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Iceland: Depositors’ And Investors’ Guarantee Fund, Adam Kulam

Journal of Financial Crises

Leading up to the Global Financial Crisis of 2007–2009, Iceland’s three largest banks accumulated assets totaling several times the size of Iceland’s GDP and financed their growth through foreign borrowing. As wholesale funding dried up in 2007, they replaced this borrowing by rapidly gathering deposits through foreign branches and subsidiaries located in the European Union, primarily in the United Kingdom and the Netherlands. In the summer and fall of 2008, international credit markets froze and the Icelandic banks were unable to roll over their maturing liabilities. On October 6, Prime Minister Geir Haarde announced a full guarantee of domestic deposits. …

Hungary: National Deposit Insurance Fund, Zijin (Phoebe) Lei, Ezekiel Vergara

Journal of Financial Crises

At the height of the Global Financial Crisis (GFC), Hungary announced changes to its deposit-insurance system on October 8, 2008. The government said that it would increase the deposit-insurance cap from HUF 6 million to HUF 13 million (about USD 31,000 to about USD 68,000), the equivalent of roughly EUR 50,000 (about USD 68,000), in line with a European Union (EU) recommendation. Hungary’s finance minister also announced that the state would temporarily provide an unlimited deposit guarantee, following the actions of several European countries. The unlimited guarantee was political, meaning it was not implemented through official legislation. It was effective …

Hong Kong Sar: Full Deposit Guarantee, Ezekiel Vergara, Lily S. Engbith

Journal of Financial Crises

Following a run on Hong Kong’s fifth-biggest bank in September 2008, the Hong Kong government announced that it would use its Exchange Fund to extend full insurance temporarily to depositors at approved banks. The existing Deposit Protection Scheme (DPS) would continue to insure the first 100,000 Hong Kong dollars (HKD; about USD 13,000) per depositor at each bank; the new program would cover the rest. It also covered a broader set of institutions. The Hong Kong Monetary Authority (HKMA) administered the program, overseen by the Hong Kong Deposit Protection Board (HKDPB); the HKMA was also responsible for managing the Exchange …

Greece: Hellenic Deposit Guarantee Fund, Lily S. Engbith

Journal of Financial Crises

Responding to general financial and economic volatility during the Global Financial Crisis (GFC), the Greek government in November 2008 sought to shore up public confidence in the banking system by raising the deposit-insurance limit from EUR 20,000 to EUR 100,000 (127,000 USD) per depositor for three years. The Hellenic Deposit Guarantee Fund (HDGF) was responsible for administering this adjustment, which was accompanied by a fivefold increase in the percentages used for calculating member institutions’ annual contributions. All credit institutions that were authorized to operate in Greece, including branches of foreign banks without their own coverage, were required to participate in …

France: Deposit Guarantee Fund, Ezekiel Vergara

Journal of Financial Crises

In October 2008, during the Global Financial Crisis (GFC), European Union (EU) officials urged member states to raise their minimum deposit-insurance coverage to at least EUR 50,000 (USD 68,000) to promote confidence in banks. France did not need to increase its deposit-insurance cap to meet this target, as it already guaranteed EUR 70,000. The following year, EU officials passed a directive that required all member states to permanently increase their minimum deposit-insurance coverage to EUR 100,000 by December 31, 2010. French authorities complied with the EU’s directive on September 29, 2010. The Fonds de Garantie des Dépôts (FGD), a private …

Belgium: Protection Fund/Special Protection Fund, Adam Kulam

Journal of Financial Crises

At the height of the Global Financial Crisis (GFC) in fall 2008, the Belgian government increased the coverage limits of its deposit guarantee to restore faith in its banking system, protect savers and depositors, and safeguard financial stability. Belgium joined the European Union’s (EU) efforts to strengthen deposit guarantee systems. The measures complemented the Belgian government’s other efforts to secure domestic banks. The government implemented the emergency measures in October and November 2008 through royal decrees, which Parliament later incorporated into law. In a five-week span, Belgian authorities increased the deposit guarantee from EUR 20,000 to EUR 100,000 (USD 26,820 …

