Public Affairs, Public Policy and Public Administration Commons^™

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …

India: Yes Bank Moratorium, 2020, Salil Gupta

Journal of Financial Crises

By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …

United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …

Greece: National Bank Holiday, 2015, Stella Schaefer-Brown

Journal of Financial Crises

In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …

Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown

Journal of Financial Crises

The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …

Ecuador: National Bank Holiday, 1999, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …

Argentina: National Bank Holidays, 2001, Owen Heaphy

Journal of Financial Crises

Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …

Survey Of Bank Holidays And Fund Suspensions, Rosalind Z. Wiggins, Owen Heaphy, Anmol Makhija, Stella Schaefer-Brown, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze seven case studies involving bank holidays and two involving mutual fund suspensions produced by the Yale Program on Financial Stability. Our main purpose is to assist policymakers who are considering utilizing a bank holiday in designing the most effective program as efficiently as possible. We find that a bank holiday may be most useful when designing and implementing a comprehensive remedy to an underlying problem distressing banks, particularly when an exogenous shock rather than balance sheet weaknesses is the cause of general distress to the system. A holiday is also useful to “ring-fence” one or …

Argentina: Mutual Fund Suspensions, 2019, Owen Heaphy, Anmol Makhija

Journal of Financial Crises

With Argentina facing a liquidity crisis and collapse in demand for government debt, on Wednesday, August 28, 2019, the country's minister of economy, Hernán Lacunza, announced after markets closed that the government was extending the maturity of USD 7 billion of its short-term public debt securities, among other measures. Lacunza stated that domestic retail investors would not be subject to the terms of the maturity extension and would be paid principal and interest on the affected securities per the original maturity schedule. This announcement caused confusion about the treatment of individual investors who held the affected securities indirectly through mutual …

New Institutional Economics : A Few Extensions, Murali Patibandla

Markets, Globalization & Development Review

This article traces out the development of the New Institutional Economics (NIE). It delineates the literature into two interrelated themes of institutional environment and institutions of governance. The rules of the game of institutional environment determine governance choices. Inefficient institutional environment results in inefficient governance mechanisms which causes misutilization of scarce resources. Institutional environment evolves over time. This article demonstrates the evolution of institutions in response to shocks with analysis of historical examples. The prevailing literature over glorifies the colonial rule of the West for the emergence of capitalist institutions. It fails to explain success stories of Japan, Mainland China …

Institutions: Facilitators Or Detractors Of Development?, Nikhilesh Dholakia, Deniz Atik, Zeynep Ozdamar Ertekin, Delphine Godefroit-Winkel

Markets, Globalization & Development Review

No abstract provided.

Senior Health (Age 65+) In The Mountain West, 2024, Taylor Volk, Kristian Thymianos, Caitlin J. Saladino, William E. Brown Jr.

Health

This fact sheet presents senior health care statistics for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The “2024 Senior Report – State Summaries,” study from America’s Health Rankings, United Foundation provided the data for all fifty states and Washington, D.C.

Elder Fraud In The Mountain West, 2023, Taylor Volk, Madison Dwyer, Caitlin J. Saladino, William E. Brown Jr.

Criminal Justice

This fact sheet presents data on complaints of fraud affecting individuals over the age of 60 and associated financial losses reported by elderly individuals in the Mountain West. The 2023 Elder Fraud Report serves to illuminate trends in elder fraud reports throughout the 50 U.S. states, Washington, D.C., Puerto Rico, Guam, U.S. Minor Outlying Islands, American Samoa, U.S. Virgin Islands, and Northern Mariana Islands. This fact sheet focuses on elder fraud data for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah.

Future Of Work: Implication Of Green Economy On Employment Dynamics In Egypt, Sarah Adel Elgohary

Theses and Dissertations

Is Egypt's green economy a reality or just a policy-level aspiration? This thesis explores the tangible impact of the green economy on Egypt's labor market by examining key sectors—automotive, agriculture, and renewable energy. Through qualitative interviews and focus group discussions with private sector representatives, the study assesses the true implications of the green transition from a business-level perspective, beyond the propaganda and hype surrounding climate policies. What is the current scale of the green economy in Egypt's labor market? What existing policies and regulatory frameworks are in place to support the green economy transition? how urgent is the transition to …

A Multivariate Time Series Analysis Of Secular Stagnation: A Critical Realist Perspective, Francis N. Mensah

Doctoral Dissertations and Projects

The study investigated whether excess saving over investment explains secular stagnation or is linked to structural break (hysteresis) in aggregate economic activity as measured by the changes in the level of GDP. The U.S. economy, including the advanced economies, is experiencing secular stagnation, potentially caused by excess savings over investment. This condition, if present, could have significant implications for how we can conduct economic policy. Instead of focusing on gross domestic product (GDP), a measure of economic activity, the study extends the existing literature by concentrating on aggregate private-sector output. The rationale is that if there is secular stagnation or …

