Social and Behavioral Sciences Commons^™

The Role Of Money Market Mutual Funds In The Shadow Banking Sector Since The 2010 & 2014 Sec Reforms, George Kiss

Theses - Graduate Programs in Economic Theory and Policy

The analysis undertaken within this thesis questions the role of money market mutual funds (MMFs) in the shadow-banking sector since the 2010 and 2014 SEC reforms. In order to conduct such an analysis we provide a comprehensive history of the rise of these funds and how they contributed to the 2007-2009 Financial Crisis. A brief explanation of the 2010 and 2014 reforms is then given and we show that neither of these regulations have made these funds safer, but have increased the risk they pose to the overall financial system. We evaluate how the maturity distribution of securities held within …

Evolution Of Us-Dollar-Centric International Money Markets And Pro-Cyclicality Of Basel Iii Liquidity Framework, Oleksandr Valchyshen

Theses - Graduate Programs in Economic Theory and Policy

This thesis presents research on the evolution of the US-dollar-centric international money markets. The timeline starts from late nineteenth century US, where the New York call money market already featured a number of sophisticated techniques such as margin investing, over-certification, and re-hypothecation. Next, I explore the evolution of the market leading up to and after the Great Depression, through the regulatory period of the New Deal, and functional finance of the late 1930s and greater part of the 1940s. In the postwar period, I highlight the Federal Reserve’s push for free markets, the sudden rise of the euro-dollar market in …

Money And The Downfall Of A Democracy Economic Crises And The Weimar Republic, Leshan Xiao

History - Master of Arts in Teaching

I. Synthesis Essay……………………………….2

II. Primary Documents and Headnotes……….32

III. Textbook Critique…………………………….45

IV. New Textbook Entry…………………………48

V. Bibliography…………………………………..54

An Ethical Examination Of Libertarian Paternalism: The Impact Of Retirement Savings Nudges On Autonomy And Welfare, Edward E. Dunn V

Senior Projects Spring 2019

Behavioral economists have recommended the use of nudges to promote welfare through public and private policies as a form of ‘libertarian paternalism’. It remains a controversial topic and opponents of nudging claim that it violates individual liberty and autonomy. Even so, nudging has found success in helping people save more for retirement. Automatic enrollment and the Save More Tomorrow™ plan use defaults to encourage higher participation and contribution rates in 401(k) retirement savings plans. I argue that these policies violate individual autonomy and fail to determine individuals’ preferences. Ethical interventions prioritize the intelligibility of preferences, enhance individual autonomy, and promote …

Democratization Of Finance In China: The Role Of Internet Finance In China’S Economic Transformation, Shuying Han

Senior Projects Spring 2019

Democratization of finance in China is both effective and risky. This is a comprehensive study of the benefits and risks associated with China’s Inclusive Finance Policy and the rapid development of Chinese internet financial industry. Through a retrospective of the emergence of finance, this study will introduce the concept of democratization of finance and evaluate its development in China. The author further examines the approach of Inclusive Finance and Internet-based financial industry and their contributions to the overall financial industry. In addition, this study will also explore the role of Internet-based financial industry to Chinese economy in the context of …

Value(S) Based Diversification: Environmental, Social, And Governance Investing Sub-Issue Preferences Mapping Through Forced Trade-Offs, Sophia Justine Logan

Senior Projects Spring 2019

Using empirical evidence on consumer preferences for environmental, social, and governance (ESG) investing issues, this author builds upon the economic literature that agents have pro-social inclinations. Evidence from the study shows that ESG preferences are nuanced and heterogeneous, unlike the assumptions in academia and the financial services world today of homogenous preferences across ESG issue categories. This author employs the relatively new methodology of MaxDiff to analyze preferences by forcing trade-offs. A survey with 1,000 respondents was administered to create a rank ordering of ESG issue preferences. The project finds that the highest ranked issues fall within the “social” category …

Understanding Greek Unemployment: Is Greece's Nightmare Over ?, Dionysis D. Tzortzis

Senior Projects Spring 2019

This senior project talks about the unemployment problem of Greece, and examines the conditions of Greek unemployment for the last 25 years. In this project I traveled through the years from 1995 to today, I wrote down the statistics, trends, and projections for the future of unemployment in Greece. In this project I attempt to answer the question, Is Greece’s Nightmare Over which is something difficult to answer. In this project, I review historical decisions by the Greek governments over the years and its consequences regarding unemployment. In order to understand the problem of Greece we need to first understand …

Russian Climate Politics In 2019: Concessions And Trade Offs, Nikita O. Minin

Senior Projects Spring 2019

In the paper of this project the Russia’s political justifications for the signing of the Kyoto Protocol and the refusal to sign the Paris Accord are analyzed. Russia’s current adaptive strategies and trajectory towards creating a potentially devastating future for the planet are assessed in terms of their economic justifications. Overall this paper argues that the Paris Accord needs to be amended to be economically and politically fair for all signing countries. Currently Russia could lose GDP if they signed the accord, and this is presented as the primary reason for Russia’s refusal to sign. The thesis of the paper …

