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Full-Text Articles in Business

Lessons Learned: Kevin Warsh, Matthew A. Lieber Sep 2022

Lessons Learned: Kevin Warsh, Matthew A. Lieber

Journal of Financial Crises

As senior deputy director of the Division of Supervision and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC), Spoth led examinations, enforcement actions, problem bank remediations, and failure resolutions, among a range of responsibilities. During the Global Financial Crisis, he was on the front lines of fast-moving policy discussions and actions to help stabilize the financial system, and he oversaw the closure and restructuring of some of the nation’s largest banks. This abstract is based on an interview with Spoth on February 4, 2021.


Lessons Learned: Brian Sack, Sandra Ward Sep 2022

Lessons Learned: Brian Sack, Sandra Ward

Journal of Financial Crises

Charged with overseeing the implementation of the asset-purchase programs and liquidity facilities in his roles as executive vice president of the Markets Group and manager of the System Open Market Account at the Federal Reserve Bank of New York (FRBNY), Brian Sack played a critical role in keeping markets functioning during the years 2009–2012. He served as an adviser to top policymakers, and, in addition to implementing the various programs designed to stabilize financial conditions, he monitored their impact and measured their performance. This Lessons Learned summary is based on an interview with Sack on November 13, 2020.


Lessons Learned: Nathan Sheets, Yasemin Sim Esmen, Rosalind Z. Wiggins Sep 2022

Lessons Learned: Nathan Sheets, Yasemin Sim Esmen, Rosalind Z. Wiggins

Journal of Financial Crises

Between 2007 and 2011, Nathan Sheets was director of the Division of International Finance at the Board of Governors of the Federal Reserve System. He oversaw the operations of the division and advised the Federal Open Market Committee (FOMC) on economic and financial developments in foreign countries. Sheets also regularly represented the Federal Reserve Board at international meetings and in its contacts with foreign central banks. Under his helm, the division was involved in helping establish and manage the US dollar liquidity swap lines with foreign central banks. This Lessons Learned abstract is based on an interview with Sheets on …


Lessons Learned: Susan Mclaughlin, Matthew A. Lieber Sep 2022

Lessons Learned: Susan Mclaughlin, Matthew A. Lieber

Journal of Financial Crises

A veteran staff member of the Federal Reserve Bank of New York (FRBNY), Susan McLaughlin served as head of the discount window and chief operating officer of the FRBNY’s Markets Trading Desk during the Global Financial Crisis. She was centrally involved in the Fed’s policy response to the disruptions to secured and unsecured funding markets during 2007–2008. Following the crisis, McLaughlin coordinated an effective Fed initiative to reform the triparty repurchase agreement (repo) market’s settlement infrastructure. The Fed’s reform efforts, engaging the financial industry under FRBNY president Bill Dudley, were instrumental in im-proving the stability of the funding market. This …


Lessons Learned: Frederic Mishkin, Matthew A. Lieber Sep 2022

Lessons Learned: Frederic Mishkin, Matthew A. Lieber

Journal of Financial Crises

Rick Mishkin served as a member of the Board of Governors of the Federal Reserve System from 2006 to 2008 and as director of research at the Federal Reserve Bank of New York from 1994 to 1997. A leading expert on monetary economics and financial markets and a professor at Columbia University’s School of Business since 1983, Mishkin has written 20 books, including the textbook The Economics of Money, Banking, and Financial Markets. This Lessons Learned is based on an interview with Mishkin conducted on October 20, 2020.


Lessons Learned: Simon Potter, Maryann Haggerty Sep 2022

Lessons Learned: Simon Potter, Maryann Haggerty

Journal of Financial Crises

Simon Potter, an economist, worked at the Federal Reserve Bank of New York for more than two decades. Leading up to the Global Financial Crisis, he was the New York Fed’s associate director of economic research; in 2010, he became director. In 2012, he shifted to become the head of the markets group, putting him at the helm of the Fed’s open markets operations, the mechanism by which the central bank steers monetary policy and interest rates. He moved to the private sector in 2019. For this April 2021 Lessons Learned interview, he emphasized that these are his personal opinions, …


Lessons Learned: Steven B. Kamin, Yasemin Sim Esmen Sep 2022

Lessons Learned: Steven B. Kamin, Yasemin Sim Esmen

Journal of Financial Crises

Steven B. Kamin was the deputy director of the division of international finance at the Federal Reserve Board during the Global Financial Crisis (GFC) and was appointed director in 2011. He was responsible for research, policy analysis, and reporting in the areas of foreign economic activity, US external trade and capital flows, and developments in international financial markets and institutions. This Lessons Learned is based on an interview conducted with Kamin on August 16, 2019.


