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United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …

Greece: National Bank Holiday, 2015, Stella Schaefer-Brown

Journal of Financial Crises

In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …

Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown

Journal of Financial Crises

The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …

Ecuador: National Bank Holiday, 1999, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …

Argentina: National Bank Holidays, 2001, Owen Heaphy

Journal of Financial Crises

Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …

Argentina: Mutual Fund Suspensions, 2019, Owen Heaphy, Anmol Makhija

Journal of Financial Crises

With Argentina facing a liquidity crisis and collapse in demand for government debt, on Wednesday, August 28, 2019, the country's minister of economy, Hernán Lacunza, announced after markets closed that the government was extending the maturity of USD 7 billion of its short-term public debt securities, among other measures. Lacunza stated that domestic retail investors would not be subject to the terms of the maturity extension and would be paid principal and interest on the affected securities per the original maturity schedule. This announcement caused confusion about the treatment of individual investors who held the affected securities indirectly through mutual …

Survey Of Bank Holidays And Fund Suspensions, Rosalind Z. Wiggins, Owen Heaphy, Anmol Makhija, Stella Schaefer-Brown, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze seven case studies involving bank holidays and two involving mutual fund suspensions produced by the Yale Program on Financial Stability. Our main purpose is to assist policymakers who are considering utilizing a bank holiday in designing the most effective program as efficiently as possible. We find that a bank holiday may be most useful when designing and implementing a comprehensive remedy to an underlying problem distressing banks, particularly when an exogenous shock rather than balance sheet weaknesses is the cause of general distress to the system. A holiday is also useful to “ring-fence” one or …

Global Trends In Youth Employment: Key Statistics And Cultural Commentary, Anatolii Mazaraki, Tetiana Melnyk, Oksana Losheniuk

Markets, Globalization & Development Review

The issue of youth employment receives constant attention of global organizations, governments, and researchers. Young people have the potential to positively reshape the national and global economies. Furthermore, the youth also constantly reshape the social, cultural, technological, and political environments. Global unemployment rate among youth, however, is three times higher than among older workers. In 2023, one in five young people did not work, study, or acquire professional skills. The negative factors of the Ukrainian youth labor market have been significantly exacerbated by the war, which has caused an economic crisis in the country, a huge migration of young people, …

New Institutional Economics : A Few Extensions, Murali Patibandla

Markets, Globalization & Development Review

This article traces out the development of the New Institutional Economics (NIE). It delineates the literature into two interrelated themes of institutional environment and institutions of governance. The rules of the game of institutional environment determine governance choices. Inefficient institutional environment results in inefficient governance mechanisms which causes misutilization of scarce resources. Institutional environment evolves over time. This article demonstrates the evolution of institutions in response to shocks with analysis of historical examples. The prevailing literature over glorifies the colonial rule of the West for the emergence of capitalist institutions. It fails to explain success stories of Japan, Mainland China …

Institutions: Facilitators Or Detractors Of Development?, Nikhilesh Dholakia, Deniz Atik, Zeynep Ozdamar Ertekin, Delphine Godefroit-Winkel

Markets, Globalization & Development Review

No abstract provided.

Inverting "Doux Commerce": The Paradox Of Rhetoric Surrounding European Jewish Commerce, Isabelle C. Sampere

Swarthmore Undergraduate History Journal

This paper investigates the inherent contradictions in the "Doux Commerce" thesis as articulated by Montesquieu, which argues that commerce civilizes and morally enriches its participants, using the historical experiences of the French Jewish community as a case study. Despite the Enlightenment’s promotion of commerce as a path to societal gentility and tolerance, French Jews remained targets of economic and social marginalization, which persisted into the 19th century. The analysis centers on the rhetorical dissonance exhibited by philosophers such as Voltaire, who extolled the virtues of commerce for its ability to unify diverse religious and cultural groups, yet simultaneously endorsed and …

Senior Health (Age 65+) In The Mountain West, 2024, Taylor Volk, Kristian Thymianos, Caitlin J. Saladino, William E. Brown Jr.

Health

This fact sheet presents senior health care statistics for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The “2024 Senior Report – State Summaries,” study from America’s Health Rankings, United Foundation provided the data for all fifty states and Washington, D.C.

