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Articles 151 - 180 of 2097

Full-Text Articles in Economic History

Italy: Banca Monte Dei Paschi Di Siena Capital Injection, 2017, Benjamin Hoffner Oct 2024

Italy: Banca Monte Dei Paschi Di Siena Capital Injection, 2017, Benjamin Hoffner

Journal of Financial Crises

The 2017 recapitalization of Italy’s third-largest bank, Banca Monte dei Paschi di Siena (MPS), the oldest bank in the world, represents an unusual precautionary, “open bank” recapitalization under the European Union’s Bank Recovery and Resolution Directive (BRRD) rules. In 2015, the bank held the largest portfolio of nonperforming loans (NPLs) in Italy (with 34.8% of its total loans), and in 2016 it was the only bank to fail the European Banking Authority’s adverse scenario stress test, although its reported total capital ratio at the end of the year was 10.4%. To address its NPL problem, MPS agreed with the European …

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Iceland: Arion Bank, Islandsbanki, And Landsbankinn Capital Injections, 2008, Ayodeji George Oct 2024

Iceland: Arion Bank, Islandsbanki, And Landsbankinn Capital Injections, 2008, Ayodeji George

Journal of Financial Crises

Iceland’s three largest banks—Glitnir, Kaupthing, and Landsbanki—grew rapidly in the 2000s and failed amid depositor runs when they lost access to foreign funding markets at the onset of the Global Financial Crisis (GFC). On October 6, 2008, the Icelandic Parliament passed the Emergency Act, and authorities quickly used their new powers to nationalize the three banks. The Ministry of Finance created and capitalized Arion Bank (for Kaupthing), Islandsbanki (for Glitnir), and Landsbankinn (for Landsbanki), to hold the old banks’ performing domestic assets and all insured domestic deposits, and the prime minister assured all domestic depositors that they would be protected. …

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India: Yes Bank Capital Injection, 2020, Salil Gupta Oct 2024

India: Yes Bank Capital Injection, 2020, Salil Gupta

Journal of Financial Crises

In March 2020, the Reserve Bank of India (RBI) helped engineer a capital injection and restructuring of Yes Bank, India’s fourth-largest private sector bank, to prevent a run on the bank and to preserve broader financial stability. On March 14, 2020, Yes Bank received a total capital injection of 100 billion Indian rupees (INR; USD 1.34 billion) in total from the State Bank of India and a group of private sector banks (HDFC, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, IDFC First Bank). The government-owned SBI received a 48.2% equity stake, committing to contribute up to …

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Greece: Piraeus Bank Capital Injection, 2015, Stella Schaefer-Brown Oct 2024

Greece: Piraeus Bank Capital Injection, 2015, Stella Schaefer-Brown

Journal of Financial Crises

Greek banks experienced heavy deposit outflows from December 2014 through June 2015, which led Greece to declare a bank holiday from June 28, 2015, until July 18, 2015. Greek banks’ reliance on liquidity assistance from the Eurosystem began in August 2011, with a second peak in 2015; emergency liquidity assistance was fully repaid in 2019. The European Central Bank’s Single Supervisory Mechanism, responsible for banking supervision in Europe, conducted a stress test and asset quality review of the four large Greek banks and identified a capital shortfall of EUR 4.7 billion for Piraeus Bank (the Bank) in October 2015. To …

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Greece: Ate Bank Capital Injection, 2011, Stella Schaefer-Brown Oct 2024

Greece: Ate Bank Capital Injection, 2011, Stella Schaefer-Brown

Journal of Financial Crises

In 2009, ATE Bank, the fifth-largest Greek bank, received a capital injection of EUR 675 million in Tier 1 preference shares as part of a broader aid package for the bank. In August 2010, Greek authorities conducted a strategic review of Greek banks, which concluded that ATE Bank was still facing serious difficulties. In October 2010, ATE Bank submitted a restructuring plan that included the purchase of EUR 1.14 billion in new ordinary shares. Of this EUR 1.14 billion, the bank used EUR 675 million to repurchase the earlier EUR 675 million preference shares. Private investors purchased an additional EUR …

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Germany: Ikb Deutsche Industriebank Capital Injection, 2008, Lakshimi Swaminathan, Rishi Vala Oct 2024

Germany: Ikb Deutsche Industriebank Capital Injection, 2008, Lakshimi Swaminathan, Rishi Vala

