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Basel Iii D: Swiss Finish To Basel Iii, Christian M. McNamara, Natalia Tente, Andrew Metrick 2020 Yale University

Basel Iii D: Swiss Finish To Basel Iii, Christian M. Mcnamara, Natalia Tente, Andrew Metrick

Journal of Financial Crises

After the Basel Committee on Banking Supervision (BCBS) introduced the Basel III framework in 2010, individual countries confronted the question of how best to implement the framework given their unique circumstances. Switzerland, with a banking industry that is both heavily concentrated and very large relative to the size of its overall economy, faced a special challenge. It ultimately adopted what is sometimes referred to as the “Swiss Finish” to Basel III—enhanced requirements applicable to Switzerland’s “too-big-to-fail” banks Credit Suisse and UBS that go beyond the base requirements established by the BCBS. Yet the prominent role played by relatively ...


Basel Iii B: Basel Iii Overview, Christian M. McNamara, Michael Wedow, Andrew Metrick 2020 Yale University

Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick

Journal of Financial Crises

In the wake of the financial crisis of 2007-09, the Basel Committee on Banking Supervision (BCBS) faced the critical task of diagnosing what went wrong and then updating regulatory standards aimed at preventing it from occurring again. In seeking to strengthen the microprudential regulation associated with the earlier Basel Accords while also adding a macroprudential overlay, Basel III consists of proposals in three main areas intended to address 1) capital reform, 2) liquidity standards, and 3) systemic risk and interconnectedness. This case considers the causes of the 2007-09 financial crisis and what they suggest about weaknesses in the Basel regime ...


Basel Iii A: Regulatory History, Christian M. McNamara, Thomas Piontek, Andrew Metrick 2020 Yale University

Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10 countries established the Basel Committee on Banking Supervision (BCBS) and in 1988, the BCBS introduced a capital measurement system, Basel I. The system represented a triumph of the fixed numerical approach, however, critics worried that it was too blunt an instrument. In 1999, the BCBS issued Basel II, a proposal to ...


Is Geographical Remoteness An Economic Disadvantage?, Jiaxuan Lu 2020 University of Southern California

Is Geographical Remoteness An Economic Disadvantage?, Jiaxuan Lu

Undergraduate Economic Review

Is the geographical location of a country deterministic to its level of economic development? Although economic geographers have been searching the answers to this question for decades, incongruities between different opinions still exist. This paper takes both theoretical and empirical approaches to provide a systematic answer to this question. Firstly, this paper uses industry-level gravity model of international trade to demonstrate that not all countries are negatively affected by geographical remoteness. Secondly, it employs a panel data of 83 countries from 2000 to 2017 and substantiates that while geographical remoteness decreases income levels and trade balances in OECD countries, it ...


Trump’S False ‘Realism’, Muhammad Ali Baig, Syed Sabir Muhammad 2020 National Defence University, Pakistan

Trump’S False ‘Realism’, Muhammad Ali Baig, Syed Sabir Muhammad

International Bulletin of Political Psychology

Comment from IBPP Editor: One key challenge implicit in this article compromises interactions among formal political science definitions of realism and psychological constructions of realism, materialism, objectivism/subjectivism, empiricism, and idealism.

Authors' Abstract: Foreign policy pivoted upon realist principles has have remained a vital instrument to pursue, achieve, secure and sustain the policy objectives of a state. America being the liberal hegemonic state maintained ‘liberal hegemony’ since the end of the Second World War. Realists intended to adopt a realist foreign policy; however, ideologies like ‘American Exceptionalism’ dominated over the former. President Donald Trump opted for protectionism with the objective ...


U.S.-China Bilateral Trade Flows And U.S. Employment, Tobin Hansen 2020 Claremont Colleges

U.S.-China Bilateral Trade Flows And U.S. Employment, Tobin Hansen

CMC Senior Theses

The U.S.-China diplomatic relationship today is shaped significantly by economic factors. Recent strains of literature have expanded our understanding of how international economic policy choices have effected U.S. workers and labor markets. This paper extends this research by imposing bilateral symmetry in the trade flow calculations of previous works, which historically have considered U.S. exports globally. I build on the net-impact analysis of Feenstra, Ma, and Xu (2017b) and adopt the instrumental variable strategy used in Acemoglu et al. (2016), which uses Chinese trade flows with eight additional high-income countries to avoid endogeneity when comparing U ...