Lessons Learned: Kieran J. Fallon, Matthew A. Lieber Sep 2022

Lessons Learned: Kieran J. Fallon, Matthew A. Lieber

Journal of Financial Crises

Presently the senior deputy general counsel for regulation and government affairs at PNC Fi-nancial Services Group, Kieran Fallon completed a 16-year tenure in the legal division of the Board of Governors of the Federal Reserve System in 2011. As associate general counsel dur-ing the Global Financial Crisis (GFC), he helped design the Federal Reserve’s Commercial Pa-per Funding Facility, restructure American International Group (AIG), and implement the Dodd-Frank Act. Relatedly, Fallon also served as general counsel for the Financial Stability Oversight Board from 2008 to 2011. This Lessons Learned is based on an interview conducted with Fallon on August 13, 2020.


Lessons Learned: Seth Carpenter, Maryann Haggerty Sep 2022

Lessons Learned: Seth Carpenter, Maryann Haggerty

Journal of Financial Crises

Seth Carpenter was a senior staff member of the Division of Monetary Affairs at the Federal Reserve Board during the 2007–09 Global Financial Crisis (GFC), meaning he was part of the team that advised the Board of Governors and members of the Federal Open Market Committee (FOMC) in setting monetary policy. He led the Board team that worked daily with the Open Market Trading Desk at the Federal Reserve Bank of New York to implement policy. He left the Federal Reserve System as deputy director of monetary affairs in 2014 to work at the US Department of the Treasury, where …


Lessons Learned: Tim Clark, Lynnley Browning Sep 2022

Lessons Learned: Tim Clark, Lynnley Browning

Journal of Financial Crises

During the Global Financial Crisis of 2007–09, Tim Clark was senior adviser in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. Clark was a chief architect of the Federal Reserve’s capital and liquidity stress tests that helped to stabilize the banks. He was also one of the leaders behind the implementation of the Dodd-Frank Act and other reforms at the Federal Reserve, and ultimately served as deputy director of the Division for Supervision and Regulation. This abstract is based on an interview with Clark that occurred on December 13, 2019.


The Internal Capital Markets Of Global Dealer Banks, Arun Gupta Sep 2022

The Internal Capital Markets Of Global Dealer Banks, Arun Gupta

Journal of Financial Crises

This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2007–09 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present a unique set of facts on the evolution of inter-affiliate loans between US primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 62 percent of total securities lending reported on US primary …


Lessons Learned: John Bovenzi, Sandra Ward Sep 2022

Lessons Learned: John Bovenzi, Sandra Ward

Journal of Financial Crises

As a deputy to the chairman of the Federal Deposit Insurance Corporation (FDIC) and in his role as chief operating officer of the agency, John Bovenzi provided policy advice and oversaw the agency’s operations, including business lines, bank supervision, bank closings, deposit insurance, and administrative affairs. Bovenzi’s most notable role during the Global Financial Crisis was manning the helm of mortgage lender IndyMac after the FDIC took it over in July 2008 to position it for a sale. This abstract is based on an interview with Bovenzi conducted on December 2, 2020


Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka Sep 2022

Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka

Journal of Financial Crises

Since the Global Financial Crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that, in some circumstances, managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macrofinancial conditions. Effectiveness, however, does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.