Urban-Rural Divide In Inequality’S Impact On Substance Abuse, Jonathan E. Flores

Undergraduate Theses, Capstones, and Recitals

This thesis focuses on investigating the relationship between income inequality, measured through the Gini coefficient, and drug addiction, proxied through substance-related mortality. Specifically, this thesis focuses on how these dynamics vary across rural and urban counties in the United States, using population size as a proxy. County-level data from 2016 to 2020 were collected through both the CDC and the Census Bureau and subsequently analyzed using Stata, with crude death rates from drug and alcohol causes serving as a function of the Gini coefficient, labor force participation, racial composition, and other socioeconomic indicators. Through a quadratic version of the model, …

Benefits Of Extended Unemployment Insurance On Post-Unemployment Outcomes, Alyssa Roche

Electronic Theses and Dissertations

This thesis investigates how unemployment insurance (UI) affects individuals during and after unemployment. Drawing on historical evidence from recent recessions in the United States, publicly available data, behavioral insights, and mathematical modeling, it argues that the benefits of extending UI outweigh the potential costs. The analysis incorporates a wide range of sources, including empirical economic studies using regression models and psychology and business research that highlight behavioral responses to financial stress and job insecurity. By combining quantitative data with behavioral context, the thesis offers a more comprehensive understanding of how extended UI influences job search decisions, wage outcomes, and overall …

Rainy Day Funds In Mountain West States, Fy2024, Anirudh Polagani, Cason Noll, Krish Sharma, Caitlin J. Saladino, William E. Brown Jr.

Elections & Governance

This fact sheet presents data on rainy day funds for fiscal year 2024 in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah, as originally reported in the 2025 Governing Magazine article, “Growth of State Rainy Day Funds Has Slowed Down.” These data capture the number of days each state could fund state government operations using only rainy day funds, which represent the money states set aside to maintain operations during economic downturns or fiscal stress.

Medical Debt In The Mountain West, 2022, Kian Parikh, Lara Karaalp, Otoniel Ramos, Caitlin J. Saladino, William E. Brown Jr.

Health

This fact sheet presents 2022 data on the prevalence of medical debt in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico and Utah. The Urban Institute report, “The Changing Medical Debt Landscape in the United States” includes data on medical debt estimates, hospital market concentration, as well as estimates of uninsured individuals, disabled adults, average household incomes, and racial compositions at the state and county level for the 50 states and Washington, DC. This fact sheet focuses on state-level differences on the prevalence of medical debt, as well as differences in the percentages of uninsured individuals and …

A Veblenian Approach To Chaos Theory, Isaiah Henry

Hatfield Graduate Journal of Public Affairs

This paper provides a comparative analysis of Veblen's belief in disequilibrium, the field of chaos theory, and how these two frameworks connect. We explore the similarities and differences between Veblen's theories and the principles of chaos theory, including their shared emphasis on complexity and unpredictability. By analyzing the connections between Veblen's economic theories and chaos theory, we can gain a deeper understanding of the nature of disequilibrium and the complex forces that shape our world.

New Building Permits In The Mountain West, 2024, Taylor Volk, Mohit Pande, Kristian Thymianos, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data on new build permits from January 2023 to January 2024 in the five Mountain West States of Arizona, Colorado, Nevada, New Mexico, and Utah.“New Home Construction Statistics,” published by This Old House, reported percent changes on new builder permits and construction manufacturing costs and statistics across all 50 states.

The Startup Ecosystem In Southern Nevada: Growth, Energy, And Emerging Entrepreneurship In 2025, Len Jessup, Sean Curry

Policy Briefs and Reports

The startup ecosystem in Southern Nevada has undergone significant transformation during the past decade, evolving from a fragmented and nascent environment into a dynamic and increasingly coordinated landscape. This study examines the growth of the Southern Nevada startup ecosystem, analyzing key components such as funding sources, incubators, accelerators, and public-private collaborations. Utilizing both quantitative and qualitative data, including investment trends, economic impact reports, and interviews with over 100 stakeholders, this policy brief provides a comprehensive assessment of the strengths and gaps within the ecosystem. Key findings indicate that while the region has made substantial progress, particularly in fostering early-stage investments …

Resilience Of Women Entrepreneurs In Mindanao And The Impact Of Access To Finance And Digital Technologies, World Bank, Ateneo Center For Social Entrepreneurship, Social Enterprise Development Partnerships Inc.

