Public Affairs, Public Policy and Public Administration Commons^™

The European Central Bank's Three-Year Long-Term Refinancing Operations (Ecb Gfc), Aidan Lawson

Journal of Financial Crises

The announcement of the three-year Long-Term Refinancing Operations (LTROs) by the European Central Bank (ECB) on December 8, 2011, signaled the beginning of the largest ECB market liquidity programs to date. Continued and increasing liquidity-related pressures in the form of ballooning financial market credit default swap (CDS) spreads, Euro-area volatility, and interbank lending rates prompted a much more forceful ECB response than what had been done previously. The LTROs, using a repurchase (repo) agreement auction mechanism, allowed any Eurozone financial institution to tap essentially unlimited funding at a fixed rate of just 1%. Because the three-year LTROs were so similar …

The Public-Private Investment Program: The Legacy Securities Program (U.S. Gfc), Ben Henken

Journal of Financial Crises

On March 23, 2009, the U.S. Treasury, in conjunction with the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC), announced the Public-Private Investment Program (PPIP). PPIP consisted of two complementary programs designed to foster liquidity in the market for certain mortgage-related assets: The Legacy Loans Program and the Legacy Securities Program. This case study discusses the design and implementation of the Legacy Securities Program. Under this program, the Treasury formed an investment partnership with nine private sector firms it selected at the conclusion of a months-long application process. Using a combination of private equity and debt and equity …

The Public-Private Investment Program: The Legacy Loans Program (U.S. Gfc), Ben Henken

Journal of Financial Crises

On March 23, 2009, the U.S. Treasury, in conjunction with the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC), announced the Public-Private Investment Program (PPIP). PPIP consisted of two complementary programs designed to foster liquidity in the market for certain mortgage-related assets: The Legacy Loans Program and the Legacy Securities Program. This case study discusses the design and implementation of the Legacy Loans Program. Under this program, the FDIC and Treasury attempted to create public-private investment partnerships that—using a combination of private equity, Treasury equity, and FDIC-guaranteed debt—would purchase legacy mortgage loans from U.S. banks by way of …

The Term Asset-Backed Securities Loan Facility (Talf) (U.S. Gfc), June Rhee

Journal of Financial Crises

In the fall of 2008, the securitization market, which was the major provider of credit for consumers and small businesses, came to a near halt. Investors in this market abandoned not only the residential mortgage-backed securities that triggered the financial crisis but also consumer and business asset-backed securities (ABS), which had a long track record of strong performance, and commercial mortgage-backed securities (CMBS). Also, the unprecedented widening of spreads for these securities rendered new issuance uneconomical, and the shutdown of the securitization market threatened to exacerbate the downturn in the economy.

On November 25, 2008, the Federal Reserve (the Fed) …

The Money Market Investor Funding Facility (U.S. Gfc), Rosalind Z. Wiggins

Journal of Financial Crises

In mid-September 2008, money market mutual funds (MMMFs) began to experience run-like redemption requests after the Reserve Primary Fund “broke the buck.” As a result, MMMFs became reluctant to roll over or invest in commercial paper (CP) and faced the prospect of selling asset-backed commercial paper (ABCP) they held into a declining market to raise cash. The money markets quickly became negatively impacted, and on October 21, 2008, the Fed announced the Money Market Investor Funding Facility (MMIFF), which would loan funds to a series of special purpose vehicles (SPVs) established by the private sector. The SPVs would use the …

The Commercial Paper Funding Facility (U.S. Gfc), Rosalind Z. Wiggins

Journal of Financial Crises

In mid-September 2008, prime money market mutual funds (MMMFs) began experiencing run-like redemption requests sparked by one fund that had “broken the buck” because of large exposure to Lehman Brothers commercial paper (CP). As a result, MMMFs, which are significant investors in CP, became reluctant to hold CP. Within a week, outstanding CP had been reduced by roughly $300 billion. The CP market experienced severe shortening of maturities and increased rates, making it difficult for issuers to place new paper. When government efforts to assist the MMMFs did not resolve the stresses in the CP market, the Federal Reserve announced, …

