Economic Policy Commons^™

Megachurches And Economic Development: Pastoral Interpretations Of Internal And External Expectations On Church Behavior, Ashley E. English

The Journal of Faith, Education, and Community

What sorts of economic development activities do megachurches engage in, and what rationale do leaders give for this behavior? This study provides theoretical guidance for answering this research question through an investigation of megachurches’ extra-role behaviors (ERB) in economic development activities. ERB is a “behavior that attempts to benefit the organization and that goes beyond existing role expectations” (Organ, Podsakoff & MacKenzie, 2006, p. 33). This field study includes an online survey completed by 42 megachurch senior or executive pastors in the Dallas-Fort Worth and Houston-Sugar Land-Baytown Metropolitan Statistical Areas and 23 follow-up telephone interviews. The researcher used these data …

Empowering Rural Participation And Partnerships In Morocco’S Sustainable Development, Yossef Ben-Meir

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This essay explores the vast potential for participatory and sustainable human development in Morocco. Though Morocco is a country with many diverse resources, it remains burdened by severe levels of poverty and illiteracy, and now growing social discord. There have recently been increased public calls for participatory development programs designed and implemented by and for local people. The essay identifies six existing Moroccan Frameworks intended to initiate decentralized human development programs, and critically examines their efficacy. Ultimately, the purpose of the article is to suggest a new model to implement these Frameworks with maximum impact. The six Frameworks deal with …

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its substantial position …

European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In August 2007, Fortis Group, Belgium’s largest bank, acquired the Dutch operations of ABN AMRO, becoming the fifth largest bank in Europe. Despite its size and its significant operations in the Benelux countries, Fortis struggled to integrate ABN AMRO. Fortis’s situation worsened with the crash of the US subprime market, which impacted its subprime mortgage portfolio. By July 2008, Fortis’s CEO had stepped down, its stock had lost 70% of its value, and it was on the verge of collapse due to a severe liquidity crisis. The governments of Belgium, Luxembourg, and the Netherlands quickly came together and agreed to …

European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was …

European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a “Single Rulebook” that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A …

European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB’s asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).

In combating the crises, the ECB designed various innovative programs which it successively employed as the …

European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.

Ireland And Iceland In Crisis D: Similarities And Differences, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick

Journal of Financial Crises

On September 29, 2008—two weeks after the collapse of Lehman Brothers—the government of Ireland took the bold step of guaranteeing almost all liabilities of the country’s major banks. The total amount guaranteed by the government was more than double Ireland’s gross domestic product, but none of the banks were immediately nationalized. The Icelandic banking system also collapsed in 2008, just one week after the Irish government issued its comprehensive guarantee. In contrast to the Irish response, the Icelandic government did not guarantee all bank debt. Instead, the Icelandic government controversially split each of the three major banks into a new …

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …

Ireland And Iceland In Crisis B: Decreasing Loan Loss Provisions In Ireland, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

All public companies in the European Union, including Ireland’s major banks, were required to adopt IAS 39 for their annual accounting periods beginning on or after January 1, 2005. Under the “incurred loss” model of IAS 39, banks could set aside reserves for loan losses only when objective evidence existed that a loan was impaired, not in anticipation of future losses. As a result, Irish banks saw their aggregate reserve for bad loans drop from 1.2% of loan balances at the end of 2000 to only 0.4% by 2006-07, just before the collapse of the banking industry caused loan losses …

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …

It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos

Class, Race and Corporate Power

This polemical essay explores the meaning and function of the concept of neoliberalism, focusing on the serious theoretical and political limitations of the concept. The crux of the argument is that, for those interested in overcoming the exploitative and oppressively destructive elements of global capitalism, opposing "neoliberalism" (even if best understood as a process or a spectrum of "neoliberalization" or simply privatization) is both insufficient and potentially self-undermining. This article also goes into some detail on the issues of health care and climate change in relation to "neoliberalism" (both conceptually and the material processes and policies that this term refers …

Coastal And Marine Tourism In The Future, Mohammad Nur Nobi, Md. Alauddin Majumder

Journal of Ocean and Coastal Economics

Having the world's largest unbroken sea-beach and vast coastline, Bangladesh has an immense potentiality to develop sustainable coastal and marine tourism. In Bangladesh, coastal and marine tourism is already in operation, though on a limited scale. But the growth of tourism in this country is lagging behind compared to the world as a whole. The contribution of this sector in the economy of Bangladesh is still below the mark. Therefore, the economy can be benefited by harnessing opportunities pertinent to the country’s coastal and marine tourism. To attract the local and foreign tourists, the country can improve the existing tourist …

The Prosperity Paradox, A Review, Ryan Stenquist

Marriott Student Review

No abstract provided.