Journal of Financial Crises

In July 2007, investors rapidly pulled their funding from asset-backed commercial paper (ABCP) programs that held US subprime mortgage-linked securities. According to the Financial Crisis Inquiry Commission (FCIC), German bank IKB Deutsche Industriebank AG (IKB) was the “first big casualty” of that run on ABCP. It had directly and indirectly guaranteed to provide EUR 9.3 billion in liquidity to its off-balance-sheet vehicle, Rhineland Funding Capital Corporation. German authorities and the Kreditanstalt für Wiederaufbau (KfW), a state-owned German development bank, quickly took over those obligations on July 30 to keep IKB solvent and prevent it from closing. KfW also agreed to …

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Germany: Hsh Nordbank Capital Injection, 2009, Anmol Makhija Oct 2024

Germany: Hsh Nordbank Capital Injection, 2009, Anmol Makhija

Journal of Financial Crises

State-controlled HSH Nordbank AG (HSH) lost EUR 2.8 billion in 2008, mainly because of impairments to its holdings of US structured credit securities. On April 29, 2009, the German bank regulator informed HSH that it would close HSH if the owners did not recapitalize the bank to the 8% total capital ratio requirement. In June 2009, the state governments of Hamburg and Schleswig-Holstein injected EUR 3 billion (USD 3.8 billion) of capital in ordinary shares with voting rights and provided a EUR 10 billion asset guarantee, called a “risk shield,” for a 7.85% annual fee. Over the next few years, …

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Cyprus: Laiki Bank Capital Injection, 2012, Stella Schaefer-Brown Oct 2024

Cyprus: Laiki Bank Capital Injection, 2012, Stella Schaefer-Brown

Journal of Financial Crises

In 2011, Cyprus’s second-largest bank, Marfin Popular Bank—later renamed Cyprus Popular Bank, but commonly known as Laiki Bank—lost billions of euros when the Greek government restructured its sovereign debt, decimating its equity capital and shutting its access to market liquidity. In late 2011, supervisors estimated the bank’s capital shortfall at EUR 3.1 billion. In January 2012, the bank submitted a plan to the central bank that included EUR 1.8 billion of capital raised from private investors and EUR 1 billion of capital increases through debt-to-equity swaps and deleveraging. However, Laiki Bank was unable to raise private capital and asked the …

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France: Bank Of France Capital Injection, 1805, Ayodeji George Oct 2024

France: Bank Of France Capital Injection, 1805, Ayodeji George

Journal of Financial Crises

After receiving the exclusive right to issue bank notes in Paris in 1803, the Bank of France became a significant source of funding for the French government in early 1805, as Napoleon prepared for a key battle of the Napoleonic Wars. In the first half of 1805, the French treasury paid back loans with notes with later maturities rather than metallic money, draining the metallic liquidity reserves of the Bank of France far below levels that bankers at the time considered prudent. After the circulation of an unfounded rumor that Napoleon himself had raided the metallic reserves for the war …

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Belgium: Fortis Group Capital Injection, 2008, Ayodeji George Oct 2024

Belgium: Fortis Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

In September 2008, in the wake of the freezing of credit markets caused by the Global Financial Crisis (GFC), Fortis Group, a financial conglomerate incorporated in Belgium and the Netherlands, faced depositor runs and share price deterioration. These negative consequences were a result of its exposures to US subprime mortgage-related assets and other losses from its 2007 acquisition of ABN AMRO, a large Dutch bank. Over the weekend of September 27–29, authorities from Belgium, the Netherlands, Luxembourg, and the European Central Bank (ECB) held emergency talks, resulting in the announcement of EUR 11.2 billion (USD 14.3 billion) in capital injections …

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Belgium And France: Dexia Group Capital Injection, 2008, Ayodeji George Oct 2024

Belgium And France: Dexia Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

Dexia Group (Dexia, or the Group) was a banking and insurance conglomerate that specialized in public financing with major operations in Belgium, France, and Luxembourg. Following the collapse of Lehman Brothers in mid-September 2008, Dexia faced a liquidity crunch as wholesale funding markets froze. Faced with insolvency concerns, authorities from the bank’s three primary markets, Belgium, France, and Luxembourg, conducted overnight negotiations to agree on capital injection terms. On September 30, 2008, authorities and the bank’s board of directors announced a EUR 6.4 billion (eventually EUR 6 billion) capital injection intended to restore Dexia’s solvency and maintain systemwide stability. The …

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Austria And Germany: Hypo Alpe Adria Capital Injections, 2008, Bailey Decker Oct 2024

