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2022

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Articles 31 - 60 of 1007

Full-Text Articles in Social and Behavioral Sciences

China: Reserve Requirements, 2015–2016, Carey K. Mott Dec 2022

China: Reserve Requirements, 2015–2016, Carey K. Mott

Journal of Financial Crises

After China devalued the renminbi against the US dollar in August 2015, Chinese equity markets experienced a significant drop that spilled into international markets. The People’s Bank of China (PBOC) adjusted the reserve requirement ratio (RRR) five times between February 2015 and October 2015: three times before the market turmoil, to allocate credit to preferred sectors, and twice in response to the crisis to release liquidity into the financial system. Throughout this cycle, the central bank applied lower RRRs to rural credit institutions, agricultural lenders, leasing and financing companies, and other sectors in which government policy promoted lending. Although the …

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China: Reserve Requirements, Gfc, Carey K. Mott Dec 2022

China: Reserve Requirements, Gfc, Carey K. Mott

Journal of Financial Crises

In 2008, China experienced several natural disasters that slowed economic growth, and fearing contagion from the Global Financial Crisis (GFC), the central bank cut the reserve requirement ratio (RRR) three times for large financial institutions, to 15.5%, and four times for small and medium-size financial institutions, to 13.5%. This monetary easing, combined with a USD 586 billion fiscal stimulus package, caused explosive credit growth in China. One year after these RRR cuts, the central bank hiked the ratio 12 times, to a historically high 21.5% for large banks in June 2011; however, it maintained a different ratio for rural credit …

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Argentina: Reserve Requirements, 1994–1995, Natalie Leonard Dec 2022

Argentina: Reserve Requirements, 1994–1995, Natalie Leonard

Journal of Financial Crises

The devaluation of the Mexican peso in December 1994 sparked concerns about the quality and safety of government debt across Latin American countries, including Argentina. In late 1994 and 1995, Banco Central de la Republica Argentina (BCRA) implemented three changes in reserve requirement policy to restore liquidity throughout the financial system and defend the currency peg to the US dollar. First, it lowered the existing minimum reserve requirement, which required banks to hold reserves entirely in cash (pesos or US dollars). This released more than ARS 4 billion (USD 4 billion) in resources into the banking system, according to the …

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Brazil: Reserve Requirements, Gfc, Sean Fulmer Dec 2022

Brazil: Reserve Requirements, Gfc, Sean Fulmer

Journal of Financial Crises

After the collapse of Lehman Brothers in September 2008, deposits began to accumulate at large Brazilian banks, representing a flight to safety away from small and medium-sized banks. While total deposits in the Brazilian financial system grew by 13% from August 2008 to January 2009, the total deposits held by small and medium-sized banks declined by 23% and 11%, respectively. Because of high statutory reserve requirements and legal disincentives to lend directly to financial institutions, the Central Bank of Brazil (BCB) used reserve requirements as its primary tool for providing liquidity to incentivize large banks to provide credit to smaller …

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Thailand: Fidf Blanket Guarantee, 1997, Ayodeji George Dec 2022

Thailand: Fidf Blanket Guarantee, 1997, Ayodeji George

Journal of Financial Crises

The Thai government’s decision to allow the baht to float in July 1997 was the pivotal event of the Asian Financial Crisis. The baht fell 20% by the end of the month, further pressuring Thai financial institutions that had borrowed heavily in US dollars and other foreign currencies. In early August, Thailand’s Finance Minister and the Bank of Thailand (BOT) announced the suspension and restructuring of insolvent finance companies and a blanket guarantee covering depositors and creditors of all domestic banks and the remaining finance companies, administered by the BOT’s Financial Institutions Development Fund (FIDF). However, the blanket guarantee was …

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Mexico: Fobaproa Blanket Guarantee, 1993–1994, Stella Schaefer-Brown Dec 2022

Mexico: Fobaproa Blanket Guarantee, 1993–1994, Stella Schaefer-Brown

Journal of Financial Crises

On December 22, 1994, the Mexican government allowed the peso to float freely against the US dollar, aggravating the run on peso deposits, leading to the rapid devaluation of the peso, and sparking the peso crisis. The following week, the Bank of Mexico announced that the Mexican deposit insurer would fully guarantee all commercial bank deposits and liabilities except subordinated debt. The announcement of the blanket guarantee appeared effective at reassuring foreign investors, as the central bank was soon able to ease the liquidity support that it had been providing to banks during the crisis. The government created a deposit …

