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Open Innovation Trends, Issues And Policy Suggestions In Manufacturing Industry, Rongping Mu, Jingjing Guo, Jin Kang, Shuang Ma, Kangwei Chi

Bulletin of Chinese Academy of Sciences (Chinese Version)

At present, the new technology revolution and industrial transformation are accelerately reshaping the international industrial division of labor. It is urgent to adhere to the basic principles of "open cooperation, green and low carbon, value co-creation, and codevelopment", promote open innovation and cooperation in key areas of the manufacturing industry, and improve the open innovation and development capability in the manufacturing industry. This study first summarizes the open innovation trends of global manufacturing industries. Second, it analyzes major countries' policies in promoting open innovation in the manufacturing industry. Third, the current situation and problems of China's manufacturing open innovation is …

Lessons Learned: Michael Silva, Mercedes Cardona

Journal of Financial Crises

Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at …

United States: Main Street Lending Program, Steven Kelly

Journal of Financial Crises

In March 2020, as the COVID-19 pandemic caused slowdowns and disruptions to economic activity, businesses faced disruptions to their revenues and experienced increased demand for credit. Yet, as the pandemic worsened the economic outlook, banks tightened credit. Starting on March 17, the Federal Reserve rolled out several emergency programs aimed at capital markets. Most of these programs tended to benefit relatively large companies. On March 23, the Fed said it would introduce a program targeting small and mid-sized companies. On April 9, 2020, the Federal Reserve announced its first design iteration of the novel Main Street Lending Program (MSLP). The …

United States: Term Asset-Backed Securities Loan Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 23, 2020, the Federal Reserve announced a series of monetary policy measures and established several emergency lending facilities to assist the US economy. Among these, the Fed revived the Term Asset-Backed Securities Loan Facility (TALF), a Global Financial Crisis (GFC)-era facility that used a special purpose vehicle (SPV) to encourage the issuance of asset-backed securities (ABS). Its main purpose was to restore the flow of credit to households and businesses. TALF II made $100 …

United Kingdom: Covid Corporate Financing Facility, Adam Kulam

Journal of Financial Crises

During the COVID-19 crisis, sterling-denominated money markets froze, and otherwise-healthy companies were shut out of short-term, wholesale funding markets. To unfreeze these markets, the UK government announced a series of corporate funding measures. One of the measures was the Covid Corporate Financing Facility (CCFF), which enabled the Bank of England (BoE), acting on behalf of Her Majesty's Treasury's, to purchase commercial paper (CP) on primary and secondary markets from eligible dealers. The purpose of the CCFF was to provide stopgap wholesale funding to large, financially healthy firms while preserving British banks' capacity to serve small and medium-sized companies. Under the …

United States: New York Clearing House Association,The Panic Of 1907, Corey N. Runkel

Journal of Financial Crises

Signs of financial panic had marked the months leading up to mid-October 1907 when depositors began to run on banks and trust companies across New York City, most notably the Knickerbocker Trust Company, then New York City’s third largest, on October 22. Cash injections from the US Treasury and from leading banker J.P. Morgan failed to reassure depositors and investors. On October 26, the New York Clearinghouse (NYCH), whose membership included most banks in New York, voted to issue clearinghouse loan certificates (CLCs) to help stabilize the financial panic. CLCs were collateralized by securities and could be used among members …

United States: Aldrich-Vreeland Emergency Currency During The Crisis Of 1914, Sean Fulmer

Journal of Financial Crises

As geopolitical tensions in Europe began to devolve into World War I, international investors began selling stocks and securities on the New York Stock Exchange (NYSE), converting the proceeds into gold. A massive outflow of gold from the United States would have likely sparked a banking panic. To avert this, the Treasury secretary pushed for the closure of the NYSE and authorized banks to issue emergency currency at the start of August 1914 under powers granted by the Aldrich-Vreeland Act of 1908. This move allowed national banks to issue additional bank notes against privately issued assets such as commercial paper, …

Hong Kong: Private Emergency Loans, 1965, Benjamin Hoffner

Journal of Financial Crises

In 1965, new prudential regulations and a real estate downturn triggered deposit runs in the British colony of Hong Kong that impacted local Chinese banks with large exposures to unfinished real estate projects and other illiquid assets. As a result of authorities’ laissez-faire approach to the banking system, Hong Kong had no central bank or any other formal lender-of-last-resort (LOLR) policy when the crisis unfolded. Instead, two private British banks, Hong Kong and Shanghai Banking Corporation (HSBC) and Chartered Bank, provided emergency loans at market rates for commercial banks facing deposit withdrawals. Following each bank run, either HSBC or Chartered …

