Policy Design, Analysis, and Evaluation Commons^™

Korea: Korea First Bank And Seoul Bank Capital Injections, 1997, Jisoo Park, Owen Heaphy

Journal of Financial Crises

Korea First Bank (KFB) and Seoul Bank (SB) were two of the five largest commercial banks in Korea with high levels of exposure to conglomerates, which had high short-term foreign debt in the late 1990s. Starting in the late summer of 1997, Korea, like other Asian economies, experienced capital outflows due to international creditors’ reducing their exposures to Korean financial institutions. Banks relied on the Bank of Korea for foreign exchange liquidity support. The two banks became insolvent owing to high levels of nonperforming loans and required government recapitalization after experiencing a run in early December 1997. As financial conditions …

Japan: Nippon Credit Bank Capital Injection,1997, Owen Heaphy

Journal of Financial Crises

In 1997, Japan experienced a financial crisis caused by the bursting of a bubble in commercial real estate prices. By March, Nippon Credit Bank (NCB), the smallest of Japan’s three long-term credit banks, required government assistance due to its heavy exposure to commercial real estate and large amount of nonperforming loans. On April 1, the Bank of Japan (BoJ) announced the government’s intention to recapitalize NCB as part of a restructuring package. To facilitate the injection, Japan’s Ministry of Finance (MoF) engineered a consortium of large existing shareholders in NCB (mainly insurance companies) and the other two Japanese long-term credit …

Italy: Banca Monte Dei Paschi Di Siena Capital Injection, 2017, Benjamin Hoffner

Journal of Financial Crises

The 2017 recapitalization of Italy’s third-largest bank, Banca Monte dei Paschi di Siena (MPS), the oldest bank in the world, represents an unusual precautionary, “open bank” recapitalization under the European Union’s Bank Recovery and Resolution Directive (BRRD) rules. In 2015, the bank held the largest portfolio of nonperforming loans (NPLs) in Italy (with 34.8% of its total loans), and in 2016 it was the only bank to fail the European Banking Authority’s adverse scenario stress test, although its reported total capital ratio at the end of the year was 10.4%. To address its NPL problem, MPS agreed with the European …

Iceland: Arion Bank, Islandsbanki, And Landsbankinn Capital Injections, 2008, Ayodeji George

Journal of Financial Crises

Iceland’s three largest banks—Glitnir, Kaupthing, and Landsbanki—grew rapidly in the 2000s and failed amid depositor runs when they lost access to foreign funding markets at the onset of the Global Financial Crisis (GFC). On October 6, 2008, the Icelandic Parliament passed the Emergency Act, and authorities quickly used their new powers to nationalize the three banks. The Ministry of Finance created and capitalized Arion Bank (for Kaupthing), Islandsbanki (for Glitnir), and Landsbankinn (for Landsbanki), to hold the old banks’ performing domestic assets and all insured domestic deposits, and the prime minister assured all domestic depositors that they would be protected. …

India: Yes Bank Capital Injection, 2020, Salil Gupta

Journal of Financial Crises

In March 2020, the Reserve Bank of India (RBI) helped engineer a capital injection and restructuring of Yes Bank, India’s fourth-largest private sector bank, to prevent a run on the bank and to preserve broader financial stability. On March 14, 2020, Yes Bank received a total capital injection of 100 billion Indian rupees (INR; USD 1.34 billion) in total from the State Bank of India and a group of private sector banks (HDFC, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, IDFC First Bank). The government-owned SBI received a 48.2% equity stake, committing to contribute up to …

Greece: Piraeus Bank Capital Injection, 2015, Stella Schaefer-Brown

Journal of Financial Crises

Greek banks experienced heavy deposit outflows from December 2014 through June 2015, which led Greece to declare a bank holiday from June 28, 2015, until July 18, 2015. Greek banks’ reliance on liquidity assistance from the Eurosystem began in August 2011, with a second peak in 2015; emergency liquidity assistance was fully repaid in 2019. The European Central Bank’s Single Supervisory Mechanism, responsible for banking supervision in Europe, conducted a stress test and asset quality review of the four large Greek banks and identified a capital shortfall of EUR 4.7 billion for Piraeus Bank (the Bank) in October 2015. To …