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Sweden: Bank Support Authority, Blanket Guarantee, 1992, Anmol Makhija Dec 2022

Sweden: Bank Support Authority, Blanket Guarantee, 1992, Anmol Makhija

Journal of Financial Crises

Following a period of rapid financial liberalization and a record credit boom in the 1980s, Sweden’s financial system suffered its worst shock in the post–World War II period. Swedish banks were heavily dependent on foreign credit, which dried up amid signs of instability. The Swedish government announced a blanket guarantee on September 24, 1992, for all banks’ obligations except share capital and perpetual subordinated loans. According to a 1995 IMF Working Paper by Drees and Pazarbasioglu, the purpose of the blanket guarantee was “to guarantee the stability of the payments system and to safeguard the general supply of credit.” The …

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Korea: Blanket Guarantee, 1997, Bailey Decker Dec 2022

Korea: Blanket Guarantee, 1997, Bailey Decker

Journal of Financial Crises

Korea entered the Asian Financial Crisis in August 1997 with highly leveraged firms and a banking system inexperienced in managing systemic risk. Korea faced a currency crisis and a banking crisis, as foreign banks froze credit to Korean commercial banks and merchant banks. On August 25, 1997, the Ministry of Economy and Finance (MOEF) announced that it would guarantee all Korean financial institutions’ foreign debt—both existing debt and new borrowings. Nonetheless, foreign lenders continued to withdraw credit from Korean financial institutions. On November 19, 1997, a newly appointed MOEF minister announced a suite of measures to promote foreign creditors’ confidence …

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Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George Dec 2022

Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George

Journal of Financial Crises

After a period of sustained distress in the early 1990s, Jamaican financial institutions faced significant liquidity issues by 1996, evidenced by runs on banks by depositors. The government responded by creating the Financial Sector Adjustment Company (FINSAC) on January 29, 1997, to rehabilitate weak financial institutions and administer a blanket guarantee on financial sector liabilities. The blanket guarantee covered all deposit-taking financial institutions, life insurance policy providers, and pension funds registered under the Banking Act, Financial Institutions Act, and Insurance Act. Within eligible institutions, the blanket guarantee covered depositors’ funds in licensed deposit-taking institutions, pension funds managed by authorized institutions, …

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Ireland: Credit Institution (Financial Support) Scheme, 2008, Stella Schaefer-Brown Dec 2022

Ireland: Credit Institution (Financial Support) Scheme, 2008, Stella Schaefer-Brown

Journal of Financial Crises

The Global Financial Crisis exposed fragilities in the Irish banking system and led to widespread runs on Irish banks. Irish authorities attempted to address the runs on September 22, 2008, by increasing the country’s deposit guarantee limit from EUR 20,000 to EUR 100,000 (USD 28,800 to USD 140,000) and raising the coverage of deposits from 90% to 100%. When the runs continued, the Irish minister for finance announced a blanket guarantee of bank liabilities on September 30 without consulting European Union authorities. The announcement specified the blanket guarantee would be effective immediately and remain in effect for two years. The …

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Indonesia: Blanket Guarantee, 1998, Ayodeji George Dec 2022

Indonesia: Blanket Guarantee, 1998, Ayodeji George

Journal of Financial Crises

The Indonesian government closed 16 banks on November 1, 1997. At the time, the government said it would guarantee depositors up to 20 million Indonesian rupiah (IDR; USD 6,000) per account. The lack of immediate full protection for large depositors caused deposit runs throughout the banking sector and undermined foreign confidence in the Indonesian financial system. In response, the Indonesian president on January 26, 1998, announced a blanket guarantee and created the Indonesian Bank Restructuring Agency (IBRA) to administer the guarantee and other bank rehabilitation efforts. The blanket guarantee covered all depositors and nonsubordinated creditors in locally incorporated commercial banks. …

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Ecuador: Blanket Guarantee, 1998, Bailey Decker Dec 2022

Ecuador: Blanket Guarantee, 1998, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit the Ecuadorian economy in 1997–1998, foreign creditors reassessed their emerging-market risk and reduced external credit lines to Ecuador, thus draining liquidity. The closure of a small bank called Solbanco in April 1998 triggered deposit runs at other banks. Banks sought assistance from the Central Bank of Ecuador (Banco Central del Ecuador, or BCE). By the end of September 1998, the BCE had issued emergency loans to 11 financial institutions, totaling nearly 30% of the money base. The crisis accelerated in August 1998 when Banco de Prestamos, the sixth-largest bank, was closed; the existing …

