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2022

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Full-Text Articles in Growth and Development

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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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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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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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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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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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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The Economic Opportunity Mapping (Eom) Tool, Craig W. Carpenter, Anders Van Sandt, Rebekka Dudensing, Scott Loveridge, Linda S. Niehm Dec 2022

The Economic Opportunity Mapping (Eom) Tool, Craig W. Carpenter, Anders Van Sandt, Rebekka Dudensing, Scott Loveridge, Linda S. Niehm

Journal of Extension

Extension professionals increasingly understand data as integral to economic development planning and related efforts. However, regional economic data is often inaccurate, expensive, and unengaging for stakeholders. The Economic Opportunity Mapping Tool provides industry-specific free online interactive maps to engage stakeholders in the process of economic development planning, while also helping connect the determinants of business location with real local data on industry establishments.

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Manufactured Homes In Nevada Counties, Joshua Padilla, Annie Vong, Caitlin J. Saladino, William E. Brown Jr. Dec 2022

Manufactured Homes In Nevada Counties, Joshua Padilla, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents data on the share of manufactured homes in each of Nevada’s 17 counties, as reported in the June 2022 The Daily Yonder article, “With Housing Shortage Still Ongoing, Manufactured Homes are Gaining Ground,” by Kristi Eaton. The original report includes data made available by the Housing Assistance Council (HAC) for each county in the United States from 2009 and 2018.

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Unwilling Gamblers And Loaded Dice: Considering Recession And Crisis As A Natural Effect Of Financial Capitalism, Darlene N. Moorman Dec 2022

Unwilling Gamblers And Loaded Dice: Considering Recession And Crisis As A Natural Effect Of Financial Capitalism, Darlene N. Moorman

The Downtown Review: An Interdisciplinary Journal Written and Peer-Reviewed by Mandel Honors College Students at Cleveland State University

Under financial capitalism, ordinary people are increasingly becoming 'unwilling gamblers' of a risky and unstable system. This paper explores the social and institutional change behind the neoliberal movement and considers how the politics and policies of neoliberalism have contributed to a certain environment of financial instability. Looking at the changing nature of the economy, the rapid expansion of the financial sector, and the persisting issue of moral hazard underlying risky and speculative behaviors among other items, reveals a financial system in which recessions and crises can be considered a natural, although not inevitable, effect.

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Should I Stay Or Should I Go: The Impact Of Crossing Migrants In Local Communities In Mexico, Norma M. De La Rosa-Bustamante Dec 2022

Should I Stay Or Should I Go: The Impact Of Crossing Migrants In Local Communities In Mexico, Norma M. De La Rosa-Bustamante

Whittier Scholars Program

The interactions between migrants and Mexican local communities have positive and negative outcomes. A report by Human Rights First found that more than 630 violent crimes against asylum seekers were reported in the first few months of the “Remain in Mexico” policy. Still, some migrants have been able to assimilate and stay in Mexico, particularly in large cities such as Tijuana, Baja California and Ciudad Juarez, Chihuahua. This research project combines qualitative data collected through interviews with local NGOs between September 2020 to February 2021 and secondary research data. It focuses on the living conditions of migrants who have stayed …

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Southeast Asia & The Hidden Green Revolution: A Study On Foreign Direct Investment In Eco-Investments In Asean, Ravi Chailertborisuth Dec 2022

Southeast Asia & The Hidden Green Revolution: A Study On Foreign Direct Investment In Eco-Investments In Asean, Ravi Chailertborisuth

Undergraduate Honors Theses

This paper aims to find: To what extent foreign direct investment is fueling the renewable energy transition in ASEAN. The year 1966 saw the founding of ASEAN, the Association for Southeast Asian Nations. The five founding member nations were: Indonesia, Malaysia, Philippines, Singapore, and Thailand. Over time, this group of nations grew to include nations such as: Laos, Cambodia, Vietnam, Brunei, and Myanmar. The IGO (inter-governmental organization) aims to foster “economic, social, cultural, technical, educational and other fields” (ASEAN). The IGO is successful, allowing capital to flow cross-borders with more ease, and encourage economic corporation across all nations. Since …

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Abduction Threat Surviving Skills In Basic School Education Curriculum In Nigeria: Teachers' Views, Eke Ogbu Eke, Ibebuike Ursla Obiageri, Ngozi Enwereuzoh, Ijeoma Ubochi Dec 2022

Abduction Threat Surviving Skills In Basic School Education Curriculum In Nigeria: Teachers' Views, Eke Ogbu Eke, Ibebuike Ursla Obiageri, Ngozi Enwereuzoh, Ijeoma Ubochi

Young African Leaders Journal of Development

This descriptive survey was on abduction threat surviving skills in basic school education curriculum in Nigeria: teachers' views. The purpose of the descriptive survey was to determine Lower and Middle Basic School teachers' views on infusing abduction threat surviving skills in Basic school curriculum for schoolchildren safety in school environment. The population comprises 209 public school primary teachers in Umuahia North L.G.A. of Abia State. The simple random sampling technique with non-replacement technique was used to select the sample of 143 primary school teachers (41 male and 102 female teachers). Researchers' made attitude questionnaire titled” Basic School Teachers Questionnaire on …