Huge In France: Explaining French Underperformance In The International Box Office, Jay D. Rosenstein

Senior Projects Spring 2019

In the face of near complete American dominance of the global film industry, the French have adopted a number of policies to protect their domestic industry. This project provides a history of public intervention in the French film industry, a theoretical framework to explain American dominance and the possibility of French competition, and finally an empirical evaluation of the French policy of public intervention. It finds significant evidence that public spending has a depressing effect on the size of movies on the upper end of the budget spectrum, but perversely that increasing the proportion of public spending on film increases …

Still Sitting On Men: Understanding The Continuities Of Indirect Rule Through Pre-Colonial Forms Of Female Resistance, Ethnic Power Politics And Economic Violence In Southeast Nigeria, Evan Richardson

Senior Projects Spring 2019

This project exposes that Indirect Rule in Southeastern Nigeria has had direct, significant ramifications on the Political Economic Development of Nigeria through the present day.

Examination Of United States Housing Data And The Racial Wealth Gap Case Study Of Westchester County, Ny, Ezekiel Nana Demasio

Senior Projects Spring 2019

Senior Project submitted to The Division of Social Studies of Bard College.

Discrimination In The U.S Mortgage Market: A Historic Overview Of Discriminatory Practices And How The Rapid Expansion Of The Secondary Market Has Reshaped Them And The Incentives Behind Them, Ioannis Prousanidis

Senior Projects Spring 2019

My paper contributes to the existing literature regarding discriminatory practices in the mortgage market. It is argued that the development of the mortgage market, and specifically the rapid expansion of the secondary market, gave rise to new discriminatory practices (predatory lending, algorithmic based discrimination). My project analyses the specifics of these developments and how they are associated with the introduction of these current discriminatory acts, outlines the changing incentives behind them and argues that current legislation has been proved to be too inflexible to adapt to the changing nature of the mortgage market and of the practices themselves. Furthermore my …

Cryptocurrencies: A Currency At All, Or A Speculative Investment For The Future?, William T. Baffuto

Senior Projects Spring 2019

Since the introduction of the first Cryptocurrency, Bitcoin, in 2008 there have been many an innumerable amount created. This begs the question, although they are labeled Cryptocurrencies, are they really currencies under the modern definition of Money? This paper will analyze the functions of cryptocurrencies concluding with the idea that currently Cryptocurrencies behave more like a Speculative Asset then an alternative form of money. That is not to say that in the future technologies like blockchain could not be utilized by Central Banks, rather there are to many variables control for at the moment to consider it an alternative to …

It’S Garfield’S World, We Just Live In It: An Exploration Of Garfield The Cat As Icon, Money Maker, And Beast, Iris B. Engel

Senior Projects Fall 2019

No newspaper comic character enjoys a larger international audience than Garfield. While newspaper comics have been infiltrating the homes of readers in the United States since the 1880s, Garfield has made more of an impact than any other. Brought into existence by Jim Davis in Muncie, Indiana in 1978, Garfield has now gone world-wide. Breaking Guinness world records for most syndicated newspaper comic strip, Garfield has made over 800 million dollars in comic sales alone, making it the largest grossing newspaper comic strip to date. Recognized globally, Garfield is an international icon. Despite these laudations, there has never been an …

Fair Pay To Play: The Compensation Debate And The Exploitation Of Black Student-Athletes, Wynn S. Miller

Senior Projects Fall 2019

The National Collegiate Athletics Association (NCAA), which is the governing board for intercollegiate athletics in the United States, earns large amounts of revenue from major college sports like Division I football and men’s basketball but does not provide any compensation beyond basic athletic scholarships to the student-athletes who generate the revenue. In recent years, the NCAA has come under increased scrutiny due to what is perceived as hypocrisy—that is, the NCAA using its student-athletes to generate hundreds of millions of dollars in revenue but refusing to provide fair compensation to the student-athletes. Because a majority of student-athletes on Division I …

A Theoretical And Empirical Analysis Of The Wage Effects Of Marriage In Same-Sex Households, Peyton Nash

Senior Projects Fall 2019

This Senior Project analyzes the wage effects of marriage for same-sex couples from a theoretical and empirical perspective using data from the 2012-2017 American Community Survey. I present the first empirical evidence of a wage effect to marriage for same-sex couples. I find strong evidence that this premium is driven by an increased degree of household specialization in married gay and lesbian couples. For both gay and lesbian couples, my results show a large and statistically significant return to marriage for the primary earner in same-sex couples. This raises several questions for future research and potential issues for the more …

Growth And Sectoral Development: A Stock-Flow-Consistent Model Of The Effects Of Trade Liberalization In Ghana, Harrison J. Karlewicz

Theses - Graduate Programs in Economic Theory and Policy

The dawn of neoliberalism brought with it a litany of trade policies for developing nations, including recommendations to liberalize trade barriers, remove capital controls, and develop in relative comparative advantages in the global economy. These policies were buttressed with Computable General Equilibrium models that showed positive welfare gains for liberalizing nations. This paper reviews the historical record around trade policy, theories of trade, as well as the methodological approaches used to examine the effects of trade liberalization in the neoliberal era. It posits an alternative using Stock-Flow-Consistent modeling methods, looking particularly at the case of Ghana and its own tariff …

