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Articles 528181 - 528210 of 5209448
Full-Text Articles in Entire DC Network
Patterns In Nature, Tallgrass Prairie Center, University Of Northern Iowa
Patterns In Nature, Tallgrass Prairie Center, University Of Northern Iowa
Open Educational Resources
No abstract provided.
Rainbow Chips, Tallgrass Prairie Center, University Of Northern Iowa
Rainbow Chips, Tallgrass Prairie Center, University Of Northern Iowa
Open Educational Resources
An outline of an activity for grades 1 through 8 for students to match color samples with things found in nature.
Scavenger Hunt, Tallgrass Prairie Center, University Of Northern Iowa
Scavenger Hunt, Tallgrass Prairie Center, University Of Northern Iowa
Open Educational Resources
An outline of an activity for grades 1 through 8 to have students explore an outdoor area by looking for items.
Wildflower Frenzy, Tallgrass Prairie Center, University Of Northern Iowa
Wildflower Frenzy, Tallgrass Prairie Center, University Of Northern Iowa
Open Educational Resources
An outline of an activity for grades 1 through 8 to have students learn about wildflowers
United States: Swaps To The Bank For International Settlements And Deutsche Bundesbank, 1967, Vincient Arnold
United States: Swaps To The Bank For International Settlements And Deutsche Bundesbank, 1967, Vincient Arnold
Journal of Financial Crises
The devaluation of British sterling in November 1967 caused major disruptions in currency markets; led to concerns that the US dollar, the lynchpin of the global gold standard system, would also devalue; and threatened the stability of financial markets, particularly the market for US dollars overseas. The Federal Reserve and European central banks used a network of preexisting swap lines in the ensuing weeks to stabilize exchange rates, defend the gold standard, and calm global markets. In most cases, central banks used these swaps to stabilize exchange rates. However, the main purpose of several of these swaps was arguably to …
United States: Swaps To Mexico, 1994, Lakshimi Swaminathan, Rosalind Z. Wiggins
United States: Swaps To Mexico, 1994, Lakshimi Swaminathan, Rosalind Z. Wiggins
Journal of Financial Crises
In 1994 and 1995, Mexico faced a series of economic and financial disruptions that led it to repeatedly seek financial assistance from the United States and international financial organizations. This case study describes three episodes during which the US government used currency swap facilities to provide dollar funding to the Bank of Mexico (BoM), similar to Mexico’s 1982 crisis: (1) a temporary bilateral swap line established by the Federal Reserve and the Treasury on March 24, 1994, to provide emergency support following a political assassination, which the BoM did not draw upon; (2) a trilateral swap arrangement under the North …
United States: Central Bank Swaps To Mexico, 1982, Lakshimi Swaminathan
United States: Central Bank Swaps To Mexico, 1982, Lakshimi Swaminathan
Journal of Financial Crises
In 1982, Mexico faced a balance of payments crisis, as rising interest rates and falling oil revenues made it increasingly difficult for the government to meet interest payments on its accumulated foreign debt. This case describes three currency swap facilities that the US government used to provide dollar funding to the Bank of Mexico (BoM) during this crisis: (1) a standing, USD 700 million swap facility with the Federal Reserve, which the BoM drew upon four times between April and August 1982; (2) a one-week, USD 1 billion swap facility with the US Treasury, which the BoM drew upon once …
United States: Fima Repo Facility, 2020, Steven Kelly
United States: Fima Repo Facility, 2020, Steven Kelly
Journal of Financial Crises
On March 31, 2020, amidst historically severe strains in the US Treasury market and global dollar funding markets, the Federal Reserve announced the Foreign and International Monetary Authorities (FIMA) Repo Facility. The FIMA Repo Facility was designed to discourage foreign official Treasury sales and broadly improve foreign dollar funding markets—and ultimately the flow of credit in the United States. The facility provided renewable, overnight repurchase agreements (repos) to central banks and other international monetary authorities against Treasury collateral. This allowed approved central banks to access dollars for precautionary reasons or to pass to their domestic financial systems without engaging in …