Boomers And Fraudsters: A Closer Look At The Financial Elder Abuse Cycle In America, Ryan E. Brown

Marriott Student Review

In 2011, a landmark study was published by the Metlife Mature Market Institute claiming that nearly $3 billion disappears from the wallets and bank accounts of senior citizens annually. More surprising is that a similar study reported that figure could be as high as $36 billion. Because so many seniors let incidents of fraud or financial deceit go unreported, there is a huge discrepancy in annual reporting. This contributes to the overall lack of understanding we have of elder financial abuse, or why seniors continue to lose to fraudsters and scam artists. In a brief overview of financial elder abuse …

Policy Interventions For The Development Of The Blue Economy In Bangladesh, Pierre Failler, M Gulam Hussain, Khurshed Alam, Ahmad Al Karim

Journal of Ocean and Coastal Economics

Between 2012 and 2014, disputes over maritime boundary with Myanmar and India were favorably settled for Bangladesh, resulting in the expansion of its territorial waters of more than 30% and the country received entitlement to 118,813 km² in the Bay of Bengal. This achievement offers a wide range of new economic opportunities for jobs & growth around marine and coastal sectors such as marine fisheries, marine aquaculture, tourism, exploitation of natural resources, trade and energy. This created new opportunities to exploited the untapped potential of these waters. The challenge will be to develop smart and sustainable solutions to meet …

Blue Biotechnology, Renewable Energy, Unconventional Resources And Products As Emerging Frontiers At Sea, Sheikh Aftab Uddin, Mohammad Mahmudul Islam

Journal of Ocean and Coastal Economics

Blue biotechnology, renewable energy and unconventional marine living resources are considered as emerging frontiers for enhancing ocean-based blue economy in Bangladesh. Blue biotechnology can help both fisheries and aquaculture industry by producing fish varieties that can become quicker, more beneficial, and greater with tastier flesh, by developing gene transfer technology to be used to develop the growth of fish or by using of monoclonal antibodies and DNA probes to new diagnostic strategies for pathogens. Transformation of marine bioresources (main, co-product and by-products) into food, medicine, animal feed and related bio-based items i.e. cosmetics, nutritional supplements, enzymes, agrichemicals etc could help …

Future Importance Of Maritime Activities In Bangladesh, M Gulam Hussain, Pierre Failler, Subrata Sarker

Journal of Ocean and Coastal Economics

Blue Economy is a concept of economic growth through the sustainable utilization of ocean resources with technological inputs to improve livelihoods and meet the growing demands for jobs without hampering the health of the ocean ecosystem. This paper offers an overview of current maritime key activities, major trends and scenarios, future blue economy development activities with economic and social importance, ecological importance and blue economy policy framework. This paper also focuses on the major constraints and challenges. The current maritime key activities include extraction of living and non-living resources, land based activities, trades and transportation, shipbuilding and ship breaking, tourism …

Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters …

Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is …

Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a diversified financial service provider and the largest United States bank holding company, JPMorgan Chase (JPM) is supervised by multiple regulatory agencies. JPM’s commercial bank subsidiaries hold a national charter and therefore are regulated by the Office of the Comptroller of the Currency (OCC). Since the bank’s Chief Investment Office (CIO) invested the surplus deposits of JPM’s commercial bank units, the OCC was also CIO’s primary regulator. During the critical period from late January through March 2012, when CIO traders undertook the failed derivatives strategy that ultimately cost the bank $6 billion, JPM did not provide the OCC with …

Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using the …

The Temporary Liquidity Guarantee Program: A Systemwide Systemic Risk Exception, Lee Davison

Journal of Financial Crises

In the fall of 2008, short-term credit markets were all but frozen, creating liquidity issues for banks and bank holding companies that could not rollover their debt at reasonable rates. Fearing that the situation would worsen if something was not done, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board invoked, and the Secretary of the Treasury approved, the use of the “systemic risk exception” (SRE) under the Federal Deposit Insurance Corporation Improvement Act of 1991, to provide unprecedented broad-based relief to struggling banks. The SRE permitted the FDIC to depart from its “least-cost” requirement when addressing failing …

State Level Revenue Analysis Of The Market Facilitation Program, Anil Giri, Sankalp Sharma, Kyle Lovercamp, Iuliia Tetteh, Dhruba Dhakal, Rudra Baral

Online Journal of Rural Research & Policy

To compensate the US producers affected by the “trade war” with China, the United States Department of Agriculture (USDA) offered direct payments to producers using 2018 production levels under the Market Facilitation Program (MFP). Results of the revenue efficiency analysis of the MFP payments show the average producers in 12 out of 14 major corn and soybean producing states were compensated such that their 2018 per acre revenue was more than their 2017 per acre revenue. Conversely, an average producer in those states that experienced drought was under-compensated, as their total per acre revenue after the MFP payment was less …

Lands Of Opportunity: An Analysis Of The Effectiveness And Impact Of Opportunity Zones In The Tax Cuts And Jobs Act Of 2017, Joseph Bennett

Journal of Legislation

No abstract provided.

Review Of Giridharadas, A. (2018). "Winners Take All: The Elite Charade Of Changing The World." New York: Alfred A Knopf., Joshua H. Martin, Kae Novak

Class, Race and Corporate Power

A review of Ananad Giridharadas' "Winners Take All: The Elite Charade of Changing the World" (2018). New York: Alfred A Knopf.

Evaluating Sebastian Rosato's Balance Of Power Theory: A Case Study In The Collapse Of Europe's Great Experiment, Tyler Soutendijk

Swarthmore International Relations Journal

No abstract provided.

How The Federal Reserve Aided The Peoples Bank Of China In Addressing Its 2015 Stock Market Crash, Alec Buchholtz

Journal of Financial Crises

An insight into the July 2015 exchange between the Federal Reserve Board and the People's Bank of China (PBOC) discussing efforts to apply lessons from the 1987 "Black Monday" stock market crash to a similar crash that was occurring in China.

Lessons Learned: Thomas C. Baxter, Jr., Esq., Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Baxter, who was General Counsel of the Federal Reserve Bank of New York during the crisis, gives us his take on how best to prepare for future crises.