Austria And Germany: Hypo Alpe Adria Capital Injections, 2008, Bailey Decker

Journal of Financial Crises

Hypo Alpe Adria (HAA) was Austria’s sixth-largest bank at the time of the Global Financial Crisis of 2007–2009 (GFC), with EUR 41.2 billion (USD 29.2 billion) in total assets as of June 30, 2008. HAA pursued a growth strategy in Southeastern Europe in the years preceding the GFC, which proved troublesome for HAA’s loan portfolio and led to large write-downs in autumn 2008. HAA’s majority shareholder was a German landesbank, Bayerische Landesbank (BayernLB). On October 26, 2008, the Austrian Parliament passed a EUR 100 billion support scheme in response to the GFC, with EUR 15 billion allocated for troubled banks. …

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Survey Of Ad Hoc Capital Injections, June Rhee, Benjamin Hoffner, Greg Feldberg, Andrew Metrick Oct 2024

Survey Of Ad Hoc Capital Injections, June Rhee, Benjamin Hoffner, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Government recapitalizations of systemic banking organizations can be costly and unpopular but are sometimes necessary to protect depositors and prevent financial contagion. This paper surveys 23 Yale Program on Financial Stability case studies of ad hoc capital injection programs, defined as programs that provide capital to a single institution or a clearly defined minority of institutions. We saw a marked increase in capital injection programs in the past 50 years, more than half of which were ad hoc. Authorities designing ad hoc capital injections face difficult decisions—when to deploy them rather than let a bank fail; whether to impose losses …

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Adam Smith, Human Betterment, And His Erroneous Indentification With Self-Interested Human Action, Vernon L. Smith Sep 2024

Adam Smith, Human Betterment, And His Erroneous Indentification With Self-Interested Human Action, Vernon L. Smith

ESI Publications

In this essay I discuss the proposition that Adam Smith has been widely misinterpreted as asserting in his second book, The Wealth of Nations, that emergent modern economies are driven by the strictly selfish motives of their human inhabitants. The propositions articulated in his first book, The Theory of Moral Sentiments, which offered a theory of society, extended seamlessly into his second book, and continued to be part of his theory of economy. In both works, he distinguished the universal state of being self-interested from actions taken in one's self-interest, and modeled people as creating and following rules of propriety …

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Trade, Usury, And The Incursion Of Desire, Allen Jorgenson Jul 2024

Trade, Usury, And The Incursion Of Desire, Allen Jorgenson

Consensus

No abstract provided.

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Lessons Learned: Guillermo Ortiz Martínez, Mercedes Cardona Jul 2024

Lessons Learned: Guillermo Ortiz Martínez, Mercedes Cardona

Journal of Financial Crises

Guillermo Ortiz Martínez served as undersecretary of finance and public credit in Mexico’s federal government from 1988 to 1994. He became secretary in December 1994 in the administration of Ernesto Zedillo and served until December 1997. As undersecretary, he was president of the bank privatization committee and the chief negotiator for Mexico during the North American Free Trade Agreement (NAFTA) negotiations in 1991 to 1993. He was governor of the Bank of Mexico from January 1998 to December 2009 and is currently partner and member of the board of BTG Pactual, a Brazilian investment bank. This Lesson Learned summary is …

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Lessons Learned: Paul Boothe, Mary Anne Chute Lynch Jul 2024

Lessons Learned: Paul Boothe, Mary Anne Chute Lynch

Journal of Financial Crises

Paul Boothe served as Canada’s senior associate deputy minister of industry during the Global Financial Crisis (GFC) of 2007–2009. Boothe led the Canadian federal government’s negotiation team during the restructuring talks with Chrysler and General Motors (GM). He also negotiated with the Canadian Auto Workers (CAW), a union that included Tier 1 auto parts suppliers for all the major auto manufacturers worldwide. Canada aligned with the United States government to rescue the auto manufacturers and provided 20% of the funding to rescue the corporations and suppliers. From 2004 to 2005, Boothe served as the associate deputy minister of finance and …

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Lessons Learned: Bo Lundgren, Maryann Haggerty Jul 2024

Lessons Learned: Bo Lundgren, Maryann Haggerty

Journal of Financial Crises

Bo Lundgren was Sweden’s cabinet minister for fiscal and financial affairs from 1991 to 1994, making him a key leader in managing the nation’s severe financial crisis during those years. Lundgren had a decades-long political career as a member of the Swedish Parliament from 1975 to 2004, was leader of the Moderate Party (1999–2003), and vice president of the European People’s Party in the European Union. He also served from 2004 to 2013 as director general of the Swedish National Debt Office, the country’s central financial agency. Drawing on his experiences in the Swedish crisis, Lundgren has shared his views …

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India: Yes Bank Restructuring, 2020, Salil Gupta Jul 2024

