Digital Commons Network^™

United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden

Journal of Financial Crises

In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …

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 …

India: Yes Bank Moratorium, 2020, Salil Gupta

Journal of Financial Crises

By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …

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 …

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 …

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 …

Prawo Klimatyczne I Jego Nowe Instrumenty Oddziaływania Na Gospodarkę, Tomasz Bojar-Fijałkowski

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The European Union has set ambitious environmental climate targets for itself, and thus for its Member States and businesses operating within it. Their implementation requires significant changes in the EU economy. The rapidly developing climate law brings with it new public law instruments to influence entrepreneurs and the economy overall. This article is devoted to an analysis of the evolution of climate law and aims to identify the directions of the development of EU regulation in this area. The objective of the author is to systematise concepts relevant to the legal side of the climate discourse. After characterising the European …

Bilansowanie Handlowe W Świetle Nowych Regulacji – Aspekty Cywilnoprawne, Tadeusz Zieliński

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

Commercial balancing and the role of the balance responsible party, as one of the basic elements of the electricity market, do not raise practical doubts among market participants, in particular those carrying out related tasks. At the same time, said institutions, and the regulations that concern them, have not been the subject of a more extensive discussion in legal terms. The consequence of this state of affairs was the formation of misconceptions among both entities acting on the electricity market and the energy regulator, regarding the subject matter of commercial balancing, the capacity in which the balance responsible party operates, …

Innowacje W Rolnictwie – Agrofotowoltaika, Emilia Nawrotek

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The aim of the article is to present the principles of the agrophotovoltaics concept (agrivoltaics or APV), and the possibilities of its development in selected countries of the European Union. The adoption of innovations in agriculture is crucial for meeting challenges related to food security, and the goals of sustainable agriculture development. The growing global demand for food and electricity forces the development of photovoltaic agriculture. It is a way to maintain valuable agricultural land, secure food production, and to maintain supply chains without straining the energy system. The introduction of certain legal solutions in EU Member States has brought …

Energy In The Portuguese Climate Framework Law, Rute Saraiva

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The Portuguese Climate Framework Law of 2021 has been underassessed by legal scholars. Therefore, the purpose of this article is to evaluate it through an energy lens. Through a close analysis of the legal text, the article seeks, firstly, to determine how the climate-energy relationship is treated, and then to understand the challenges that arise in implementing this Law, especially its interaction with the Environmental Policy Basis Law of 2014.

Entire Issue Vol. 14 No. 2

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

Vol 14(2)

Deliberately Queer Journal Editors' Note For Volume One, Sean Te Maulding, Mel Monier

Deliberately Queer Journal

No abstract provided.

O Wyodrębnianiu Się Prawa Zmian Klimatu, Monika A. Król

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

W ostatnich trzech dekadach zaważamy wzrost jurydyzacji problematyki odnoszącej się do zmian klimatu zarówno na płaszczyźnie międzynarodowej, unijnej, jak i krajowej. W doktrynie prawa działania na rzecz ochrony klimatu (przeciwdziałania zmianom i adaptacji do zmian klimatu) identyfikowane są dwojako: jako współczesny nurt prawa ochrony środowiska, ale też wyłaniający się już nowy dział – prawo klimatyczne. Przedmiotem artykułu jest analiza poglądów doktryny dotycząca podziału prawa na gałęzie, ewolucji poglądów co do miejsca prawa ochrony środowiska w systemie prawa, a na tym tle podjęcie badań nad stanowiskiem doktryny uzasadniającym wyodrębnienie nowego działu prawa, jakim jest prawo zmian klimatu. Przeprowadzona analiza poglądów doktryny …

Prawo W Energetyce W Dobie Zmian Klimatu – W Trosce O Przyszłe Pokolenia, Monika A. Król, Sylwia Wojtczak

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

from the managing editors Monika A. Król and Sylwia Wojtczak

Ewolucja Wspólnej Polityki Energetycznej W Europie W Zakresie Odnawialnych Źródeł Energii I Energetyki Jądrowej, Kamil O. Olczak

