capital (NIC) and macroeconomic indicators, such as Global Competitiveness Index (GCI, published by the World Economic Forum annually) and GDP per capita (ppp). The second section proposes major national reforms under the framework of NIC. The third section discusses some key success factors in building a more resilient economy after the global financial crisis.
Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Backmatter

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