Brazil: Time Deposits With Special Guarantee, Sharon M. Nunn

Journal of Financial Crises

Uncertainty from the Global Financial Crisis spread to the Brazilian financial system in 2008, triggering a flight to quality toward assets with explicit or implicit government guarantees. In the Brazilian context, this meant depositors pulled funds from small and medium-size banks and parked them in larger banks that investors believed the government was more likely to backstop. The National Monetary Council (CMN) created the Time Deposits with Special Guarantee program (DPGE) in March 2009 to bolster liquidity in small and medium-size banks. The CMN put the country’s existing deposit insurer, the Credit Guarantee Fund (FGC), in charge of administering the …

Austria: Unlimited Deposit Guarantee, Sharon M. Nunn

Journal of Financial Crises

After Germany and Ireland implemented unlimited deposit guarantees, Austrian officials passed a law on October 26, 2008, that removed deposit-insurance limits for individual depositors, fearing that Austrians would move their money to countries with higher deposit coverage. The government established the program using the country’s existing, mandatory deposit-insurance system (DIS), which was private, ex post funded, and segmented into sectoral schemes that covered different kinds of financial institutions. During payouts, the schemes covered the first EUR 50,000 (USD 67,000) of guaranteed funds to a given depositor, and the government the government covered the rest. The government required all financial institutions …

Broad-Based Emergency Liquidity Programs, Rosalind Z. Wiggins, Sean Fulmer, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze broad-based emergency liquidity (BBEL) programs. Our main purpose is to assist policymakers who are considering establishing a BBEL program in designing the most effective program possible as efficiently as possible. Our insights are derived from 33 case studies the Yale Program on Financial Stability produced and existing literature on the topic.

Liquidity provision is a long-established mandate of central banks and was a function that private entities performed even before the establishment of central banks. We survey a sampling of cases from the 19th through 21st centuries, drawn from 10 countries and regions, to distill …

Australia: Financial Claims Scheme, Ezekiel Vergara

Journal of Financial Crises

Following the collapse of Lehman Brothers on September 15, 2008, the Australian government intervened in its own banking system, both to support domestic depositors and to keep its banking system competitive with those in countries whose regulators had already intervened. On October 12, 2008, the Australian government announced the Financial Claims Scheme (FCS) to insure bank depositors. The deposit guarantee automatically insured depositors at all authorized deposit-taking institutions and covered a range of deposit accounts. As initially announced, the FCS would provide a blanket guarantee to all depositors with no fee for participation. This blanket guarantee, however, prompted a migration …

Market Support Programs: Covid-19 Crisis, June Rhee, Lily S. Engbith, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper is an analysis of important considerations for policymakers seeking to establish a market support program (MSP). Our main purpose is to assist policymakers who have already made the decision to use an MSP in designing the most effective program possible. Our insights derive from 23 case studies the Yale Program on Financial Stability produced and existing literature on the topic.

By the onset of the Global Financial Crisis (GFC), market-based finance and traditional banking systems were significantly intertwined, and the panic in market-based finance threatened to spread quickly to both traditional banks and the real economy. In response, …

Dividends And Bank Capital In The Global Financial Crisis Of 2007–2009, Viral V. Acharya, Irvind Gujral, Nirupama Kulkarni, Hyun Song Shin

Journal of Financial Crises

The headline numbers appear to show that even as banks and financial intermediaries suffered large credit losses in the Global Financial Crisis of 2007–2009, they raised substantial amounts of new capital, both from private investors and from government-funded capital injections. However, on closer inspection, the composition of bank capital shifted radically from one based on common equity to that based on debt-like hybrid claims such as preferred equity and subordinated debt. The erosion of common equity was exacerbated by large-scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments represent a transfer from creditors (and potentially taxpayers) …

Account Guarantee Survey, Christian M. Mcnamara, Adam Kulam, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 27 account guarantee (AG) programs across 14 Key Design Decisions. The main themes that emerge are: (a) the importance of considering the effects of AG programs on other parts of the financial system or other jurisdictions, (b) the ability to address moral hazard through heightened supervision, which removes a potential obstacle to adopting AG programs in response to the acute phase of crises, (c) the necessity of developing guarantees that are credible and timely, and (d) the need to design standing AG programs with an eye toward how they will function during crises.