Ateneo Center for Social Entrepreneurship (ACSEnt)

Executive Summary

This report examines the resilience of women nano- entrepreneurs in Mindanao and explores the impact of access to finance and digital technologies on their business sustainability. Utilizing data from the Social Enterprise Development Partnerships Inc. (SEDPI) and focus group discussions (FGDs), the study identifies key challenges and coping mechanisms employed by women-led nano- enterprises. The findings provide actionable insights for policymakers and microfinance institutions (MFIs) to design targeted interventions that strengthen the sustainability of these enterprises, particularly in the face of economic and environmental shocks. Women-led nano-enterprises in Mindanao typically operate informally, with assets ranging from PhP3,000 to …

The Giants Of Coercion: Major Powers And The Mobilization Of Global Sanctions Coalitions, Louis Charbonneau

Dissertations, Theses, and Capstone Projects

This dissertation examines the conditions under which sanctions-sending states can successfully mobilize broad international support for coercive measures on a target state for violating international security norms. Using the case of international sanctions on Iran from 2006 to 2016, I develop a theory of how sanctions senders mobilize support for, and cooperation with, coercive measures on target states. The theory has two parts. First, states seeking international sanctions against a target with broad participation and support need unity and cooperation on the part of major powers in the international system. Second, securing the unity and cooperation of major powers makes …

Home Values Vs. Homelessness In Mountain West Metros, 2023, Maryam Raja, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents data from Home Values vs. Homelessness in the U.S.: A Concerning Connection (2023 Data), a report by Home Bay. The data includes information on both home values and homelessness rates while also providing national rankings for rent price and homeless rate, which are used here to compare the following Mountain West metros: Las Vegas, NV; Denver, CO; Salt Lake City, UT; and Phoenix, AZ.

College Degree Attainment In The Mountain West, 2010-2020, Isabelle G. Graham, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

This fact sheet presents data on the gaps in college degree attainment in the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data appear in “Learning and Earning by Degrees: Gains in College Degree Attainment Have Enriched the Nation and Every State, but Racial and Gender Inequality Persists,” report published by the Georgetown University Center on Education and the Workforce (CEW), a research and policy institute within Georgetown University that focuses on the connections between education, career qualifications, and workforce demands.

The Digital Economy And Equitable Access To Jobs In The Mountain West, 2023, Isabelle G. Graham, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents data from a Brookings Institution report, “The future of the US digital economy depends on equitable access to jobs,” which compares the share of 2023 employment in highly digital jobs among women and minority groups for select U.S. metropolitan statistical areas (MSAs). This fact sheet reports data for nine Mountain West MSAs: Las Vegas-Henderson-Paradise, NV; Albuquerque, NM; Colorado Springs, CO; Denver-Aurora- Lakewood, CO; Tucson, AZ; Phoenix-Mesa-Chandler, AZ; Salt Lake City, UT; Provo-Orem, UT; and Ogden- Clearfield, UT.

Who Owns The Wind: The Absence Of Community Wind Farms In California, Sky Berry-Weiss

Master's Projects and Capstones

Community ownership structures for wind farms have been around for decades, particularly in European countries, due to high socioeconomic benefits. Given these significant benefits, one might expect community wind to thrive in the United States—especially in a state like California, which prides itself on progressive climate policy and renewable energy leadership. Yet utility-scale community wind remains largely absent from research on California’s energy system, raising questions about its existence in the state. To pinpoint how many utility-scale community owned wind farms are in California, this study surveys every operational wind turbine in the state. After classifying each wind farm by …

Two-Way Random Effects Model With Serial Correlation, Badi H. Baltagi, Georges Bresson, Jean-Michel Etienne

Center for Policy Research

This paper derives a feasible GLS estimator for a two-way error component model with serial correlation on both the time effects as well as the remainder disturbances. This estimator is based on two methods, one proposed by De Porres and Krishnakumar (2013) for deriving the spectral decomposition of a general error component structure and the other based on an inversion trick for the variance-covariance matrix of this model suggested by Skoglund and Karlsson (2001). While the last paper used maximum likelihood methods under the normality assumption, we use method of moments estimators following Baltagi and Li (1991) for the one-way …

Federal And State Governments Can Help Solve The Employment Problems Of People In Distressed Places To Spur Equitable Growth, Timothy J. Bartik

Upjohn Institute Policy Papers

Places in the United States differ greatly in their residents’ access to jobs, especially good jobs. Although the federal and state governments provide about $80 billion annually to create jobs through multiple programs, these job-creation initiatives are rarely targeted to economically distressed places, where the job-creation benefits for local residents are greatest. Moreover, many of these programs take the form of business tax incentives, which are less effective at job creation than customized services for businesses and workers. I argue that the prime-age employment rate of places should be used to target job-creation programs and review which such programs are …