Public Affairs, Public Policy and Public Administration Commons^™

The Impact Of Socioeconomic Status On Single Women, Catherine Martens

Marketing Undergraduate Honors Theses

Since its formation in the 1700’s, America has been home to varying degrees of discrepancies between social classes, which include assumptions inherently held within these differences. Considering the fact that America was largely built by the hands of human slaves ruled by those with political influence often landowners, social hierarchy has been intricately woven into the fabric of America’s story from the beginning. Despite the progress that has been made to create and advance equal economic opportunity, there is still a considerable lack of social mobility available for those in lower socioeconomic statuses. More specifically, the impact of poverty is …

Mental Illness Economics In The United States: A Comparison With Foreign Countries, Christopher Odum

Economics Undergraduate Honors Theses

In 2018, suicide was the tenth leading cause of death in the United States, claiming the lives of over forty-eight thousand people.1 Globally, eight-hundred thousand people die from suicide every year, which is twice the number from homicide.2 For years, there has been a stigma around mental illness causing it to be a taboo topic, but recently there has been more of a focus and acceptance in our society. Along with the stigma, throughout most of history there has not been a focus on innovating and curing mental health diseases. In many cases, these diseases left unchecked lead to irrational …

Addressing Food Insecurity In The United States During And After The Covid-19 Pandemic: The Role Of The Federal Nutrition Safety Net, Sheila Fleischhacker, Sara N. Bleich

Journal of Food Law & Policy

Food insecurity has been a direct and almost immediate consequence of the coronavirus disease 2019 (COVID-19) pandemic and its associated ramifications on unemployment, poverty and food supply disruptions. As a social determinant of health, food insecurity is associated with poor health outcomes including diet related chronic diseases, which are associated with worst COVID-19 outcomes (e.g., COVID-19 patients of all ages with obesity face higher risk of complications, death). In the United States (US), the federal nutrition safety net is predominantly made up of the suite of 15 federal nutrition assistance programs that the US Department of Agriculture (USDA) administers and …

Using Immersive Data Visualization To Highlight Changing Travel Patterns In Maine Due To Covid 19, Colleen Metcalf, Charlotte Aucoin

Thinking Matters Symposium

The impacts of COVID 19 are of top concern to tourism policy makers and stakeholders across Maine, as tourism plays a vital role in the state’s economy. This project shows the value of the Storymap to present, in an accessible and visually appealing way, the continuing research on how volunteered geographic information from social media can track changes in tourist’s movement and spending in Maine. The metadata from Flickr photos was used to examine where visitors spent time in the summer of 2020, revealing new patterns of tourism activity due to Covid-19 travel restrictions. In addition, we incorporate the results …

Going Green: A Comparative Analysis Of Green Urbanism In Paris And Shanghai, Jeanne Torp

Honors Theses

As climate change becomes more pressing with each day and as we scramble to slow down the challenges it poses, adapting the means of operation within our cities will become an invaluable tool for reducing humanity’s carbon footprint. This paper seeks to study the ways in which green infrastructure in global cities can be used to do just that—adapting to and mitigating the effects of challenges resulting from climate change. In order to provide a broad overview of the effectiveness of such green infrastructure systems across the globe, this research will focus on two cities that vary greatly in their …

Mapping Renewal: How An Unexpected Interdisciplinary Collaboration Transformed A Digital Humanities Project, Elise Tanner, Geoffrey Joseph

Digital Initiatives Symposium

Funded by a National Endowment for Humanities (NEH) Humanities Collections and Reference Resources Foundations Grant, the UA Little Rock Center for Arkansas History and Culture’s “Mapping Renewal” pilot project focused on creating access to and providing spatial context to archival materials related to racial segregation and urban renewal in the city of Little Rock, Arkansas, from 1954-1989. An unplanned interdisciplinary collaboration with the UA Little Rock Arkansas Economic Development Institute (AEDI) has proven to be an invaluable partnership. One team member from each department will demonstrate the Mapping Renewal website and discuss how the collaborative process has changed and shaped …