Therapeutic Targeting Of Macrophage Plasticity Remodels The Tumor-Immune Microenvironment, Hee-Jin Jang, Hyun-Sung Lee, Wendong Yu, Maheshwari Ramineni, Cynthia Y Truong, Daniela Ramos, Taylor Splawn, Jong Min Choi, Sung Yun Jung, Ju-Seog Lee, Daniel Y Wang, Joel M Sederstrom, Massimo Pietropaolo, Farrah Kheradmand, Christopher I Amos, Thomas M Wheeler, R Taylor Ripley, Bryan M Burt

Center for Medical Ethics and Health Policy Staff Publications

Although the majority of patients with advanced lung adenocarcinoma (LUAD) are eligible to receive immune checkpoint blockade, approximately 80% of these tumors are resistant to this therapeutic approach. Insights at the single-cell level into mechanisms that drive LUAD tumorigenesis and the relationship of LUAD histologic heterogeneity to response to immune checkpoint blockade could help identify biomarkers and potential combinational approaches to improve immunotherapy efficacy. Here we used a genetically engineered mouse model that replicates the development of human LUAD through a spectrum of pre-invasive to invasive adenocarcinoma histologic subtypes. A systems onco-immunology approach of integrating the analytical power and unique, …

China's Strategic Ambiguity On The Issue Of Autonomous Weapons Systems, Putu Shangrina Pramudia

Global: Jurnal Politik Internasional

This paper discusses the factors behind China's ambiguous stance on the issue of autonomous weapons and its relationship with China's rise. In 2016 at the United Nations on Certain Conventional Weapons (UN-CCW), China was the only Permanent Five (P5) country to call for the prohibition and importance of a binding protocol on autonomous weapons. Through its position paper, China stated that the characteristics of autonomous weapons are not in accordance with the principles of International Humanitarian Law (IHL), fears of an arms race, to the threat of war. However, in 2017 China issued the New Generation of AI Development Plan …

Changes In State Fiscal Support For Higher Education In The Mountain West, 2016-2021, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

This fact sheet explores higher education budget appropriation changes from fiscal year 2016 (FY16) to fiscal year 2021 (FY21) in the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. This fact sheet reports data original presented in the 2021 Inside Higher Ed report, “States Maintain Higher Ed Funding,” by Emma Whitford.

The Outdoor Recreation Economy In The Mountain West, 2020, Miguel Soriano Ralston, Joshua Padilla, Peter Grema, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet provides select data from the State Outdoor Recreation Satellite Account (ORSA) at the Bureau of Economic Analysis (BEA) on the 2020 outdoor recreation economy in the Mountain West region, including Nevada, Utah, Arizona, New Mexico, and Colorado.

Disaster Resilience Versus Ecological Resilience And The Proposed Second Causeway To South Padre Island, Juliet Vallejo, Katia Sanchez, Evelyn Roozee, Owen Temby

School of Earth, Environmental, & Marine Sciences Faculty Publications

The barrier island of South Padre is located off the coast of Texas’s southern tip in Cameron County and is a popular tourist destination with over 4 million annual visits. The only road access to and from the island is a four-lane causeway, 2.3 miles in length, that routinely experiences heavy traffic. Twenty years ago, a barge crashed into the Queen Isabella Causeway, destroying a portion of the bridge. It quickly became apparent how reliant South Padre Island (SPI) is on the causeway and raised questions regarding its lack of disaster resilience. Local boosters and government responded by proposing and …

An Updated Assessment Of 43,110 Patients Enrolled In The Childhood Cancer Research Network: A Children’S Oncology Group Report, Austin L Brown, Pagna Sok, Michael E Scheurer, Karen R Rabin, Erin L Marcotte, Douglas S Hawkins, Logan G Spector, Philip J Lupo

Center for Medical Ethics and Health Policy Staff Publications

Background: The Childhood Cancer Research Network (CCRN) was established by the Children's Oncology Group (COG) as a resource for epidemiologic studies of childhood cancer. The objective of this study was to evaluate the representativeness of CCRN and identify factors associated with enrollment.

