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Lessons Learned: Miguel Carcaño, Mercedes Cardona

Journal of Financial Crises

During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.

Lessons Learned: Ignazio Angeloni, Mercedes Cardona

Journal of Financial Crises

Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …

Lessons Learned: Mark Branson, Mercedes Cardona

Journal of Financial Crises

Mark Branson joined the Swiss Financial Market Supervisory Authority (FINMA) as head of the banking division in 2010, during the European Sovereign Debt Crisis. He became deputy director of FINMA in 2013 and was named director a year later. Although Switzerland is not a member of the European Union (EU) or its banking union, the nation participates in bilateral agreements that govern trade with the EU, its largest trading partner. In the wake of the Global Financial Crisis (GFC), it enacted a number of regulations to improve oversight of the financial sector. Branson left FINMA in 2021 to become head …

How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina

Journal of Financial Crises

It is well known that Silicon Valley Bank (SVB) failed in March 2023 because of a toxic combination of uninsured deposits and underwater securities. This article argues that the bank’s failure could have been avoided if SVB had been subject to two global standards established by the Basel Committee on Banking Supervision. First, the interest-rate risk in the banking book (IRR-BB) standard, never fully implemented in the United States, would have identified the bank’s extremely risky asset-liability management strategy and required remedial action 10 quarters before it failed. Second, the liquidity coverage ratio (LCR), from which US regulators had exempted …

Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold

Journal of Financial Crises

In the European Union (EU), primary EU treaty law prohibits central banks from engaging in monetary financing, which includes lending to insolvent firms. This legal prohibition exists alongside, and in parallel to, various regulatory provisions of the Eurosystem. As a result, EU Member State central banks face unique legal limitations when acting in their roles as lenders of last resort, providing emergency liquidity assistance (ELA). In practice, European central banks—both members of the Eurosystem and not—lend to firms of questionable solvency with some frequency, often creatively employing fiscal guarantees to limit their balance sheet exposure and shift the lending risk …

United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden

Journal of Financial Crises

In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …

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 …

Non-Profit Mental Health Organization: Overcoming Employee Turnover With Retention Strategies, Navpreet Brar

Walden Dissertations and Doctoral Studies

This professional administrative study explored the root causes of employee turnover at a nonprofit mental health organization, where turnover had reduced treatment consistency, increased emotional distress among clients, and decreased staff morale. The purpose of this study was designed to develop effective strategies to enhance retention, improve employee engagement, and support high-quality patient care through an application of the social exchange theory. The study addressed four practice-focused questions: (a) What are the underlying causes of turnover at this organization? (b) How can effective strategies be developed and implemented to reduce turnover? (c) How can the organization enhance employee engagement to …

Pengaruh Asset Life Cycle Management Terhadap Performa Aset Negara, Budi Susanto, Muhammad Halley Yudhistira

Jurnal Kebijakan Ekonomi

This study examines the impact of government intervention in asset management systems on the performance of state-owned assets. Using Asset Life Cycle Management (ALCM) indicators and binary logistic regression, the findings reveal that three key aspects of ALCM—strategy and planning, acquisition, and operation and maintenance—significantly influence asset performance. The impact of ALCM policies varies by asset location, categorized into five major regions: Sumatra, Java, Kalimantan, Bali-Nusa Tenggara, and Papua. These results provide empirical evidence that effective asset management policies positively contribute to optimizing the performance of state assets.

Religious Identity, Linked Fate, And Political Ideology: Explaining Civil Rights Philanthropy Among Muslim And Jewish Americans, Rafeel Wasif, Afshan Paarlberg, Shariq Siddiqui, David King

Public Administration Faculty Publications and Presentations

Social identity theory predicts that individuals prefer to give to people with the same identity as themselves. However, individuals have multiple identities that interact simultaneously. For instance, religion is an essential identity for many individuals, particularly those from racialized minority groups, such as Muslims and Jews, who are often discriminated against due to these identities. Moreover, individuals like to support faith-based causes. However, they may also feel that they have a linked fate identity, where they perceive a commonality with other persecuted minorities due to similar experiences of discrimination. Moreover, political ideology is another vital identity marker for many individuals. …

Parameters Summer 2025, Usawc Press

The US Army War College Quarterly: Parameters

Welcome to the Summer 2025 issue of Parameters. This issue consists of an In Focus special commentary, three forums (Indo-Pacific Challenges, Russia-Ukraine Issues, and Historical Studies).

A More Perfect Peace: Can The Russia-Ukraine War End Justly?, Nathaniel B. Davis, Marlon A. Thomas

The US Army War College Quarterly: Parameters

This article argues that thinking creatively about war termination, both philosophically and politically, utilizing jus post bellum principles and counterintuitive political trade-offs, reveals an opportunity to achieve a sustainable peace that approximates justice. The article surveys how war aims among belligerents have changed, indicating that further change is possible, particularly at the point of war termination. Next, the article examines jus post bellum principles and their application to the Russia-Ukraine War. Finally, the article contends that Ukraine relinquishing Crimea and the Donbas in exchange for NATO membership might be the key to achieving a durable peace that addresses long-term security.

Book Reviews, Usawc Press

The US Army War College Quarterly: Parameters

No abstract provided.

