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Ireland: Anglo Irish Bank Emergency Liquidity Assistance, 2009, Salil Gupta, Mahdi Khairallah, Nik Adlina Nik Moktar

Journal of Financial Crises

At the height of the Global Financial Crisis in September 2008, Anglo Irish Bank (Anglo), one of Ireland’s six core banks, specializing in commercial and residential real estate with EUR 101.3 billion in assets, faced severe losses. Irish authorities announced a blanket deposit and liability guarantee for the six banks including Anglo. At the same time, Anglo was offered standby liquidity facilities of EUR 3 billion from the Central Bank of Ireland (CBI) and EUR 10 billion from the two largest Irish commercial banks, which were not drawn on at the time. Anglo was nationalized in January 2009, as deposit …

Indonesia: Bank Century Emergency Liquidity Program, 2008, Vincient Arnold

Journal of Financial Crises

By the autumn of 2008, the effects of the Global Financial Crisis of 2007–2009 had struck Indonesia, as liquidity in interbank markets dried up, capital flows reversed, and economic growth slowed. On October 30, 2008, Bank Indonesia—the central bank of Indonesia—passed Regulation No. 10/26/PBI/2008, establishing a Short-Term Funding Facility for Commercial Banks (SFF). On October 31, 2008, the capital adequacy ratio of Bank Century, a relatively small Indonesian bank, was –3.35%. On November 14, 2008, after Bank Century failed to conduct payment clearing the day before, Bank Indonesia approved Bank Century for access to the SFF and began disbursements of …

Iceland: Kaupthing Emergency Liquidity Program, 2008, Sophia Alden, Léo Brougher

Journal of Financial Crises

Following the privatization of Iceland’s state-owned banks between 1998 and 2003, the three largest banks in Iceland—Glitnir, Landsbanki, and Kaupthing—grew rapidly, with consolidated assets increasing from 100% of Iceland’s GDP in 2004 to nearly 900% by the end of 2007. Initially, this growth was funded by debt issuances in the European medium-term note market; however, as cracks in the international financial system appeared in 2006, the banks turned to offering high-interest savings accounts through their foreign subsidiaries. Beginning in October 2006, Kaupthing launched “Kaupthing Edge,” an online savings and deposit platform operating in markets outside Iceland. When the United States …

Germany: Ikb Deutsche Industriebank Emergency Liquidity Program, 2008, Ayodeji George, Sophia Alden

Journal of Financial Crises

In the summer of 2007, IKB Deutsche Industriebank (IKB) faced heavy losses owing to the liquidity support it had provided on commercial paper issued by Rhineland Funding Capital Corporation, its off-balance-sheet vehicle, which held distressed collateralized debt obligations backed by US subprime mortgages. In July 2007, authorities became aware that IKB itself had lost access to liquidity from Deutsche Bank and other funding partners. Publicly owned development bank Kreditanstalt für Wiederaufbau (KfW) held a 38% stake in IKB, exposing it to potentially heavy losses in the event of an IKB failure. KfW, German financial authorities, and German banks pursued a …

Denmark: Roskilde Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Roskilde Bank A/S (Roskilde) was the eighth-largest bank in Denmark at the time of the Global Financial Crisis, with approximately 43 billion Danish kroner (DKK; USD 9.1 billion) in consolidated assets as of March 2008. Roskilde had considerable exposure to real estate and construction firms, prompting ratings downgrades and larger write-downs than expected in July 2008. On July 10, 2008, Roskilde asked for liquidity assistance from the Danish central bank, Danmarks Nationalbank (DNB). Later that day, DNB and the banking sector’s self-insurance group, the Private Contingency Association (PCA), announced emergency liquidity assistance to Roskilde in the form of an unlimited …

Cyprus: Laiki Bank Ad Hoc Emergency Liquidity Assistance, 2011, Stella Schaefer-Brown

Journal of Financial Crises

Following the European Union’s decision to restructure Greek debt in October 2011, Laiki Bank’s depositors began to withdraw their funds from the bank in growing numbers after it reported that its portfolio of Greek government bonds had lost EUR 2.3 billion in value. Beginning October 2011 and lasting until the bank’s resolution in 2013, Laiki Bank requested and received emergency liquidity assistance (ELA) from the Central Bank of Cyprus (CBC) so that the bank could continue to fund itself as depositors withdrew their funds. In June 2012, Cypriot authorities recapitalized Laiki Bank, and the government became an 84% shareholder. From …

Canada: Canadian Commercial Bank Emergency Liquidity Program, 1985, Adam Keanie, Léo Brougher