European Central Bank: Term Refinancing Operations, Corey N. Runkel

Journal of Financial Crises

During the Global Financial Crisis (GFC), the European Central Bank (ECB) expanded the frequency, maturities, size, and set of eligible collateral for several of its standing term refinancing operations (TROs). Changes started in August 2007, when the European interbank market tightened, and the ECB supplemented its monthly longer-term refinancing operations (LTROs) with another three-month-maturity tender each month. Another encounter with market turbulence in March 2008 brought six-month LTROs. The largest expansion came after the collapse of Lehman Brothers in September 2008: the ECB enlarged its set of eligible collateral, added 12-month LTROs, and added special-term refinancing operations (STROs) that matured …

United States: Temporary Guarantee Program For Money Market Funds, Ezekiel Vergara

Journal of Financial Crises

On September 16, 2008, following the collapse of Lehman Brothers, the Reserve Primary Fund “broke the buck,” meaning that its net asset value (NAV) fell more than 0.5% below the $1 per share target value maintained by money-market funds (MMFs). When the Reserve Primary Fund could not restore the NAV, investors began withdrawing funds from MMFs, leading to a $439 billion run on the MMF market. To stop this run, the US Department of the Treasury established the Temporary Guarantee Program for Money Market Funds (the Guarantee Program), which insured investors’ holdings in participating MMFs. The Guarantee Program was designed …

Market Support Programs: Covid-19 Crisis, June Rhee, Lily S. Engbith, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper is an analysis of important considerations for policymakers seeking to establish a market support program (MSP). Our main purpose is to assist policymakers who have already made the decision to use an MSP in designing the most effective program possible. Our insights derive from 23 case studies the Yale Program on Financial Stability produced and existing literature on the topic.

By the onset of the Global Financial Crisis (GFC), market-based finance and traditional banking systems were significantly intertwined, and the panic in market-based finance threatened to spread quickly to both traditional banks and the real economy. In response, …

Essays On Opioid Related Issues, Minglu Sun

USF Tampa Graduate Theses and Dissertations

Strong empirical evidence points towards a significantly higher prevalence of opioid consumption among people receiving disability benefits (DB) than in the general population of the United States. However, no previous research established a causal relationship between the decision to award DB to applicants and their subsequent opioid use. We aim to contribute towards filling this gap. There are channels through which awarding DB may both increase and depress opioid consumption, and thus, ex-ante, the sign of a potential causal relationship is ambiguous. To correct for the treatment endogeneity, since an individual’s age at the time of the decision on an …

Common Ownership In Labor Markets, José Azar, Yue Qiu, Aaron Sojourner

Upjohn Institute Working Papers

In this paper, we study common ownership in U.S. labor markets, and document that common ownership more than doubled over the period 1999–2017. To identify the causal effects of common ownership on labor market outcomes, we use a firm’s addition to the S&P 500 index as a shock to the common ownership of its competitors in local labor markets. Using a matched difference-in-differences analysis, we find that, after a firm enters the S&P 500 index, the average annual earnings per employee of its local competitors decrease relative to the counterfactual. The effect of S&P 500 index additions on employee earnings …

Three Essays On Student Enrollment Responses To General Household And Education-Specific Assistance Programs, Usamah Wasif

Economics ETDs

Greater educational attainment is associated with an increase in expected income, lowering of internal discount rates, and improved financial and health literacy. Income transfers have the potential to positively impact educational attainment by either reducing the direct cost of college attendance or by inducing an income effect that nudges students to decrease labor supply and devote greater time to studies. Whether assistance leads to more education depends on the circumstances, particularly the educational stage and assistance type. High school students may react differently to assistance relative to college students and both may react differently to general household income transfers compared …

Project Cash-Flow Risk Resolution And Project Value, Ralph W. Sanders Jr.

School of Business and Leadership Working Papers

I examine the effects of cash-flow risk resolutions on project valuation by deriving risk-resolution-scenario-specific "families" of capital structure relations (i.e., equations for the value of the levered firm, return on levered equity, and marginal cost of capital). Although I obtain Modigliani and Miller’s family of relations only as highly constrained special cases reflecting "risk-free" cash flows, I find that their qualitative insights into firm value and leverage in the presence of corporate taxes are robust across the cash-flow risk resolution scenarios examined. More practically, I find that analysts will correctly value a scale enhancing project (i.e., a project of the …

Estimating An Optimal Macroeconomic Uncertainty Index For Australia, Havvanur Feyza Erdem, George Tawadros