Elder Fraud In The Mountain West, 2023, Taylor Volk, Madison Dwyer, Caitlin J. Saladino, William E. Brown Jr.

Criminal Justice

This fact sheet presents data on complaints of fraud affecting individuals over the age of 60 and associated financial losses reported by elderly individuals in the Mountain West. The 2023 Elder Fraud Report serves to illuminate trends in elder fraud reports throughout the 50 U.S. states, Washington, D.C., Puerto Rico, Guam, U.S. Minor Outlying Islands, American Samoa, U.S. Virgin Islands, and Northern Mariana Islands. This fact sheet focuses on elder fraud data for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah.

The Labor Supply Curve Is Upward Sloping: The Effects Of Immigrant-Induced Demand Shocks, Sigurd Galaasen, Andreas Kostøl, Joan Monras, Jonathan Vogel

Upjohn Institute Working Papers

What is the effect of immigration on native labor-market outcomes? An extensive literature identifies the differential impact of immigration on natives employed in jobs that are more exposed to immigrant labor (supply exposure). But immigrants consume in addition to producing output. Despite this, no literature identifies the impact on natives employed in jobs that are more exposed to immigrant consumption (demand exposure). We study native labor market effects of supply and demand exposures to immigration. Theoretically, we formalize both measures of exposure and solve for their effects on native wages. Empirically, we combine employer-employee data with a newly collected data …

Optimizing Costs In Plastic Surgery: A Systematic Review Of Time-Driven Activity-Based Costing Applications, Emily L. Isch, Gabrielle Kozlowski, D. Mitchell Self, Theodore E. Habarth-Morales, Sydney Somers, Ahilan Sivaganesan, David Kim, Heather A. Mcmahon, Andrew Newsman, Matthew Jenkins

Department of Surgery Faculty Papers

BACKGROUND: The rising complexity and cost of healthcare in plastic surgery, particularly in resource-intensive procedures like free flap and breast reconstruction, pose significant financial challenges. Time-driven activity-based costing (TDABC) offers a method to accurately assess these costs by mapping each step of the care cycle based on time and resources consumed. Although TDABC has been utilized in high-cost fields such as neurosurgery and spine surgery, its application in plastic surgery remains underexplored. This systematic review evaluates the literature on TDABC use in plastic surgery to identify key cost drivers and propose strategies for cost-efficiency.

METHODS: A systematic review was conducted …

The Effects Of Sleep Restriction And Time Of Day On Food-Specific Impulsivity, Approach-Avoidance Bias And Delay Discounting, Naomi Kakoschke, David L. Dickinson, Sean P. A. Drummond

ESI Publications

Background:

Insufficient sleep and circadian timing are both linked with obesity, primarily via unhealthy food choice, yet the cognitive mechanisms underpinning such relationships remain unclear.

Methods:

Across two studies, we implemented an ecologically valid within-subjects at-home protocol. Study 1 (n = 118) involved a within-subjects examination of how sleep restriction (SR) versus well-rested (WR) sleep levels affect choices in a food-based approach-avoidance task (AAT) and go–no/go (GNG) task, a food liking task, a food-choice task, a psychomotor vigilance task (PVT), and a monetary choice task. Study 2 (n = 119) involved examining choices in the same set of …

A Stairway To Success: How Parenting Shapes Culture And Social Stratification, Francesco Agostinelli, Matthias Doepke, Giuseppe Sorrenti, Fabrizio Zilibotti

Cowles Foundation Discussion Papers

This chapter argues that parenting choices are a central force in the joint evolution of culture and economic outcomes. We present a framework in which parents-motivated by both their children’s future success and their own normative beliefs-choose parenting styles and transmit cultural traits responding to economic incentives. Values such as work ethic, patience, and religiosity are more likely to be instilled when their anticipated returns, economic or otherwise, are high. The interaction between parenting and economic conditions gives rise to endogenous cultural and economic stratification. We extend the model to include residential sorting and social interactions, showing how neighborhood choice …

Future Of Work: Implication Of Green Economy On Employment Dynamics In Egypt, Sarah Adel Elgohary