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Impact Of The Russo-Ukraine War African Students And Families: Community-Based Approach To Humanitarian Mutual Aid, Macire Aribot, Nassim Ashford Dec 2022

Impact Of The Russo-Ukraine War African Students And Families: Community-Based Approach To Humanitarian Mutual Aid, Macire Aribot, Nassim Ashford

Young African Leaders Journal of Development

Africans and African-descent refugees from Ukraine have faced racism and discrimination since the onset of the Russian-Ukraine war. When seeking refuge in neighboring countries, African people experienced differences in treatment when crossing the borders of European countries. Historically, European countries have enforced strict anti-immigration policies to deter Black and Brown people of color from migrating to their countries. This paper explores racism and discrimination experienced by African and African-descent refugees fleeing Ukraine and the inequity in the global humanitarian response for Africans and other people of color affected by the Russia-Ukraine war. As a result, this paper will highlight community-based, …

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Corruption And Non-Performing Loans, Ardit Gjeçi, Matej Marinč Dec 2022

Corruption And Non-Performing Loans, Ardit Gjeçi, Matej Marinč

Economic and Business Review

This article empirically evaluates the impact of corruption on the level of non-performing loans (NPLs) using the international bank-level data, spanning over the period 2000–2016 and across 140 countries. We find a positive and statistically significant relationship between corruption and NPLs. We also analyze the channels through which corruption affects NPLs. We find that the relationship between corruption and NPLs becomes more pronounced during and after the global financial crisis and is more pronounced for smaller banks. The association between corruption and NPLs is stronger in countries characterized by a high level of collectivism. The link between corruption and NPLs …

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The Livingston Survey 2022, S. Anderson, B. Bovino, M. Brown, Thomas Lam, Et Al Dec 2022

The Livingston Survey 2022, S. Anderson, B. Bovino, M. Brown, Thomas Lam, Et Al

Sim Kee Boon Institute for Financial Economics

The 16 participants in the December Livingston Survey weakened their forecasts for real GDP growth, compared with their projections in the June 2022 survey. The forecasters, who are surveyed by the Federal Reserve Bank of Philadelphia twice a year, expect 2.0 percent annualized growth in real GDP during the second half of 2022. They project 0.4 percent annualized growth over the first half of 2023. The forecasters predict that real GDP will continue to decline and reach -1.0 percent annualized growth in the second half of 2023.

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Front Matter, Yaljod 4.1, Sombo Muzata Dec 2022

Front Matter, Yaljod 4.1, Sombo Muzata

Young African Leaders Journal of Development

Includes: Forewords from Amb. Dr. Salah Siddig Hammad (Head, African Governance Architecture, African Union Commission), Vasu Gounden (Executive Director, ACCORD South Africa), and Asha T. Rodney (Board Vice Chair, Walter Rodney Foundation);Preface from Prince Ifoh (Founder, YALF); and Acknowledgements.

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Harnessing The Youth Bulge For Transformative Leadership, Transparency And Accountability In Africa: The Case Of Mozambique And Zimbabwe, Tendaishe Tlou Dec 2022

Harnessing The Youth Bulge For Transformative Leadership, Transparency And Accountability In Africa: The Case Of Mozambique And Zimbabwe, Tendaishe Tlou

Young African Leaders Journal of Development

In every part of the globe, the 21st century has seen an increase in the youth bulge accompanied by a surge in youths' involvement in various issues. Youth alone now constitute more than 65% (both male and female) of Africa's population becoming impossible to leave youths behind in any processes. Perhaps in the new millennium, the Arab Springs in North Africa and the #feesmustfall South African protests changed the course of history and discourse around leadership issues in Africa. Historically, challenges and opportunities confronting youths in Africa are traditional. Hierarchy (both political and social) always defines the leadership criteria. Historically, …

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Natural Disasters In Africa; Impacts On Sustainable Development, Shawgei Salah Ahmed Ismaeil Dec 2022

Natural Disasters In Africa; Impacts On Sustainable Development, Shawgei Salah Ahmed Ismaeil

Young African Leaders Journal of Development

Environmental disasters in the world are among the leading causes of death in the recent past, and the African continent is no exception: drought, desertification, floods, landslides, hurricanes and earthquakes are prevalent. This paper draws attention to the deadly effects of natural disasters on Africa’s development, using the Star Analysis System in terms of presenting the overall situation in the five regions of the African continent, and identifying the significant threatening and constraining cost of development by showing that the large amounts lost could have been used to achieve sustainable development compared with the areas of sustainable development goals effected …

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Information And Communication Technologies And Employment In The Services Sector: The Case Of The Economic Community Of West African States, Kossi Naita Edem, Kokou Dzifa Dec 2022