Singapore In The Global Value Chains, Pao-Li CHANG, Tran Bao Phuong NGUYEN 2020 Singapore Management University

Singapore In The Global Value Chains, Pao-Li Chang, Tran Bao Phuong Nguyen

Research Collection School Of Economics

In this chapter, we analyze the participation of Singapore in the global value chains (GVC): how much of its gross exports are GVC-related trade, how downstream it is, and which countries are its key upstream and downstream trade partners. This is done at both the country aggregate and at the sector level. New formulas are proposed in the gross export decomposition framework of Koopman, Wang and Wei (2014) and Borin and Mancini (2017), to characterize a country/industry’s downstreamness in the GVC and the importance of each trade partner in its backward/forward linkages. Singapore is found to start ...


Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante 2019 City University of New York (CUNY)

Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante

Student Theses

The purpose of this research is to detail a case study of U.S. tourism to Cuba in a politicized context; specifically, to compare and contrast the Obama and Trump administrations. This study seeks to examine how the Cuban “brand” and the island’s overall tourism strategy is formulated, circulated, shaped and reshaped by various actors and the public in the changing context of the newly antagonistic bilateral U.S.-Cuba political relationship. The research questions explore issues of how diplomatic relations impact Cuban tourism and advertising messaging. This paper also discusses the changes in the U.S. news media ...


A Data Analysis Of The World Happiness Index And Its Relation To The North-South Divide, Charles Alba 2019 Pennsylvania State University - Main Campus

A Data Analysis Of The World Happiness Index And Its Relation To The North-South Divide, Charles Alba

Undergraduate Economic Review

In this document, we perform a detailed data analysis on the World Happiness Report with its relation to the socio-economic North-South Divide. In order to do so, we perform some extensive data cleaning and analysis before querying on the World Happiness Report. Our results based on Hypothesis Testing determines the happiness of the Global North is greater than that of the Global South. Furthermore, our queries show that the mean happiness score for the Global North significantly outweighing that of the South. Likewise, the 10 'Happiest' nations all belong to the Global North whereas the 10 'least happy' nations belong ...


Morocco’S Makhzen And The Challenge Of National Development, Zakaria Fatih 2019 University of Maryland, Baltimore County (UMBC)

Morocco’S Makhzen And The Challenge Of National Development, Zakaria Fatih

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This article explores the question of national development in Morocco considering the institution of the makhzen. It asserts that to adequately assess Morocco’s national development as a post-colonial country, it is necessary to rely on an economic model based in politics rather than in theories exclusively informed by classical and neoclassical economics. Among the key economists called upon to investigate the validity of politics in discussions of national development and income inequality are the following: Simon Kuznets, Thomas Piketty, W. A. Lewis, and the duo Daron Acemoglu and James A. Robinson, all of whom continue a long tradition of ...


European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick 2019 Yale Program on Financial Stability

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 ...


European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick 2019 Yale Program on Financial Stability

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 ...


European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick 2019 Yale Program on Financial Stability

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 enacted ...


European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick 2019 Yale Program on Financial Stability

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 2019 Yale University

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 ...


European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

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 C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick 2019 Yale University

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 ...


Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick 2019 Yale University

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 ...


The Exports Of Higher Education Services From Oecd Countries To Asian Countries. A Gravity Approach, John C. Beghin, Byung Yul Park 2019 Iowa State University

The Exports Of Higher Education Services From Oecd Countries To Asian Countries. A Gravity Approach, John C. Beghin, Byung Yul Park

Economics Working Papers

We analyze bilateral exports of higher education services between OECD countries and Asia, using a gravity equation approach, panel data from 1998 to 2016, and PPML regression. The approach treats higher education consumption by Asian countries as a consumable durable good reflecting investment in human capital. Asian Students come to OECD countries to obtain degrees from their universities. Structurally, the flow of students from Asian country j to OECD country i depends on the higher-education capacity of i, the perceived quality of universities in i, expected earnings in i, a series of bilateral transaction costs between i and j, the ...


3 Reasons Midwest Farmers Hurt By The U.S.-China Trade War Still Support Trump, Wendong Zhang, Lulu Rodriguez, Shuyang Qu 2019 Iowa State University

3 Reasons Midwest Farmers Hurt By The U.S.-China Trade War Still Support Trump, Wendong Zhang, Lulu Rodriguez, Shuyang Qu

Economics Publications

America’s farmers have borne the brunt of China’s retaliation in the trade war that President Donald Trump launched in 2018.


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