United States: Central Bank Swaps To 14 Countries, 2007–2009, Jack French
United States: Central Bank Swaps To 14 Countries, 2007–2009, Jack French
Journal of Financial Crises
During the Global Financial Crisis of 2007–2009 (GFC), European financial institutions faced increased difficulty financing their US dollar–denominated assets as banks, money market funds, and other financial institutions pulled back funding. On December 12, 2007, the Federal Reserve announced two programs to address the situation by extending the reach of its liquidity providing operations. The programs were the Term Auction Facility, meant to improve liquidity for banks in the US, and currency swaps with European central banks, to facilitate dollar funding for financial institutions in Europe. The initial swap arrangements made up to USD 20 billion available to the European …
United States: Central Bank Swaps To 14 Countries, 2020, Benjamin Hoffner
United States: Central Bank Swaps To 14 Countries, 2020, Benjamin Hoffner
Journal of Financial Crises
The emergence of the COVID-19 pandemic during the first quarter of 2020 put strains on global US dollar funding markets. In response, on March 15, 2020, the Federal Reserve announced enhanced terms for its standing, uncapped dollar swap lines with five major central banks: the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and Swiss National Bank. These enhancements lowered the interest rate on the lines by 25 basis points (bps) to the US overnight index swap (OIS) rate plus 25 bps and made available swaps of 84-day maturities in addition to the existing schedule of …
United States: Central Bank Swaps To Five Countries, 2010–2011, Jack French
United States: Central Bank Swaps To Five Countries, 2010–2011, Jack French
Journal of Financial Crises
Following the 2007-09 financial crisis, dollar funding issues in the euro area reemerged during the first half of 2010. By late April, problems in Greece became serious, and concern about the fiscal conditions and growth prospects in Europe heightened. On May 9 and 10, 2010, the Fed reestablished temporary US dollar liquidity swap lines with the European Central Bank (ECB), Bank of England (BoE), Bank of Canada (BoC), Swiss National Bank (SNB), and Bank of Japan (BoJ); similar previous swap lines had expired in February 2010. The Fed’s press release said the purpose of the swap lines was to “improve …
Switzerland: Central Bank Swaps To The Eurozone, Poland, And Hungary, 2008–2009, Jack French
Switzerland: Central Bank Swaps To The Eurozone, Poland, And Hungary, 2008–2009, Jack French
Journal of Financial Crises
Prior to the Global Financial Crisis, Swiss banks made significant Swiss franc loans to financial institutions in several European countries. By the fall of 2008, many of those Swiss banks were unwilling or unable to continue refinancing those loans. In mid-September 2008, following the collapse of Lehman Brothers, short-term interest rates in the Swiss franc money market rose significantly. Banks throughout Europe, particularly in Poland and Hungary, had borrowed Swiss francs and lent them to households to buy real estate. As their domestic currencies lost value relative to the Swiss franc, a relative safe haven currency, borrowers in these countries …
United States: Central Bank Swaps To The Eurozone, Uk, And Canada, 2001, Jack French
United States: Central Bank Swaps To The Eurozone, Uk, And Canada, 2001, Jack French
Journal of Financial Crises
The September 11, 2001, attacks on New York City damaged much of the infrastructure that powered US bank payments systems and the government securities market. The Federal Reserve responded quickly with several measures to inject liquidity and promote confidence in the domestic financial system. It also created or expanded swap lines with foreign central banks between September 12 and 14 to provide dollar liquidity to financial institutions with US dollar funding needs. The swap agreements allowed the European Central Bank (ECB) to draw up to USD 50 billion, the Bank of England (BoE) up to USD 30 billion, and the …
Scandinavia: Central Bank Swaps To Iceland, 2008, Benjamin Hoffner
Scandinavia: Central Bank Swaps To Iceland, 2008, Benjamin Hoffner
Journal of Financial Crises