The Primary Dealer Credit Facility (Pdcf) (U.S. Gfc), Karen Yang

Journal of Financial Crises

On March 16, 2008, the Federal Reserve created the Primary Dealer Credit Facility, or PDCF, to provide overnight funding to primary dealers in the tri-party repurchase agreement (repo) market, where lenders had become increasingly risk averse. Loans were fully secured by (initially) investment-grade securities and offered at the primary credit rate by the Federal Reserve Bank of New York. The eligible collateral was significantly expanded in September 2008, after rumors of Lehman Brothers potentially filing for bankruptcy, to include all of the types of instruments that could be pledged at the two major tri-party repo clearing banks. The PDCF was …

The Federal Reserve’S Response To The 1987 Market Crash (U.S. Historical), Kaleb B. Nygaard

Journal of Financial Crises

The S&P 500 lost 10% the week ending Friday, October 16, 1987, and lost an additional 20% the following Monday, October 19, 1987. The date would be remembered as Black Monday. The Federal Reserve (the Fed) responded to the crash in four distinct ways: (1) issuing a public statement promising to provide liquidity, as needed, “to support the economic and financial system”; (2) providing support to the Treasury securities market by injecting in-high-demand maturities into the market via reverse repurchase agreements; (3) allowing the federal funds rate to fall from 7.5% to 7.0% and below; and (4) intervening directly to …

1970 Commercial Paper Market Liquidity Crisis (U.S. Historical), Kaleb B. Nygaard

Journal of Financial Crises

Penn Central Transportation Company (Penn Central), the resulting railroad company of the late 1960s merger of Pennsylvania Railroad and New York Central Railroad, filed for bankruptcy on June 21, 1970. The bankruptcy came in the middle of the 1969–70 recession and sparked a sharp downturn in the commercial paper market. The Federal Reserve did not intervene directly in the commercial paper market but rather increased funding options available to banks via the discount window and an amendment to Regulation Q. The banks then provided funds to corporations unable to acquire them from the commercial paper market. The liquidity crisis abated …

Market Liquidity Programs: Gfc And Before, June Rhee, Greg Feldberg, Ariel Smith, Andrew Metrick

Journal of Financial Crises

The virulence of the Global Financial Crisis of 2007–09 (GFC) was explained in large part by the increased reliance of the global financial system on market-based funding and the lack of preexisting tools to address a disruption in that type of system. This paper surveys market liquidity programs (MLPs), which we define as government interventions in which the key motivation is to stabilize liquidity in a specific wholesale funding market that is under stress. Most of the MLPs surveyed in this paper were launched during and after the GFC, but two pre-GFC MLPs are included. A subsequent survey on MLPs …

Features And Trends Of Development Of Industrial Complex In The Tashkent Region, Nilufar Batirova

The Light of Islam

The aim of the article is the theoretical justifcation and development of the organizational and economic mechanism for the formation and development of a regional intentional complex, where innovative components dominate. It should be noted that in recent years in the region there have been trends in the deepening of the newest forms of relations and interconnections based on the expansion of inter-sectoral and sectoral integration of industrial enterprises, the progress of the formation of forms of regional industrial systems is traced, prerequisites are created for the emergence of new forms of integrated cooperation of the subjects of the innovation …

Misinformation As A Method Of Psychological Influence Of Information (Based On Modern Foreign Research), Azamat Ibrakhimov

The Light of Islam

This article is based on up-to-date foreign research on the use of misinformation as a tool of psychological influence, which has become the most pressing issue at the moment. In practice, the information provided by the mass media has become a means of influencing its content. Extremely fast-paced images of life, a lack of time to study the events reported by the media, and sometimes a lack of personal skills to analyze these reports have led to a wide audience accepting the material in the same way as media outlets. The article attempts to theoretically comprehend the phenomenon of creating …

