Social and Behavioral Sciences Commons^™

The Financialization Of Recession Response, Aaron Klein

Journal of Financial Crises

This paper analyzes economic policy responses to the COVID-19-induced recession, focusing on the American policy response. Despite widespread political distrust between the two parties sharing control of the government and the timing of the upcoming presidential election, America’s political system was able to enact a massive policy response that reduced the severity of the recession. This political response happened faster than any automatic policy response would have, based on the delays in data reporting. The economic policies enacted continued America’s trend toward financialization of fiscal policy. The Federal Reserve and America’s private banking and financial systems were heavily relied upon …

Affordable Housing: A National Crisis Fueled By The Coronavirus • A New Jersey Perspective, Latino Action Network Foundation

Center for Urban Policy Research

The Latino Action Network Foundation [LANF], its sister organization the Latino Action Network [LAN] and longtime ally, the Fair Share Housing Center [FSHC], have collaboratively monitored affordable housing issues in New Jersey for more than a decade. As part of its ongoing work, LANF sponsored a housing roundtable on September 10, 2021, to assess the affordable housing situation in the state and offer policy recommendations. At that time, a coalition of advocates, including the three organizations named above, were fresh from a legislative victory that safeguarded tenants unable to pay their rents during the pandemic and gave them a degree …

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Sweden: Commercial Paper Purchases, Carey K. Mott

Journal of Financial Crises

In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …

Israel: Corporate Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

By March 2020, the quickly spreading novel coronavirus began disrupting business activity and industry, generating uncertainty throughout the global economy. As financial panic spread, Israeli investors fled to liquidity, impacting equities, corporate bonds, and even Israeli treasury securities. As short-term horizon mutual funds experienced high withdrawals in the first few weeks of March, they were forced to sell corporate bonds. This increase in supply pushed corporate bond prices down, and yields spiked. Between March and May, domestic rating agencies downgraded 23 companies (12% of all rated companies), and by July 2020, yields remained in the double-digits for 23% of corporate …

Canada: Provincial Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

In the beginning of 2020, the outbreak of the novel coronavirus placed significant strain on financial markets and especially affected commodity-producing countries like Canada. As the broad economy contracted, oil-exports fell, and the government imposed public health restrictions to contain coronavirus, the Bank of Canada (BoC) announced emergency measures to ensure functioning of financial markets and to "reach companies and households and foster a robust recovery" (Poloz 2020, 1). One market that faced acute strain was the Canadian provincial bond market. The BoC announced the Provincial Bond Purchase Program (PBPP) through a notice published on April 15, 2020. The stated …

Canada: Corporate Bond Purchase Program, Sharon M. Nunn

Journal of Financial Crises

The Bank of Canada (BoC) activated its Corporate Bond Purchase Program (CBPP) from May 26, 2020, to May 26, 2021, in response to liquidity strains in corporate bond markets that stemmed from economic uncertainty and the COVID-19 pandemic. Policymakers enacted the CBPP as part of a broader suite of policies meant to stabilize the Canadian economy. Through the CBPP, the BoC purchased Canadian corporate bonds through a tender process on the secondary market. The CBPP could hold up to CAD 10 billion (USD 7.7 billion) par value of eligible bonds issued by specific non-deposit-taking firms incorporated in Canada. The bonds …

Immediate Needs And Systemic Solutions: Harnessing A Collective Crisis Response By Regional Philanthropy Alongside Systemic Change, Clotilde Perez-Bode Dedecker, Nancy M. Blaschak

The Foundation Review

On March 13, 2020, the Community Foundation for Greater Buffalo invited the John R. Oishei Foundation, the Health Foundation for Western & Central New York, and United Way of Buffalo & Erie County to convene all funders in western New York to respond collectively to the impending COVID-19 crisis. Funding was raised swiftly and, using a racial equity lens, more than $14.2 million was granted in 18 months to more than 400 nonprofits of all sizes serving on the front lines in eight counties.

While emergency funding was the first priority for the collective group of more than 60 foundations, …

Respectful Tribal Partnership: What Philanthropy Can Learn From The Navajo Nation’S Collaborative Response To The Covid-19 Crisis, Nancy Petersen, Karletta Chief, Toni M. Massaro, Nikki Tulley, Crystal Tulley-Cordova, Jonelle Vold

The Foundation Review

The gravity of the COVID-19 pandemic and its disparately harsh impact on Indigenous peoples are now well known. U.S. death rates normalized by population, for example, have been far higher for Native Americans than for the white population in the United States. Many funders, realizing that basic human services are lacking for many Native American and Indigenous communities, have responded to the crisis. While this desire to act is laudable, many fail to grasp the complexities and necessity of applying trust-based collaborative principles that respect tribes as sovereign nations.

