International Economics Commons^™

Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick

Journal of Financial Crises

In the wake of the financial crisis of 2007-09, the Basel Committee on Banking Supervision (BCBS) faced the critical task of diagnosing what went wrong and then updating regulatory standards aimed at preventing it from occurring again. In seeking to strengthen the microprudential regulation associated with the earlier Basel Accords while also adding a macroprudential overlay, Basel III consists of proposals in three main areas intended to address 1) capital reform, 2) liquidity standards, and 3) systemic risk and interconnectedness. This case considers the causes of the 2007-09 financial crisis and what they suggest about weaknesses in the Basel regime …

Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10 countries established the Basel Committee on Banking Supervision (BCBS) and in 1988, the BCBS introduced a capital measurement system, Basel I. The system represented a triumph of the fixed numerical approach, however, critics worried that it was too blunt an instrument. In 1999, the BCBS issued Basel II, a proposal to …

Trump’S False ‘Realism’, Muhammad Ali Baig, Syed Sabir Muhammad

International Bulletin of Political Psychology

Comment from IBPP Editor: One key challenge implicit in this article compromises interactions among formal political science definitions of realism and psychological constructions of realism, materialism, objectivism/subjectivism, empiricism, and idealism.

Authors' Abstract: Foreign policy pivoted upon realist principles has have remained a vital instrument to pursue, achieve, secure and sustain the policy objectives of a state. America being the liberal hegemonic state maintained ‘liberal hegemony’ since the end of the Second World War. Realists intended to adopt a realist foreign policy; however, ideologies like ‘American Exceptionalism’ dominated over the former. President Donald Trump opted for protectionism with the objective of …

Microfinance In Latin America: Poverty Alleviation And The Impact Of Institutional Mimicry, Lindsay Jouben

Graduate Theses, Dissertations, and Problem Reports (ETD)

Microfinance has become a program of choice in the international development community. The World Bank has promoted microfinance programs under the idea that poverty alleviation can be accomplished by mainly providing credit. [1] As such, these policies are often replicated throughout the developing world. This replication is done through international organizations adopting a standard of best practices for the microfinance field. Best practices consist of a complex set of standard by which all banks must adhere if they receive funding from the World Bank or International Monetary Fund. These best practices, following neoliberal economics, lay out how microfinance should operate …

Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante

Student Theses and Dissertations

The purpose of this research is to detail a case study of U.S. tourism to Cuba in a politicized context; specifically, to compare and contrast the Obama and Trump administrations. This study seeks to examine how the Cuban “brand” and the island’s overall tourism strategy is formulated, circulated, shaped and reshaped by various actors and the public in the changing context of the newly antagonistic bilateral U.S.-Cuba political relationship. The research questions explore issues of how diplomatic relations impact Cuban tourism and advertising messaging. This paper also discusses the changes in the U.S. news media coverage of Cuba as a …

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its substantial position …

European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In August 2007, Fortis Group, Belgium’s largest bank, acquired the Dutch operations of ABN AMRO, becoming the fifth largest bank in Europe. Despite its size and its significant operations in the Benelux countries, Fortis struggled to integrate ABN AMRO. Fortis’s situation worsened with the crash of the US subprime market, which impacted its subprime mortgage portfolio. By July 2008, Fortis’s CEO had stepped down, its stock had lost 70% of its value, and it was on the verge of collapse due to a severe liquidity crisis. The governments of Belgium, Luxembourg, and the Netherlands quickly came together and agreed to …

European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was …

European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a “Single Rulebook” that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A …

European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB’s asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).

In combating the crises, the ECB designed various innovative programs which it successively employed as the …

European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …

Plastic Bags And Bamboo Stools, Grace R. Bithell

Marriott Student Review

This paper conducts a critical analyses of microfinance institutions. It gives an overview of the complexities of credit in developing countries and shows how microfinance fits into the equations. It discussed the successes and failures of microenterprises in trying to alleviate poverty. It also delves into best practices pertaining to lending to the poor and how microfinance is impacted by culture in developing nations.