Aspects Of Institutional Finance In Sustainable Development, Jordan Fanelli

Theses - Graduate Programs in Economic Theory and Policy

Since the establishment of the Post–2015 Development Agenda and the 2030 Sustainable Development Goals (SDGs), the international community has considerably maintained that private sector leadership will be a crucial factor in supporting sustainable development, especially in emerging and developing economies. Since 2008 many traditional commercial banks who are crucial financial actors have retreated from the capital markets due to increased regulations and mandatory capital ratios. Additionally, government expenditure has also decreased due to budget constraints in the post-crisis years. This retraction of traditional sources of finance, combined with a significant increase in the demand for capital has created multiple financing …

Financial Innovation And The Implications For Monetary Policy And Portfolio Hedging, John Flynn

Theses - Graduate Programs in Economic Theory and Policy

The focus of this thesis will be on three main components, namely, monetary transmission mechanisms, financial innovation and portfolio hedging. It will first discuss the different channels of monetary policy and how they affect economic and financial variables. Then, financial innovation will be analyzed from the perspective of Hyman P. Minsky and the effects on the financial system. Next, the relation of regulation to the changing financial landscape of the economy will be discussed. Finally, the use of financial derivatives will be reviewed, presenting their hedging function and speculative risks. Then, the impact of too big to fail banks and …

Leveraging Environmental Reserve Assets To Achieve A Sustainable Environment, Tamim Ephrem Akiki

Theses - Graduate Programs in Economic Theory and Policy

This paper proposes a financing mechanism that seeks to realize massive projected returns associated with holding global warming at below 1.5°C above pre-industrial levels. The IMF and national authorities of every participating country design 20-year Structural Environmental Adjustment Plans (SEAPs) that include preservation targets, emissions reductions, and investment budgets. Those budgets can either be self-financed or, where need is demonstrated, funded by the IMF using zero-interest loans that fully amortize through environmental outcomes. Maximum funding capacity is measured using Special Environmental Drawing Rights (SEDRs), an indefinite potential claim on the IMF’s freely usable currencies for climate finance regardless of future …

A Keynesian Exploration Of The Determinants Of Government Bond Yields For Brazil, Colombia, And Mexico, Simon Simoski

Theses - Graduate Programs in Economic Theory and Policy

This dissertation investigates the long-term determinants of the government bond nominal yields of Brazil, Colombia, and Mexico. It deploys vector error correction (VEC) model to assess whether John Maynard Keynes’s view that the central bank’s actions, mainly through short-term interest rates and various monetary policy measures, are the key drivers of long-term government bond yields over the long-run, after controlling for key economic variables such as the inflation rate, GDP growth rate, and government debt- and deficit-to-GDP ratios. The results from the models estimated indicate that short-term interest rates are the main drivers of longterm government bond yields for all …

Postcolonial Exploitation Through Economic Development Tools: A Case Study On France And The Ivory Coast, Keshav R. Prabhu-Schlosser

Senior Projects Spring 2019

Abstract: French monetary control over their colonies in Africa did not decrease after decolonization. Instead, the monetary union, the CFA Franc Zone set the stage for French domination of West Africa for decades to come through their control of pricing and exchange rates. This dominion causes repeated economic downturns, which the governments of the CFA countries are unable to counteract due to the monetary and fiscal restrictions placed upon them through the currency union. These downturns are only offset by repeated injections of capital, which can only come from abroad. In a case study of France and the Ivory Coast, …

Analysis Of Unbalanced Growth Caused By Foreign Direct Investment In China’S Regional Economy, Zewen Zheng

Senior Projects Spring 2019

Since reform and opening up in 1979, China’s national economy has grown rapidly, and thenational economic strength has been continuously enhanced. However, the regional economy hasnot grown in a balanced way. Economic imbalances in China’s three regions (eastern, central,and western) has become increasingly large. The eastern region has become the largest beneficiary area for absorption of foreign direct investment (FDI), while the central and westernregions have absorbed less, a trend of “high in the east and low in the west.” Undoubtedly, FDI plays an important role in promoting China’s economic growth and has become an important part of China’s national …

The Gender Wage Gap In Sports: Explaining The Pay Gap In Sports, David Streeter Runcie

Senior Projects Spring 2019

Senior Project submitted to The Division of Social Studies of Bard College.

If The Shoe Fits: A Historical Exploration Of Gender Bias In The U.S. Sneaker Industry, Rodney M. Miller Jr

Senior Projects Spring 2019

In its short history, which barely spans 100 years, sneakers have quickly become a polarizing and captivating commodity, gaining the attention of consumers, fashion houses and major retailers everywhere. Unfortunately, the sneaker industry also has a history of implicit, unconscious bias towards women. A thorough examination of the history of sneakers has discovered three major social movements that can be identified as the key contributors to the growth of the sneaker industry: (1) physical activity, (2) professional sports, and (3) Hip-Hop—the culture not the music genre. Upon further examination, it became evident that each of these social factors have their …