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Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija Dec 2022

Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija

Journal of Financial Crises

Following a period of rapid financial liberalization and a record credit boom in the 1980s, Finland’s financial system suffered steadily increasing loan losses and falling earnings beginning in 1990. The Finnish Parliament created the Government Guarantee Fund (GGF) in April 1992 to support banks with loans, capital, and guarantees. In a press release issued on August 6, 1992, the government said the GGF would “secure the stable functioning of the banking system under any circumstances [emphasis added]”. Six months later, the Parliament of Finland specifically required the GGF to guarantee that all Finnish banks could meet their commitments. The government …

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Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner Dec 2022

Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner

Journal of Financial Crises

As foreign credit in Denmark dried up during the summer of 2008, Danish banks became increasingly reliant on short-term borrowing. The government took over the failing Roskilde Bank, the country’s eighth-largest bank, in late August. On October 5, 2008, the government announced a voluntary General Guarantee Scheme to fully insure deposits and other senior liabilities of participating banks. Banks could participate in the scheme by becoming members of the financial sector’s banking consortium, Det Private Beredskab, or in English, the Private Contingency Association (PCA), before October 13, 2008. The General Guarantee Scheme fully insured all depositors and senior unsecured creditors …

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Blanket Guarantees Survey, Christian M. Mcnamara, Carey K. Mott, Greg Feldberg, Andrew Metrick Dec 2022

Blanket Guarantees Survey, Christian M. Mcnamara, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 10 blanket guarantee (BG) programs across 13 Key Design Decisions. The defining characteristics of these programs in terms of their inclusion in our BG series are (a) that they guaranteed a broader range of liabilities beyond deposit accounts and (b) that the guarantees covered existing liabilities in addition to newly issued ones. Each case represents an effort to eliminate creditors’ incentive to withdraw funding from institutions by guaranteeing that the funding will be paid back even if the institutions are unable to do so themselves. The main themes that emerge are: (a) the inability of blanket guarantees …

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Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick Dec 2022

Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Banks have a private motive to hold some level of cash and liquid reserves, but the negative externalities of bank runs create a public interest in setting a regulatory level higher than the privately optimal level. We can think of such reserve requirements (RRs) as the original form of liquidity regulation. In this paper, we focus on 14 cases in which central banks adjusted RRs after crises hit, typically to deal with liquidity shortages in the banking system. We observe that RR adjustments have several advantages in a crisis: (1) such changes require little process, and the change for banks …

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The Federal Reserve System: Diversity And Governance, Kaleb Nygaard, Peter Conti-Brown Dec 2022

The Federal Reserve System: Diversity And Governance, Kaleb Nygaard, Peter Conti-Brown

Journal of Financial Crises

A growing chorus has called on the Federal Reserve System to diversify its ranks at all levels to reflect better the heterogeneity of the United States. So far, most of these efforts speak to the diversity of the Fed’s principals, namely, the members of the Fed’s Board of Governors and the presidents of the 12 Federal Reserve Banks, who together form the Federal Open Market Committee. In this study, we look instead at a vital part of Federal Reserve governance that has so far not received the same sustained attention: the directors of the Federal Reserve Banks, those private citizens …

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The Financialization Of Recession Response, Aaron Klein Dec 2022

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 …

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Construction Of Talent Highland And Modernization Of Science And Technology In China, Yongnian Zheng Dec 2022

Construction Of Talent Highland And Modernization Of Science And Technology In China, Yongnian Zheng

Bulletin of Chinese Academy of Sciences (Chinese Version)

No abstract provided.