From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System, Antonio Sánchez Serrano Sep 2022

From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System, Antonio Sánchez Serrano

Journal of Financial Crises

The COVID-19 pandemic created an unprecedented economic shock across the world. As a result of the coronavirus outbreak and the related health measures, nonfinancial corporations providing nonessential goods or services that cannot be consumed remotely have experienced a large decrease in their turnover. Using balance sheets and flows statements, we are able to quantify the impact of the pandemic on nonfinancial corporations and households, according to several scenarios for the pandemic over 2021. The impact is largely heterogeneous across sectors and amounts to up to 20% of the turnover for euro area nonfinancial corporations. Stress in these corporations and households …


Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge Sep 2022

Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge

Journal of Financial Crises

Scholars frequently assert that financial legislation in the United States is primarily crisis driven. This “crisis-legislation hypothesis” is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is poorly conceived and inadequate to the problems it aims to address. Other scholars embrace the hypothesis, but from the perspective that crises are the needed impetus to prompt constructive reforms. Despite the prevalence of this hypothesis, however, its threshold assumption—that Congress passes major financial legislation only when financial crises arise—has never been analyzed empirically. This article provides that analysis. We first devise a new system …


Dynamic Return Relationships In The Market For Cryptocurrency: A Var Approach, Julian Gouffray Sep 2022

Dynamic Return Relationships In The Market For Cryptocurrency: A Var Approach, Julian Gouffray

James Madison Undergraduate Research Journal (JMURJ)

This paper examines how the Bitcoin-altcoin return relationship has evolved in periods between 2015 and 2020. To understand this relation, we observe data on the cryptocurrency Bitcoin and prominent altcoins Ethereum, Litecoin, Ripple, Stellar, and Monero, which collectively represent over 90% of the market throughout the observed period. We employ a vector autoregressive model (VAR) to produce forecast error variance decompositions, orthogonal impulse response functions, and Granger-causality tests. We find evidence that Bitcoin return variation has increasingly explained altcoin returns and that market inefficiency increased between 2017 and 2020, as shown by increased Granger causality between Bitcoin and altcoins. These …


Consumers’ Subjective Well-Being In Brazil: Suggested Extensions For Researching A Market With Continental Dimensions, Igor De Jesus Lobato Pompeu Gammarano Sep 2022

Consumers’ Subjective Well-Being In Brazil: Suggested Extensions For Researching A Market With Continental Dimensions, Igor De Jesus Lobato Pompeu Gammarano

Markets, Globalization & Development Review

This commentary starts by recognizing, in the lead article of this issue, the importance of studying empirically the relationships between marketplace activities and consumers' perceived subjective well-being in Brazil. The commentary then presents a number of ways in which future research studies of this type can be strengthened, in terms of geographical coverage, methods employed and analytical-interpretive tools used. The commentary also offers literature links to a variety of consumption modes, from minimalist to hedonic; pointing out that subjective well-being is influenced by these styles/modes of consumption.


Subjective Well-Being, Happiness, And Fairness Of Marketing Systems In Brazil: Some Further Thoughts, Stefânia Ordovás De Almeida, Ely José De Mattos Sep 2022

Subjective Well-Being, Happiness, And Fairness Of Marketing Systems In Brazil: Some Further Thoughts, Stefânia Ordovás De Almeida, Ely José De Mattos

Markets, Globalization & Development Review

Subjective well-being is often popularly referred to as happiness. In this dialogue commentary, we point to these additional aspects of subjective well-being or happiness: (1) Some findings from another study of this type, in another region of Brazil; (2) Several macro-level observations, drawn from Brazil as well as globally, on the complex relationships between marketing practices, public policies, consumption styles and subjective well-being.


Consumers' Perceptions Of The Role Of The Marketing System In Subjective Well-Being, Valcir Farias, Ramon Silva Leite Sep 2022

Consumers' Perceptions Of The Role Of The Marketing System In Subjective Well-Being, Valcir Farias, Ramon Silva Leite

Markets, Globalization & Development Review

The term happiness is used colloquially to refer to subjective well-being. In the years when the performance of marketing systems in Brazil was reduced, there was a fall in happiness index, which demonstrates the importance of marketing systems in the subjective well-being of individuals and society. Most studies on the role played by the marketing system in subjective well-being are based on mature markets. Little has been studied on the subject in Latin American markets. This article describes the role of marketing systems in the subjective well-being of Brazilian consumers. In qualitative research through interviews with consumers from cities of …


The Conundrums Of Happiness And Subjective Well-Being: Views From Brazil, Nikhilesh Dholakia, Deniz Atik Sep 2022

The Conundrums Of Happiness And Subjective Well-Being: Views From Brazil, Nikhilesh Dholakia, Deniz Atik

Markets, Globalization & Development Review

No abstract provided.