Theses and Dissertations

Is Egypt's green economy a reality or just a policy-level aspiration? This thesis explores the tangible impact of the green economy on Egypt's labor market by examining key sectors—automotive, agriculture, and renewable energy. Through qualitative interviews and focus group discussions with private sector representatives, the study assesses the true implications of the green transition from a business-level perspective, beyond the propaganda and hype surrounding climate policies. What is the current scale of the green economy in Egypt's labor market? What existing policies and regulatory frameworks are in place to support the green economy transition? how urgent is the transition to …

Bitcoin As A Currency: A Theoretical Framework Of Bitcoin’S Supply Effect On Consumption And Inflation, Begad Amr Hassan

Theses and Dissertations

This thesis examines the macroeconomic effects of Bitcoin's fixed money supply within a dynamic general equilibrium context. Traditional Keynesian economics proposes that central banks regulate the money supply through interest rate manipulation and monetary interventions to promote economic stability within the market. However, cryptocurrencies, like Bitcoin, present a challenge due to their algorithmically predetermined supply, which halves every four years, removing discretionary monetary policy. By adapting Calvo's (1983) staggered-price model to a closed economy, supposing Bitcoin is the only medium of exchange, it is deduced that Bitcoin's deflationary nature causes a persistent consumption collapse and hyper deflationary spirals. Furthermore, calibrations …

Complementarities In High School And College Investments, John Eric Humphries, Juanna Schrøter Joensen, Gregory Veramendi

Cowles Foundation Discussion Papers

This paper examines how high school specialization shapes college investment decisions and their subsequent returns through dynamic complementarities. Using Swedish administrative data, we estimate a dynamic Roy model that accounts for selection on multidimensional skills, family background, prior investments, and unobserved heterogeneity. We identify the model using rich skill measures and quasi-experimental variation in program popularity. For marginal students, STEM specialization in high school increases wages by 9%, with more than half this return attributed to dynamic complementarities that enhance the productivity of subsequent college investments. Consequently, we find that counterfactual policies encouraging high school STEM specialization generate twice the …

A Multivariate Time Series Analysis Of Secular Stagnation: A Critical Realist Perspective, Francis N. Mensah

Doctoral Dissertations and Projects

The study investigated whether excess saving over investment explains secular stagnation or is linked to structural break (hysteresis) in aggregate economic activity as measured by the changes in the level of GDP. The U.S. economy, including the advanced economies, is experiencing secular stagnation, potentially caused by excess savings over investment. This condition, if present, could have significant implications for how we can conduct economic policy. Instead of focusing on gross domestic product (GDP), a measure of economic activity, the study extends the existing literature by concentrating on aggregate private-sector output. The rationale is that if there is secular stagnation or …

Working Paper No. 100, Social Realism And Socialist Realism, Amanda F. Worman

Working Papers in Economics

This inquiry sees to establish that as a genre, “social realism” reflected values of the American system of market capitalism out of which this art style emerged. During the same timeframe, what has been categorized as “socialist realism” reflected values of the Soviet system out of which this art style also arose. The “Great Depression” that dogged the American economy and society through the 1930s, as well as the “Iron Fist” rule characteristic of Joseph Stalin’s heavy industrialization drive for Soviet Russia, appears to have promoted and shaped these two distinct but similar art styles under consideration, as responses to …

Working Paper No. 95, Jeremy Bentham And English Common Law, Anastasia Klingler

Working Papers in Economics

This inquiry seeks to establish that in his book, The Theory of Legislation [1802], author Jeremy Bentham (1748-1832) critiqued English Common Law while also posing solutions and alternatives. The first part of this inquiry considers Bentham’s critique of the degrees of vagueness and confusion that could be associated with what is noted as “Common Law” with its emphasis upon the “principle of expectation.” In addition, this inquiry introduces and considers Bentham’s warnings against uses associated with the English legal system and its emphasis upon the importance of “precedent,” as this emphasis is argued to open risks for abuse by courts …

Working Paper No. 98, Selma Mushkin And The Emergence Of The Field Of Health Economics, Sadie Kautz

Working Papers in Economics

This inquiry seeks to establish that through her effective efforts, Selma Mushkin promoted and shaped the field of Health Economics. Perhaps most importantly, she redefined health as a form of human capital that needed to be considered as both essential and integral to economic growth. In her 1958 paper: “Toward a Definition of Health Economics,” she defined the scope of this emerging field through emphasizing how improved resource allocation could lead to efficiency gains. Appearing as her 1962 article in the Journal of Political Economy, with “Health as an Investment” Mushkin advanced the idea that--much like education--public spending on health …

