Political Economy Commons^™

The Rescue Of American International Group Module E: Maiden Lane Iii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

Starting in mid-2007, American International Group (AIG) faced increasing collateral calls from counterparties looking to protect their positions in credit default swap (CDS) contracts that AIG had written on residential and commercial collateralized debt obligations (CDOs) (US COP 2010, 28-30). Per these agreements, the AIG parent company was responsible for insuring the value of the CDOs against the risk of a negative credit event, such as default (GAO 2011, 5; US COP 2010, 29-30). AIG’s immediate need for liquidity on September 16, largely driven by a securities lending program and those collateral calls, prompted the Federal Reserve to lend the …

The Rescue Of American International Group Module D: Maiden Lane Ii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

In September 2008, American International Group (AIG) faced increasing difficulty in returning cash collateral to counterparties looking to terminate, rather than roll over, their securities lending agreements, in part because the company had invested the collateral in residential mortgage-backed securities (RMBS), which were becoming illiquid. The Federal Reserve Bank of New York (FRBNY) provided liquidity to the company, including through the Securities Borrowing Facility (SBF), which allowed for the repayment of cash collateral but did not address the falling values of the RMBS. In November 2008, the Federal Reserve Board authorized the creation of Maiden Lane II (ML II), a …

The Rescue Of American International Group Module B: The Securities Borrowing Facility, Lily S. Engbith, Alec Buchholtz, Devyn Jeffereis

Journal of Financial Crises

In 2008, American International Group (AIG) was among the largest insurance corporations in the world and maintained a profitable securities lending program. However, AIG invested much of the cash collateral received from counterparties in residential mortgage-backed securities, whose value began to collapse rapidly and unexpectedly, creating liquidity strain for AIG when borrowers returned their securities. Because of these strains, credit downgrades, and losses, in September, the company sought assistance from the Federal Reserve which, on October 6, 2008, approved the establishment of the Securities Borrowing Facility by the Federal Reserve Bank of New York (FRBNY). The FRBNY agreed to loan …

Stress Tests And Policy, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus on their comparative advantages by taking a macroprudential focus, with severe scenarios that enable them to learn about emerging risks in both traditional and shadow banking sectors. In peacetime, also, supervisors should emphasize risk- management practices and be wary of forcing rapid changes in capital levels for individual banks, while linking stress-test results with countercyclical capital buffers across the system.

Sustainable Economic Development In The Post-Covid Era In Asia And The Pacific, Yasuyuki Sawada

CBER Conference

The second day of the 1st International Conference at the CBER, IBA Karachi commenced with an opening address by the Chief Economist at the Asian Development Bank (ADB), Mr. Yasuyuki Sawada. Speaking about the outbreak of the Covid-19 virus and how it has destabilized the economic outlook and widened existing social inequalities, impacting lives and livelihoods of millions in Asia-Pacific region and beyond, Sawada remarked, “Regional GDP contracted by 0.2% in 2020 with East Asia faring much better. After a sharp contraction last year, growth in South Asia will rebound in 2021. However, the recovery will be uneven”. Dr. Sawada’s …

The Financial Facet To Sino-African Cooperation: Analyzing Potential Motivations Behind Chinese Investment In African Countries, Jacob T. Carnevale

Political Science Theses and Capstones

China’s reputation transitioned from political isolation throughout the twentieth century to international influence in the twenty-first century. We see this in the continent of Africa, especially, where multiple countries experience political and economic hardships. Today, China invests in African countries to alleviate these hardships and strengthen foreign relations. Some scholars contend that much of China’s approach to foreign direct investment (FDI) in Africa stems from China’s domestic interests, while other scholars contend it is more about relationship-building. Taking note that China does both, I ask which aspect to Sino-African relations primarily motivates Chinese lending in Africa. To analyze this question, …

Space Exploration: Nasa Investment Into The Private Space Sector And Public Opinion, Brooke Ziegenhagen

Senior Theses

The space exploration industry has entered a new era with companies such as SpaceX and Blue Origin leading the way to the privatization of space. This paper examines public opinion regarding the source of space exploration funding and proposes possible motivations for these sentiments. This is followed by an assessment on NASA’s investment trends into the commercial space industry. Both probes review the past decade, to reveal the public-private relationship in this new era and finally, conclude whether or not public opinion plays a role in the degree of NASA investment and what that role may be.