The Role Of Test Making In Learning Process, Dilbar Xasanova, Hugh Cartwright Cheonan Assistant Professor

The Light of Islam

Almost always with the word "test" a question comes to mind with four or fve possible answers. Students usually think of multiple-choice questions (MCQs) when they are told to get tested. Testing means testing students' knowledge using different types of question forms. The proposed article examines the academic performance test, which was developed by the administration of the Uzbekistan English Teachers Association (UZTEA) for Year 2 students of lyceums and colleges. The purpose of this study is to discuss test constructs and propose a more reliable version of them if the reason for the unsatisfactory results depends on the evaluation …

Copulative Compound Words Formed By Using The Interfix In The Pashto Language, Ugiljon Abduvaliyeva

The Light of Islam

Questions about word formation remain one of the most pressing problems of modern linguistics. The relevance of this issue is increasing, especially for less-studied languages such as the Pashto language, since the vocabulary of the language is constantly being enriched under modern requirements. The need to express new concepts arising from
progress in various spheres of life gives rise to the need to create new lexical units based on the language’s capabilities and resources. The study of this process on a scientifc basis, the defnition of its directions, the defnition of its specifcs based on the analysis of language material …

Study Of Amir Husrow Dehlaviy’S Rubais, Feruza Nizamova

The Light of Islam

The article provides data on the manuscripts and studies of the legacy of Amir Khusrow Dehlavi, stored in the Institute of Oriental Studies named after Abu Rayhan Biruni of the Academy of Sciences of the Republic of Uzbekistan. In the manuscripts we examined, there is information about the origin of ghazals, but there is no mention of the origin of the ruba’is. In many manuscripts, the order of fling the ruba’is is not based on any principle. Only a few of them are arranged alphabetically, either by the frst letter of the verse or by the last letter of the …

Semantic Classification Of Auxiliary Verbs In Arabic Language, Malika Nasirova

The Light of Islam

In Arabic, the verb takes a signifcant place among the parts of speech. Without knowing the morphological features of Arabic verbs, it is impossible to maser many of the rules of other parts of speech. This article is devoted to auxiliary verbs, which, together with the main verb, convey additional meaning to the action of the subject. In Arabic, the topic of auxiliary verbs has
attracted the attention of linguiss from the early Middle Ages to the present. The mos recent sudies on this topic are collected in the works of Abbas Hasan, Musafa Galayini, Fuad Nemat, Antoine Dahdakh, Abu …

Influence Of Us Neoconservatism On Formation Of National Security Paradigm, Mukhammadolim Mukhammadsidiqov, Abrar Turaev

The Light of Islam

This article analyzes the impact of neoconservative ideology on the formation of national security paradigms in the United States and reveals the impact of views and ideas put forward by U.S. neoconservatives on the formation of public administration, especially security goals in domestic and foreign policy. In particular, the role of Albert Walstetter, a well-known proponent of neoconservative views, in the formation of security concepts is discussed. The role of political philosopher Leo Strauss’s political-philosophical and military-strategic approaches in the development of neoconservative ideology and the conceptual basis of modern security problems are theoretically analyzed. It is emphasized that the …

The Activity Of Chinese Muslims In The Social, Economic And Cultural Life Of The Country In The Ix-Xvi Centuries, Odiljon Ernazarov

The Light of Islam

The article presents information about the socio-political, economic, and cultural conditions in China in the 9th-16th centuries, the spread of Islam in China and its adaptation to the local culture, the participation of Muslim peoples in the social, economic, cultural life and educational 94 Tе Light of Islam, 3-сон 2020 йил Диншунослик process of the country. Also, it analyzes the formation of Muslim communities among the majority of followers of Buddhism, Confucianism, and Taoism by adapting to their religious beliefs, close to the content of Islam, and the emergence of 10 separate legal systems, such as “Zu Tang” (“Foreigner living …