Working Paper No. 103, Russia And The Myriad Of Challenges Associatedwith ‘Relative Backwardness’, Jacob Wood

Working Papers in Economics

This inquiry seeks to establish that over recent of centuries Russia exhibits signs of what is termed as ‘relative backwardness.’ Drawing from Alexander Gershenkron’s (1962, 62-70) understanding of ‘backwardness in historical perspective,’ as well as Karl Marx’s ([1845] 1977, 39-43) concept of ‘historical materialism,’ this inquiry examines how successive Russian regimes sought to close the developmental gap with western countries through state-led modernization efforts. What stands out is that when confronted with attempting deep structural challenges, each leader turned to centralized authority and coercive reforms—not by choice, but out of necessity. Our inquiry considers Nicolas II’s failure to modernize Russia’s …

Working Paper No. 102, Knowledge And Power: Towards Anintellectual Biography Of Michel Foucault, Amanda Bergeson

Working Papers in Economics

This inquiry seeks to establish that in his efforts as an intellectual, scholar, and author of books that would include Discipline and Punish [1975], Michel Foucault emphasizes the importance of power and power relations, especially of an authority (such as a sovereign) over the common people. Drawing from Discipline and Punish [1975], this inquiry considers how Foucault’s understanding of genealogy got rooted and shaped by Friedrich Nietzsche’s critique of history; a view which altogether challenged the idea of historical progress, while also revealing the contingent nature of truth. The second section considers how sovereign power evolves into disciplinary mechanisms embedded …

Working Paper No. 97, Business Sabotage In Theory And Practice, Nathan Lewis-Lusso

Working Papers in Economics

This inquiry seeks to establish that theoretical advances offered earlier on by one Karl Marx and some decades later by one Thorstein Veblen offer insights into forms of business sabotage. Drawing upon their writings, this inquiry considers how in the writings of Marx, already in the mid-nineteenth century surplus value extraction and pecuniary sabotage serve as structural features found in a market-based economy. Marx’s consideration of surplus labor and artificial scarcity reveals how private investment seeks to constrain production in order to preserve and enhance profitability. Veblen’s theory of institutional sabotage complements Marx’s view by showing how firms could delay …

Urban-Rural Divide In Inequality’S Impact On Substance Abuse, Jonathan E. Flores

Undergraduate Theses, Capstones, and Recitals

This thesis focuses on investigating the relationship between income inequality, measured through the Gini coefficient, and drug addiction, proxied through substance-related mortality. Specifically, this thesis focuses on how these dynamics vary across rural and urban counties in the United States, using population size as a proxy. County-level data from 2016 to 2020 were collected through both the CDC and the Census Bureau and subsequently analyzed using Stata, with crude death rates from drug and alcohol causes serving as a function of the Gini coefficient, labor force participation, racial composition, and other socioeconomic indicators. Through a quadratic version of the model, …

Working Paper No. 99, Adam Smith And The American Experiment, Cole Soliz

Working Papers in Economics

As the noted author of a tome titled An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith [1776] is often cited as a proponent of Laissez-faire capitalism. However, the reality is that his writings offer a more nuanced vision that includes suggesting constraints on economics activity, while encouraging the importance of what he views as state or public institutions. In Smith's writings we find that he speculates that for a perfectly functioning market system to operate effectively depends upon the enforcement of contracts, the protection of property rights, and the maintenance of justice. These, along …

4th Sbs International Conference 2025: Transforming Business For People And Planet, School Of Business Studies (Sbs)

Conference Proceedings

The IBA-SBS International Conference (IBA-SBSIC) brings together scholars, professionals, and policymakers from around the world, providing a platform for learning, collaboration, and cutting-edge research. As we enter the 4th edition in 2025, the conference embraces the theme "Transforming Business for People and Planet."

The business landscape is evolving rapidly, with companies increasingly held accountable for their environmental footprint, ethical responsibilities, and social impact. Governments, regulators, and consumers now demand responsible business practices that align with sustainability and long-term financial resilience. Sustainability is no longer a choice—it is a necessity. Global movements toward climate action, social equity, and responsible governance are …