By 2008, the Icelandic banking system had become so large and heavily exposed to foreign liabilities that the Central Bank of Iceland (CBI) lacked sufficient foreign reserves to serve as a credible lender of last resort. During the first quarter of 2008, the CBI, in an effort to bolster reserves, began soliciting other central banks for swap agreements, the first of which was Danmarks Nationalbank. On May 16, 2008, Danmarks Nationalbank, Norges Bank, and Sveriges Riksbank agreed to bilateral swap facilities in which the CBI could borrow euros against Icelandic krona for a maximum of EUR 1.5 billion (USD 2.3 …
India: Saarc Swap Framework, 2012, Salil Gupta
India: Saarc Swap Framework, 2012, Salil Gupta
Journal of Financial Crises
In response to the Global Financial Crisis (GFC), finance ministers of member countries of the South Asian Association for Regional Cooperation (SAARC) agreed in 2009 on the need for bilateral arrangements to tackle short-term credit contractions and financial market disruptions. In 2012, the Reserve Bank of India (RBI) responded by launching a self-funded USD 2 billion swap framework for all SAARC member nations to provide a backstop line of credit to fight liquidity crises. The framework defined the terms under which a borrowing central bank could enter into a bilateral agreement with the RBI. Bhutan, Maldives, and Sri Lanka used …
Eurozone: Eurep, 2020, Vincient Arnold
Eurozone: Eurep, 2020, Vincient Arnold
Journal of Financial Crises
At the outset of the novel coronavirus pandemic (COVID-19), financial instability spread around the world. In response to potential euro funding stresses outside the euro area, on June 25, 2020, the European Central Bank (ECB) announced the Eurosystem Repo Facility for Central Banks (EUREP). The ECB introduced the facility as a precautionary backstop to address potential COVID-19-related euro liquidity funding stresses and to complement its existing network of swap lines and bilateral repo lines for central banks outside the euro area. Central banks could apply to use EUREP to borrow euros against euro-denominated sovereign debt (debt issued by euro-area governments …
Eurozone: Central Bank Swap To United Kingdom, 2019, Lakshimi Swaminathan
Eurozone: Central Bank Swap To United Kingdom, 2019, Lakshimi Swaminathan
Journal of Financial Crises
In 2019, the Bank of England (BoE) determined that a disorderly exit of the United Kingdom from the European Union (EU)—commonly referred to as Brexit—could disrupt the flow of financial services that EU firms provided to UK households and businesses. To ensure that UK banks, building societies, and broker-dealers would have access to euro liquidity in that scenario, on March 5, 2019, the European Central Bank (ECB) and Bank of England took the precautionary step of activating a standing bilateral swap line of unlimited size that had been agreed to in 2013. The BoE immediately announced that it was ready …
Eurozone: Central Bank Swap To Sweden, 2007, Salil Gupta
Eurozone: Central Bank Swap To Sweden, 2007, Salil Gupta
Journal of Financial Crises
During the early days of the Global Financial Crisis in 2007, the European Central Bank (ECB) set up a swap agreement with Sveriges Riksbank to provide euro liquidity in the case of adverse developments and to support market functioning. Sweden’s central bank could borrow a maximum of EUR 10 billion (USD 14.3 billion) from the ECB under this agreement. The Riksbank activated the swap line in June 2009 to borrow EUR 3 billion from the ECB and repaid it in September 2009. The ECB swap line helped Sweden to lower euro funding costs, avoid market pressure on its currency, and …
Eurozone: Central Bank Swaps To Ireland And The United Kingdom, 2010, Rosalind Z. Wiggins
Eurozone: Central Bank Swaps To Ireland And The United Kingdom, 2010, Rosalind Z. Wiggins
Journal of Financial Crises
In 2010, Ireland was experiencing a bank crisis and a sovereign debt crisis as a result of fallout from the broader Global Financial Crisis that had begun in 2007. Irish banks were having difficulty raising funds on wholesale funding markets and had borrowed extensively from the European Central Bank (ECB) in euros and US dollars. Despite the Irish government’s guaranteeing the Irish banks and taking other extraordinary actions, analysts and European Union (EU) and United Kingdom officials worried that Irish banks might still default, since the Irish banking sector had significant linkages with the UK and its banking sector. As …
Eurozone: Central Bank Swap To Denmark, 2008, Salil Gupta
Eurozone: Central Bank Swap To Denmark, 2008, Salil Gupta
Journal of Financial Crises