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The article presents the evolution of energy policy in the field of renewable energy sources and nuclear energy through the lens of European Union law. The formation of the common energy market in Europe is a process that began in the 1950s and continues to this day. The study outlines legal regulations concerning energy that were included in the Treaties establishing the European Coal and Steel Community and the European Atomic Energy Community. Further on, the introduction of Title XXI “Energy” into the Treaty on the Functioning of the European Union provided energy policy with a distinct legal foundation. The …

Otoczenie Regulacyjne Jako Czynnik Warunkujący Rozwój I Efektywne Funkcjonowanie Dolin Wodorowych W Polsce, Hanna Spasowska

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The construction and development of the hydrogen ecosystem may become an important pillar of the transformation of the Polish economy. It will achieve climate neutrality and remain competitive, while taking advantage of the current leading role of the hydrogen producer. These objectives are to be achieved, among others, by hydrogen valleys, which are being created in an increasing number of Polish regions, and, in accordance with the EU hydrogen strategy, are to become an integrated element of the European hydrogen ecosystem. The construction and functioning of the entire ecosystem, with hydrogen valleys as its key elements, must be coordinated at …

Parę Słów O Zasadach Odpowiedzialności W Prawie Atomowym, Natalia Tucholska

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

This article discusses the issue of liability and basis of liability in nuclear law. It examines the system of nuclear law, and describes liability and its characteristics. The system of liability rules in nuclear law consists of general principles of public law, and following more detailed rules of administrative law, as well as specific rules on liability in nuclear law itself. In this article, the analysis of the issue of liability rules in nuclear law was combined with general considerations regarding the nuclear law system and its structure.

Odnawialne Źródła Energii Na Obszarach Wiejskich, Adam Niewiadomski

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The geographic location of renewable energy sources (RES) is one of the challenges in economic, agricultural and energy law in Poland, as well as in Europe. Rural areas offer the greatest potential for the placement of renewable energy sites, while ensuring their competitiveness on the market. There is a problem, however, in the lack of clear legal regulations enabling the positioning of renewable energy sources in rural areas. This article evaluates selected legal instruments of spatial planning, which are intended to improve the process of RES development. At the same time, the relationship between the use of rural areas for …

Atomic And/Or Renewable Energy Sources In The Mitigation Of Climate Change In Czech Law, Milan Damohorský

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

Niniejszy artykuł podejmuje analizę ram prawnych regulujących funkcjonowanie energetyki jądrowej oraz odnawialnych źródeł energii w Czechach, ze szczególnym uwzględnieniem ich roli w procesie przeciwdziałania zmianie klimatu. W obliczu rosnącego zapotrzebowania na energię oraz pogłębiających się globalnych problemów środowiskowych, czeski porządek prawny ulega dostosowaniom odpowiadającym na wyzwania związane z ochroną klimatu, bezpieczeństwem energetycznym oraz transformacją w kierunku zrównoważonych źródeł energii. Przeprowadzona analiza uwypukla wzajemne relacje pomiędzy krajowym ustawodawstwem czeskim a dyrektywami Unii Europejskiej, a także identyfikuje konflikty prawne i środowiskowe, które pojawiają się w praktyce wdrażania rozwiązań opartych na odnawialnych i jądrowych źródłach energii. Artykuł omawia ponadto kierunki polityki energetycznej oraz …

Flourishing: A Plan To Strengthen Public Legal Education And Information, The Bc Plei Ecosystem Project, Catherine Dauvergne, Aara Johnson, Shannon Srivastava

All Faculty Publications

The Public Legal Education and Information (PLEI) Sectoral Planning Project, headed by Dr. Catherine Dauvergne, K.C., was commissioned by the Law Foundation of British Columbia with the goal of making recommendations about how to improve public legal education and information in the province. The project was co-sponsored by the Law Foundation and the province’s Ministry of the Attorney General. We have come to understand this constellation of resources and organizations as the “public legal education and information ecosystem.” There is a wide array of high-quality, easily accessible, clearly written, legal information available in British Columbia. Ecosystem leaders are at the …