Journal of Financial Crises

In March 1985, the Canadian Commercial Bank (CCB)—Canada’s 10th largest bank, with CAD 2.9 billion in assets—reported to the Office of the Inspector General of Banks (OIGB) and the Bank of Canada (BoC) that CCB would not survive owing to large losses on its United States energy loans portfolio. In response, the BoC assembled an emergency CAD 255 million rescue package, secured through contributions from a consortium composed of the federal government, the provincial government of Alberta, the Canadian Deposit Insurance Corporation, and Canada’s six largest banks. Despite the BoC’s reassurances, including a public announcement promising virtually unlimited liquidity support, …

Ad Hoc Emergency Liquidity Programs In The 21st Century, Steven Kelly, Vincient Arnold, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 22 case studies of 21st century instances when financial crisis-fighters implemented ad hoc emergency liquidity (AHEL) interventions, interventions designed to provide liquidity to a troubled institution that the authorities believe is systemically important. While emergency liquidity support is often introduced with the real or communicated intention of preventing illiquidity from leading to insolvency, the liquidity crisis should instead be viewed as the manifestation of the market’s assessing the firm as nonviable as a going concern. For that reason, authorities should provide AHEL assistance only to institutions that they have deemed viable or that they have committed to …

Brazil: Banco Btg Pactual Emergency Liquidity Program, 2015, Vincient Arnold

Journal of Financial Crises

On November 25, 2015, André Esteves, then CEO of Banco BTG Pactual, a large Brazilian investment bank, was arrested by Brazilian authorities in connection with suspected involvement in a corruption scandal. Although the arrest did not involve BTG in any capacity and Esteves was later acquitted, the company’s stock quickly collapsed and depositors and other creditors rushed to reduce their exposures to the company. Depositors withdrew certificates of bank deposits, which BTG relied on to fund its daily operations. By November 27, BTG shares had fallen 26%. On December 2, the top seven shareholders of BTG took control of the …

Fighting "Fear Itself": The Bank Holiday Of March 1933, Matthew Jaremski, Gary Richardson, Angela Vossmeyer

Journal of Financial Crises

In the month preceding Franklin Roosevelt’s inauguration, a panic overwhelmed the U.S. banking system. Immediately after assuming office, Roosevelt declared a nationwide bank holiday and vowed to reopen only sound banks. Five days after the holiday ended, nearly 11,000 of the nation's more than 18,000 commercial banks had reopened. Nearly 4,000 never reopened or had to be reorganized. The holiday is often credited with helping reestablish financial stability, but little is known about the mechanisms underlying the reopening process and the way in which payment systems were restored. We detail the process of reopening the banking system using narrative records …

Containing Runs On Solvent Banks: Prioritizing Recovery Over Resolution, Edoardo David Martino, Enrico C. Perotti

Journal of Financial Crises

The sudden banking defaults in the spring of 2023 proved current prudential norms insufficient to prevent bank distress. Capital and liquidity norms need to be adjusted. The experience also shows how a lack of credible supervisory tools led to forbearance and finally chaotic public bailouts. An intervention gap arises when viable but undercapitalized banks are at the mercy of runs. Once outflows start to escalate, all that is left is to prepare for resolution and assign losses. We call for new Pillar II – i.e. activated by the supervisor – stabilizing measures, as contingent capital and liquidity tools.

A timely …

Soft-Floor Auctions: Harnessing Regret To Improve Efficiency And Revenue, Dirk Bergemann, Kevin Breuer, Peter Cramton, Jack Hirsch, Yero S. Ndiaye, Axel Ockenfels

Cowles Foundation Discussion Papers

A soft-floor auction asks bidders to accept an opening price to participate in an ascending auction. If no bidder accepts, lower bids are considered using first-price rules. Soft floors are common despite being irrelevant with standard assumptions. When bidders regret losing, soft-floor auctions are more efficient and profitable than standard optimal auctions. Revenue increases as bidders are inclined to accept the opening price to compete in a regret-free ascending auction. Efficiency is improved since having a soft floor allows for a lower hard reserve price, reducing the frequency of no sale. Theory and experiment confirm these motivations from practice.

A Veil Of Silence: Women And Sound In Renaissance Italy, Colleen Reardon

Yale Journal of Music & Religion

A book review is presented for A Veil of Silence: Women and Sound in Renaissance Italy, authored by Julia Rombough, by Colleen Reardon.