Extension-Led Demonstration: Grameen Microfinance Methods And Capital Access For Low-Income Female Entrepreneurs, Mark A. Edelman

Journal of Extension

A nonprofit community development financial institution and Extension collaborated to conduct a demonstration project to evaluate efficacy of Grameen peer-group microfinance methodology in addressing barriers faced by low-income women entrepreneurs in a small metro area. Program performance metrics achieved by 284 culturally diverse, low-income entrepreneurs (almost all women) over 5 years included a program loan repayment rate of 99%, increased average client income, bank savings accumulation, and increased opportunities for improved credit scores. Client survey responses indicated program methods developed confidence and skills in finances, leadership, and teamwork. Extension professionals may play various roles in such endeavors.

358— Educational Inequality: Contrasting Local And Federal Funding, Robbie Economou

GREAT Day Posters

For this project, I wanted to observe how the massive reliance on local funding through property taxes for public education in the U.S. exacerbates already existing class inequalities, which are therefore correlated with inequalities by race. A transition towards alternative forms of funding, such as increased federal funding, would help to amend these inequalities.

2021 Business Tax Climate In The Mountain West, Katie M. Gilbertson, Peter Grema, Saha Salahi, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet summarizes a report by Jared Walczak and Janelle Cammenga of The Tax Foundation titled “2021 State Business Tax Climate Index.” The index compares how states structure tax systems to bolster state business activity and investments, and possible routes for future improvement. Scores and rankings are offered for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah.

Lessons Learned: Zachary Taylor, Maryann Haggerty

Journal of Financial Crises

Zachary Taylor joined the Federal Reserve Bank of New York (FRBNY) in January 2009 to lead the team responsible for managing and unwinding the central bank’s Maiden Lane II and III portfolios, which were acquired in connection with the intervention to assist American International Group (AIG). Taylor later took over responsibility for the Maiden Lane portfolio consisting of former Bear Stearns assets as well as the unwinding of the Term Asset-Backed Securities Loan Facility (TALF), another crisis-era program. All told, those portfolios amounted to more than $140 billion in residential mortgage-backed securities (RMBS), collateralized debt obligations (CDO), credit default …

Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen

Journal of Financial Crises

Robert Hoyt was General Counsel at the U.S. Department of Treasury between 2006 and 2009. He oversaw legal aspects of policies implemented to manage the crisis, including the rescues of Bear Stearns, AIG, and the U.S. Auto industry, the conservatorship of Fannie Mae and Freddie Mac, and the failure of Lehman Brothers, as well as the creation and implementation of the Troubled Asset Relief Program (TARP.) This Lessons Learned is based on a phone interview with Mr. Hoyt.

Lessons Learned: Alejandro Latorre, Maryann Haggerty

Journal of Financial Crises

At the time of the 2007-09 global financial crisis, Alejandro Latorre was an assistant vice president at the Federal Reserve Bank of New York (FRBNY). He was active in the bailout of American International Group (AIG) from its inception to the end, when AIG repaid its outstanding obligations to both the Federal Reserve and the U.S. Treasury. This Lessons Learned summary is based on a Feb. 26, 2020, interview. He emphasized that the views discussed here are his own, not the views of anyone else currently or previously within the Federal Reserve System or the views of his current employer.

Lessons Learned: Sarah Dahlgren, Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Sarah Dahlgren was the Executive Vice President and head of the Financial Institution Supervision Group at the Federal Reserve Bank of New York (FRBNY) during the crisis and instrumental in the rescue of American International Group (AIG). This Lessons Learned summary is drawn from a March 22, 2018, interview in which she gave her take on how central bankers can prepare for future crises.

Lessons Learned: Chester B. Feldberg, Maryann Haggerty

Journal of Financial Crises

Chester B. Feldberg worked for the Federal Reserve Bank of New York (FRBNY) for 36 years in a variety of roles. In the aftermath of the Global Financial Crisis, he served as a trustee for the AIG Credit Trust Facility (2009-2011). The trust was established in early 2009 to hold the equity stock of American International Group Inc. (AIG) that the U.S. government had received as a result of the 2008 AIG bailout. The three trustees were responsible for voting the stock, ensuring satisfactory corporate governance at AIG, and eventually disposing of the stock.

