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Triple (Identity) Threat: Multi-Layered National Identity Appeals In Republican Political Narratives During The 2016 And 2020 Presidential Elections, Brita Mackey

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

National identity, as a broadly constituted social identity category, has been shown to hold power both as a source of political mobilization and as an enforcer of democratic stability. In recent years, Republican voters have reported stronger national attachments than Democrats, perhaps due to national identity’s longstanding implicit associations with white racial identity – and the rising prominence of multiculturalist and globalist ideologies in recent decades. In light of such findings, I propose that the rhetoric of Republican political elites may function to further exacerbate a stronger sense of national identity among their base by appealing to conjoined national and …

Econometric Analysis Of The Relationship Between Domestic Economic Growth And Levels Of Inflow Of Remittances In Developing Countries, Mihail Naskovski

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

The international global migration has produced an exponential growth of remittances, which can be defined as the transfer of funds from one country to another. This study will inspect the macroeconomic impact of remittance inflow on economic growth using panel regression, covering the period from 1981 to 2020 and focusing on a sample of 152 countries, then filtered by 4 geographical regions for additional analysis. Like many studies before, a consensus about an overall effect of the flows on global level could not be reached from his study following the analysis of the general sample. However, on a more specific …

Identifying Potential Pork-Barrel Legislation Using Machine Learning: A Preliminary Analysis, Sunil Green

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Pork-barrel legislation has been criticized by some as an excessive and potentially corrupt use of Congressional appropriations. The task of finding the specific parts of legislation that have been “pork-barreled”, however, requires many hours of labor by policy researchers. Using data from government watchdogs and machine learning algorithms, the research explores the idea of creating a model to flag specific line items of appropriations bills for policy researchers to further explore as potential pork-barrel legislation. The model constructed uses data from the Earmark Database by Taxpayers for Common Sense, and the Congressional Pig Book by Citizens Against Government Waste to …

Conservatism, Collaboration, And Capacity: Political Explanations For Canada’S Shift In Immigrant Admissions Logic, Jaidyn Appel

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Canada is often regarded as the United States’ friendlier neighbor to the north, but how welcoming is it really? A critical analysis of immigration and citizenship policy throughout Canadian history reveals that Canada may not be the inclusive member of the world community it is often conceptualized as. This paper examines some of the recent key changes in Canadian immigration policy and their broader contexts, while benchmarking the policies against two leading scholars' thoughts on how the relative presence of certain political ideologies in a country drives its immigration policies to the left or right of the political spectrum. As …

Studying The Economic Impact Of The Demonetization Across Indian Districts, Arnav Joshi

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

This thesis studies the economic impact of the Indian demonetization which was a unique monetary event that made 86.9 percent of the total currency in circulation illegal tender overnight. The decision to demonetize high-value currency notes was taken by the Indian government on November 8th, 2016, leading to a severe shortage of cash. This thesis tries to analyze how the impact of the demonetization differed across districts in India and how the characteristics of those districts pertaining to education, electricity and tap water access, employment, and technology access can help explain these differences. The thesis uses satellite data on human-generated …

Bias In The Jury Box: The Sociological Determinants Of Jury Selection For Capital Cases In North Carolina, Alessandra Quattrocchi

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

An evaluation of four Wake County capital cases from 2014-2018 reveals the disparate effects that the jury selection process had on Black and female potential jurors and especially on Black female potential jurors. The requirement that capital jurors be willing and able to sentence death systematically excluded Blacks and females, with Black females excused for this reason at a rate over three times higher than White males. Black potential jurors not struck for death qualification were disproportionately excluded by prosecutorial peremptory strikes at a rate nearly two times greater than Whites. Final analyses conclude that Black females had significantly lower …

Early Childhood Intervention And Income Inequality: An Analysis On The Intergenerational Mobility Of Head Start Participants, Paul Hinton