Bach Against Modernity, Mark Peters

Yale Journal of Music & Religion

A book review is presented for Bach against Modernity, authored by Michael Marissen, by Mark Peters.

Memory, Music, Manuscripts: The Ritual Dynamics Of Kōshiki In Japanese Sōtō Zen, Junko Oba

Yale Journal of Music & Religion

A book review is presented for Memory, Music, Manuscripts: The Ritual Dynamics of Kōshiki in Japanese Sōtō Zen, authored by Michaela Mross, by Junko Oba.

Hearing Islam: The Sounds Of A Global Religious Tradition, Bertie Kibreah

Yale Journal of Music & Religion

A book review is presented for Hearing Islam: The Sounds of a Global Religious Tradition, authored by Lauren E. Osborne, by Bertie Kibreah.

Thomas Pereira’S 'Lülü Zuanyao' 律呂纂要 (Ca. 1685): A Jesuit Music Theory Textbook For The Chinese Emperor, Qingfan Jiang

Yale Journal of Music & Religion

Thomas Pereira (1646–1708), a Portuguese Jesuit missionary, arrived in Beijing in 1672 and was appointed by the Kangxi Emperor (1654–1722) as his music tutor. For the emperor's music lessons, Pereira authored Lülü Zuanyao 律呂纂要 [Elements of Music] (ca. 1685), the first known Western music theory treatise written in Chinese. My translation includes the first half of Zuanyao that focuses on Western music notation, solmization, and the hexachordal system. As a product of the global circulation of musical knowledge in the early modern period, Zuanyao is significant in three ways. First, it illustrates the direct influence of the music education Pereira …

Commemorating August Thirteenth: Music And Theology In Eighteenth-Century Moravian Communities, Ryan M. Malone

Yale Journal of Music & Religion

One of the most important memorial days in the Moravian liturgical calendar is August Thirteenth, a commemoration of the communal spiritual awakening that eighteenth-century Moravians experienced on the Saxon estate of Count Nikolaus Ludwig von Zinzendorf (1700–1760). While the Moravian church has celebrated this storied event for centuries, complete with music-rich religious services, only a few original compositions were crafted specifically for these services. In light of the importance of August Thirteenth, and given of the abundance of musical works that eighteenth-century Moravian composers wrote for other memorial days and religious holidays, this article employs musicological and theological perspectives to …

"Kol Mekadesh Shevi'i": A Liturgical Melody Sung At Home, Naomi Cohn Zentner

Yale Journal of Music & Religion

This article draws upon the unusual characteristics, origins and prevalence of the melody to the poem "Kol mekadesh shevii" [He who sanctifies the Seventh day] and discusses how it came to be recognized in the past seventy years as a signifier of Ashkenazi pre-Holocaust musical and religious culture and in particular as a sonic marker of liturgical sound, although it was sung at home. The Kol mekadesh melody came over time to represent two vastly different symbolic positions. As a melody adopted from non-Jewish sources bringing new, sometimes controversial sounds into the synagogue, and as a typical synagogal …

The Gulf Coast Lgbt Radio And Television Digitization Project: Providing Equitable Access To Houston’S Lgbtq Broadcast History, Emily Vinson, Bethany Scott

Journal of Contemporary Archival Studies

Initiated in 2020 with a multi-year grant from the National Endowment for the Humanities, Division of Preservation and Access, The Gulf Coast LGBT Radio and Television Digitization Project aimed to digitize and preserve thousands of hours of LGBTQ broadcast history from the Houston, Texas area. Through meticulous inventorying, digitization, redaction, transcription, publication, promotion, and preservation processes, the project team navigated the delicate balance between equitable access and copyright compliance. The selected programs encapsulate decades of LGBTQ life and culture, covering a diverse array of topics crucial to understanding the community’s evolution in the region.

This paper presents a comprehensive case …

A Geospatial Approach To Measuring Economic Activity, Anton Yang, Jianwei Ai, Costas Arkolakis

Cowles Foundation Discussion Papers

We introduce a new methodology to detect and measure economic activity using geospatial data and apply it to steel production, a major industrial pollution source worldwide. Combining plant output data with geospatial data, such as ambient air pollutants, nighttime lights, and temperature, we train machine learning models to predict plant locations and output. We identify about 40% (70%) of plants missing from the training sample within a 1 km (5 km) radius and achieve R² above 0.8 for output prediction at a 1 km grid and at the plant level, as well as for both regional and time series …

Yale Medicine Magazine Spring 2025, Issue 174, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This is the Spring 2025 issue of Yale Medicine Magazine, issue 174. Prepared in cooperation with the alumni and development offices at the School of Medicine. Earlier volumes are called Yale School of Medicine alumni bulletins, dating from v.1 (1953) through v.13 (1965) and Yale Medicine: alumni bulletin of the School of Medicine, v.1 (1965) through v. 52, no.1. (Autumn 2017).