When he was named as a …

Lessons Learned: Eric Dinallo, Maryann Haggerty

Journal of Financial Crises

Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …

The Rescue Of Fannie Mae And Freddie Mac – Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Adam Kulam, Daniel Thompson, Andrew Metrick

Journal of Financial Crises

In September 2008, as the financial crisis that had begun the previous year escalated, the US government appointed a conservator for two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), that dominated the secondary mortgage market and were among the largest participants in the global capital markets. The conservatorships were the hallmark of a multipart rescue plan intended to save the firms from insolvency and a disorderly collapse and required the combined and coordinated efforts of several government agencies and instrumentalities. Ultimately, the government invested $191.5 billion into the …

The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam

Journal of Financial Crises

By late 2008, the secondary mortgage markets were suffering high default rates, causing mortgage lending to slow and the value of mortgage securities to plummet. The Federal Reserve lowered the federal funds rate, and the government placed Fannie Mae and Freddie Mac into conservatorship, yet credit in housing and other financial markets remained tight. On November 25, the Fed announced its intent to purchase up to $500 billion in agency mortgage-backed securities (MBS) and $100 billion in agency debt to reduce the cost and increase the availability of mortgage credit, which would support housing markets and improve conditions in financial …

The Rescue Of Fannie Mae And Freddie Mac – Module D: Treasury’S Gse Mbs Purchase Program, Michael Zanger-Tishler, Rosalind Z. Wiggins

Journal of Financial Crises

As the housing crisis escalated during the second half of 2007, two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), occupied an increasingly central role in the secondary mortgage market, purchasing a greater percentage of new mortgages as private securitization rapidly contracted. As their importance in this market grew, the two GSEs also began to suffer billion-dollar losses, inciting concerns that they might not be able to stay solvent throughout the remainder of the crisis. On September 6, 2008, fearing the systemic consequences of the two firms’ failures, the …

The Rescue Of Fannie Mae And Freddie Mac – Module C: Gse Credit Facility, Emily Vergara

Journal of Financial Crises

In 2007 and 2008, the collapse of the subprime mortgage market and the deterioration of the housing market more generally precipitated a crisis at the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which together held or guaranteed $5.3 trillion in mortgage assets. Over the course of two years, both entities suffered high losses and saw their liquidity positions deteriorate as the market perceived their rapid decline. On September 6, 2008, the Federal Housing Finance Agency (FHFA), pursuant to the authority of the Housing and Economic Recovery Act (HERA) of 2008, took Fannie …

The Rescue Of American International Group Module Z: Overview, Rosalind Z. Wiggins, Aidan Lawson, Steven Kelly, Lily S. Engbith, Andrew Metrick

Journal of Financial Crises

In September 2008, in the midst of the broader financial crisis, the Federal Reserve Board of Governors used its emergency authority under Section 13(3) of the Federal Reserve Act to authorize the largest loan in its history, a $85 billion collateralized credit line to American International Group (AIG), a $1 trillion insurance and financial company that was experiencing severe liquidity strains. In connection with the loan, the government received an equity interest representing 79.9% of the company’s ownership. AIG continued to experience a depressed stock price, asset devaluations, and the risk of ratings downgrades leading to questions about its solvency. …

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 C: Aig Investment Program, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion credit line to AIG to address its liquidity stresses, but AIG’s balance sheet remained under pressure. The insurance giant was projected to report large third-quarter losses and was at risk of being downgraded by major credit rating agencies. For these reasons, in early November 2008, the US Treasury invested $40 billion of Troubled Assets Relief Program (TARP) funds into AIG in exchange for 4 million shares of AIG Series D preferred stock and a warrant to purchase AIG common stock. The investment helped repay 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 …

America's Best Cities: Mountain West Cities, Katie M. Gilbertson, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr., Fatma Nasoz

Cities & Metros

This fact sheet reports the rankings of Mountain West cities, based on perceived desirability for living, visiting, and investment. Resonance Consultancy’s “America’s Best Cities 2020,” report examines the nation’s largest cities on six key metrics: “Place,” “Prosperity,” “People,” “Product,” “Programming” and “Promotion.” Nine Mountain West cities are ranked within the top 100 in the United States.