Danish banks faced substantial losses on loans to the slowing construction sector in the run-up to the Global Financial Crisis (GFC) of 2007–09. The acceleration of the crisis in 2008 raised funding costs and froze foreign funding markets for Danish banks. The Danish central bank, the Danmarks Nationalbank (DN), responded by injecting liquidity and seeking to reassure bank counterparties about the soundness of the financial system. In October 2008, the DN established a swap agreement with the European Central Bank (ECB) under which it could receive up to EUR 12.0 billion (USD 16.8 billion) in exchange for Danish krone. The …
Eurozone: Central Bank Repo To Hungary, 2008, Salil Gupta
Eurozone: Central Bank Repo To Hungary, 2008, Salil Gupta
Journal of Financial Crises
The collapse of Lehman Brothers in September 2008 led to a severe liquidity crisis in Hungary, which is part of the European Union but does not use the euro. Hungary’s banking system was vulnerable to short-term liquidity withdrawals by foreign banks. In October 2008, the Hungarian central bank, Magyar Nemzeti Bank (MNB), created a temporary bilateral repo facility with the European Central Bank (ECB) to access euro liquidity for a maximum of EUR 5 billion in exchange for euro-denominated government securities held by the MNB. The ECB-MNB agreement was designed to increase the MNB’s ability to lend euros to Hungarian …
Eurozone: Central Bank Repo To Poland, 2008, Salil Gupta
Eurozone: Central Bank Repo To Poland, 2008, Salil Gupta
Journal of Financial Crises
The Polish zloty depreciated strongly after the collapse of Lehman Brothers in September 2008. At the same time, liquidity shortages occurred in the Polish market and Polish banks were constrained in borrowing from international markets. On November 6, 2008, the European Central Bank (ECB) and National Bank of Poland (NBP) signed a master agreement to enter into repurchase transactions (repos) for a maximum amount of EUR 10 billion. The NBP intended to use the repo agreement to provide foreign exchange liquidity to the Polish banking sector and ensure market stability. The ECB and NBP’s repo facility was unused as of …
China: Central Bank Swaps To Mongolia, 2011, Vincient Arnold
China: Central Bank Swaps To Mongolia, 2011, Vincient Arnold
Journal of Financial Crises
Starting in 2009, China began to rapidly expand its network of central bank swap lines. In May 2011, the People’s Bank of China (PBOC) and the Bank of Mongolia (BOM) agreed to a bilateral reciprocal swap line to promote trade and economic development and to stabilize financial markets with short-term liquidity. The agreement stipulated caps of 5 billion renminbi (RMB; USD 0.8 billion) when the BOM was the borrowing party and 1 trillion Mongolian tugrik (MNT; USD 0.8 billion) when the PBOC was the borrowing party. By 2020, the PBOC had expanded the caps to RMB 15 billion and the …
China: Central Bank Swap To Hong Kong Monetary Authority, 2009, Vincient Arnold
China: Central Bank Swap To Hong Kong Monetary Authority, 2009, Vincient Arnold
Journal of Financial Crises
Starting in 2008, the People’s Bank of China (PBOC) began to grow a global network of central bank swap lines, announcing six in 2008–09 alone. The largest of those lines, in January 2009, was a 200 billion renminbi (RMB; USD 29.2 billion) swap line to the Hong Kong Monetary Authority (HKMA). The PBOC and HKMA, in similarly worded announcements, mentioned two goals of the swap arrangement: to promote renminbi-denominated trade settlement in Hong Kong and to promote financial stability in Hong Kong and the region. Hong Kong was the most important offshore financial center for trading renminbi-denominated securities, and the …
China: Central Bank Swaps To Argentina, 2014, Vincient Arnold
China: Central Bank Swaps To Argentina, 2014, Vincient Arnold
Journal of Financial Crises
In 2014, Argentina’s economy faced multiple crises: recession, currency devaluation, default, and inflation. In July 2014, the People’s Bank of China (PBOC) and the Central Bank of Argentina (BCRA) entered into a bilateral currency swap agreement with a three-year term for 70 billion renminbi (RMB; USD 11 billion). The swap line was meant to promote trade and development, facilitate investment in the renminbi, and boost Argentina’s foreign reserves. In December 2014, Argentina’s central bank drew on the line for a total of USD 1.5 billion worth of renminbi. In 2015, the central bank made three draws for a total of …
Asean Swap Arrangement, 1977–2021, Benjamin Hoffner
Asean Swap Arrangement, 1977–2021, Benjamin Hoffner