The Concept Of Risalat And Its Historical, Political And Ideological Role, Farrukh Kushbayev

The Light of Islam

The main goal of the article is to give a clearer picture of the life of the Prophet Muhammad (peace and blessings be upon him) and his activities to spread the idea of monotheism based on the verses of the Koran. In particular, by objectively illuminating the historical essence of the formation of medieval Arab society during the period of rising, to prevent the emergence of misconceptions about Islam and its prophet in the minds of the modern young generation. The article frst explains the lexical meaning of the term “risolat (mission)”, and then analyzes the ideological influence of this …

Ari’An Relations In Islamic Law And Its Types, Mamurjon Erkaev

The Light of Islam

Current article studies the issue of ariya (borrowing something without any payment), its Sharia rulings and types which are based on socio-legal relations in the sources of the classical period of the Hanaf school. An important feature of researching the issue of ariya in the sources of Islamic law is that along with the regulation of social relations between people, it will be a solution to today’s pressing problems in this area. The scientifc article cites verses from the Qur’an and hadiths. Furthermore, the works of well-known Hanaf fakihs in Maverannahr and the Islamic world, who commented on this issue, …

Activities Of Central Asian Research Centres In The Arab States, Shavkat Ikromov

The Light of Islam

This article is devoted to the activities of centers for the scientific study of Central Asia in the Arab states. In the article, based on Arabic-language sources, a comparative and content analysis of research and work carried out in scientific centers of Saudi Arabia, Egypt, Iraq, and Algeria are carried out. As well as scientific research at the universities of Baghdad, Mosul, Mustansiri and Kufa in Iraq, several higher educational institutions and research centers such as Al-Azhar in Cairo on the history and politics of Central Asia.

The purpose of this article is to study the coverage of the modern …

Activities Of Scholars Of Islamic Law (Fuqaha) From Shash Oasis In Scientific Centers Of The Region, Nematullo Mukhamedov

The Light of Islam

For centuries, Islamic traditions have contributed to the formation of unique Muslim culture in Central Asia, interwoven with the rich cultural heritage of the peoples of this region. In turn, this affected the spiritual life of society and left a significant mark on the development of various sciences. Uzbekistan and its cities Bukhara, Samarkand, Nasaf (Karshi), Termez, Khiva, Shash (Tashkent) and others, which became famous in the whole Muslim world as leading scientific and cultural centers, occupied a special place in these historical processes.

IX – XII centuries in Central Asia is famous for the development of science and culture, …

Benefits Cost Anaylsis: Options For Sea Level Rise Adaptation On West Cliff Drive, Charles S. Colgan, Philip King, David Revell

Publications

This report presents the results of a benefit cost analysis of various options for adapting West Cliff Drive (in the City of Santa Cruz, California) to sea level rise as identified through extensive technical analysis and community input. This report has built on previous work completed as part of the West Cliff Drive Adaptation and Management Plan project. The previous work products provided much of the information needed for this benefit cost analysis included an existing conditions inventory, future exposure and vulnerability assessment, and an adaptation alternatives analysis. Since most of the West Cliff Drive corridor is publicly owned by …

Framing Energy And Minerals For Future Pathways, Michelle Michot Foss, Michael S. Moats, Kwame Awuah-Offei

Materials Science and Engineering Faculty Research & Creative Works

We present a challenge for Group of Twenty (G20) discussions that entails (1) greater awareness of the role of non-fuel minerals in the global economy overall, but specifically in the energy sector; and (2) the introduction and acceleration of alternative energy sources and technologies. We focus on chemical battery energy storage, given its prominence in all views and outlooks of energy futures, especially for mobility. We present recommendations for G20 discussions and actions on battery materials, and the crucial underlying supply chains for mineral commodities.