India: Yes Bank Restructuring, 2020, Salil Gupta

Journal of Financial Crises

Yes Bank was suffering from liquidity outflows in the second half of 2019 owing to a combination of deposit withdrawals, invocation of pledged shares, losses from extraordinary credit provisions, and overexposure to stressed sectors like power and infrastructure. In December 2019, Yes Bank reported a Common Equity Tier 1 capital ratio at 0.6%, far below the Reserve Bank of India (RBI) mandated levels, and a quarterly loss of 185 billion Indian rupees (INR; USD 2.5 billion). In early March 2020, the RBI and the Ministry of Finance announced a restructuring plan for India’s fourth-largest private bank, Yes Bank, to prevent …

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One Island, Two Worlds: An Investigation Of The Diverging Economies Of The Dominican Republic And Haiti, Daniel Espinal Jul 2024

One Island, Two Worlds: An Investigation Of The Diverging Economies Of The Dominican Republic And Haiti, Daniel Espinal

Business and Economics Summer Fellows

An investigative study into the diverging economies of the Dominican Republic and Haiti. A greater focus is placed on the divergence point of the 1960s where two authoritarian leaders both ruled the country.

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The New China Model: Combating Economic And Political Order, Jack R. Swords Jun 2024

The New China Model: Combating Economic And Political Order, Jack R. Swords

Dartmouth College Master’s Theses

Contemporary world politics centers around the actions of the two largest powers on Earth, the United States and China. They are both each other’s greatest adversary yet at the same time are each other’s largest trading partners. This thesis explores the nature of China’s economic climate that has seen it grow to one of the world’s foremost powers. However, the East Asian Nation faces economic challenges centered around the three D’s: Debt, Deflation, and Demographics. This thesis analyses what the nature of these challenges are and how China is responding to them within the ever-advancing world of economic and political …

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Starbucks Workers United And The Future Of American Labor Activism, Sophia Drake Braymen Jun 2024

Starbucks Workers United And The Future Of American Labor Activism, Sophia Drake Braymen

Honors Projects

This essay explores the goals, motivations, and methods of Starbucks Workers United (the campaign of the labor union Workers United that is aimed at organizing Starbucks employees), as well as the Starbucks Company’s response to it. The analysis is informed by the author’s interviews with both a Workers United organizer and a Starbucks corporate employee. This essay explores the position of Starbucks Workers United within the broader history of American labor activism and our current epoch of union decline, as well as what the recent breakthrough in cooperation between Workers United and Starbucks means for American workers going into the …

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We Cannot Labor Our Way Out Of Oppression: An Exploratory Study Of Wealth Through Black Women’S Lived Experience, Tiffany N. Younger Jun 2024

We Cannot Labor Our Way Out Of Oppression: An Exploratory Study Of Wealth Through Black Women’S Lived Experience, Tiffany N. Younger

Dissertations, Theses, and Capstone Projects

An exploratory qualitative phenomenological study was used to explore Black women’s experiences with wealth accumulation. The aims of this study were to better understand how Black women navigate financial obligations as heads of households and the impact of the wealth gap on their lives. The research on the wealth gap, informed by U.S. values and culture, has assumed the accumulation of wealth is the baseline/default goal or aspiration for all individuals. More specifically the subaims of this study sought to examine the extent to which the structural, interpersonal, disciplinary, and hegemony impacts Black women’s wealth status. Furthermore, this study sought …

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No Time For Tea: Hidden Figures Of The Dutch Tea Industry, Annette Kappert, Lysbeth Vink May 2024

No Time For Tea: Hidden Figures Of The Dutch Tea Industry, Annette Kappert, Lysbeth Vink

Dublin Gastronomy Symposium

This paper explores the historical role women played in promoting, distributing, and establishing tea consumption in The Netherlands. Despite being the first nation to introduce tea to the Western world, and the abundance of literature and images documenting women as sapless tea drinkers, languishing their afternoons away, entertaining and sipping the amber brew in their tea houses, the latter is far from reality. Preliminary research indicates Dutch women were instrumental in establishing an elite tea industry in The Netherlands and beyond. Aptly the authors utilized the archives to explore visual and narrative data dating from 1610 to present, to find …

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Pork Problems - Embodied Britishisms Onboard The First Fleet To Australia, Evelyn Lambeth May 2024

Pork Problems - Embodied Britishisms Onboard The First Fleet To Australia, Evelyn Lambeth

