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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 …

Visual Report Of Cop26, Stéphanie Heckman

New England Journal of Public Policy

As a visual practitioner my job is to draw people’s thoughts, and in so doing, help people make sense of them. The visual summaries I create live during conferences aim to capture more than just the dry content, but also the dynamic, the mood and the unspoken. It is a tool more aligned with how our associative, sensory-fed brains work, for coping with the deluge of information that faces us these days. And it’s a tool that can help overcome language, learning and other barriers to access.

When I discovered in January 2020 that the next Conference of the Parties, …

Editor's Note, Padraig O'Malley

New England Journal of Public Policy

The articles in this issue of the New England Journal of Public Policy reflect aspects of the changing world order as it continues to adjust to the digital age.

Managing The Atmosphere: Intelligence And Assessment In The Early Years Of The Northern Ireland Peace Process—An Interview With Sir John Chilcot, Graham Spencer

New England Journal of Public Policy

Though the Northern Ireland peace process was shaped by the involvement of many actors and participants, it is also evident that certain figures were central to its development. One such figure was Sir John Chilcot, who, based in the Northern Ireland Office in the formative years of the peace process, provided a point of focus for communicating with and managing a range of individuals and groups with the overriding objective of ending conflict in Northern Ireland. This article is based on an extended interview with Chilcot about the challenges he faced in assessing intelligence across a range of sources and …

Cultural Work In Peacebuilding Among Traumatized Communities Of Northern Ireland 1: Background And General Considerations, Eugen Koh

New England Journal of Public Policy

Peace in Northern Ireland today remains fragile despite the exhaustive peacebuilding efforts that have taken place since the Good Friday Agreement in 1998. Many aspects of the sectarian conflict have been embedded in cultural substrata of the respective communities, and cultural transformation is necessary to achieve comprehensive and sustained peace. The basic assumptions about the Other in this sectarian conflict have their origin in traumatic events that occurred more than three hundred years ago and have been reinforced by the more recent three decades of conflict known as the Troubles. These traumatic individual and collective experiences across the generations have …

Cultural Work In Peacebuilding Among Traumatized Communities Of Northern Ireland 2: Talking About Culture, Eugen Koh

New England Journal of Public Policy

This article is the second of two that describe a psychodynamically informed understanding of the sectarian conflict in Northern Ireland and an approach to cultural transformation called “cultural work” aimed at building peace among the state’s traumatized communities. The conflict between Protestant and Catholic communities has extended well into the cultural domain and is often weaponized to attack the Other. Conversations about culture quickly become stuck in a quagmire of identity politics. This article describes a psychodynamic trauma–informed approach to cultural conversations involving an in-depth analysis of culture that avoids becoming stuck. It outlines a framework and set of preconditions …

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.

Aftermath Of Brexit: Brexit And Irish Reunification, Robert Pope

Helm's School of Government Conference - American Revival: Citizenship & Virtue

This paper examines the coming challenges of the economic and social relations with not only the European Union after Brexit, but also the coming unrest between the United Kingdom and Northern Ireland regarding economic ties to the European Union, while still being part of the United Kingdom.

The 1676 Project: Black And White Together In The U.S.A., Danny Duncan Collum

The Journal of Social Encounters

America’s post-George Floyd racial reckoning has brought a new focus on the country’s history of enslavement, segregation and systemic racism. However, this reckoning has often failed to recognize that the roots of systemic racism lie in the need of the wealthy planters in colonial Virginia to divide the African and English indentured servants who constituted a majority threatening to elite power. Nor do contemporary versions of U.S. history always account for the persistent reoccurrence of class-based interracial movements, such as the late 19^th century Populists, or their promise as a long-term solution to the country’s racial divides.

Religion, Education, And Peace: Proceedings Of An Online International Conference Held In March 2021, Jon Armajani, Wilbert Van Saane

Peace Studies Faculty Books

This volume contains the proceedings of the international online conference entitled Religion, Education, and Peace, which was organized by Haigazian University in Beirut, Lebanon, and the Jay Phillips Center for Interfaith Learning at Saint John's University in Collegeville, Minnesota, USA, and was co-sponsored by the Peace Studies Department at the College of Saint Benedict I Saint John's University in Minnesota.

The conference took place on March 4 and 5, 2021. The chapters in this volume analyze religion, education, and peace in various parts of the world in a variety of settings including secondary schools, colleges, universities, governmental agencies, and nonprofit …

Identifying Patterns In The Structural Drivers Of Intrastate Conflict, Jonathan D. Moyer, Austin S. Matthews, Mickey Rafa, Yutang Xiong

International Studies: Faculty Scholarship

Quantitative methods have been used to: (1) better predict civil conflict onset; and (2) understand causal mechanisms to inform policy intervention and theory. However, an exploration of individual conflict onset cases illustrates great variation in the characteristics describing the outbreak of civil war, suggesting that there is not one single set of factors that lead to intrastate war. In this article, we use descriptive statistics to explore persistent clusters in the drivers of civil war onset, finding evidence that some arrangements of structural drivers cluster robustly across multiple model specifications (such as young, poorly developed states with anocratic regimes). Additionally, …