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

The Head Start program is an early childhood intervention program funded by the federal government. Designed for low-income families, it promotes school readiness among its participants. In my research, I examine the effects of Head Start on the intergenerational mobility of its participants. Using data from the National Longitudinal Survey of Youth (NLSY79) and the NLSY Child and Young Adult Supplement (CNLSY), I measure the degree of earnings persistence between parents and their children for students in preschool and Head Start. I find that participation in Head Start is associated with an increase in mobility, which remains true after controlling …

“Pure People” And “Corrupt Elites:” Corruption Talk In The 2020 Election, Milan Loewer

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

The word “corruption” has two separate but interrelated meanings. The first kind of corruption refers specifically to an abuse of public office for private gain; the second is broader and indicates a disjunction between a political reality and the ideal to which that reality ought to conform. This paper explores the role of various forms of “corruption talk” in the 2020 presidential election. The first part of the paper examines the “supply side,” looking at the kinds of “corruption narratives” that politicians offered in 2020. Using natural language processing, I analyze how Joe Biden, Donald Trump, and Bernie Sanders spoke …

The Religious Seculars: How Does Yom Kippur Impact Electoral Turnout?, Gall Sigler

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Does Yom Kippur impact electoral turnout in religious and secular Jewish communities in Israel? By collecting data on electoral behavior in elections to local councils from 1983 to 2018 in Jewish-secular, Jewish-religious and non-Jewish municipalities, this research attempts to elucidate the relationship between the communal Yom Kippur experience and electoral turnout. This research finds that the Yom Kippur experience appears to decrease turnout in secular municipalities, while no statistically significant impact was observed in religious municipalities. Research on the psychological significance of novelty and religious events, as well as ethnographic analysis of Israel, suggests that the Yom Kippur experience undermines …

Summary Report Of Discussions At The Forum “Nepali Diaspora Organizations In North America: Achievements, Opportunities, And Challenges”, Coppell, Texas, Usa July 2022, Ambika P. Adhikari

Himalayan Research Papers Archive

The forum “Nepali Diaspora Organizations in North America: Achievements, Opportunities and Challenges” was held at the annual convention of the Association of Nepalis in the Americas (ANA) in Coppell, TX, USA on July 2, 2022. Nepalese Society of Texas (NST) hosted the convention and forum. As studies related to diaspora have become important topics in the fields of development, community culture, sociology and anthropology, ANA decided to include this topic in the forums organized at the national convention.

The global Nepali diaspora population in 2022 is estimated at 800,000. Although no authoritative statistics is available, the Nepali diaspora in North …

Lessons Learned: Zeti Akhtar Aziz, Maryann Haggerty

Journal of Financial Crises

Zeti Akhtar Aziz, a Malaysian economist, was governor of Bank Negara Malaysia, her nation’s central bank, from 2000 to 2016; prior to that, she was acting governor and deputy governor. Dr. Zeti was a key leader in Malaysia’s response to the Asian financial crisis of 1997¬-98, as well as the financial sector restructuring that followed. This “Lessons Learned” summary is based on a 2022 interview with Dr. Zeti. At the time of the interview, she was co-chair of the board of governors of the Asia School of Business in Kuala Lumpur, which is a partnership between Bank Negara and the …

Lessons Learned: Mark Van Der Weide, Matthew A. Lieber

Journal of Financial Crises

With more than two decades of continuing service at the Federal Reserve Board, Mark Van Der Weide brings a unique insider perspective on central bank policymaking before, during, and after the Global Financial Crisis (GFC), including the Fed’s response to the COVID-19 pandemic in 2020. From 1998 to 2009, Van Der Weide served in the Fed’s legal division. De-tailed to the Treasury Department in 2009, he helped draft the Dodd-Frank Wall Street Re-form and Consumer Protection Act of 2010. Back at the Fed in 2010, Van Der Weide served for eight years in the Division of Supervision and Regulation, where …