School of Business and Leadership Working Papers

In this article, an optimal macroeconomic uncertainty index is constructed for the Australian economy. This index is derived from a small structural macroeconomic model. The structural model is first estimated using GMM to extract the parameter estimates, which are then used to initialise maximum likelihood techniques in order to obtain the optimal coefficient values for the relevant variables. The relevant variables are then weighted by the obtained optimal coefficients and, finally, are aggregated to produce the optimal macroeconomic uncertainty index for Australian economy. The empirical results show that the uncertainty index constructed is a good indicator of the optimal economic …

An Exploratory Study On The Work Life Balance Of Married Indian Working Women In Bahrain, Elizabeth M Samuel

Arab Economic and Business Journal

This paper is an attempt to explore the challenges faced by Indian working women in safeguarding equilibrium between their personal and professional life. The various factors affecting the work –life balance of married Indian working women have been examined in this study. 120 Indian working women have substantiated their work life, which is evident in this research. This in turn signifies that the problems faced by the Indian working women are considerably low. The conclusions highlights the fact that the people's work-life balance has an impact on their quality of life.

Hybrid U-Net: Semantic Segmentation Of High-Resolution Satellite Images To Detect War Destruction, Shima Nabiee, Matthew Harding, Jonathan Hersh, Nader Bagherzadeh

Economics Faculty Articles and Research

Destruction caused by violent conflicts play a big role in understanding the dynamics and consequences of conflicts, which is now the focus of a large body of ongoing literature in economics and political science. However, existing data on conflict largely come from news or eyewitness reports, which makes it incomplete, potentially unreliable, and biased for ongoing conflicts. Using satellite images and deep learning techniques, we can automatically extract objective information on violent events. To automate this process, we created a dataset of high-resolution satellite images of Syria and manually annotated the destroyed areas pixel-wise. Then, we used this dataset to …

One-Shot Inequality, Gini, And Redistribution Via Microsoft Excel, Humberto Barreto

School of Business and Leadership Working Papers

This paper explains how to use a macro-enabled Excel workbook, Gini.xlsm, to teach basic concepts about income inequality as a standalone, one-time class at the undergraduate level. The material unfolds in a series of steps that highlight the benefits of social cooperation and enable students to explore varying degrees of redistribution. The Gini Coefficient is explained with dynamic charts that update as the student makes changes. The Excel workbook contains 13 questions and this paper provides answers. This presentation of the material was inspired by Nozick’s Anarchy, State, and Utopia (relevant passages are included in the Excel workbook) and this …

Examine The Effects Of Real Effective Exchange Rates On Export Growth: A Closer Look Into Asian Developing Economies, Van Tran

Proceedings of the Jepson Undergraduate Conference on International Economics

My paper examines the impact of real effective exchange rate as well as its fluctuations on the growth of exports with a focus on the Asian region. The data is extracted from World Bank, International Monetary Fund and International Financial Statistics spanning 41 years from 1979 to 2020. Using the OLS estimator, my study finds that an increase in real effective exchange rate will lead to a decline in the exports growth rate. However, this effect is positive for Asian countries, possibly due to lower production costs. I also reach the conclusion that volatility will have no impact on exports.

Influence Of Gdp Per Capita On Birth Rates, Derek Richard Koppes

Proceedings of the Jepson Undergraduate Conference on International Economics

his paper aims to explore the relationship between a country’s birth rate and GDP per capita. I use cross-sectional data for 108 countries from the CIA’s World Factbook and The World Bank. From the research, it is clear that countries with lower infant mortality rates and higher levels of female education have lower birth rates, but the impact of GDP per capita remains ambiguous. It appears the relationship between GDP per capita and birth rates may be mediated through factors such as female empowerment, better healthcare, contraception availability, and family planning resources.

Chinese-Backed Fintech Lending Boom: How Did Indonesia Respond?, Angela Tritto, Yujia He, Victoria Amanda Junaedi

Diplomacy and International Commerce Reports

Peer-to-peer (P2P) online lending has the potential to boost innovation and financial inclusion in emerging markets, yet it can also incur investment and borrower-related risks, such as privacy breaches.

Driven by regulation control in China, Chinese investments flocked to Indonesia, causing a rapid expansion of online lending platforms.

Similar to what happened in China prior to the regulatory crackdown, the P2P lending boom in Indonesia saw a rise in unethical and illegal business practices. The government responded by creating new regulations and institutions to mitigate risks without stifling the potential for financial inclusion.