From The Editor In Chief, Antulio J. Echevarria Ii

The US Army War College Quarterly: Parameters

Welcome to the Summer 2025 issue of Parameters. This issue consists of an In Focus special commentary, three forums (Indo-Pacific Challenges, Russia-Ukraine Issues, and Historical Studies).

China’S Role In A Future Korean War, Jake Rinaldi

The US Army War College Quarterly: Parameters

This article argues that China’s intervention in a Korean conflict will hinge more on North Korea’s ability to hold territory than on bilateral ties. Rather than treat Chinese intervention as a yes-or-no proposition, this study models three scenarios—full intervention, sustained support, and limited support—based on North Korean resilience. Using Chinese-language sources and scenario-based analysis, it assesses how each model would shape key functional areas such as ISR, cyber, materiel, and force posture. The findings offer US defense planners a framework for anticipating variable People’s Liberation Army involvement in a future Korea contingency.

The Next National Defense Strategy: Mission-Based Force Planning, Frank G. Hoffman

The US Army War College Quarterly: Parameters

The Pentagon needs to embrace a new methodology called mission-based planning to size and shape the defense enterprise properly. This article critiques several proposals for reestablishing the long-standing two major theater war construct in the face of ongoing shifts in the strategic environment, including the nation’s $36 trillion debt and prospects of annual interest payments beyond $1 trillion. It presents a mission priority alternative focused on strategic prioritization based on the authors’ four decades of experience in strategy/force planning at the service, the department, and the Office of the Secretary of Defense levels. Strategic-level service planners and students of Joint …

Strategic Narratives To Counter Global Threats, Jerry E. Landrum, Chase Metcalf, Michael M. Posey

The US Army War College Quarterly: Parameters

This article argues that the current National Security Strategy lacks the necessary coherence and fidelity to mobilize collective action against the emerging Russia-China axis. It merges multiple theoretical concepts to assert that the “rules-based order” theme is insufficient for mobilizing public support. Using textual analysis of the strategy compared with publicly available polling to determine levels of popular resonance, the authors find that the “rules-based order emphasis” does not resonate. This study’s conclusions will assist practitioners as they develop an updated National Security Strategy in the new presidential administration.

Impact Of Trap-Neuter-Return Programs On Municipal Spending, Natalie Maria Hanna

Student Theses and Dissertations

Trap-neuter-return (TNR) programs are an effective way to reduce the number of free-roaming cats without relying on euthanasia by preventing further reproduction. Despite substantial research into the effectiveness of TNR, few studies explore the financial implications of implementing TNR at the municipal level. The purpose of this research was to identify if there is a relationship between the implementation of TNR and municipal spending on animal services by analyzing annual budgets and financial reports pre- and post- TNR implementation in a single municipality alongside shelter data in the same time period. Findings in this research suggest that implementing a TNR …

Can Machine Learning Prevent Human Trafficking? Using Data And Technology To Tailor Policies And Programs Toward Vulnerable Populations In Your Community, Kristen Hubbell

SMU Human Trafficking Data Conference

This presentation will investigate how to use data and technology to prevent human trafficking in communities, before it starts. It will explore the opportunity to utilize a novel machine learning approach to identify local risk factors to guide collaborative, data-oriented prevention programs. Surprising findings from a case study will be shared that challenge existing assumptions on the key drivers of human trafficking.

The Adoption And Implementation Of Lean And Six Sigma In State Governments And Its Impact On Efficiency, Effectiveness, And Equity, Jin Hong Kim

All Faculty Scholarship

This research explores the contextualized use of Lean and Six Sigma (LSS) practices in the state governments in the United States. It analyzes LSS’s capacity to innovate public service administration to improve efficiency, effectiveness, and equity in government.
This study employed the Grounded Theory Method to analyze 2,048 LSS project reports from 32 state governments between 2003 and 2024, aiming to identify systematic patterns in the adjustment and application of LSS within state service administration and its outcomes.
Thirty-two states applied LSS across 24 service areas, adapting it in five ways: strategic programming, production efficiency, customer focus, internal accountability, and …

Agglomeration Economies In Social Economy Clusters: The Role Of Networks, Mina Kim

Dissertations and Theses

The social economy is an economic framework that prioritizes social value over profit, emphasizing cooperation, solidarity, and community-based solutions to the failures of neoliberal market systems. In East Asia, the development of the social economy is often government-led, raising concerns about resource dependency and the long-term sustainability of Social Economy Organizations (SEOs). This dissertation investigates how network structures and diversity within a policy-driven social innovation cluster shape SEO survival, and how agglomeration economies operate differently compared to conventional industrial clusters. The case of Seoul Innovation Park (SI Park) in South Korea provides the empirical basis for the analysis.

A mixed-methods …

Community-Engaged Learning For Online Courses, Marsha W. Maxwell Phd, Katarina Friberg-Felsted Phd, Jacqueline L. Eaton Phd, Megan R. Medina, Denise Crismon

Transforming Communities

This article explores how to ensure the quality of community-engaged learning (CEL) course outcomes for online courses. We share insights and knowledge of three instructors who have successfully integrated CEL into their online courses. Based on these instructors' experiences, this article discusses four key topics related to online CEL courses: finding mutually beneficial partnerships, managing expectations, managing student-partner interactions, and following up with students. While we have found that the benefits of CEL outweigh the drawbacks, adding CEL to the dynamics of an online course can prove complicated for instructors, who must consider the time commitment, communication challenges, and course …