Method: The number of US childhood patients with cancer diagnosed < 20 years of age enrolled in CCRN (2008-2015) was compared to expected counts, calculated from Surveillance, Epidemiology, and End Results incidence rates and US Census population estimates. Observed-to-expected ratios and corresponding 95% confidence intervals (CI) were estimated across sex, race, diagnosis age, calendar year, and cancer diagnosis groups. Multivariable linear regression models were generated to evaluate the association between open COG phase 3 therapeutic trials and CCRN enrollment rates.

Result: The 43,110 cases enrolled in CCRN represented 36% of the expected childhood cancers diagnosed from 2008 to 2015 (N = 120,118). CCRN enrollment ratios [95% CI] were highest among males (0.38 [95% CI, 0.37-0.38]), non-Hispanics (0.35 [95% CI, 0.35-0.36]), and those diagnosed from 1 to 4 years …

Wildfire Risk In Mountain West States, 2017-2021, Olivia K. Cheche, Corryn Richardson, Zachary Billot, Miguel Soriano Ralston, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Environment

This fact sheet examines data on wildfire destruction in the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The original report from the Insurance Information Institute presents findings on percent of properties at risk of wildfire destruction, the number of wildfires by state, and numbers of acres burned per state.

Public History Is Now, Sarah E. Dougher

Amplify: A Journal of Writing-as-Activism

A walking tour of downtown Portland in August 2021 raises questions for the writer about the purpose of “memory activism,” its relation to writing-as-activism. Drawing on critiques of urbanist Jane Jacobs and interrogating the concept of “reckoning,” the essay explores ways in which the streetscape and people there can deliver meaning and pose questions about systemic racism and unsheltered existence.

Transformational Leadership, Sarah Stepanek, Megan Paul

Umbrella Summaries

What is transformational leadership?

Transformational leadership refers to leadership behaviors that transcend the basic employment contract and help motivate followers to achieve beyond expectations (Antonakis et al., 2003; Bass, 1999). Transformational leaders seek to “uplift the morale, motivation, and morals of their followers” (Bass, 1999, p. 9). Through the four facets of transformational leadership (idealized influence, inspirational motivation, intellectual stimulation, and individualized consideration), transformational leaders help followers create meaning, selfactualize, feel part of a collective, find greater self-worth, and achieve great things (Bass, 1999). The dimensions of transformational leadership are further detailed below.

► Idealized influence: This dimension of transformational …

The Grand Strategy Of Gertrude Bell: From The Arab Bureau To The Creation Of Iraq, Heather S. Gregg

Books, Monographs & Collaborative Studies

The remarkable life of early-twentieth-century British adventurer Gertrude Bell has been well documented through her biographies and numerous travel books. Bell’s role as a grand strategist for the British government in the Middle East during World War I and the postwar period, however, is surprisingly understudied. Investigating Gertrude Bell as both a military strategist and a grand strategist offers important insights into how Great Britain devised its military strategy in the Middle East during World War I—particularly, Britain’s efforts to work through saboteurs and secret societies to undermine the Ottoman Empire during the war and the country’s attempts to stabilize …

Hubungan Tingkat Kesejahteraan Masyarakat Terhadap Jumlah Pekerja Migran Indonesia Di Kab./Kota Tahun 2015-2019, Wawan Fahrudin, Hera Susanti

Jurnal Kebijakan Ekonomi

This study aims to analyze the effect of welfare levels on the number of Indonesian Migrant Workers (PMI) in districts/cities in 2015-2019. The variables in this study were measured using the Random Effect Model (REM) regression. The fact that has a high level of elasticity is the number of PMIs in the previous year, and in the previous 2 years, the area, and the total population. The variables in this study include: the level of community welfare as measured by the level of poverty, education indicators, and GRDP per capita with the control variables being population, area (land and sea), …

Infrastruktur Jalan Dan Kriminalitas Di Pedesaan Indonesia, Winda Vidyaras

Jurnal Kebijakan Ekonomi

This study views how road infrastructure development affects crime in rural Indonesia. The issuance of Law No. 6 of 2014 concerning Villages create massive road infrastructure development to develop villages economy. However, it also create negative externality, which is crime. Using logistic regression model, this study analyzes Village Potential data for 2006-2018 in Indonesia. The results show that road infrastructure development’s accompanied by crime opportunity increase of 1.3-1.5 times higher in rural Indonesia. After massive development, it indicates economic increase and crime decrease in remote villages. This finding supports literatures about road infrastructure and accessibility can provide opportunities for crime.