Employment Trends And Poverty Status: Men And Women In The New York City Metro Area Between 2000 And 2017, Sarah Kostecki

Center for Latin American, Caribbean, and Latino Studies

Introduction:

This report examines employment trends and poverty status among men and women aged 25-54 in the New York City metropolitan area. The report assesses the characteristics of these persons, while examining trends and differences in poverty status by sex, race/ethnicity, and across the five largest Latino nationalities.

Methods:

This report uses the American Community Survey PUMS (Public Use Microdata Series) data for all years released by the Census Bureau and reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa, (https://usa.ipums.org/usa/index.shtml). See Public Use Microdata Series Steven Ruggles, J. Trent Alexander, Katie Genadek, Ronald Goeken, Matthew …

Asset Classes, Nicolas L. Jacquet

Research Collection School Of Economics

This paper proposes a theory of endogenous differences in liquidity of assets based on the interaction between differences in the risk of assets and differences in liquidity needs of investors. An equilibrium of the model, which always exists and is unique, displays a class structure, where investors’ types sort themselves across different types of assets. I also provide a detailed analysis of the possible types of sorting and of the consequences for the cross-sectional properties of asset prices and their velocity. The framework can also be useful to think about what constitute a ""light-to-liquidity" and a "safe asset".

Monetary And Fiscal Policies In The Covid-19 Crisis. Will They Work?, Daniel Lacalle

Journal of New Finance

The spread and mortality rate of the COVID-19 virus has created enormous strains on global healthcare systems and driven governments to take extreme measures to contain the virus, including the lock down of most citizens and shutting down most economic sectors. Due to these unique challenges and coming from an economy that was weak already in 2018 and 2019, the world faces a global crisis of unprecedented impact and high uncertainty about the recovery process. In this paper, we analyze how the world economy is addressing the COVID-19 pandemic. We start with the situation of the main economic regions at …

A Pandemic Of Protectionism: How Economic Isolationism Affects The Economy, Álvaro Martín

Journal of New Finance

The aim of this paper is to study the economic consequences of protectionism from a macroeconomic perspective. For that purpose, we estimate the impact of tariffs on different economic variables as GDP growth, trade volume or unemployment, comparing the effects for two groups of countries: high-income and low-income. For this, we build a regression model to estimate the effects of tariff changes on each of these variables, differentiating between the two groups of countries. Tariffs contribute to increase unemployment, generate lower economic growth and reduce trade volumes, but by how much? This is very relevant in the actual pandemic environment …

Money Trumps Ethnicity: An Overview Of Local Election In Kendari, M. Najib Husain, La Husen Zuada

Jurnal Politik

This paper explains how money politics and ethnic politics work at the same time, and which one of them is more influential when the two are confronted. By examining the 2017 regional election in the city of Kendari, this paper finds that both ethnic politics and money politics were used by contestants running in the election to gain voter support. Nevertheless, ethnic politics failed to maintain voter loyalty when contested with money politics that was designed carefully, massively, right on target, well-structured, and was supported by a solid and militant team.

Refusing To Die: Programmatic Goods In The Fight Against Covid-19 In Sampang Regency, Endik Hidayat, Daniel Susilo

Jurnal Politik

This article discusses programmatic distributive politics in the villages in Sampang Regency during the COVID-19 pandemic. This study seeks to answer the forms of programmatic goods distributed in Sampang during the pandemic. This study employs qualitative methods and chose ten villages in Sampang as its case study due to Sampang’s achievement in maintaining its green zone status for the longest period in East Java. This article shows that there have been shifts in the bupati’s relationships with the village heads, from what was previously transactional prior to the pandemic to be more collaborative in efforts to contain the spread of …

Reimagining Post-Secondary Training, Community College, And Welfare Supports, Aaron Azerad

Dissertations, Theses, and Capstone Projects

This paper seeks to study the income patterns at the sub-bachelorette level through community colleges and workforce training programs. Using 2018 U.S. Census PUMA microdata, this thesis not only explores which fields of study, industries, and occupations have a sufficient number of observations to determine whether they provide incomes which are commensurate with a middle class livelihood but, also whether these jobs are plentiful in number.