Journal of Financial Crises
Established on August 5, 1977, by the five central banks of the Association of Southeast Asian Nations (ASEAN), the ASEAN Swap Arrangement (ASA) was one of several regional financial safety nets developed during a decade defined by macroeconomic instability, with the collapse of the gold standard and an oil crisis. Each of the five ASEAN members (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) agreed to contribute one-fifth to a commitment pool of USD 100 million to provide short-term dollar swaps to any pool member experiencing temporary foreign exchange liquidity issues. The ASA provided swaps with maximum maturities of three months, …
Association Of Southeast Asian Nations + 3: The Chiang Mai Initiative Multilateralization, Benjamin Hoffner
Association Of Southeast Asian Nations + 3: The Chiang Mai Initiative Multilateralization, Benjamin Hoffner
Journal of Financial Crises
In 2010, following the Global Financial Crisis of 2007–2009, 13 Asian countries (including Hong Kong, China) introduced the Chiang Mai Initiative Multilateralization (CMIM) to significantly expand the ability of member countries to provide liquidity to each other to address potential liquidity or currency crises. The agreement created a USD 120 billion multilateral currency swap arrangement among the 10 member countries of the Association of Southeast Asian Nations (ASEAN), plus China, Japan, and South Korea. It replaced the network of bilateral swap agreements (BSAs) under the original Chiang Mai Initiative that the same 13 countries launched in 2000. The CMIM transformed …
A Macroprudential Perspective On The Regulatory Boundaries Of Us Financial Assets, David M. Arseneau, Grace Brang, Matt Darst, Jacob M. Faber, David E. Rappoport, Alexandros P. Vardoulakis
A Macroprudential Perspective On The Regulatory Boundaries Of Us Financial Assets, David M. Arseneau, Grace Brang, Matt Darst, Jacob M. Faber, David E. Rappoport, Alexandros P. Vardoulakis
Journal of Financial Crises
This paper uses data from the Financial Accounts of the United States to map out the regulatory boundaries of assets held by US financial institutions from a macroprudential perspective. We provide a quantitative measure of the macroprudential regulatory boundary—the perimeter between the part of the financial sector that is subject to some form of macroprudential regulatory oversight and that which is not—and show how it has evolved over the past 40 years. Additionally, we measure the boundaries between different regulatory agencies and financial institutions that operate within the regulatory perimeter and illustrate how these boundaries potentially become blurred in the …
Central Bank Foreign Currency Swaps And Repo Facilities Survey, Rosalind Z. Wiggins, Benjamin Hoffner, Greg Feldberg, Andrew Metrick
Central Bank Foreign Currency Swaps And Repo Facilities Survey, Rosalind Z. Wiggins, Benjamin Hoffner, Greg Feldberg, Andrew Metrick
Journal of Financial Crises
Central bank swap arrangements gained new importance during the Global Financial Crisis of 2007–09 (GFC) when wholesale funding markets contracted, causing severe liquidity strains. Led by the Federal Reserve, central banks, in their roles as lenders of last resort, redeployed this tool to provide liquidity in their currencies across borders to great effect. Since the GFC, swap arrangements have become key central bank policy tools and have been repeatedly used to address liquidity constraints. In this paper, we survey 67 swap and swap-like repurchase arrangements and frameworks from the 20th and 21st centuries. In addition, we analyze key design decisions …
Integrated Interposer And Voltage Regulator Module, N/A
Integrated Interposer And Voltage Regulator Module, N/A
Defensive Publications Series
This disclosure describes techniques for providing voltage management functionality in a silicon interposer included in an integrated circuit (chip) package. Per techniques of this disclosure, the silicon interposer is utilized for voltage regulation, in addition to providing electrical routing to the package. The interposer includes a voltage regulator module (VRM) that can convert the supply voltage to other voltage levels that can be utilized by different chips in the integrated circuit (IC) package. Switching logic is included within the interposer. Since many packages have similar power specifications, the interposer designs can be reused across different chip designs. A lower impedance …