Lessons Learned: David Wilcox, Mercedes Cardona

Journal of Financial Crises

David Wilcox was the deputy director of the Division of Research and Statistics of the Federal Reserve Board of Governors during the Global Financial Crisis of 2007-¬09. He assisted in developing the Federal Reserve policy response that ultimately stabilized the economy by providing insight into the economic and financial outlook to the Federal Open Market Committee (FOMC) prior to each of its policy-setting meetings. Wilcox became director of the division in 2011 and served in that role through 2018, acting as the division’s chief economist, manager, and the senior adviser to three Fed chairs. After leaving the Fed, he joined …

Lessons Learned: Brooksley Born, Maryann Haggerty

Journal of Financial Crises

Brooksley Born, a lawyer with decades of experience in derivatives law, served as chair of the Commodity Futures Trading Commission (CFTC) from 1996 to 1999. At the CFTC, she advocated for federal regulation of the over-the-counter derivatives (OTC) market, but legislation failed to pass. The OTC derivatives market had a central role in the Global Financial Crisis of 2007-09. Born, who returned to private practice after her CFTC term, served as a commissioner on the US Financial Crisis Inquiry Commission, which investigated the causes of the crisis and issued its report in January 2011. This “Lessons Learned” is based on …

Lessons Learned: Michael Silva, Mercedes Cardona

Journal of Financial Crises

Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at …

United States: Main Street Lending Program, Steven Kelly

Journal of Financial Crises

In March 2020, as the COVID-19 pandemic caused slowdowns and disruptions to economic activity, businesses faced disruptions to their revenues and experienced increased demand for credit. Yet, as the pandemic worsened the economic outlook, banks tightened credit. Starting on March 17, the Federal Reserve rolled out several emergency programs aimed at capital markets. Most of these programs tended to benefit relatively large companies. On March 23, the Fed said it would introduce a program targeting small and mid-sized companies. On April 9, 2020, the Federal Reserve announced its first design iteration of the novel Main Street Lending Program (MSLP). The …

Lessons Learned: Scott G. Alvarez, Esq., Part 2, Steven Kelly

Journal of Financial Crises

Scott G. Alvarez was general counsel of the Federal Reserve Board during the Global Financial Crisis (GFC). He met with the Yale Program on Financial Stability (YPFS) to discuss a litany of legal aspects related to the Fed’s interventions under its emergency liquidity provision authority under Section 13(3) of the Federal Reserve Act. We summarize some highlights from our interview with Mr. Alvarez. The transcript of this interview, conducted in April 2022, and one from an earlier Lessons Learned interview, in December 2018

United States: Paycheck Protection Program Liquidity Facility, Steven Kelly

Journal of Financial Crises

In the early days of the COVID-19 pandemic, the US Congress passed and funded the Paycheck Protection Program (PPP) to help small businesses facing business disruptions keep workers on their payrolls and meet other expenses. The PPP, signed into law on March 27, 2020, provided a mechanism for authorized lenders to extend concessionary, forgivable loans guaranteed by the Small Business Administration (SBA). Lenders ultimately extended approximately $800 billion in PPP loans. The SBA distributed the funds when the loan either defaulted or met the law's terms for SBA forgiveness. To buttress lenders' ability to fund PPP loans, the Federal Reserve …

United States: Municipal Liquidity Facility, Steven Kelly

Journal of Financial Crises

In March 2020, the COVID-19 pandemic caused severe financial stress for state and local municipalities. Municipalities' public health responses led to material increases in expenditures. At the same time, many municipalities faced revenue delays and declines due to extended tax deadlines and disruptions in taxable economic activity. Institutional investors also put heavy selling pressure on municipal bonds. In response to stresses in the municipal financing market, the Federal Reserve invoked its Section 13(3) emergency lending authority and created the Municipal Liquidity Facility (MLF). The Fed created the facility to backstop municipal entities' access to capital markets to help them manage …

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Term Asset-Backed Securities Loan Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 23, 2020, the Federal Reserve announced a series of monetary policy measures and established several emergency lending facilities to assist the US economy. Among these, the Fed revived the Term Asset-Backed Securities Loan Facility (TALF), a Global Financial Crisis (GFC)-era facility that used a special purpose vehicle (SPV) to encourage the issuance of asset-backed securities (ABS). Its main purpose was to restore the flow of credit to households and businesses. TALF II made $100 …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