The second goal is to evaluate the effects of the 1996 Personal Responsibility and Work Opportunity Reconciliation Act (the Clinton era welfare reform) and how it has influenced Giuliani era ‘work requirement’ initiatives tied …

Corona's Bio-Economic Crisis And The Post-Corona World, Cyrus Bina

Economics & Management Publications

While pandemics are pervasive, this is for the first time that the capitalist mode of production reached the outer limits of biology, biosphere, ecology, economy, geography, and international relations in unison resulting in an all-encompassing crises that devastated the entire planet. The upshot of this pandemic has overwhelmed the infrastructure of public health across the globe with stunning speed and with infections in millions in just a few months and the velocity of economic damage and devastation much worse than the Great Depression of the last century. It is also the “proof of the pudding” for the “conquest of mode …

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.

Lessons Learned: Christopher Seefer, Mercedes Cardona

Journal of Financial Crises

Christopher Seefer was recruited to the Financial Crisis Inquiry Commission (FCIC) to serve as the commission’s director of investigations. The 10-member bipartisan commission wascharged with investigating and determining the cause of the global financial crisis of 2007-09 (GFC). The commission held over 19 hearings and interviewed more than 700 people from September 2010 to January 2011 and produced a662-page report that attempted to explain why the crisis came about and the roles of government and private enterprises in the crisis.This “Lessons Learned” is based on an interview with Mr. Seefer.

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This “Lessons …

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included …

The Effect Of National Leaders’ Profiles On Gdp Per Capita, Maha Mostafa Gaber

Theses and Dissertations

A national leader is the policy maker in a country, whose economical decisions hold the power to make a nation either prosper or collapse. Therefore, it becomes crucial to understand the official who enact these decisions. A unique dataset of over 326 world leaders from 51 countries between the period 1972 to 2018 was constructed, building on leader Experience and Attribute Descriptions Database, in order to study the differences in leaders’ characteristics and determine the most important attributes which significantly affect level of GDP per capita. This paper studies the effect of government leaders’ profiles on GDP per capita by …

The Effects Of Tax Policies On Entrepreneurship In Emerging Versus Mature Economies: Do Differences Exist Between Nascent And Established Firms?, Benjamin B. Boozer, Taleah H. Collum

Journal for the Advancement of Developing Economies

An extensive body of research defines various levels of entrepreneurship and considers emerging trends. This study uses data from Global Entrepreneurship Monitor (GEM) in developing a model that measures the impact of taxes and bureaucracy on entrepreneurship. The analysis considers effects by type of firm – nascent and established – and type of economy – emerging and mature. The aim of the manuscript is to test directional impact of tax policies on entrepreneurial activity. The model utilizes counter and dichotomous variables to measure effects before, during, and after the 2008-2009 Financial Crisis. Tax policies adversely impact both nascent and established …

Voter Rationality In The United States, Asael Marvel

Honors Program Theses

The decade preceding 2020 has brought into question the political rationality of the average American voter, as it seems many individuals may vote against what is best for themselves. This begs a simple question, are American voters voting in their won rational self-interest, this project looks into a myriad of theories on voter rationality and the processes behind how voters may calculate or come to their voter decisions in an election in order to answer these questions. Then using the 2012 Cooperative Congressional Election Survey creates a method to analyze whether a specific group within the US is voting rationally, …

Things Are Getting Worse On Our Way To Catastrophe: Neoliberal Environmentalism, Repressive Desublimation, And The Autonomous Ecoconsumer, Alex Stoner

