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Lessons Learned: Patrick Honohan, Maryann Haggerty

Journal of Financial Crises

Patrick Honohan, an economist, was governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank (ECB) from September 2009 until November 2015. Early in his tenure, he led a team that investigated the causes of the Irish banking crisis that broke out in 2008 during the Global Financial Crisis. Resolving the problems of bank failure and over-indebtedness that emerged in that crisis dominated his term of office. In late 2010, Ireland had to request financial assistance from the “troika” of the International Monetary Fund (IMF), the European Commission, and the European …

Ireland: Credit Institution (Financial Support) Scheme, 2008, Stella Schaefer-Brown

Journal of Financial Crises

The Global Financial Crisis exposed fragilities in the Irish banking system and led to widespread runs on Irish banks. Irish authorities attempted to address the runs on September 22, 2008, by increasing the country’s deposit guarantee limit from EUR 20,000 to EUR 100,000 (USD 28,800 to USD 140,000) and raising the coverage of deposits from 90% to 100%. When the runs continued, the Irish minister for finance announced a blanket guarantee of bank liabilities on September 30 without consulting European Union authorities. The announcement specified the blanket guarantee would be effective immediately and remain in effect for two years. The …

Blanket Guarantees Survey, Christian M. Mcnamara, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 10 blanket guarantee (BG) programs across 13 Key Design Decisions. The defining characteristics of these programs in terms of their inclusion in our BG series are (a) that they guaranteed a broader range of liabilities beyond deposit accounts and (b) that the guarantees covered existing liabilities in addition to newly issued ones. Each case represents an effort to eliminate creditors’ incentive to withdraw funding from institutions by guaranteeing that the funding will be paid back even if the institutions are unable to do so themselves. The main themes that emerge are: (a) the inability of blanket guarantees …

Using Sports To “Build It Up” Or “Wash It Down”: How Sportswashing Give Sports A Bad Name., Steve Chen, Karen Doran

Findings in Sport, Hospitality, Entertainment, and Event Management

As society evolves, sports have become a vital social function and interactive means in our modern society. This essay addresses a few recent sport news stories that ignites the discussion of “sportswashing.” The authors illustrated several news cases and examples of governments and organizations using sports to cover up inhumane acts, scandals, or controversies for political purposes and power control. The primary intent of this essay is to help readers be aware of this social trend and inspire all to make ethical and good judgement in decision-making.

Key words: Sport-for-development, sportswashing, international sports, LIV golf, and Olympics Games,

Pandemic Time And Tourism In Oecd Countries: Artificial Intelligence And Digital Platforms, Alfonso Marino, Paolo Pariso, Michele Picariello

University of South Florida (USF) M3 Publishing

Introduction underline the three phases related to sector crisis, Background, starting from literature highlight the importance of what are the main actions implemented in 38 Member States. Methodology, with SPAD, elaborates a qualitative and quantitative set of policy responses that are displayed in Results. Discussions highlight the different approaches within the OECD area, but also the absence of a common strategy to exit to the sector crisis. The conclusion emphasizes that crisis response policies still need to be built and developed in the OECD area, even though initial responses showed strong responses in individual Member States that did not address …

Broad-Based Capital Injection Programs, June Rhee, Junko Oguri, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 36 broad-based capital injection (BBCI) programs and attempts to identify some best (and worst) practices. We argue that it is crucial to distinguish between programs implemented during acute (“panic”) and chronic (“debt overhang”) phases of a crisis, where the goals of program design should be different. In an acute phase, programs should be designed to influence the behavior of bank counterparties, while in chronic phases, the focus should be on bank behavior itself. With this framing, we identify seven themes to guide program design, and provide many illustrative examples for the policymaker’s tool kit.