Strategic Implications For The United States Of The Belt And Road Initiative In Africa, Alec Monnie

Independent Study Project (ISP) Collection

The belt and road initiative is one of the most significant developments of the twenty-first century, which the United States will need to learn to adapt to. Much of the academic literature regarding the belt and road initiative mentions that Africa is a significant participant in this policy development, but fail to elaborate as to why that is, or what the implications for this are for the United States. This article expands upon the strategic significance of the African continent, and explains the implications thereof for the United States and China. This article argues that the belt and road initiative …

El Socio No Tradicional: Un Análisis De Las Inversiones Chinas En La Argentina Y La Articulación Bilateral Argentino-China / The Nontraditional Partner: An Analysis Of Chinese Investment In Argentina And The Argentine-Chinese Bilateral Articulation, Lucy Hale

Independent Study Project (ISP) Collection

Esta investigación se enfoca en la relación comercial bilateral que tienen Argentina y China. Se analizan las inversiones extranjeras directas (IED) chinas en Argentina en el período 2003 hasta 2019 y trata de entender las dos siguientes preguntas: ¿Qué revelan las inversiones chinas en la Argentina sobre la relación de estos dos países en términos de oportunidades políticas y económicas para cada uno de ellos? Y ¿de qué tipo de articulación bilateral son indicativas estas inversiones? Esta investigación cuenta con una base de datos agregados de varias fuentes académicas, gubernamentales y periodísticas. Además, cuatro entrevistas fueron llevadas a cabo con …

The Origins Of The Jones Act Of Puerto Rico, Stephanie Mercedes

Dissertations, Theses, and Capstone Projects

After the Spanish-American War that ended in 1898, Puerto Rico was given to the United States by Spain as a war booty, becoming a US colony. The first law ever created by the United States to control Puerto Rico was the Foraker Act (also known as the Organic Act of 1900). This established a civilian government in Puerto Rico. It also extended the federal government rulings to the island. After its creation, the Puerto Rican population began to wonder what their political status was since nothing was concretized until the Jones Act was signed. The Merchant Marine Act of 1920, …

The Oppressive Pressures Of Globalization And Neoliberalism On Mexican Maquiladora Garment Workers, Jenna Demeter

Pursuit - The Journal of Undergraduate Research at The University of Tennessee

The international economic trends of globalization and neoliberalism have exposed and enabled the exploitation of Mexican workers, especially women in the maquiladora garment industry. During the 1950s, globalization gave rise to the new international division of labor and transnational corporations (TNCs) that have offshored labor-intensive phases of production to developing countries, many of which have pursued export-led industrialization. Export processing in Mexico was encouraged in the 1960s by Item 807 of the U.S. Tariff Code and Mexico’s Border Industrialization Program. Especially following the Latin American debt crisis of the 1980s, advanced capitalist countries and International Financial Institutions foisted neoliberal structural …

Becoming A Superpower: China’S Rise And The Belt And Road Initiative In Latin America, Garrett Bullock

History Summer Fellows

Is China a Superpower? Will it become one? After half a century of establishing a strong international military presence, thriving economic growth, domestic/international political authority, and considerable cultural “soft power”, the PRC has emerged as a hegemon capable of competing in international geopolitics. Nevertheless, these questions remain unanswered. For this reason, this research explores what it means to be a superpower, whether China is or will be a superpower, and, importantly, what impact China’s rise has on the world. To do this, this research explores existing debates surrounding China’s current global status, the historical emergence of the PRC as a …

Governance In A Globalised World, Richard Woodward

Books/Book Chapters

Discussions surrounding the sources of power and authority that govern the social world have taken place since ancient times. Finally, in the latter half of the twentieth century, it appeared that this debate had been decisively resolved in favour of the view that governance was the preserve of governments. This was a consequence of the ascendance in the social sciences of methodologies that presupposed human activities to correspond to the territorial boundaries of sovereign states. The privileging of sovereign territoriality did not reflect a poverty of scholarly thinking but was a by-product of their social world. (Taylor, 1996). By the …

Perceptions Of The North American Free Trade Agreement And Mexican Migration: “What Is The Relationship Between Trade Liberalization And Labor Mobility?”, Colin Gonzalez

Political Science Undergraduate Honors Theses

In an effort to understand the effectiveness of the North American Free Trade Agreement, the author uses previous academic literature to assesses the success of the North American Free Trade Agreement’s primary and peripheral goals. To understand how North American citizens, perceive NAFTA and their future relationship with one another, the author uses survey data to analyze attitudes of American and Mexican citizens towards trade liberalization (NAFTA) and labor mobility. Regression analysis reveals that there is a positive relationship between labor mobility and trade liberalization for Mexican citizens but not for American citizens. This is a significant finding that contributes …