Dublin Gastronomy Symposium

Pigs arrived in Australia with British settlers onboard the First Fleet in 1788 and rapidly spread. As a product of British Imperialism, Australia has adopted many cultural consumption practices from its parent colony. Meat is on many tables, but not every table showcases the same animal, and these cultural differences illustrate that conditions of edibility are not equally defined. British values were attached to pigs, embedding them with transformative abilities to shape colonial ecosystems. Australian industries, jobs, and livelihoods are deeply connected to the past. The East India Company introduced Chinese pigs to Britain from 1685. The history of pigs …

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“Praying And Eating”: The Preservation Of Jewish Food Traditions In The Wake Of Brexit Trauma, Angela Hanratty May 2024

“Praying And Eating”: The Preservation Of Jewish Food Traditions In The Wake Of Brexit Trauma, Angela Hanratty

Dublin Gastronomy Symposium

This research examines the impact that Brexit, the Northern Ireland Protocol, and the Windsor Framework have had on the food traditions of the Jewish population of Ireland, through focusing on the lived experience of the Jewish communities of Belfast and Dublin and their collective memory. While there has been much debate on the lasting effect of the UK leaving the EU on industry and agriculture, the deleterious impact on the kosher observant in Ireland has been less documented, with specific challenges for the preservation of food traditions in a community with a history “full of praying and eating” (Maurice Cohen, …

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Between Memory And History: Irish Pubs As Sites Of Memory And Invention, Perry Share, Moonyoung Hong May 2024

Between Memory And History: Irish Pubs As Sites Of Memory And Invention, Perry Share, Moonyoung Hong

Dublin Gastronomy Symposium

The pub has been at the centre of Irish culture and identity for at least two centuries, has become a pillar of the Irish tourism “product,” and an export commodity as thousands of themed “Irish pubs” have been established across the world in the last number of decades, supplementing existing establishments that have served the global Irish community. This paper draws on key themes from the diverse material in our upcoming academic volume on the Irish pub, to be published by Cork University Press, later in 2024. The book brings together contributions from scholars of history, sociology, design, literature, culinary …

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Exploring The Relationship Between Load Shedding And Crime In Gauteng, Bhavesh Ram May 2024

Exploring The Relationship Between Load Shedding And Crime In Gauteng, Bhavesh Ram

Master's Theses

This study investigates the impact of load shedding, a recurring power outage phenomenon in South Africa, on crime rates in the densely populated Gauteng province. Using a novel dataset that combines Eskom's load shedding schedules with detailed crime statistics from 2015 to 2022, a fixed-effects regression model is employed to examine the relationship between blackout hours and various crime categories. Findings reveal that while load shedding does not significantly affect overall crime rates, it significantly increases the incidence of contact crimes and sexual offenses, particularly during daylight hours. Additionally, our results provide evidence that load shedding diminishes the ability of …

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Climate Change And Environmental Crises In Coastal Cities: Charleston Vs New York City, Nolan Rodriguez May 2024

Climate Change And Environmental Crises In Coastal Cities: Charleston Vs New York City, Nolan Rodriguez

Student Theses 2015-Present

This paper addresses the increasing vulnerability that coastal communities face regarding climate crises and rising sea levels. Specifically, this paper investigates the environmental crises facing Charleston, South Carolina, and New York City. The geographical location of these cities places a more severe threat upon their environment, as opposed to urban collectives removed from the immediate effect of rising sea levels. A cross-examination of politics and economics is discussed in order to determine the causal relationship of each city’s engagement with its surrounding environment. This paper examines how each city is affected by climate change, what measures are in place to …

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An Account And Reflection Of What Has Allowed Poland To Have A Successful Transformation From Communism To A Free-Market Economy: How Foreign Investment And Poland's Tax Code Has Stimulated Economic Growth And What Ukraine Can Learn When Rebuilding Its Economy., Gunnar Krug May 2024

An Account And Reflection Of What Has Allowed Poland To Have A Successful Transformation From Communism To A Free-Market Economy: How Foreign Investment And Poland's Tax Code Has Stimulated Economic Growth And What Ukraine Can Learn When Rebuilding Its Economy., Gunnar Krug

Finance Undergraduate Honors Theses

I have always had a deep fascination with history, mainly European history. This academic thesis is a perfect opportunity to blend my learnings from the Sam M. Walton College of Business with my lifelong passion for European history. My paper is about finding a specific policy during Poland’s transformation from a centralized economic communist country to a free market democratic country and using that to help stimulate Ukraine’s economic recovery postwar with Russia. I traveled to Poland for about a week to get the best understanding of what Poland’s recovery looked like, not just in terms of economic numbers but …

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