Access To Education And Affordable Housing (Panel Discussion), Serge A. Martinez, Deb Haaland

Faculty Scholarship

"Housing is not just about housing--there's a straight line from housing stability to educational achievement and other issues including public health, physical and mental health and community development."
- Professor Serge Martinez.

Congresswoman Deb Haaland held a discussion on access to education and affordable housing, particularly the importance of accessible education and the role evictions and financial stress play in education.

If the video is not playing, watch the panel discussion on Facebook (log-in not required).

Extending The Macroeconomic Impacts Forecasting Capabilities Of The National Energy Modeling System, Christa D. Court, Randall W. Jackson, Justin Adder, Gavin Pickenpaugh, Charles Zelek, Amanda J. Harker Steele

Regional Research Institute Working Papers

To comprehensively model the macroeconomic impacts that result from changes in long-term energy-economy forecasts, the United States Department of Energy’s National Energy Technology Laboratory (NETL) partnered with West Virginia University’s (WVU) Regional Research Institute to develop the NETL/WVU econometric input-output (ECIO) model. The NETL/WVU ECIO model is an impacts forecasting model that functions as an extension of the U.S. energy-economic models available from the United States (U.S.) Energy Information Administration’s National Energy Modeling System (NEMS) and the U.S. Environmental Protection Agency’s Market Allocation (MARKAL) model. The ECIO model integrates a macroeconomic econometric forecasting model and an input-output accounting framework along …

The Evolution Of Research On Sustainable Business Models: Implications For Management Scholars, Sandra Rothenberg, Erinn G. Ryen, Anne G. Sherman

Journal of Environmental Sustainability

Business models that lead to reduced consumption of resources and energy and support a Circular Economy can help businesses address the world’s pressing environmental problems. At the same time, they are concepts that have taken decades to garner serious attention in management literature. In this paper we review patterns in scholarship across a wide range of disciplines (sciences, humanities and management) on the Circular Economy and related business models like Extended Producer Responsibility, Product Service Systems, Collaborative Consumption, Sharing Economy, and Voluntary Simplicity. From this review, we discuss how business scholars might learn from these trends, and the implications for …

Ua12/2/1 Fit 2020, Wku Student Affairs

WKU Administration Documents

Special edition of the College Heights Herald regarding fitness, includes articles:

• Dees, Marshall. Nostalgic Fun for the Child in You
• Rock Steady, Rock Strong – Boxing
• Dowell, Macie. Red Towel Workouts
• Bowling Green Course Welcomes New Golfers – Bowling Green Parks & Recreation
• Get Out, Get Fit – Parks
• Gym Jams

Webinar: Economic And Business Outcomes Of Bicycle And Pedestrian Improvements, Jenny H. Liu

TREC Webinar Series

The National Street Improvements Study, conducted by PSU in conjunction with PeopleForBikes and consulting firm Bennett Midland, researched the economic effects of bicycle infrastructure on 14 corridors across six cities — Portland, Seattle, San Francisco, Memphis, Minneapolis and Indianapolis. The study found that improvements such as bicycle and pedestrian infrastructure had either positive or non-significant impacts on the local economy as measured through sales and employment. In this webinar, lead researcher Jenny Liu will share the results of the investigation and the unique methodology for investigating these economic outcomes.

This webinar is based on a study funded by the …

The Troubled Backstory Of The Twenty-Fifth Amendment: The Photo, The Feud, And The Secret Service, Garrison Nelson, Brenna M. Rosen

New England Journal of Public Policy

The 1963 murder of President John F. Kennedy led to a reconsideration of the 1947 Presidential Succession Act, which mandated that the Speaker of the US House of Representatives was next in line to the vice president and the Senate president pro tempore was next in line to the Speaker. The new president, Lyndon B. Johnson, was only fifty-five when he took the oath of office on November 22, 1963, but he had a well-known heart condition that would end his life nine years later. Seated behind Johnson when he met with Congress was the soon-to-be seventy-two-year old House Speaker …