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Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George 2022 Yale School of Management

Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George

Journal of Financial Crises

After a period of sustained distress in the early 1990s, Jamaican financial institutions faced significant liquidity issues by 1996, evidenced by runs on banks by depositors. The government responded by creating the Financial Sector Adjustment Company (FINSAC) on January 29, 1997, to rehabilitate weak financial institutions and administer a blanket guarantee on financial sector liabilities. The blanket guarantee covered all deposit-taking financial institutions, life insurance policy providers, and pension funds registered under the Banking Act, Financial Institutions Act, and Insurance Act. Within eligible institutions, the blanket guarantee covered depositors’ funds in licensed deposit-taking institutions, pension funds managed by authorized institutions, …


Indonesia: Blanket Guarantee, 1998, Ayodeji George 2022 Yale School of Management

Indonesia: Blanket Guarantee, 1998, Ayodeji George

Journal of Financial Crises

The Indonesian government closed 16 banks on November 1, 1997. At the time, the government said it would guarantee depositors up to 20 million Indonesian rupiah (IDR; USD 6,000) per account. The lack of immediate full protection for large depositors caused deposit runs throughout the banking sector and undermined foreign confidence in the Indonesian financial system. In response, the Indonesian president on January 26, 1998, announced a blanket guarantee and created the Indonesian Bank Restructuring Agency (IBRA) to administer the guarantee and other bank rehabilitation efforts. The blanket guarantee covered all depositors and nonsubordinated creditors in locally incorporated commercial banks. …


Ecuador: Blanket Guarantee, 1998, Bailey Decker 2022 Yale School of Management

Ecuador: Blanket Guarantee, 1998, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit the Ecuadorian economy in 1997–1998, foreign creditors reassessed their emerging-market risk and reduced external credit lines to Ecuador, thus draining liquidity. The closure of a small bank called Solbanco in April 1998 triggered deposit runs at other banks. Banks sought assistance from the Central Bank of Ecuador (Banco Central del Ecuador, or BCE). By the end of September 1998, the BCE had issued emergency loans to 11 financial institutions, totaling nearly 30% of the money base. The crisis accelerated in August 1998 when Banco de Prestamos, the sixth-largest bank, was closed; the existing …


Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija 2022 Yale School of Management

Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija

Journal of Financial Crises

Following a period of rapid financial liberalization and a record credit boom in the 1980s, Finland’s financial system suffered steadily increasing loan losses and falling earnings beginning in 1990. The Finnish Parliament created the Government Guarantee Fund (GGF) in April 1992 to support banks with loans, capital, and guarantees. In a press release issued on August 6, 1992, the government said the GGF would “secure the stable functioning of the banking system under any circumstances [emphasis added]”. Six months later, the Parliament of Finland specifically required the GGF to guarantee that all Finnish banks could meet their commitments. The government …


Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner 2022 Yale School of Management

Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner

Journal of Financial Crises

As foreign credit in Denmark dried up during the summer of 2008, Danish banks became increasingly reliant on short-term borrowing. The government took over the failing Roskilde Bank, the country’s eighth-largest bank, in late August. On October 5, 2008, the government announced a voluntary General Guarantee Scheme to fully insure deposits and other senior liabilities of participating banks. Banks could participate in the scheme by becoming members of the financial sector’s banking consortium, Det Private Beredskab, or in English, the Private Contingency Association (PCA), before October 13, 2008. The General Guarantee Scheme fully insured all depositors and senior unsecured creditors …


Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick 2022 Yale School of Management

Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Banks have a private motive to hold some level of cash and liquid reserves, but the negative externalities of bank runs create a public interest in setting a regulatory level higher than the privately optimal level. We can think of such reserve requirements (RRs) as the original form of liquidity regulation. In this paper, we focus on 14 cases in which central banks adjusted RRs after crises hit, typically to deal with liquidity shortages in the banking system. We observe that RR adjustments have several advantages in a crisis: (1) such changes require little process, and the change for banks …


Blanket Guarantees Survey, Christian M. McNamara, Carey K. Mott, Greg Feldberg, Andrew Metrick 2022 Yale School of Management

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 …


Fire Sales, The Lolr, And Bank Runs With Continuous Asset Liquidity, Ulrich Bindseil, Edoardo Lanari 2022 Market Infrastructure and Payments, European Central Bank

Fire Sales, The Lolr, And Bank Runs With Continuous Asset Liquidity, Ulrich Bindseil, Edoardo Lanari

Journal of Financial Crises

Banks’ asset fire sales and recourse to central bank credit are modeled with continuous asset liquidity, allowing us to derive the liability structure of a bank. Both asset sales liquidity and the central bank collateral framework are modeled as power functions within the unit interval. Funding stability is captured as a strategic bank run game in pure strategies between depositors. Fire sale liquidity and the central bank collateral framework determine jointly the ability of the banking system to deliver maturity transformation without endangering financial stability. The model also explains why banks tend to use the least liquid eligible collateral with …


The Federal Reserve System: Diversity And Governance, Kaleb Nygaard, Peter Conti-Brown 2022 University of Pennsylvania

