Social and Behavioral Sciences Commons^™

Russia: Otkritie Emergency Liquidity Program, 2017, Benjamin Hoffner

Journal of Financial Crises

In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced deposit runs related to concerns over Otkritie’s recent acquisitions, including a large, troubled bank and insurance company. The runs prompted Otkritie to heavily rely on the Central Bank of Russia’s (CBR’s) standing fixed-rate repurchase agreement (repo) facility to meet the outflow. By July, Otkritie had RUB 338.1 billion in outstanding repo loans from the CBR. As depositors continued to withdraw funds in August, the CBR provided Otkritie with an unsecured emergency loan of RUB 330 billion while Otkritie continued to borrow from the repo facility. On August …

Moldova: Consortium Of Banks Emergency Liquidity Program, 2014, Vincient Arnold

Journal of Financial Crises

In the fall of 2014, a bank fraud involving illegal loans and transfers resulted in USD 1 billion being stolen from the government of Moldova, which amounted to more than an eighth of Moldova’s GDP. In September 2014, it became clear to the National Bank of Moldova (NBM) that the banks involved in the fraud—Banca de Economii, Banca Sociala, and Unibank—were deeply insolvent and had been hiding that fact from regulators. In late November, the NBM issued 9.4 billion Moldovan lei (MDL; USD 640 million) in emergency credit to the banks at an interest rate of 10 basis points against …

Latvia: Parex Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Heading into the Global Financial Crisis, JSC Parex banka was Latvia’s second-largest bank in terms of assets, comprising 13.8% of total assets in the Latvian banking sector. In autumn 2008, Parex faced a capital shortfall owing to massive credit and market losses in addition to liquidity problems and deposit runs of 240 million Latvian lats (LVL; USD 428.6 million). Parex had two senior syndicated loans maturing in February and June 2009, totaling EUR 775 million (USD 992 million). Latvian authorities said they doubted that Parex would be able to pay back, extend, or replace these loans. Authorities intervened at the …

Italy: Banco Ambrosiano Emergency Liquidity Program, 1982, Kopal Ardimento

Journal of Financial Crises

On June 14, 1982, prompted by the disappearance of Banco Ambrosiano (BA) CEO Roberto Calvi, the Bank of Italy opened an investigation into BA, which revealed to the market BA’s 1.9 trillion–2.2 trillion Italian lire (ITL; USD 1.4 billion–USD 1.6 billion) in questionable foreign loans. The Treasury Ministry deemed intervention necessary because BA’s collapse would compromise the credibility of the Italian banking system abroad. Attempts to appeal to the Vatican Bank to honor guarantees it had made against these foreign loans failed. The Bank of Italy worried that runs on deposits would further impair BA while authorities explored alternatives to …

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 …

The Jacksons' Debate, Marcus Vinicius Neves

Vernacular: New Connections in Language, Literature, & Culture

The Jacksons’ Debate” explores ethical dilemmas through an alien civilization considering human consumption. This philosophical sci-fi story examines sentience, moral responsibility, and societal progress from a unique perspective. Blending dark humor with social commentary, it challenges readers to reflect on human behavior and ethical decision-making in the face of necessity and scientific advancement.

Hindsight Is 20/20: Epilepsy Is Not One-Size-Fits-All, Raika Kim

Northwestern University Law Review

For many, epilepsy is one of the first conditions that come to mind when thinking of a disability, and for good reason: over 50 million people in the world live with epilepsy. Yet misunderstandings about epilepsy have perpetuated social stigma surrounding the disability for centuries. Ableist beliefs led to the passage of laws in the 1900s condoning—and in some cases, requiring—sterilization of individuals with epilepsy and restriction of their right to marry. Even today, state driving laws, justified as promoting public safety, categorically prevent anyone diagnosed with epilepsy from driving unless they are seizure free for an arbitrary, nonuniform period …

Applying Insights From The Enneagram Model Of Human Psychology To Enhance Neutrality And Success In Mediation, Inely Cassía Cesna

Pepperdine Dispute Resolution Law Journal

The ancient wisdom of the Enneagram illuminates the complexities of conflict, offering invaluable insights for mediators and individuals alike. Through various case studies and recommendations on practical applications, this Article illustrates how mediators can leverage Enneagram-based strategies to de-escalate conflict and facilitate constructive dialogues. By understanding the nine Enneagram Points, mediators can foster self-awareness, empathy, and communication among the disputing parties. Meanwhile, the Enneagram encourages mediators to self-reflect and address their own underlying emotions during the various mediation stages. Rather than a strict typological tool, the Enneagram’s inner lines, Wings, and Triadic Approaches allow mediators to easily recognize diverse responses …

The Wellness Connection April 2025, Roger Williams University School Of Law Office Of Student Life

Life of the Law School (1993- )

No abstract provided.