Greece: Ate Bank Capital Injection, 2011, Stella Schaefer-Brown

Journal of Financial Crises

In 2009, ATE Bank, the fifth-largest Greek bank, received a capital injection of EUR 675 million in Tier 1 preference shares as part of a broader aid package for the bank. In August 2010, Greek authorities conducted a strategic review of Greek banks, which concluded that ATE Bank was still facing serious difficulties. In October 2010, ATE Bank submitted a restructuring plan that included the purchase of EUR 1.14 billion in new ordinary shares. Of this EUR 1.14 billion, the bank used EUR 675 million to repurchase the earlier EUR 675 million preference shares. Private investors purchased an additional EUR …

Germany: Ikb Deutsche Industriebank Capital Injection, 2008, Lakshimi Swaminathan, Rishi Vala

Journal of Financial Crises

In July 2007, investors rapidly pulled their funding from asset-backed commercial paper (ABCP) programs that held US subprime mortgage-linked securities. According to the Financial Crisis Inquiry Commission (FCIC), German bank IKB Deutsche Industriebank AG (IKB) was the “first big casualty” of that run on ABCP. It had directly and indirectly guaranteed to provide EUR 9.3 billion in liquidity to its off-balance-sheet vehicle, Rhineland Funding Capital Corporation. German authorities and the Kreditanstalt für Wiederaufbau (KfW), a state-owned German development bank, quickly took over those obligations on July 30 to keep IKB solvent and prevent it from closing. KfW also agreed to …

Germany: Hsh Nordbank Capital Injection, 2009, Anmol Makhija

Journal of Financial Crises

State-controlled HSH Nordbank AG (HSH) lost EUR 2.8 billion in 2008, mainly because of impairments to its holdings of US structured credit securities. On April 29, 2009, the German bank regulator informed HSH that it would close HSH if the owners did not recapitalize the bank to the 8% total capital ratio requirement. In June 2009, the state governments of Hamburg and Schleswig-Holstein injected EUR 3 billion (USD 3.8 billion) of capital in ordinary shares with voting rights and provided a EUR 10 billion asset guarantee, called a “risk shield,” for a 7.85% annual fee. Over the next few years, …

Cyprus: Laiki Bank Capital Injection, 2012, Stella Schaefer-Brown

Journal of Financial Crises

In 2011, Cyprus’s second-largest bank, Marfin Popular Bank—later renamed Cyprus Popular Bank, but commonly known as Laiki Bank—lost billions of euros when the Greek government restructured its sovereign debt, decimating its equity capital and shutting its access to market liquidity. In late 2011, supervisors estimated the bank’s capital shortfall at EUR 3.1 billion. In January 2012, the bank submitted a plan to the central bank that included EUR 1.8 billion of capital raised from private investors and EUR 1 billion of capital increases through debt-to-equity swaps and deleveraging. However, Laiki Bank was unable to raise private capital and asked the …

France: Bank Of France Capital Injection, 1805, Ayodeji George

Journal of Financial Crises

After receiving the exclusive right to issue bank notes in Paris in 1803, the Bank of France became a significant source of funding for the French government in early 1805, as Napoleon prepared for a key battle of the Napoleonic Wars. In the first half of 1805, the French treasury paid back loans with notes with later maturities rather than metallic money, draining the metallic liquidity reserves of the Bank of France far below levels that bankers at the time considered prudent. After the circulation of an unfounded rumor that Napoleon himself had raided the metallic reserves for the war …

Belgium: Fortis Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

In September 2008, in the wake of the freezing of credit markets caused by the Global Financial Crisis (GFC), Fortis Group, a financial conglomerate incorporated in Belgium and the Netherlands, faced depositor runs and share price deterioration. These negative consequences were a result of its exposures to US subprime mortgage-related assets and other losses from its 2007 acquisition of ABN AMRO, a large Dutch bank. Over the weekend of September 27–29, authorities from Belgium, the Netherlands, Luxembourg, and the European Central Bank (ECB) held emergency talks, resulting in the announcement of EUR 11.2 billion (USD 14.3 billion) in capital injections …