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Digital Technology Enables Construction Of National Governance Modernization, Yue Hao, Kaihua Chen, Jin Kang, Xiaoguang Yang, Chao Zhang, Xiaolong Zheng Dec 2022

Digital Technology Enables Construction Of National Governance Modernization, Yue Hao, Kaihua Chen, Jin Kang, Xiaoguang Yang, Chao Zhang, Xiaolong Zheng

Bulletin of Chinese Academy of Sciences (Chinese Version)

As digital technologies continue to be integrated into the whole process of economic and social development, promoting the modernization of digital technology-enabled national governance systems and capabilities has become an important way to seize the strategic initiative in the future world competitive landscape, and has attracted the attention of countries around the world. The rapid development of digital technologies such as big data collection, storage, processing, and analysis is constantly optimizing the organizational system structure of national governance, upgrading and perfecting the quality and methods of national governance personnel, and accelerating the process of making national governance efficient, scientific, intelligent …

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Challenges And Measurements For Governance Of Modern Cyber Space Society, Pinghui Wang, Hongbin Pei, Junzhou Zhao, Tao Qin, Chao Shen, Dongliang Liu, Xiaohong Guan Dec 2022

Challenges And Measurements For Governance Of Modern Cyber Space Society, Pinghui Wang, Hongbin Pei, Junzhou Zhao, Tao Qin, Chao Shen, Dongliang Liu, Xiaohong Guan

Bulletin of Chinese Academy of Sciences (Chinese Version)

The rapid development of information technology has unprecedentedly created a prosperous cyber society and greatly enhanced productivity facilitated by social interaction. At the same time, many problems emerge in the cyber society, such as telecom fraud, privacy leakage, Internet pollution, and algorithmic discrimination. The problems bring new challenges to social order and security. In order to find the way of cyber society governance and promote the modernization of national governance, this paper first presents the analyses on the new problems encountered in the cyber society in three typical scenarios, i.e., identity governance, behavior governance, and algorithm governance, as well as …

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Digital Technology Enables Modernization Of National Statistics, Zongben Xu, Yanyun Zhao, Liping Zhu, Guang Chen, Hongyun Zhang Dec 2022

Digital Technology Enables Modernization Of National Statistics, Zongben Xu, Yanyun Zhao, Liping Zhu, Guang Chen, Hongyun Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

The modernization of national statistics is part of the modernization of national governance. Digital technology has provided power for the transformation of statistical production mode, the improvement of statistical productivity, and the reconstruction of statistical production relations. Digital technology has become an important prerequisite for the promotion of statistical modernization reform. This study summarizes the international experience of digital technology enabling government statistics, the top-level design of national statistical legal system, and the importance of digital technology in promoting the modernization of statistics. This study also analyzes the main challenges existing in the current national statistics and data work. Finally, …

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Ecological Green Integration In Yangtze River Delta From Perspective Of Intercity Green Technology Transfer, Debin Du, Hong Jin, Dezhong Duan Dec 2022

Ecological Green Integration In Yangtze River Delta From Perspective Of Intercity Green Technology Transfer, Debin Du, Hong Jin, Dezhong Duan

Bulletin of Chinese Academy of Sciences (Chinese Version)

Green technology innovation is the core driving force for the high-quality development of regional integration in the Yangtze River Delta, and the free flow of innovative elements represented by green technology across cities is the due meaning of the construction of ecological green integration in the Yangtze River Delta. Based on the inter-city green patent transfer data from 2001 to 2020, this study analyzed the characteristics of the spatial evolution of green technology diffusion in the Yangtze River Delta, and discussed the development degree of ecological green integration in the area from the three levels of overall development, green technology …

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Study On Coordinated Development Of Scientific Research And Technological Innovation In Guangdong-Hong Kong-Macao Greater Bay Area, Yun Wang, Yu Yang, Yi Liu Dec 2022

Study On Coordinated Development Of Scientific Research And Technological Innovation In Guangdong-Hong Kong-Macao Greater Bay Area, Yun Wang, Yu Yang, Yi Liu

Bulletin of Chinese Academy of Sciences (Chinese Version)

The development of scientific research in the Guangdong-Hong Kong-Macao Greater Bay Area is unbalanced and inadequate, and its contribution to technological innovation is insufficient to meet the huge demand for industrial innovation in the Greater Bay Area. This paper tries to clarify the coordination relationship between scientific research and industrial innovation in the Guangdong-Hong Kong-Macao Greater Bay Area since 1997 by constructing the scientific research-industrial innovation coordination data sets, correlation index and relative development index for ten industries in the area. This paper analyzes the evolution and interaction rules of scientific research and industrial innovation in the Guangdong-Hong Kong-Macao Greater …

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Research On Evolution Of Yellow River Basin Innovation Network And Cultivation Of Zhengzhou-Luoyang-Xi’An Innovation Corridor, Dandan Li, Haitao Ma, Changhong Miao Dec 2022