The Wealth Of Nations And The Advancement Of Collective Security, Kerry Daniel Good

Senior Honors Theses

This thesis will address the economic development of countries from the strategic perspective of the United States, and consider how this development will progress overlaid in the context of the Chinese framework for the projection of national power. Using an inter-disciplinary approach, this research will synthesize sources on national security policy and economics, while seeking a Christian apologetic framework to answer these questions: How can the United States promote the economic development of countries in the Asia-Pacific region using a biblical economic-development model, as a part of its national strategy? This thesis focuses on some of the political and socio-economic …

Marxist Implementation Of Climate Change As A Geopolitical Fear Tactic, Katelyn Larossa

Senior Honors Theses

In recent years the climate change debate has shifted from the peripheries of international political discussions to center stage, manifesting in the Paris Agreement in November of 2016 under the United Nations Framework Convention on Climate Change. However, the science behind the climate change debate is disputed and does not support the claims made by global leaders who continue to push for increasing environmental regulations and financial aid to those most adversely affected by the supposed climate change (underdeveloped and developing nations). Examining the geopolitical and economic implications of climate change actions reveals the underlying political philosophies guiding global leaders. …

Given Today's New Wave Of Protectionsim, Is Antitrust Law The Last Hope For Preserving A Free Global Economy Or Another Nail In Free Trade's Coffin?, Allison Murray

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

How Two Sunken Ships Caused A War: The Legal And Cultural Battle Between Great Britain, Canada, And The Inuit Over The Franklin Expedition Shipwrecks, Christina Labarge

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award, Sam Wesson

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Mass Atrocities And Their Prevention, Charles H. Anderton, Jurgen Brauer

Economics Department Working Papers

Counting conservatively, and ignoring physical injuries and mental trauma, data show about 100 million mass atrocity-related deaths since 1900. Occurring in war and in peacetime, and of enormous scale, severity, and brutality, they are geographically widespread, occur with surprising frequency, and can be long-lasting in their adverse effects on economic and human development, wellbeing, and wealth. As such, they are a major economic concern. This article synthesizes very diverse and widely dispersed theoretical and empirical literatures, addressing two gaps: a “mass atrocities gap” in the economics literature and an “economics gap” in mass atrocities scholarship. Our goals are, first, for …

Governments' Adoption Of Native Cryptocurrency: A Case Study Of Iran, Russia, And Venezuela, Rose Mahdavieh

Honors Undergraduate Theses

The emergence of digital currency is becoming prevalent in the age of globalization – specifically, cryptocurrencies. Cryptocurrencies and blockchain are two recently discovered concepts currently being explored by researchers and developers. Cryptocurrency is a subset of digital currency that encompasses revolutionary technology, shifting political and economic spheres in nation-states. Certain governments are more prone to the adoption of cryptocurrencies and three comparative case study countries, Iran, Russia, and Venezuela, have shared attributes that result in adoption. Observed factors that result in the adoption of cryptocurrencies include corruption, GDP level, economic volatility, and Western sanctions. These factors will be applied in …

The Importance Of Property Rights In The Developing World: A Study And Comparison Of Zimbabwe And Botswana, Luke A. Scarpa

Dissertations and Theses

No abstract provided.

Evolving Conceptions Of Sovereignty As Applied To Membership In International Organizations, Luke C. Radice

CMC Senior Theses

In the current international climate, both nations and individuals increasingly question both the validity and necessity of international organizations. This paper seeks to answer some of those questions, and to determine why countries choose to surrender significant portions of the national power that they are afforded under traditional perceptions of “Westphalian sovereignty”. This question is answered through an analysis of historical political thought on the concept of Sovereignty, then is applied to two case studies: the United Nations and the European Union, in which the benefits and downsides of surrendering sovereignty are discussed. Ultimately, this thesis concludes that the concept …

Leveraging Trade Agreements To Reduce Greenhouse Gas Emissions In Accordance With The Paris Agreement, Sam Becker

CMC Senior Theses

Climate change is the most obvious and pressing impairment of the biological, physical, and chemical systems. To help mitigate this unprecedented problem, I present heads of state, policymakers, and members of civil society with a set of new provisions that they can include in their trade agreements to drive emissions reduction from countries inside and outside of their trade agreements, maintain their ability to compete in an increasingly globalized world, and comply with international trading rules. Ultimately, I seek to demonstrate the untapped potential for leveraging trade agreements to reduce emissions in the midst of an international system that lacks …