Belgium And France: Dexia Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

Dexia Group (Dexia, or the Group) was a banking and insurance conglomerate that specialized in public financing with major operations in Belgium, France, and Luxembourg. Following the collapse of Lehman Brothers in mid-September 2008, Dexia faced a liquidity crunch as wholesale funding markets froze. Faced with insolvency concerns, authorities from the bank’s three primary markets, Belgium, France, and Luxembourg, conducted overnight negotiations to agree on capital injection terms. On September 30, 2008, authorities and the bank’s board of directors announced a EUR 6.4 billion (eventually EUR 6 billion) capital injection intended to restore Dexia’s solvency and maintain systemwide stability. The …

Austria And Germany: Hypo Alpe Adria Capital Injections, 2008, Bailey Decker

Journal of Financial Crises

Hypo Alpe Adria (HAA) was Austria’s sixth-largest bank at the time of the Global Financial Crisis of 2007–2009 (GFC), with EUR 41.2 billion (USD 29.2 billion) in total assets as of June 30, 2008. HAA pursued a growth strategy in Southeastern Europe in the years preceding the GFC, which proved troublesome for HAA’s loan portfolio and led to large write-downs in autumn 2008. HAA’s majority shareholder was a German landesbank, Bayerische Landesbank (BayernLB). On October 26, 2008, the Austrian Parliament passed a EUR 100 billion support scheme in response to the GFC, with EUR 15 billion allocated for troubled banks. …

Survey Of Ad Hoc Capital Injections, June Rhee, Benjamin Hoffner, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Government recapitalizations of systemic banking organizations can be costly and unpopular but are sometimes necessary to protect depositors and prevent financial contagion. This paper surveys 23 Yale Program on Financial Stability case studies of ad hoc capital injection programs, defined as programs that provide capital to a single institution or a clearly defined minority of institutions. We saw a marked increase in capital injection programs in the past 50 years, more than half of which were ad hoc. Authorities designing ad hoc capital injections face difficult decisions—when to deploy them rather than let a bank fail; whether to impose losses …

Telework And Food Insecurity In The United States, Andrea Leschewski, Bhaskar Kaushik, Triwit Ariyathugun, Bridget Bafowaa

Mountain Plains Business Conference

Nearly 20% of Americans telework or work from home. Telework has the potential to impact household food insecurity by reducing household time constraints and increasing household disposable income and time flexibility. Using data from the Household Pulse Survey, this study analyzes the association between telework and food insecurity in the United States. Two-stage least squares results indicate the association between telework and food insecurity varies with income. Telework is associated with reduced food insecurity among households with income between 100% and 200% of the Federal Poverty Line (FPL) and increased food insecurity among households with income below 100% FPL.

Contextualized Transitional Justice Policy Development In Uganda: Differentiating Between Normativity Types In Evidence-Based Problem Analysis, Saghar Shahidi Birjandian

Genocide Studies and Prevention: An International Journal

This article discusses the fundamental impact of normativity on producing evidence-based guidance for context-sensitive transitional justice policy. It draws on lessons learned from Uganda’s complex transitional justice context and extensive fieldwork to demonstrate the necessity and the means to differentiate between belief-based normativity and evidence-based normativity in conducting problem analysis as a crucial site that determines the integrity of evidence-based guidance. It also establishes that evidence-based normativity guiding problem analysis must include empirical evidence of societal dynamics and views of affected communities or there is a significantly higher risk of belief-based normativity decontextualizing strategy development. Findings establish significant substantive differences …

Zero Textbook Cost Syllabus For Paf 9140 (Budget And Financial Analysis), Rahul Pathak

Open Educational Resources

Managing available resources effectively and undertaking appropriate financial analysis is central to strategic decision-making. This course provides an overview of public finance, budgeting, and fiscal decision-making in the public sector and nonprofit sector. The course covers key topics in public finance and budgeting, and aims to provide students an opportunity to learn some essential skills for financial analysis, which are central to becoming good managers. Expertise over the course material should be advantageous to anyone who is aiming for positions such as a budget analyst in a government, bond rating/credit analyst in the private firm, and various other consulting roles …

Strategic Path For Innovative Development Of Smart Roads In Guangdong-Hong Kong-Macao Greater Bay Area, Zhonghua Ye, Yaqi Liu, Jian Chan

Bulletin of Chinese Academy of Sciences (Chinese Version)

Nowadays, intelligent connected vehicles have entered an important period of strategic opportunities with rapid technological evolution, accelerating industrial layout and scale application. Their innovative development urgently requires the support of new smart road infrastructure. As a new type of infrastructure, the construction of smart roads is essential for promoting the development of the intelligent connected vehicle industry and building a country with strong transportation network. For the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area), smart roads are necessary prerequisite for accelerating the development of related industries, improving urban governance efficiency, optimizing user safety and driving experience and promoting regional …