A New Method For Cluster Life Cycle Stage Identification: Mapping The Evolution Of The Biomedical Competitiveness Cluster Of Wallonia., Conor Michael Harte Sep 2022

A New Method For Cluster Life Cycle Stage Identification: Mapping The Evolution Of The Biomedical Competitiveness Cluster Of Wallonia., Conor Michael Harte

Theses

National governments and policy makers alike need data and expertise as they seek to develop accurate and relevant cluster policies and initiatives. It is argued that clusters also have life cycles similar to the way industries, products, and technologies have a life cycle, including a variety of stages (Ingstrup and Damgaard, 2013; Jia et al., 2015; Fornahl and Hassink, 2017; Ferrari et al., 2020). This research addresses three objectives: 1. Analyse the longitudinal development of a cluster to record, measure and analyse its evolution over a three-year period; 2. Create a new methodology to support cluster life cycle stage identification; …


Nebraska Monthly Economic Indicators: September 21, 2022, Eric Thompson Sep 2022

Nebraska Monthly Economic Indicators: September 21, 2022, Eric Thompson

Leading Economic Indicator Reports

The LEI-N changed little in August 2022, falling by just 0.01%. The leading indicator is designed to predict economic growth six months in the future. As a result, the flat value for the indicator in August signals that economic growth in Nebraska will be slow at the beginning of 2023. Several components of the leading indicator worsened during August. First, there was a decrease in building permits for single-family homes, likely in response to rising interest rates. Second, initial claims for unemployment insurance rose during August, suggesting some softening of the state’s strong labor market. By contrast, positive business expectations …


Evaluating Utah's Rural Online Initiative: Empowering Organizational Leaders Through Remote Work, Paul A. Hill, Amanda D. Ali, Lendel K. Narine, Andrea T. Schmutz, Tyson M. Riskas, Debra M. Spielmaker Sep 2022

Evaluating Utah's Rural Online Initiative: Empowering Organizational Leaders Through Remote Work, Paul A. Hill, Amanda D. Ali, Lendel K. Narine, Andrea T. Schmutz, Tyson M. Riskas, Debra M. Spielmaker

Journal of Extension

Compared to urban counties, Utah's rural counties experienced high levels of unemployment. Informed by a statewide needs assessment, Utah State University Extension developed a remote work leadership course to equip business leaders with knowledge and skills to create remote jobs as a solution to rural unemployment. This descriptive evaluation study collected data from course participants (N = 62). Findings showed short-term outcomes were achieved; participants experienced increases in knowledge and skills and had more positive intentions toward creating remote jobs and hiring employees from rural counties. Extension professionals can design and evaluate their programs using the framework in this study.


Research Of S&T And Financing Integration Development From Innovation Chain Perspective, Yingming Li, Qian Li, Ying Wang Sep 2022

Research Of S&T And Financing Integration Development From Innovation Chain Perspective, Yingming Li, Qian Li, Ying Wang

Bulletin of Chinese Academy of Sciences (Chinese Version)

S&T and financing integration contributes to improve innovation efficiency and expand profit margin of financial capital. With the shortening transformation period from basic research into practical productive force, this integration extends to the front of the innovation chain. Dominant position in foundation innovation is becoming the focus of major country competition. From the perspective of innovation chain, this study puts forwards a logical framework of S&T and financing integration. For different innovation stages, the study analyzes the technology innovation goals, industrial development characteristics, and the rules of capital operation. Based on the co-evolution processes of S&T and financing, suggestions of …