Robbing The Cradle: Georgia's Battle To Enact "Raise The Age" Legislation Through Hb 462, Elizabeth Hammond

Georgia Criminal Law Review

In the state of Georgia, seventeen-year-olds are not old enough under the law to vote or consume alcohol and tobacco products. Despite this, they are old enough to be criminally tried as adults. Georgia is one of three states that continues to process seventeen-year-old juvenile offenders through the criminal justice system instead of juvenile court. In September 2023, forty-five juveniles were prosecuted as adults and incarcerated in Georgia prisons. This is significant because juvenile offenders experience better outcomes when they are processed through the juvenile court system because juvenile courts account for a youth’s “naturally high capacity for change and …

The Shadow Pandemic: The Response To Domestic Violence In The Wake Of Covid-19 And What We Can Carry Forward, Presley Sneed

Georgia Criminal Law Review

When the COVID-19 virus brought the pandemic to the United States in March of 2020, the legal system was not prepared for the increase in domestic and intimate partner violence that would follow. The United Nations (UN) later identified this social phenomenon as a second pandemic, a “shadow pandemic” that resulted from an increase in stay-at-home orders and a decrease in support services for victims. By the end of 2021, forty-five percent of women globally reported either they themselves or a woman they know had experienced some form of domestic or intimate partner violence since the emergence of COVID-19. One …

Time To Put Down Iq Testing: Analyzing The Unreliability Of Iq Testing In Capital Offenses, Nik Giyanani

Georgia Criminal Law Review

Georgia sentences individuals with intellectual disability (“ID”) to death at an alarming rate. As a result, Georgia has likely executed individuals with ID in violation of the United States Constitution already. These unjust executions are a result of the impossibly high “beyond a reasonable doubt” burden of proof that capital defendants in only Georgia must meet to prove they are intellectually disabled. One large hurdle for defendants attempting to meet this standard is the unreliability of IQ testing. IQ testing, a soft science, provides inconsistent results due to ever-changing variables in the testing process. Additionally, the generally accepted threshold IQ …

The Confined Life: Restrictions On Post-Conviction Sex Offenders Meets Habeas Corpus's "In Custody" Requirement, Christian Futch

Georgia Criminal Law Review

Clements v. Florida is a recent Eleventh Circuit decision holding that the court could not hear the habeas petition of a post-conviction sex offender in Florida since he failed to meet the “in custody” requirement for filing a habeas petition. However, the Eleventh Circuit did not consider the land restrictions in place against the petitioner and other sex offenders in Florida. This decision may leave sex offenders without an avenue to challenge the restrictions in place against them. Such restrictions have led to homelessness and poverty leaving sex offenders with no place to work or live, in poverty, as outcasts …

Misreading The Federal Child Pornography Statutes, Owen Senders

Georgia Criminal Law Review

For the past 40 years, federal courts have committed two grievous textual errors in interpreting the federal child-pornography statutes and sentencing guidelines. These errors have caused hundreds of wrongful convictions—many the bases for decades-long sentences—and have produced a body of caselaw that is profoundly incoherent and in direct conflict with basic tenets of First Amendment doctrine. They have also likely endangered children. This article identifies these errors, surveys their consequences, and suggests legal arguments for people charged or convicted under the child-pornography statutes.

The first error impacts the application of all of the federal child-pornography statutes and sentencing guidelines. These …

Directing Unconstitutional Verdicts: When Judges Become Jurors On Self-Defense, Anjali Pathmanathan

Georgia Criminal Law Review

The right to self-defense is one of the oldest and most universal concepts in Anglo-American criminal law and criminal procedure. Under this defense, an accused person, who honestly believed that using force was necessary to protect themself from imminent danger, did nothing criminal even if another person was harmed as a result. To assert self-defense at trial, however, the accused must admit to intentionally committing the forceful acts alleged to explain how they only used such force to save themself from immediate harm. Once an accused has made such a grave admission, the jury must consider whether the force was …