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The Risk Of Monetary Integration: How Italy And Germany’S Cultural And Economic Differences Are Incompatible With Shared Monetary Policy And Jeopardize The Stability Of The Union, Matthew Rossi Jordan 2020 Fordham University

The Risk Of Monetary Integration: How Italy And Germany’S Cultural And Economic Differences Are Incompatible With Shared Monetary Policy And Jeopardize The Stability Of The Union, Matthew Rossi Jordan

Senior Theses

The project of the European Union has successfully transformed western Europe into a powerful and stable bloc empowered by expansive economic and political integration. However, certain pathways of integration, such as the introduction of the Eurozone and the monetary consolidation it entails, have actually weakened the Union by disregarding the vast economic and cultural differences between the countries. In this thesis, I use the examples of Germany and Italy, outlining and discussing various cultural and economic differences between them to show their incompatibility with a shared currency. I will substantiate this with a discussion of monetary policy, and will dissect ...


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 ...


Incorporating Macroprudential Financial Regulation Into Monetary Policy, Aaron Klein 2020 The Brookings Institution

Incorporating Macroprudential Financial Regulation Into Monetary Policy, Aaron Klein

Journal of Financial Crises

This paper proposes two insights into financial regulation and monetary policy. The first enhances understanding the relationship between them, building on the automobile metaphor that describes monetary policy: when to accelerate or brake for curves miles ahead. Enhancing the metaphor, financial markets are the transmission. In a financial crisis, markets cease to function, equivalent to a transmission shifting into neutral. This explains both monetary policy’s diminished effectiveness in stimulating the economy and why the financial crisis shock to real economic output greatly exceeded central bank forecasts.

The second insight is that both excess leverage and fundamental mispricing of asset ...


Citizen-Consumers Wanted: Revitalizing The American Dream In The Face Of Economic Recessions, 1981-2012, Gokcen Coskuner-Balli 2020 Chapman University

Citizen-Consumers Wanted: Revitalizing The American Dream In The Face Of Economic Recessions, 1981-2012, Gokcen Coskuner-Balli

Business Faculty Articles and Research

This article brings sociological theory of governmentality to bear on a longitudinal analysis of American presidential speeches to theorize the formation of the citizen-consumer subject. The 40-year historical analysis which expands through four economic recessions and the presidential terms of Ronald Reagan, William J. Clinton, George W. Bush, and Barack Hussein Obama, illustrates the ways in which the national mythology of American Dream myth has been linked to the political ideology of the state to create the citizen-consumer subject in the United States. The quantitative and qualitative analysis of the data demonstrates first, the consistent emphasis on responsibility as a ...


Trickle Down Nationalism: Interactions Between Liberal Nationalism And Colonialism In The Raj And Nigeria, Aaryaman Sheoran 2020 Claremont Colleges

Trickle Down Nationalism: Interactions Between Liberal Nationalism And Colonialism In The Raj And Nigeria, Aaryaman Sheoran

CMC Senior Theses

The combination of nationalism and colonialism has remained understudied in academia, despite the important interaction between the two phenomena. European ideas bled over into their colonial empires and began to fill the power vacuum created by colonial enterprises. This study analyzes the impact of British colonialism on the development of national identity in British India and Nigeria.

British influences included large scale economic disruption, cultural reform through ‘westernizing’ the population and abolishing local customs, and creating a new set of institutions to replace traditional power centers. Inevitably, these factors created a nationalist surge across both the Raj and Nigeria, as ...


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 ...


Analyzing The Necessity And Feasibility Of The Freedom Dividend, Patrick Hodson 2019 University of Nebraska at Omaha

Analyzing The Necessity And Feasibility Of The Freedom Dividend, Patrick Hodson

Theses/Capstones/Creative Projects

Job displacement stemming from automation has already taken away millions of jobs in the United States. Andrew Yang fears that future advancements could replace further jobs and exacerbate the wealth inequality already prevalent in our country. This has motivated his plan for change, the Freedom Dividend. This paper was designed to begin with an analysis of the motives for Yang’s plan. It then goes on to cover the details of his plan and assess the economic and administrative feasibility. The paper is concluded by looking at the potential outcomes of the plan and identifying major problem areas that need ...


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 ...


Framing The Chicago School Of Antitrust Analysis, Herbert J. Hovenkamp, Fiona Scott Morton 2019 University of Pennsylvania Law School

Framing The Chicago School Of Antitrust Analysis, Herbert J. Hovenkamp, Fiona Scott Morton

Faculty Scholarship at Penn Law

The Chicago School of antitrust has benefited from a great deal of law office history, written by admiring advocates rather than more dispassionate observers. This essay attempts a more neutral stance, looking at the ideology, political impulses, and economics that produced the Chicago School of antitrust policy and that account for its durability.

The origins of the Chicago School lie in a strong commitment to libertarianism and nonintervention. Economic models of perfect competition best suited these goals. The early strength of the Chicago School of antitrust was that it provided simple, convincing answers to everything that was wrong with antitrust ...


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 D: Similarities And Differences, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick 2019 Yale University

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 ...


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 ...


Mutant Neoliberalism: Market Rule And Political Rupture [Table Of Contents], William Callison, Zachary Manfredi 2019 Fordham University

Mutant Neoliberalism: Market Rule And Political Rupture [Table Of Contents], William Callison, Zachary Manfredi

Sociology

Tales of neoliberalism’s death are serially overstated. Following the financial crisis of 2008, neoliberalism was proclaimed a “zombie,” a disgraced ideology that staggered on like an undead monster. After the political ruptures of 2016, commentators were quick to announce “the end” of neoliberalism yet again, pointing to both the global rise of far-right forces and the reinvigoration of democratic socialist politics. But do new political forces sound neoliberalism’s death knell or will they instead catalyze new mutations in its dynamic development?

Mutant Neoliberalism brings together leading scholars of neoliberalism—political theorists, historians, philosophers, anthropologists and sociologists—to rethink ...


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