Kepemilikan Hak Kekayaan Intelektual Dan Kinerja Sektor Ekonomi Kreatif Di Indonesia, Dzaki Yudi Ananda, M. Halley Yudhistira

Jurnal Kebijakan Ekonomi

Creative economy has been assigned as the backbone of Indonesian economy in the future. Based on Article 24 of the 2019 Law of Creative Economy, the protection of Intellectual Property Rights upholds an important role in creative economy. This research aims to observe the impact of intellectual property rights to the performance of creative economy as measured by the total income and export decision of creative economy actors, using the Ordinary Least Square (OLS) analytical method. It uses the cross-section data sourced from Badan Pusat Statistik (BPS)/Central Bureau of Statistics in 2016. This research concludes that the ownership of Intellectual …

Dampak Penerapan Kebijakan Self Assessment Guru Dalam Program Pengembangan Keprofesian Berkelanjutan (Pkb) Di Tahun 2016 Dan 2018 Terhadap Hasil Uji Kompetensi Guru (Ukg) Di Indonesia, Indri Astuti Irmalita, Thia Jasmina

Jurnal Kebijakan Ekonomi

The Continuous Professional Development (CPD) program and Teacher Competency Test (TCT) have been national programs to enhance teachers' competency in Indonesia since 2012. In 2016, there was a change in the implementation of the CPD program where the teacher self assessment policy was applied as an instrument in alternative learning mode (various mode) of the CPD program. However, subsequently, in 2017-2018, its implementation was changed to only a face-to-face mode for all results of the teacher self assessment. The main objective of this study is to see how the change of the implementation of the teacher self assessment policy in …

The Poverty In Usa: An In-Depth Analysis Of The Last Two Decades, Sara Negri

Economics Theses & Dissertations

Poverty is a global problem that affects not only the undeveloped states but also the most developed ones. This research paper will analyze this problem in depth, trying to summarize several definitions, several causes that can lead to an increase in the poverty rate, and policies implemented by the government in order to reduce the total number of poor people. The author analyzed the poverty rate in each state of the United States from 1990 to 2019 using a panel data analysis. She found out that California is the state with the highest value of poor people in the U.S. …

Pengaruh Kebijakan Harga Obat Terhadap Peluang Peredaran Obat Substandar Dan Palsu, Rafika Agusriana, Uka Wikarya

Jurnal Kebijakan Ekonomi

The implementation of National Health Insurance (NHIS; or Jaminan Kesehatan Nasional/JKN)’s policy, increasing patient access to medicine while keeping its budget under tight control, has the potentiality to result in compromising the safety and efficacy of the medicine. Budget constraint and the existing asymmetry information in terms of quality and price of medicines could lead to a moral hazard situation where pharmaceutical companies may produce substandard and falsified medicines to secure their profit. The result of this research using logistic regression analysis showed that despite previous assumptions, medicines included in JKN list are actually having lower probability of falsified or …

Estimasi Underground Economy Tingkat Provinsi Di Indonesia, Gusrah Kharisma P.M, Khoirunurrofik Khoirunurrofik

Jurnal Kebijakan Ekonomi

This study try to measure the size of the provincial-level underground economy in Indonesia using a monetary approach. Measurements were made in the study period 2007 - 2017, using Ordinary Least Square regression, to estimate the currency demand due to underground economy activities at the regional level that are affected by regional tax burdens. Estimates in this study resulted in the amount of underground economy ranging from 3.8% - 11.6% of the GRDP with an average of 8% per province per year.