New Zealand Security Agencies’ Secrecy, Accountability, And Transparency In The Modern Era, Ben Amata

Secrecy and Society

New Zealand’s security agencies need to balance conflicting missions of secrecy, accountability, and transparency in conducting national security government operations. Citizens expect protection without violating their liberties and for security agencies to act effectively and legally. From public revelations about the agencies and government reform efforts, the agencies evolved from almost total secrecy to greater accountability and transparency since World War II. This study employs a historical methodology, which examines primary source documents to reveal the history of secret behavior and to reform the New Zealand Security Intelligence Service and the Government Communications Security Bureau.

What About The Buyers? Deriving Factors Of Demand In The U.S. Black Market, Eric S. Schneider

Undergraduate Theses

The vast majority of econometric research regarding black markets focuses on the supply. Relatively little information is definitively shown in academic literature regarding the drivers of demand for black markets. This project seeks to identify factors of demand for black market goods and services. First, this paper gives a brief definition of the broad definition of black markets, before specifically defining the scope of individual markets which will be included in this project. Next, there is a brief review of recent literature on the U.S. black market in order to determine prime candidates for factors of demand. Then, a robust …

04.07.2025 Ored Connect, Liz Williamson

ORED Newsletter

New ORED Website Goes Live

Oxford Pitch Competition

Hughes Miller, Strategic Partnerships

Who Defines The Refugee?: Analyzing The Limitations And Relevance Of The 1951 Un Convention On Global Refugee Protection, Sarah Locke '25

Honor Scholar Theses

This thesis consists of three chapters and a mini-fourth. In Chapter One, I examine the historical context of the 1951 Convention and its lasting implications. I discuss the early history of the international refugee law regime and the power dynamics that shaped the UN Convention’s drafting. Using a postcolonial lens, I evaluate how the historical context of the Convention continues to perpetuate inequalities and exclusions today, especially through the myth of difference. In Chapter Two, I address the limitations of the 1951 Convention through a comparative analysis with two regional conventions. By analyzing the definition of refugee in each convention, …

Blue Chairs And Broken Minds: The Troubled Teen Industry’S Legacy Of Abuse, Macie Barker '25

Honor Scholar Theses

The Troubled Teen Industry (TTI) operates under the veil of rehabilitating adolescents with behavioral challenges. However, evidence reveals a system rife with abuse, manipulation, and inadequate oversight. From the infamous blue chairs of Straight, Inc., to the isolation tactics of WWASP program, this industry has maintained a facade of treatment while subjecting youth to severe abuse. This paper explores the history, recruitment tactics, institutional failures, survivor recovery journeys, and legal battles that define the TTI. Advocacy movements, including Breaking Code Silence and WWASP Survivors, have emerged to combat industry malpractice and push for policy changes to protect vulnerable youth. Additionally, …

It’S Time For A Change: A Proposal To Abolish Solitary Confinement From Canadian Prisons, Amy Rico

Bridges: An Undergraduate Journal of Contemporary Connections

Despite Canada’s reputation for being a leader in human rights, its treatment of prisoners requires a closer examination. In particular, prisoner and human rights advocates have widely criticized the use of solitary confinement in Canadian federal and provincial prisons as a form of torture. Solitary confinement imposes excruciating and demeaning conditions on prisoners, jeopardizing their mental and physical welfare. Following court decisions deeming solitary confinement unconstitutional, the federal government replaced the formal use of solitary confinement with structured intervention units. However, these units continue to be a reformulated version of the original practice, sustaining the torturous conditions subjected to inmates. …

This Is Not History

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

Resilience Against Neglect

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

Violence And Artistic Resistance, Tucker Brown

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

The Power Of Poetry, Madison Haji

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

Cointelpro's Assassination Of Fred Hampton

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

What's Going On, Jesse Spadaccini

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.

The Importance Of Multicultural Clubs At Pc, Courtney Wight

The Civil Rights Movement (HIS/BLS 347) Zine Project

No abstract provided.