Balancing Mission And Margins: What Makes Healthy Community Food Stores Successful, Sara John, Megan R. Winkler, Ravneet Kuar, Julia Deangelo, Alex B. Hill, Samantha M. Sundermeir, Uriyoán Colón-Ramos, Lucia A. Leone, Rachael D. Dombrowski, Emma C. Lewis, Joel Gittelsohn

Urban Studies and Planning Faculty Research Publications

Mission-driven, independently-owned community food stores have been identified as a potential solution to improve access to healthy foods, yet to date there is limited information on what factors contribute to these stores’ success and failure. Using a multiple case study approach, this study examined what makes a healthy community food store successful and identified strategies for success in seven community stores in urban areas across the United States. We used Stake’s multiple case study analysis approach to identify the following key aims that contributed to community store success across all cases: (1) making healthy food available, (2) offering healthy foods …

Keterpilihan Dinasti Politik Pada Pilkada Kabupaten/Kota Di Indonesia Tahun 2017-2020, Theresia Wahyuni Yuliartiningsih, Vid Adrison

Jurnal Kebijakan Ekonomi

The main purpose of this study was to examine whether the health variable as proxied by government health insurance participation and the infrastructure variable as a proxy for steady road conditions were correlated with the electability of political dynasties in the district/city elections in Indonesia in 2017-2020. This study tested using an average of 5 years before the 2017, 2018 and 2020 elections and the sample used was 508 districts/cities. This study uses a probit and a heck-probit regression model. The results of the selection bias control show that the health interest variable, namely BPJS Non-PBI, significantly reduces the probability …

Pengaruh Pembiayaan Dalam Era Presiden Jokowi Dan Sby Pada Tahun 2010-2019 Terhadap Pemerataan Peningkatan Pembangunan Jalan Di Indonesia, Dhini Rizky Prasedyawati, Nining Indroyono Soesilo

Jurnal Kebijakan Ekonomi

This study aims to find quantitative empirical evidence on the Effect of Financing in the Era of Presidents Jokowi and SBY from 2010 to 2019 on the Equitable Improvement of Road Construction in Indonesia. The analysis was carried out using panel data regression and common effect method, with the unit of observation being 11 provinces in Indonesia over a period of 10 years, during from 2010 to 2019. The dependent variable in this study is the length of the national road, while the independent variables are the APBN, Foreign Loans, Population, GRDP, the leadership dummy and the regional dummy. After …

Adaptation Of Diabetes Prevention Program For Chinese Americans – A Qualitative Study, Ming-Chin Yeh, Wincy Lau, Siqian Chen, Ada Wong, Grace X. Ma, Judith Wylie-Rosett

Health Policy & Community Health: Faculty Publications

Background: Studies have demonstrated that a culturally and linguistically tailored Diabetes Prevention Program (DPP) can be effective in reducing diabetes risk in Chinese Americans. The purpose of this study was to explore the cultural and linguistic acceptability of the Centers for Disease Control and Prevention’s Prevent T2 curriculum in an online format in the Chinese American community in New York City (NYC). Methods: Three focus groups among a total of 24 Chinese Americans with prediabetes and one community advisory board (CAB) meeting with 10 key stakeholders with expertise in diabetes care and lifestyle interventions were conducted. Each focus group lasted …

An Empirical Study Of The Evolution Of Homeland Security Definitions And The Public Perception Of Homeland Security, Alexander Siedschlag, Andrea Jerković

Publications

Objectives

• To introduce results from a currently conducted empirical study (quantitative systematic review) of the evolution of official homeland security definitions from related federal strategies, frameworks, guidelines, the QHSRs, enterprise agencies’ FY strategic plans, and related documents.

• To identify continuing and changing ingredients of the sprouting public policy and strategy definition of homeland security.

• To compare those findings to the development of the public perception of homeland security and how people would define the term, using the example of Pennsylvania, with our multi-year poll study of residents’ perception of homeland security.

Utility

• While valuable analyses of …