Journal Articles

The aim of neoliberal environmentalism was to unleash the market to protect the environment; but as it turns out, things are getting worse on our way to catastrophe. Despite persistent failures, neoliberal environmentalism remains prevalent—and apparently without alternative. This paper directs focus on an often-overlooked dimension of this apparent stasis: the nexus of self and society in advanced capitalism, as shown in the linkage between neoliberal environmentalism and the autonomous ecoconsumer. Marcuse’s concept of repressive desublimation is engaged to better understand how environmentalist desire is currently being thwarted in ways that inhibit movement toward socioecological emancipation. The paper provides an …

The Effects Of Racial Capitalism On Poor White Laborers, Amy Whittaker

Liberal Studies (MA) Final Essays

While always remembering that racial capitalism’s very nature ensures that non-white Americans suffer incomparable racial oppression, this paper will endeavor to expose the devastation caused to American society as a whole by explaining the ways in which racial capitalism destroyed poor white labors ability to participate fully in the economic system and strangled its chances of living the American dream. It is my hope that by discussing the missing piece of the poor white laborers’ experience under racial capitalism will unite poor white laborers and poor black laborers to work together to end racial capitalism, policing, and the carceral system. …

Submission To The Future Of The Media Commission, Brendan K. O'Rourke, Joseph K. Fitzgerald

Reports

Dr. Brendan K. O’Rourke is a Senior Lecturer at Technological University Dublin, where he focuses on learning in the area of discourses of the economy, in particular examining enterprise, policy and public discourses on the economy. His scholarly work has been widely published as chapters in edited volumes, encyclopedia / handbook entries and in over 20 peer-reviewed academic journals such the Critical Discourse Studies, Politics and Social Semiotics. More information on his work is available on www.brendankorourke.com . Dr. Joseph K. FitzGerald lectures in international strategy at Technological University Dublin and has published on topics such as how young men …

Profit Efficiency Analysis Of Cassava Production In Enugu State, Nigeria, Oguejiofor J. Okorie, Ubokudom E. Okon, Anselm A. Enete

Journal for the Advancement of Developing Economies

This study analyzed the profit efficiency of smallholder cassava farmers in Enugu state, Nigeria. The study employed a multi-stage random sampling technique in selecting 240 cassava farm households who are registered in the Enugu State Fadama III project during the 2019 farming season. Data were collected using copies of structured questionnaire and interview schedule. Collected data were analyzed using descriptive and inferential statistics (stochastic frontier profit function model). Results showed that the majority (73.3%) of the household heads were male, with a mean age of 52 years. Additionally, the majority (78.5%) of the respondents were married, mean farm size of …

Shaikh Nassif Coronado Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh Nassif Coronado paper by Anwar Shaikh, Luiza Nassif Pires, and Jose Alejandro Coronado. (Unpublished work).
• Weibull & inverse Weibull by Anwar Shaikh, PhD. (Unpublished work).
• Abraham-Frois, G., & Berrebi, E. (1997). Price, profits and rhythms of accumulation. Cambridge University Press.
• Egidi, M., & Gilibert, G. (1989). The objective theory of prices. Political Economy: Studies in the Surplus Approach, 5(1), 59–74.
• Mariolis, T. (2013). Applying the mean absolute eigen-deviation of labour commanded prices from labour values to actual economies. Applied Mathematical Sciences, 7(104), 5193–5204.
• Morishima, M. (1974). Marx in the light of …

The Effects Of Imf's Lending And Conditionalities On Economic Growth: Case Of Sadc Countries, Lutete Celina Carlos

Masters Theses

I examine the impact of IMF credit use and its conditions on economic growth performance in 12 South African countries over a period of 1999-2019. The work adopts an empirical and quantitative approach to analyzing the relationship between the GDP per Capita, the use of IMF Credit, Government Final Consumption Expenditure, Net Domestic Credit and Current Account balance. These variables are the most recommended in the IMF conditionalities during the lending arrangements with SADC members. The study uses Fixed-effect approach to evaluate how the use of IMF program and the conditions imposed directly affects economic growth. A dummy variable is …