Bank Term Funding Program: Final Disclosure Of Transaction Data Pursuant To 11(S) Of The Federal Reserve Act, The Board Of Governors Of The Federal Reserve System

Documents

No abstract provided.

Forward Selection Fama-Macbeth Regression With Higher-Order Asset Pricing Factors, Nicola Borri, Denis Chetverikov, Yukun Liu, Aleh Tsyvinski

Cowles Foundation Discussion Papers

We show that the higher-orders and their interactions of the common sparse linear factors can effectively subsume the factor zoo. To this extend, we propose a forward selection Fama-MacBeth procedure as a method to estimate a high-dimensional stochastic discount factor model, isolating the most relevant higher-order factors. Applying this approach to terms derived from six widely used factors (the Fama-French five-factor model and the momentum factor), we show that the resulting higher-order model with only a small number of selected higher-order terms significantly outperforms traditional benchmarks both in-sample and out-of-sample. Moreover, it effectively subsumes a majority of the factors from …

The Bullwhip: Time-To-Build And Sectoral Fluctuations, Yan Leng, Ernest Liu, Yifei Ren, Tsyvinski Aleh

Cowles Foundation Discussion Papers

We develop a theory of sectoral fluctuations driven by the propagation of demand shocks along supply chains with heterogeneous time-to-build production. We solve the model in closed form. Downstream producers respond directly to current demand. Upstream producers, due to time-to-build delays, respond to anticipated future demand. Consequently, hump-shaped demand shocks to downstream goods propagate and amplify along the supply chain, generating pronounced volatility in upstream sectors and creating the bullwhip effect. Empirically and quantitatively, we show that the bullwhip is significant across downstream sectors that are important for final consumption.

Firm Selection And Growth In Carbon Offset Markets: Evidence From The Clean Development Mechanism, Qiaoyi Chen, Nicholas Ryan, Daniel Yi Xu

Discussion Papers

We study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market.

"Firm Selection And Growth In Carbon Offset Markets: Evidence From The Clean Development Mechanism", Qiaoyi Chen, Nicholas Ryan, Daniel Yi Xu

Cowles Foundation Discussion Papers

We study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market.

Bubble Mitigation Policies: Counterfactual Analysis And Treatment Effect Inference, Ye Chen, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

To safeguard economic and financial stability policymakers regularly take actions designed to increase resilience to systemic risks and curb speculative market behavior. To assess the effectiveness of such mitigation policies, we introduce a counterfactual approach tailored to accommodate the mildly explosive dynamics that occur during speculative bubbles. We derive asymptotics of the estimated treatment effect under a common factor structure that allows for explosive, I(1), and stationary factors, thereby having applicability to a wide range of prevailing economic conditions. An inferential procedure is proposed for the policy treatment effect that has asymptotic validity and demonstrates satisfactory finite sample performance. An …

Data-Driven Mechanism Design: Jointly Eliciting Preferences And Information, Dirk Bergemann, Marek Bojko, Paul Duetting, Renato Paes Leme, Haifeng Xu, Song Zuo

Cowles Foundation Discussion Papers

We study mechanism design when agents have private preferences and private information about a common payoff-relevant state. We show that standard message-driven mechanisms cannot implement socially efficient allocations when agents have multidimensional types, even under favorable conditions.

To overcome this limitation, we propose data-driven mechanisms that leverage additional post-allocation information, modeled as an estimator of the payoff-relevant state. Our data-driven mechanisms extend the classic Vickrey-Clarke-Groves class. We show that they achieve exact implementation in posterior equilibrium when the state is either fully revealed or the utility is affine in an unbiased estimator. We also show that they achieve approximate implementation …

Semiparametric Cointegrating Rank Selection For Curved Cross Section Time Series, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Cointegrating rank selection is studied in a function space reduced rank regression where the data are time series of cross section curves. A semiparametric approach to rank selection is employed using information criteria suitably modified to take account of the function space context, extending the linear cointegrating model to accommodate cross section data under general forms of dependence. A parametric formulation is employed analogous to recent work on cross section curve autoregression and cointegrating regression. Consistent cointegrating rank estimation is developed by the use of information criteria methods that are extended to the curve time series environment. The asymptotic theory …