Development Pattern Of Global Science And Technology Innovation Centers, Debin Du, Dezhong Duan, Qiang Zhang, Yingjie Yu, Weidong Guo, Ziwei Jiang, Xiya Li, Han Su, Qixiang Li, Yuling Chen, Zhihao Shi, Haiqiao Li, Siqi Yu, Junfeng Ding, Kaixin Wang, Yihan Hui

Bulletin of Chinese Academy of Sciences (Chinese Version)

Drawing on the essence of global science and technology innovation (STI) centers, this study evaluates the level of science and technology innovation of 140 cities worldwide by constructing a five forces assessment model of global STI centers, which includes 33 indicators in 5 dimensions. The analysis reveals a significant tripartite pattern of development in global STI centers across Europe, North America, and the Asia-Pacific region. However, divergent patterns emerge in the development of these centers across different regions. Notably, global STI centers in various regions follow distinct development trajectories. At the national level, the United States and China lead the …

Spatial Pattern Of Development Of Science And Technology Innovation Centers In China, Debin Du, Dezhong Duan, Yingjie Yu, Qiang Zhang, Weidong Guo, Ziwei Jiang, Qixiang Li, Yuling Chen, Zhihao Shi, Haiqiao Li, Siqi Yu, Junfeng Ding, Xiya Li, Han Su, Kaixin Wang, Yihan Hui

Bulletin of Chinese Academy of Sciences (Chinese Version)

The science and technology innovation (STI) center is not only the core source of national continuous forging of new quality productivity and generating new momentum for development, but also the front-runner and an important strategic pivot for China to accelerate the construction of a global scientific and technological powerhouse. Evaluating the development and landscape of STI centers across 295 prefecture-level and above cities in China, this study employs a comprehensive framework encompassing five dimensions: the agglomeration of innovation elements, leadership in scientific research, original capacity of technological innovation, driver of industrial transformation, and construction of innovation ecology. This study finds …

Expanding Healthcare Access For The Undocumented Immigrant Community: The Heal For Immigrant Families Act Of 2023, Perla Torres Estrada

The Gettysburg Journal for Public Policy

When it comes to the topic of universal healthcare, most of us will readily agree that healthcare is a human right. Where this agreement usually ends, however, is on the question of who should be granted this right, and if it should be left to the free market to determine access and affordability. Specifically, the political debate on expanding healthcare access to undocumented immigrants in the United States revolve around concerns over costs, legality, and equity. Proponents maintain that it is a human right whereas opponents question the potential burden on taxpayers and the implication for immigration policy. The HEAL …

An Extremely Important Document: Khea's Struggle For A Contract, 1974-1978, John L.S. Daley Dr

KNEA 50th Anniversary

In 1973, the Kansas State College, Pittsburg administration fired thirteen faculty members without cause. In order to improve administration-faculty relations, remaining faculty organized, petitioned for recognition, and drafted PSU/KNEA's first contract with PSU/KBOR, which went into effect five years later. The narrative covering this period draws on Axe Library's KNEA Collection and interviews of former faculty.

Institutional Fit And Policy Design In Water Governance: Nebraska's Natural Resources Districts, Tomás Olivier, Sechindra Vallury

Center for Policy Design and Governance

This brief summarizes "Institutional fit and policy design in water governance: Nebraska's Natural Resources Districts," co-authored by Tomás Olivier and Sechindra Vallury in the Policy Studies Journal.

Research And Practice Of Digital Institute And Its System Framework, Jianjun Yu, Yue Wang, Kongmin Wang, Zhuomin Shi

Bulletin of Chinese Academy of Sciences (Chinese Version)

In the era of the digital economy, digital scientific research and digital government are both crucial components, serving as application scenarios enabled by new information technologies. Currently, the new generation of information technologies, especially artificial intelligence and big data, is instrumental in modernizing governance at scientific research institutions within Chinese Academy of Sciences (CAS). They notably drive paradigm shifts in scientific activities and accelerate the digital transformation of these institutions. The digital system formed by the digital transformation of management processes in scientific activities at research institutes is defined as the digital institute. This study analyzes the impact of digital …