United States: Commercial Paper Funding Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 17, 2020, the Board of Governors of the Federal Reserve announced the revival of the Commercial Paper Funding Facility (CPFF), a program that the government had utilized during the Global Financial Crisis (GFC) to provide a liquidity backstop to domestic issuers of commercial paper (CP). As with the first iteration of the program, the Federal Reserve Bank of New York (FRBNY) funded a special purpose vehicle (SPV) to purchase highly rated, US dollar-denominated CP, …

United States: Primary Market Corporate Credit Facility And Secondary Market Corporate Credit Facility, Natalie Leonard

Journal of Financial Crises

The COVID-19 pandemic reached a critical stage in early 2020 causing severe distress and disruption in financial markets, and the United States government declared a federal state of emergency in the second week of March. As institutional investors including mutual funds, pension funds, and insurance companies withdrew from corporate bond markets and funding options for large US businesses dried up, the Federal Reserve became concerned that solvent businesses might have difficulty financing their operations. On March 23, the Federal Reserve Board invoked Section 13(3) of the Federal Reserve Act, creating two novel emergency lending facilities to support the corporate bond …

United Kingdom: Covid Corporate Financing Facility, Adam Kulam

Journal of Financial Crises

During the COVID-19 crisis, sterling-denominated money markets froze, and otherwise-healthy companies were shut out of short-term, wholesale funding markets. To unfreeze these markets, the UK government announced a series of corporate funding measures. One of the measures was the Covid Corporate Financing Facility (CCFF), which enabled the Bank of England (BoE), acting on behalf of Her Majesty's Treasury's, to purchase commercial paper (CP) on primary and secondary markets from eligible dealers. The purpose of the CCFF was to provide stopgap wholesale funding to large, financially healthy firms while preserving British banks' capacity to serve small and medium-sized companies. Under the …

Thailand: Bond Stabilization Fund, Corey N. Runkel

Journal of Financial Crises

Early in the COVID-19 crisis, non-financial businesses grew concerned that they would be unable to roll over their maturing bonds. To calm corporate debt markets, the Bank of Thailand (BOT) announced the Bond Stabilization Fund (BSF) on March 22, 2020. The BSF planned to purchase newly issued commercial paper from viable companies that could not roll over their maturing bonds. However, the program was not used. The BOT, seeking to avoid public criticism for directly supporting large corporations, imposed restrictions that made the program less attractive to borrowers. The main deterrent to participation was the requirement that borrowers must have …

United Kingdom: Asset Purchase Facility, Adam Kulam

Journal of Financial Crises

The global outbreak of COVID-19 spurred investors to sell the British gilt in a synchronized fashion, which caused dysfunction in primary and secondary gilt markets. Yield spreads spiked, and primary dealers temporarily stepped back from dealing in gilts during a trading session on March 19, 2020. Liquidity premia were also high in non-gilt, fixed-income markets. That same day, the Bank of England (BoE) announced GBP 200 billion (USD 234 billion) of asset purchases through the Asset Purchase Facility (APF) to preserve liquidity in both gilt and corporate bond markets as part of larger efforts to prevent an undesirable tightening of …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Sweden: Commercial Paper Purchases, Carey K. Mott

Journal of Financial Crises

In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …

South Korea: Corporate Liquidity Support Organization, Lily S. Engbith

Journal of Financial Crises

The spread of the COVID-19 pandemic in the early months of 2020 strained liquidity in short-term corporate funding markets around the world. In response, the Korean government enacted a variety of direct and indirect measures to promote the smooth flow of credit to households and businesses. Most of these measures focused on highly rated companies. Recognizing the need to extend assistance to lower-rated issuers, the Bank of Korea (BoK) invoked its authority under Article 80 of the Bank of Korea Act to establish and fund the Corporate Liquidity Support Organization, Co., Ltd., a special-purpose vehicle (SPV) authorized to purchase up …