The Federal Reserve System: Diversity And Governance, Kaleb Nygaard, Peter Conti-Brown

Journal of Financial Crises

A growing chorus has called on the Federal Reserve System to diversify its ranks at all levels to reflect better the heterogeneity of the United States. So far, most of these efforts speak to the diversity of the Fed’s principals, namely, the members of the Fed’s Board of Governors and the presidents of the 12 Federal Reserve Banks, who together form the Federal Open Market Committee. In this study, we look instead at a vital part of Federal Reserve governance that has so far not received the same sustained attention: the directors of the Federal Reserve Banks, those private citizens …


Adherence To Best Practices For Stated Preference Valuation Within The U.S. Marine Ecosystem Services Literature, Daniel K. Lew, Leif E. Anderson, Douglas W. Lipton, Tammy B. Murphy, Kristy Wallmo 2022 NOAA Fisheries, Alaska Fisheries Science Center

Adherence To Best Practices For Stated Preference Valuation Within The U.S. Marine Ecosystem Services Literature, Daniel K. Lew, Leif E. Anderson, Douglas W. Lipton, Tammy B. Murphy, Kristy Wallmo

Journal of Ocean and Coastal Economics

Non-market economic values derived from stated preference (SP) methods are often of interest for policy analysis and evaluation, program design, green accounting, and damage assessments and are increasingly in demand with adoption of ecosystem-based management approaches that emphasize accounting for ecosystem services and their values. A recent guidance prescribes a set of twenty-three best practices guidelines (BPGs) to follow when conducting a SP study to ensure the validity of the results and maximize its ability to provide reliable economic value information. In this article, we evaluate adherence to these guidelines within the U.S. SP marine ecosystem service valuation literature. Our …


Barriers For Small Businesses To Adopt Sustainable Practices In The Sioux Falls Area, Meredith King 2022 University of South Dakota

Barriers For Small Businesses To Adopt Sustainable Practices In The Sioux Falls Area, Meredith King

Honors Thesis

Sustainability is a broad concept that encompasses environmental, social, and economic factors to meet current and future needs. Many individuals and large businesses are becoming conscious of the effects they have on the planet and the people around them. However, despite the financial benefits and positive publicity of environmentalism, many businesses are not adopting sustainable practices. This study interviewed local business owners to answer the question “What are the main reasons that small businesses in the Sioux Falls area of South Dakota do or do not adopt sustainable practices that benefit the environment and the community?” Five business owners were …


Statement From The Indiana Academy Of The Social Sciences And Board Of Directors, 2022 Valparaiso University

Statement From The Indiana Academy Of The Social Sciences And Board Of Directors

Midwest Social Sciences Journal

No abstract provided.


Mission And Editorial Policy, 2022 Valparaiso University

Mission And Editorial Policy

Midwest Social Sciences Journal

No abstract provided.


Digitalization Of National Industrial Clusters In China: Estimation From Online Industrial Belts, Zuoquan ZHAO, Yichang DAI, Qiuci FAN, Shuyan MA 2022 Institutes of Science and Development, Chinese Academy of Sciences, Beijing 100190, China School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing 100049, China

Digitalization Of National Industrial Clusters In China: Estimation From Online Industrial Belts, Zuoquan Zhao, Yichang Dai, Qiuci Fan, Shuyan Ma

Bulletin of Chinese Academy of Sciences (Chinese Version)

Digitalized industrial cluster is the new development trend of China’s digital economy. This study estimates the extent of digitalization of national industrial clusters in China, by using spatial statistics, visualization techniques, and cluster-belt matching, with data on clusters promoted by the National Development and Reform Commission, Ministry of Industry and Informalization Technology, and Ministry of Science and Technology, and on-line industrial belts (2021) developed by Alibaba Group. The estimation finds that both the national clusters and on-line industrial belts co-existed in 72 cities, which account for 91.1 percent of the cities with national clusters; 134 or 84.3 percent of the …


Ecological Green Integration In Yangtze River Delta From Perspective Of Intercity Green Technology Transfer, Debin DU, Hong JIN, Dezhong DUAN 2022 Institute for Global Innovation and Development, East China Normal University, Shanghai 200062, China School of Urban and Regional Science, East China Normal University, Shanghai 200241, China

Ecological Green Integration In Yangtze River Delta From Perspective Of Intercity Green Technology Transfer, Debin Du, Hong Jin, Dezhong Duan

Bulletin of Chinese Academy of Sciences (Chinese Version)

Green technology innovation is the core driving force for the high-quality development of regional integration in the Yangtze River Delta, and the free flow of innovative elements represented by green technology across cities is the due meaning of the construction of ecological green integration in the Yangtze River Delta. Based on the inter-city green patent transfer data from 2001 to 2020, this study analyzed the characteristics of the spatial evolution of green technology diffusion in the Yangtze River Delta, and discussed the development degree of ecological green integration in the area from the three levels of overall development, green technology …