Authority Vs. Incentives: Comparison Of Central And Local Government Policies To Promote Openness Of Scientific Facilities And Instruments, Dingyi You, Shuai Xiao, Chen Zhang, Hao Wen, Dacheng Song, Runtong Guo, Ke Wen, Qiang Wei, Zhi Yu, Tianming Li

Bulletin of Chinese Academy of Sciences (Chinese Version)

The openness of scientific facilities and instruments is a part of open science, which can help improve the efficiency of resource utilization and promote more research outputs. Policies is a key driving force for the openness, but studies to analyze such policies are still lackluster. This study conducted a text analysis of 23 central government policies and 65 local government policies in the time-tool framework, and found two types of authority tools: mandatory openness and duplicate review, as well as various incentive tools to give positive and negative payment. It reveals that provincial governments follow and tighten the screws of …

Basic Characteristics, Important Problems And Value Orientation Of China' Science And Technology Think Tanks, Xiaogang Ren, Yichao Gao, Fang Gao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Implementing the innovation-driven development strategy is not only an important measure to modernize the national governance system and governance capacity, but also a vital component of the Chinese path to modernization. The significance of highquality development of technology-focused think tanks, characterized by their knowledge and technology intensity, is increasingly evident. China’s science and technology think tanks have always adhered to the value concept of the Party’s leadership and the principle of putting the people first. They have developed a diversified and comprehensive integration model for think tanks. They offer a range of interdisciplinary products and boast specialized, composite scientific and …

2023 Technology Focus: Reflecting The Situation And Technological High Grounds Of Latest Round Of Sci-Tech Revolution And Industrial Transformation, Guopeng Li, Lin Han, Jiaofeng Pan, Fuhai Leng, Feng Zhang, Fan Yang, Ying Xing, Haiming Wang, Weiwei Fan, Haixia Wang, Wenyue Bian, Ting Chen, Jianxia Yuan, Chaoxing Zhang, Longguang Huang, Xiaomei Wang, Song Yang, Ronggang Wang, Zanmei Li, Jie Chen, Bo Zhou, Zhen Sun, Rujiang Bai, Liying Zhou, Kunpeng Peng, Yang Gao, Guangfeng Wu

Bulletin of Chinese Academy of Sciences (Chinese Version)

In April 2024, the Institutes of Science and Development, Chinese Academy of Sciences (CASISD) released the 2023 Technology Focus report. The report uses big data and deep learning techniques to explore the hidden deep relationships among patent technologies. Based on 21 812 technology focuses formed by clustering nearly 680 000 dual jurisdictional patents, the Top 100 technology focuses are selected, named, and outlined in 32 technical fields distributed in the four major categories of the World Intellectual Property Organization (WIPO) patent classification system, and a key analysis and interpretation of 32 of them are also provided. This study is based …

Profiling Academicians Characteristics Of Chinese Academy Of Sciences: Analysis Of Newly Elected Academicians From 2005 To 2023, Qing Liu, Xuange Ma, Xiaosong He

Bulletin of Chinese Academy of Sciences (Chinese Version)

The title of Academician of the Chinese Academy of Sciences (CAS) represents the highest accolade in China’s scientific research field. Profiling the characteristics of CAS academicians can provide crucial insights into the current state of scientific research in China and play a vital role in fostering innovation and cultivating talents for the society. This study conducted a comprehensive quantitative analysis of the birthplaces, ages, genders, educational backgrounds, institutional affiliations, and administrative roles of newly elected CAS academicians from 2005 to 2023. Several key findings are identified, including: (1) the majority of newly elected CAS academicians originate from eastern and central …

Driving Green Investments To Address Climate Change, Baptiste Gibrat

Dartmouth College Master’s Theses

The climate crisis is no longer news, and society needs to accelerate the transition to net zero emissions. Otherwise, the consequences of climate change will become increasingly catastrophic.

This thesis develops a framework to drive green investments, which reduce society’s dependance on fossil fuels. Initially, the research provides a comprehensive examination of these investments, followed by an exploration of three strategies to enhance their adoption: leveraging financial instruments and capital markets, implementing regulatory frameworks, and harnessing the power of technologies. To integrate these elements within a comprehensive framework, the study employs market research, reviews relevant literature, and includes interviews with …