A proactive approach towards monitoring and regulating …

Urban Utopia Or Pipe Dream? Examining Chinese-Invested Smart City Development In Southeast Asia, Yujia He, Angela Tritto

Patterson School of Diplomacy and International Commerce Faculty Publications

With increasing public–private partnership and international cooperation in smart city development across the Global South, Chinese firms are poised to take advantage of growing business opportunities, a situation that few studies have examined. This empirical case study of the Forest City, a Chinese-invested greenfield smart city project in Iskandar Malaysia, begins to fill that gap. This megaproject represents the coming together of overlapping economic development interests of the local authorities and the profit motivations of the Chinese investor. However, the project’s use of the ‘smart city’ discourse contrasts with the reality of limited technology adoption. Its visibility and considerable socio-economic …

Essays On Economic Geography And Development Economics, Yao Wang

Dissertations - ALL

This dissertation comprises two papers studying economic geography in a developing country context. Chapter 1 quantifies the effects of cultural barriers on internal migration and welfare in Indonesia. I estimate internal migration gravity using linguistic distances as a proxy for cultural barriers and instrument for current linguistic differences using data from the 1930 colonial census. I find inverted U-shaped effects of linguistic distance on migration, which are more prominent for unskilled and older populations. To quantify welfare and distributional implications of linguistic barriers, I further develop a quantitative spatial model with heterogeneous skill groups, incorporating linguistic distance as migration and …

Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Investigating The Impact Of A Conditional Cash Transfer On Adolescent Pregnancy: Incidence And Health Outcomes, Mitzie Irene P. Conchada, Marites M. Tiongco, Dominque Hannah Sy

DLSU Business & Economics Review

The literature on conditional cash transfers focuses on the impact of such on health and education outcomes. The Pantawid Pamilyang Pilipino Program in the Philippines provides a cash grant conditional on requirements related to health and education. We investigated the impact of the program on adolescent pregnancy through its link to education. The program, which is designed to increase teen education, may lead to decreased adolescent pregnancy because it adds to the opportunity cost of getting pregnant. Though the incidence of pregnancy among adolescent women rates in the Philippines have declined over the past thirty years, a considerable number of …

Does Media Affect Adherence To Covid-19 Quarantine Protocols?, Luz Suplico-Jeong, Reynaldo Bautista Jr., Noel Sajid Murad, Nelson Guillen Jr.

DLSU Business & Economics Review

The Philippines, which has experienced community quarantine from March 2020 to the present, is one country that has imposed quarantine protocols. Although the Philippine government imposes penalties on those who do not follow the quarantine protocols, the success of quarantine depends on the individual’s adherence to quarantine protocols. This study examined if media affected adherence to COVID-19 protocols. 334 residents from lloilo, Philippines were surveyed. Using the Theory of Planned Behavior as a framework, the results showed a positive relationship between (1) attitude and quarantine adherence, (2) controllability and quarantine adherence, and (3) media and quarantine adherence. This implies that …

A Framework For Integrating Persons With Autism To The Workforce, Rosemary R. Seva, Ron R. Resurreccion, Alvin Neil A. Gutierrez

DLSU Business & Economics Review

Persons with Autism (PWAs) have unique skills and abilities to contribute to a productive workplace. Companies often do not hire them because these firms believe they have many limitations and that employing them would pose various challenges. This study determined the factors affecting the performance of PWAs, the challenges and benefits in employing them, and proposed a framework to guide employers in successfully integrating them in the workforce. A mixed-methods design was used with data collection tools such as video observations, focus group discussions and an organizational culture survey. Through the various data gathered, the challenges identified were the limited …

Rational Choices And Welfare Changes In Philippine Family Energy Demand: Evidence From Family Income And Expenditure Surveys, Jesus C. Dumagan, Michael R. M. Abrigo

DLSU Business & Economics Review

This study found Philippine family demands for (1) electricity, (2) gas and liquid fuels, (3) solid fuels, (4) food, and (5)

others—based on Family Income and Expenditure Surveys (FIES) in 2009, 2012, and 2015—are rational (i.e., expenditure- minimizing). Specifically, all own-price elasticities are negative (downward sloping demand curves). Cross-price elasticities

between (1), (2), and (3) are positive (substitutes) while cross-price elasticities of (1), (2), and (3) with (4) or (5) are mostly negative (generally complements). Income elasticities are positive (normal goods), except for (3), comprising “fuelwood, charcoal, and biomass residues” that are consumed less at higher incomes (inferior goods). These …

Rebuilding Human Capital, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

When countries face short term financial crisis it is natural that more deep rooted and important issues are neglected perpetuating the cycles of economic instability from time to time. It may appear to be a hoarse cry at this stage when our attention is focused on agreement with the IMF, finding resources for our external financing requirements, rapid depreciation of rupee, foreign exchange reserves, debt servicing payments, FBR revenues , to raise questions that span medium or long term time horizon. Given the changing nature of our external environment if we do not prepare ourselves for meeting the future challenges …