Deepen Combination Of Science, Technology And Finance To Empower Enterprises To Carry Out High-Quality Innovation, Wei Xue, Beibei Hu, Shijie Wei Sep 2022

Deepen Combination Of Science, Technology And Finance To Empower Enterprises To Carry Out High-Quality Innovation, Wei Xue, Beibei Hu, Shijie Wei

Bulletin of Chinese Academy of Sciences (Chinese Version)

China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of highquality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the …


Effect Of Socio-Economic Factors On Loan Repayment Performance Of Youth Revolving Fund In Oromia Regional State, Ethiopia, Abebe Negesse Bantu, N.S. Malik Sep 2022

Effect Of Socio-Economic Factors On Loan Repayment Performance Of Youth Revolving Fund In Oromia Regional State, Ethiopia, Abebe Negesse Bantu, N.S. Malik

Arab Economic and Business Journal

Youth Revolving Fund (YRF) loan was established to help unemployed youths alleviate their economic and social difficulties. However, its loan repayment performance is not as expected. Thus, the objective of this study was to examine effect of socio-economic factors on loan repayment performance of YRF in Oromia Regional State. 328 data collected from 328 respondents and the result showed peer pressure, loan diversion, time of maturity of investment and predominant economic shocks were affected loan repayment at 5% level of significance. Finally, government is recommended to create awareness about YRF loan, reconsider training and guidance, and alternative fund utilization strategy.


The Characteristics And Role Of Intangible Capital In Central-Eastern Europe, The Balkans And In The Mediterranean, Igor Lončarski, Mojca Marc Sep 2022

The Characteristics And Role Of Intangible Capital In Central-Eastern Europe, The Balkans And In The Mediterranean, Igor Lončarski, Mojca Marc

Economic and Business Review

No abstract provided.


Climate Change Adaptation And Mitigation In A Small Archipelago: The Role Of Ecotourism In Malta, Karl Agius Sep 2022

Climate Change Adaptation And Mitigation In A Small Archipelago: The Role Of Ecotourism In Malta, Karl Agius

International Journal of Islands Research

The aim of this paper is to present the potential of ecotourism to develop into a niche contributing to climate change adaptation strategies whilst making the existing tourism industry more resilient. The paper provides an overview of mitigation measures adopted in Malta by the aviation, tourism and hospitality industry as well as policy makers in the archipelago to respond to major challenges that climate change poses for tourism. These changes are vital to lure ecotourists and to support ecotourism development. Six main themes emerged from the research in the context of the role ecotourism can play as an adaptation to …


A Relational Approach To Networks In A Tourism Destination: Business And Family Networks In San Vito Lo Capo, Sicily, Giovanni Ruggieri, Salvatore Iannolino Sep 2022

A Relational Approach To Networks In A Tourism Destination: Business And Family Networks In San Vito Lo Capo, Sicily, Giovanni Ruggieri, Salvatore Iannolino

International Journal of Islands Research

This article constructs a relational framework using the principles of the Network Approach to examining the business exchange structure of a tourist destination. Network Analysis is the methodology to analyse the metrics of collaboration and cooperation among destination companies. The model was applied in a remote tourist destination named San Vito Lo Capo on the island of Sicily, where tourism has significantly expanded in the last twenty years. The focus is on how groupings of small companies within family relations can govern and be responsible for tourism destination cooperation. As the main result, the existence was identified, of a relational …


The Nexus Between Tourism Demand And Regional Characteristics: The Case Of Japanese Islands, Kantaro Takahashi Sep 2022

The Nexus Between Tourism Demand And Regional Characteristics: The Case Of Japanese Islands, Kantaro Takahashi

International Journal of Islands Research

This paper explores the relationships between tourism demand and regional characteristics of the Japanese islands. A regression model was carried out for 113 islands designated by the Remote Island Development Act, which is one of the laws designed to promote rural areas in Japan. Results show that the transportation situation was related to the demand of arrival tourists, whereas the results were insignificant for the model with the response variable as lodging tourists. Meanwhile, location factors were significant for lodging tourists—that is, open sea areas have more lodging tourism demand than islands in inland sea areas. Furthermore, this study found …