Information And Communication Technologies And Employment In The Services Sector: The Case Of The Economic Community Of West African States, Kossi Naita Edem, Kokou Dzifa

Young African Leaders Journal of Development

The rise of information and communication technologies is a channel for job creation in the ECOWAS services sector because they make work more efficient and are a source of innovation. In this article, we analyse the impact of information and communication technologies on employment in the services sector in ECOWAS. In contrast to their ambiguous impact on employment in countries with a fairly high ICT penetration rate, we rather expect the internet to have a potentially positive impact on employment in the service sub-sectors of education, health, distribution, transport & communication and finance & insurance. Furthermore, most of the control …

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Yaljod Full Issue 4.1, Sombo Muzata Dec 2022

Yaljod Full Issue 4.1, Sombo Muzata

Young African Leaders Journal of Development

The Young African Leaders Journal of Development (YALJOD) is a biennial journal and an official publication of the Young African Leaders Forum (YALF). It was established in 2015 to host scholarly analysis and competing viewpoints about the development of Africa; and it’s multidisciplinary approach makes it more formidable. YALJOD accepts papers from varied disciplinary areas — including Social Sciences, Physical Sciences and Humanities — that show direct relevance to the development of Africa. It publishes researches understood as the social, economic, political, cultural and technological processes of change in Africa. The intended audience of the journal remains the entire African …

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Savings-Investment Gap In Sub-Saharan Africa: Does The Interaction Of Financial Sector Development And Migrant Remittances Matter?, Wasiu Adekunle, Oluwatosin Adeniyi, Joshua Afolabi, Musibau Babatunde, Edward Omiwale Dec 2022

Savings-Investment Gap In Sub-Saharan Africa: Does The Interaction Of Financial Sector Development And Migrant Remittances Matter?, Wasiu Adekunle, Oluwatosin Adeniyi, Joshua Afolabi, Musibau Babatunde, Edward Omiwale

CBN Journal of Applied Statistics (JAS)

This study analyses the interactive effects of migrant remittances and financial development on savings-investment gap for a panel of 18 Sub-Saharan Africa (SSA) countries from 1990-2017. Results from a panel ARDL model show that migrant remittances reduce savings-investment gap in the long run. The gap is further reduced when the individual effect of financial development, and the interactive effects of migrant remittances and financial development are taken into consideration. Further analysis reveals evidence of widening effects of rising real GDP growth and bank deposits over a long-term horizon, while higher private sector credit widened the savings-investment gap only in the …

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Global Adverse Effects Of Scientific Prescribed Medications: Covid-19 Vaccines, Albert Mcbell Ninepence Dec 2022

Global Adverse Effects Of Scientific Prescribed Medications: Covid-19 Vaccines, Albert Mcbell Ninepence

Young African Leaders Journal of Development

The impact of scientific prescribed medications are tremendous and cannot be overemphasized. Irrespective of scientific prescribed medications impacts, in recent epoch it has attracted some criticisms on its efficacy. Prescribed medications are medications from scientific treatments or cure which is the widely accepted approach to curing or treating illnesses and diseases. On the other hand, traditional prescribed medications which are non-scientific tend to be less utilized, ignored and extremely criticized by pure scientists. The criticisms surrounding scientific prescribed medications escalated during the era of COVID-19. While some people resorted to the use of scientific prescribed medications of COVID-19 vaccines to …

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The Implication Of Corruption On Sustainable Development In Africa: (Using Nigeria As A Case Study), Ezeifekwuaba Tochukwu Benedict Dec 2022

The Implication Of Corruption On Sustainable Development In Africa: (Using Nigeria As A Case Study), Ezeifekwuaba Tochukwu Benedict

Young African Leaders Journal of Development

The scenario of the rise of corruption in Africa particularly in Nigeria is so much a problem. It cuts across the various Private Sectors including different tiers of government. This research paper applied collected secondary data from library materials, government publications, journals, the internet and daily newspapers. The kernel of the research paper is on the facts that corrupt practices among the class of political leadership have led to the undermining of the stability and growth of the country's economy. Also, it is discovered that corruption maximizes the poverty level that triggers criminal exercises in the Nation. The paper suggests …

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Nation-Building And Africa's Development: A Historical And Philosophical Analysis, Adewale Onagbesan Dec 2022

Nation-Building And Africa's Development: A Historical And Philosophical Analysis, Adewale Onagbesan

Young African Leaders Journal of Development

From the 1960s onwards until recent time, a number of African States across the various regions have been faced with differing challenges that confront either stability, sovereignty, and in some cases, their permanent existence as evident during the period 1960-70 which was widely referred to as the decade of optimism, and the period 1970-80 which was clearly referred to as the decade of pessimism due to the number of events that manifested. Clearly in the light of this, Nation-Building in Africa has experienced chequered fortune in the past half a century of independence, up to present times, and the challenge …

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