This article describes a successful model for collaboration among a tribal …

Policy Side Effects : How Do Policies Become A Source Of Social Problems?, Yongjin Choi

Legacy Theses & Dissertations (2009 - 2024)

How do the consequences of a policy become a source of another social problem? Social science scholars have long recognized the possibility that policies often generate new social problems, unintentionally or even intentionally. However, public policy scholarship has been somewhat slow to translate these insights into systematic research inquiries and accumulate concrete knowledge about this issue. As a result, when confronted with the widespread social and political repercussions of unavoidable but strong policy responses, such as COVID-19 associated lockdowns and vaccine mandates, the policy literature has largely failed to advise on how to anticipate, handle, and overcome the hardships generated …

Pandemics And The Protection Of Privacy And Personal Information: Issues With Regard To The Use And Protection Of Information On The Basis Of Improving Public Health In The Fight Against Infectious Diseases, Fumio Shimpo

Japanese Society and Culture

In order to make use of the response to the new the coronavirus disease (COVID-19) for pandemic countermeasures due to infectious diseases that may have a serious impact on the lives and health of the people, which may occur in the future, the handling of personal information and the protection of privacy necessary to ensure the effectiveness of countermeasures against infectious diseases will be examined. This paper intends to establish to comprehensively understand the systems for the collection and publication of information related to infectious diseases based on the Infectious Diseases Control Law, and to clarify the structure and issues …

Effect Of Covid-19 On The Wellbeing Of Healthcare Professionals In Public Isolation Hospitals In Egypt, Shaimaa Sabbah

Theses and Dissertations

One of the most vulnerable groups severely hit by the COVID-19 pandemic has been the Healthcare Professionals (HCPs), especially the physicians, pharmacists, and nurses who work in public Isolation hospitals. The Egyptian medical syndicate declared the death of more than 600 physicians from February 2020 till January 2022. In the meantime, the Egyptian government has worked on different policies for relieving the negative effects of the pandemic on this vulnerable group; however, easing restrictions, no total lockdown implementation, and monitoring bureaucracy has negatively affected the wellbeing of those HCPs. The study aims to figure out recommended policies to protect HCPs’ …

Why Do Street-Level Bureaucrats Risk Themselves For Others? The Case Of Public Health Care Workers In Egypt, Mohamed Adel Ahmed Eraky Moussa

Theses and Dissertations

The COVID-19 pandemic has shown how street-level bureaucrats play an essential role in working under tremendous psychological and physical pressure with limited resources. Healthcare workers are at the front lines to fight against the COVID-19 pandemic worldwide, and they are most vulnerable to infection and illness. Therefore, it is essential to identify the factors that enhance health care workers’ motivation at the time of pandemics and determine their willingness to risk their lives for others. The current study covers a sample of public health care workers working in two central quarantine public hospitals in Egypt. It considers a range of …

Respuestas Iniciales Ante El Covid-19 Por Cuatro Gobiernos Centroamericanos, José Andrés Díaz-González

Gobernar: The Journal of Latin American Public Policy and Governance

El artículo revisa las respuestas iniciales de los gobiernos de Guatemala, El Salvador, Costa Rica y Panamá ante la pandemia del Covid-19. A partir de una revisión de documentos oficiales, se identifican y comparan las características de las respuestas que estos gobiernos ejecutan durante el primer semestre del 2020. Se concluye que, si bien los gobiernos desarrollan principalmente medidas de bioseguridad, hay diferencias importantes en las estrategias adoptadas por estos, posiblemente motivadas por las características sociales, política y económicas imperantes en dichos países. Asimismo, la incertidumbre y falta de información que se tenía en los primeros momentos de la pandemia …

Protección Social A La Infancia Y La Covid-19. Implicaciones Normativas E Institucionales De La Respuesta Del Gobierno De La Ciudad De México, Jorge E. Culebro, Janeth Hernández

Gobernar: The Journal of Latin American Public Policy and Governance

El propósito del estudio de caso es analizar la respuesta del gobierno de la ciudad de México a la crisis derivada de la COVID-19 y, en particular, la forma en que ha afectado la protección social de la infancia durante los primeros meses de la pandemia. Se analiza diseño institucional normativo de la protección social a la infancia en México, y particularmente en la Ciudad de México, así como las actividades del gobierno de la ciudad de México para disminuir el impacto de la crisis en la infancia. Teórica y metodológicamente el artículo sigue la estrategia de estudio de caso …

Can Discourse Ethics Be Applied To Emergencies?, Brenna Giblin

Regis University Student Publications (comprehensive collection)

Emergencies arise unexpectedly and when they occur, it is the job of our governments to respond to them. They often do so by using emergency powers, designed to return the nation back to its original state. Ensuring that our responses to emergencies are ethical is essential if we wish to return to a state of normalcy. To ensure that everyone is treated fairly, not only during the emergency, but also during the rebuilding and healing periods of the post-emergency world, we must critically analyze our emergency response. In this paper, I propose that Discourse Ethics, a normative theory suggesting that …

The Disproportionate Impact Of Covid-19 On The Housing Stability Of Hispanic/Latino Renters In California, Cyndi Valdez

Master's Projects

How and why did the COVID-19 pandemic impact the housing stability of Hispanic/Latino renters in California? How were communities, such as those in Santa Cruz County, affected by Shelter in Place Orders? What measures were taken to help alleviate the financial burdens caused by the pandemic?