Research On Evolution Of Yellow River Basin Innovation Network And Cultivation Of Zhengzhou-Luoyang-Xi’An Innovation Corridor, Dandan Li, Haitao Ma, Changhong Miao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Constructing innovation networks and cultivating innovation corridors are important to realize regional innovation development. Based on the data of patent transfer from 1987 to 2018, this paper analyzes the spatial-temporal evolution of technology transfer network at different scales in the Yellow River Basin, and proposes the cultivation path of Zhengzhou-Luoyang-Xi’an innovation corridor. Firstly, it is found that a majority of technology transfer within the basin is switching from inter-provincial transfer to intra-provincial transfer, with provincial capitals being the main source of technology. Xi’an is the primary source of technology transfer network, and cities, such as Zhengzhou, Qingdao, and Jinan, are …

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Study On Innovation Networks And Its Spillover Effect Of China’S New Energy Automobile Industry, Zhifei Xiong, Wenzhong Zhang Dec 2022

Study On Innovation Networks And Its Spillover Effect Of China’S New Energy Automobile Industry, Zhifei Xiong, Wenzhong Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

The network spillover effect of knowledge has been playing an increasingly significant role in the development of industrial innovation. The urban cooperation matrix of China’s new energy automobile industry is built based on new energy automobile patent data, and the structure and evolution process of China’s new energy automobile industry are depicted. On this basis, the spatial Dubin model (SDM) is used to calculate the network spillover effect, and its results are compared with the results of spillover effect based on the relationship of spatial contiguity and distance of cities. The results show that the innovation activities of China’s new …

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Strategic Thoughts On Reconstruction Of State Key Laboratories Under New Nationwide System, Ninghui Sun Dec 2022

Strategic Thoughts On Reconstruction Of State Key Laboratories Under New Nationwide System, Ninghui Sun

Bulletin of Chinese Academy of Sciences (Chinese Version)

The allocation of science and technology resources and the organization of science and technology forces, which has always been connected intrinsically with the nation’s development, has adopted different models, undertaken different missions, and played different roles in different stages of the development. This paper conducts a review and analysis on the major challenges faced by the nation, assignment of scientific tasks, organization of science and technology forces, and the output of scientific achievements, from the perspectives of “from standing upright to becoming prosperous and growing in strength”. It aims to provide a deep understanding of the nation’s focus on the …

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Policy Overview (November, 2022) Dec 2022

Policy Overview (November, 2022)

Bulletin of Chinese Academy of Sciences (Chinese Version)

No abstract provided.

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Big Data Technology Enabling Legal Supervision, Qingjie Liu, Shuo Liu, Yirong Wu, Yueqiang Weng, Yihao Wen, Ming Li Dec 2022

Big Data Technology Enabling Legal Supervision, Qingjie Liu, Shuo Liu, Yirong Wu, Yueqiang Weng, Yihao Wen, Ming Li

Bulletin of Chinese Academy of Sciences (Chinese Version)

Legal supervision plays an important role in the national governance system and capacity. In the era of digital revolution, the rapid development of digital procuratorial work with big data legal supervision as the core promotes to reshape the legal supervision and governance system. In this study, the inherent need of legal supervision for active prosecution in the new era, and the innovative role of new public interest litigation in comprehensive social governance, are firstly analyzed. Then, the core meaning and reshaping role of big-data-enabling-legalsupervision and supervision-promoting-national-governance of digital prosecution are discussed. After summarizing the practical experiences and challenges of big …

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Deepening Digital Technologies To Enable Modernization Of China’S Governance Of Health, Tara Qia Sun, Xia Feng, Yuntao Long, Zongben Xu Dec 2022

Deepening Digital Technologies To Enable Modernization Of China’S Governance Of Health, Tara Qia Sun, Xia Feng, Yuntao Long, Zongben Xu

Bulletin of Chinese Academy of Sciences (Chinese Version)

One significant goal of science and technology innovation is to set our sights on the health and safety of the people. The rapid development of digital technologies provides multiple potentials and path to achieve the modernization of China's health governance. the role of digital technologies on enabling multiple stakeholders (i.e., hospitals, doctors, government, and social groups) to improve the supply capacity, the inclusiveness, fairness, friendliness, and convenience of health service. Second, we explore the four key issues of using digital technologies to enable the governance of health construction of digital health infrastructures, the factors affecting the adoption of digital technologies, …

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