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Articles 1 - 5 of 5
Full-Text Articles in International Economics
The European Central Bank's Three-Year Long-Term Refinancing Operations (Ecb Gfc), Aidan Lawson
The European Central Bank's Three-Year Long-Term Refinancing Operations (Ecb Gfc), Aidan Lawson
Journal of Financial Crises
The announcement of the three-year Long-Term Refinancing Operations (LTROs) by the European Central Bank (ECB) on December 8, 2011, signaled the beginning of the largest ECB market liquidity programs to date. Continued and increasing liquidity-related pressures in the form of ballooning financial market credit default swap (CDS) spreads, Euro-area volatility, and interbank lending rates prompted a much more forceful ECB response than what had been done previously. The LTROs, using a repurchase (repo) agreement auction mechanism, allowed any Eurozone financial institution to tap essentially unlimited funding at a fixed rate of just 1%. Because the three-year LTROs were so similar …
Assessing The Determinants Of The Human Development Index In Oil-Dependent Nations, Adrian Fossaceca
Assessing The Determinants Of The Human Development Index In Oil-Dependent Nations, Adrian Fossaceca
Undergraduate Economic Review
Numerous rentier states from around the world derive all or a fundamental portion of their national revenues from the rent of natural resources. These revenues are essential for the policy-making strategies pertaining to social welfare programs and for the funding of development projects within the country. In order to determine the effectiveness of rentier states in terms of development promotion, this paper will utilize the Human Development Index (HDI) as a proxy variable for development levels. Regression analysis indicates that a substantial proportion of the variation of the Human Development Index in oil-dependent economies can be explained by the adolescent …
The Nuances Of Capital Controls In Economic Development: Argentina And Chile, Reagan A. Shane
The Nuances Of Capital Controls In Economic Development: Argentina And Chile, Reagan A. Shane
Global Tides
In this paper, I analyze the ways that capital controls affect growth and economic development in developing countries and emerging market economies and use the historical evidence of Chile and Argentina to demonstrate how countries may experience the effects of capital controls in different proportions. I then review additional academic literature and historical evidence in Chile and Argentina to determine what factors seem to determine the success or failure of capital control strategies. I find two influential factors in the determination of whether implementation of capital controls helps or hurts economic growth and development. The first is whether capital controls …
Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick
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
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 …