Study On Pattern And Types Of Technological Innovation Efficiency Of Three Major Urban Agglomerations In China, Dan CUI, Guoping LI 2022 Institute of Scientific and Technical Information of China, Beijing 100038, China

Study On Pattern And Types Of Technological Innovation Efficiency Of Three Major Urban Agglomerations In China, Dan Cui, Guoping Li

Bulletin of Chinese Academy of Sciences (Chinese Version)

From the perspective of patent industry innovation chain, this paper analyzed the regional differences of the patent technology innovation efficiency and industrial technology innovation efficiency in Beijing-Tianjin-Hebei, the Yangtze River Delta and the Pearl River Delta, as well as the spatial patterns and industrial characteristics of cities with various types of technological innovation efficiency. It is found that there are significant differences in patent and industrial technology innovation efficiency among the three urban agglomerations. The patent technology innovation efficiency in the Pearl River Delta urban agglomeration is relatively high, while that in Beijing-Tianjin-Hebei and Yangtze River Delta urban agglomerations is …


Study On Coordinated Development Of Scientific Research And Technological Innovation In Guangdong-Hong Kong-Macao Greater Bay Area, Yun WANG, Yu YANG, Yi LIU 2022 School of Government, University of International Business and Economics, Beijing 100029, China

Study On Coordinated Development Of Scientific Research And Technological Innovation In Guangdong-Hong Kong-Macao Greater Bay Area, Yun Wang, Yu Yang, Yi Liu

Bulletin of Chinese Academy of Sciences (Chinese Version)

The development of scientific research in the Guangdong-Hong Kong-Macao Greater Bay Area is unbalanced and inadequate, and its contribution to technological innovation is insufficient to meet the huge demand for industrial innovation in the Greater Bay Area. This paper tries to clarify the coordination relationship between scientific research and industrial innovation in the Guangdong-Hong Kong-Macao Greater Bay Area since 1997 by constructing the scientific research-industrial innovation coordination data sets, correlation index and relative development index for ten industries in the area. This paper analyzes the evolution and interaction rules of scientific research and industrial innovation in the Guangdong-Hong Kong-Macao Greater …


Research On Evolution Of Yellow River Basin Innovation Network And Cultivation Of Zhengzhou-Luoyang-Xi’An Innovation Corridor, Dandan LI, Haitao MA, Changhong MIAO 2022 Key Research Institute of Yellow River Civilization and Sustainable Development & Collaborative Innovation Center on Yellow River Civilization Jointly Built by Henan Province and Ministry of Education, Henan University, Kaifeng 475001, China College of Geography and Environmental Science, Henan University, Kaifeng 475004, China

Research On Evolution Of Yellow River Basin Innovation Network And Cultivation Of Zhengzhou-Luoyang-Xi’An Innovation Corridor, Dandan Li, Haitao Ma, Changhong Miao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Constructing innovation networks and cultivating innovation corridors are important to realize regional innovation development. Based on the data of patent transfer from 1987 to 2018, this paper analyzes the spatial-temporal evolution of technology transfer network at different scales in the Yellow River Basin, and proposes the cultivation path of Zhengzhou-Luoyang-Xi’an innovation corridor. Firstly, it is found that a majority of technology transfer within the basin is switching from inter-provincial transfer to intra-provincial transfer, with provincial capitals being the main source of technology. Xi’an is the primary source of technology transfer network, and cities, such as Zhengzhou, Qingdao, and Jinan, are …


Study On Innovation Networks And Its Spillover Effect Of China’S New Energy Automobile Industry, Zhifei XIONG, Wenzhong ZHANG 2022 Institute of Geographic Sciences and Natural Resources Research, Chinese Academy of Sciences, Beijing 100101, China

Study On Innovation Networks And Its Spillover Effect Of China’S New Energy Automobile Industry, Zhifei Xiong, Wenzhong Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

The network spillover effect of knowledge has been playing an increasingly significant role in the development of industrial innovation. The urban cooperation matrix of China’s new energy automobile industry is built based on new energy automobile patent data, and the structure and evolution process of China’s new energy automobile industry are depicted. On this basis, the spatial Dubin model (SDM) is used to calculate the network spillover effect, and its results are compared with the results of spillover effect based on the relationship of spatial contiguity and distance of cities. The results show that the innovation activities of China’s new …


Of Movements And Markets: Religious Competition And The Problem Of Black Church Relevance, Omar M. McRoberts 2022 University of Chicago

Of Movements And Markets: Religious Competition And The Problem Of Black Church Relevance, Omar M. Mcroberts

Midwest Social Sciences Journal

Why do cross-denominational public religious movements such as the Southern Christian Leadership Conference appear, despite the market-like competitive behavior of churches? Religious economy theory offers one set of explanations, based on a supply-side approach to the dynamics of numeric religious growth and decline. Namely, ecumenical movements are engaged by denominations, or religious firms, in membership decline. The history of national Black ecumenical movements, however, points to ways that religious economic theorizing fails to account for the multiple modes of social consciousness regarding church survival that motivate institutional religious activity. Black churches have existed not merely as a market but as …


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