Policy Design, Analysis, and Evaluation Commons^™

Korea Asset Management Corporation (Kamco): Resolution Of Nonperforming Loans In South Korea, Pascal Ungersboeck, Sharon M. Nunn

Journal of Financial Crises

During the 1997 Asian Financial Crisis, international capital outflows created a liquidity crisis for Korean financial institutions that had relied on foreign short-term borrowing. Korean financial institutions also faced high levels of nonperforming loans (NPLs) following years of rapid credit growth. The government mandated that the Korea Asset Management Corporation (KAMCO) purchase NPLs from banks over a five-year period starting in November 1997. By November 2002, the agency had acquired NPLs with a total face value of KRW 110.2 trillion ($88.2 billion) for KRW 39.8 trillion. Using innovative asset resolution methods, KAMCO was able to recover at a profit a …

Jamaica Financial Sector Adjustment Company (Finsac)—Loan Recovery And Asset Disposal Units, Corey N. Runkel

Journal of Financial Crises

In the late 1980s and early 1990s, the Jamaican financial sector’s share of GDP more than doubled following an aggressive market liberalization undertaken without corresponding increases in regulation or supervision. When one of the largest financial-industrial conglomerates failed in 1995, the government created an asset management company with special powers to resolve the institution. In 1997, after another significant failure, the government established the Financial Sector Adjustment Company (FINSAC). FINSAC carried a broader mandate to both recapitalize and restructure troubled financial institutions and to take over and manage their nonperforming assets (NPAs). The organization possessed no special powers to compel …

Kyrgyz Republic’S Debt Resolution Agency, Debra, Sharon M. Nunn

Journal of Financial Crises

In the mid-1990s, the largest state-owned banks in the Kyrgyz Republic faced insolvency and a concomitant large stock of nonperforming loans, a problem stemming from the former Soviet Union’s policy of directed credit to loss-making institutions. The government established DEBRA, a debt resolution agency and asset management company. DEBRA could liquidate or restructure a bank and take on its assets in the process, or just take on a bank’s nonperforming assets. DEBRA received the assets in exchange for government securities. Staff attempted to resolve the debt by collection, restructuring, writing off, or liquidating the assets. Officials initially established DEBRA with …

Mongolian Asset Recovery Agency, Sean Fulmer

Journal of Financial Crises

Mongolia’s transition away from the monobank system in the 1990s did not occur smoothly, with inherited, non-performing loans from the monobank period causing significant instability and insolvency in the banking sector. These inherited portfolios, in conjunction with risky lending by the newly formed banking sector, led to the insolvency of People’s Bank (also known as Ardyn Bank), and Insurance Bank, which together held approximately 35% of total assets in the banking system. From 1996 to 1997, the Mongolian government, with the technical and financial support of the World Bank and the Asian Development Bank, formed the Mongolian Asset Recovery Agency …

Mexico: Fobaproa Capitalization And Loan Purchase Of Bank Portfolio Program (Clpp), Manuel León Hoyos, Alexander Nye

Journal of Financial Crises

In December 1994, Mexico entered a financial crisis after a year of political turmoil, assassinations of high-level politicians, and a substantial depreciation of the peso. In 1995, following the economic contraction, the recently privatized banking sector experienced difficulties in meeting regulatory minimum capital requirements. The Mexican government received a $52 billion international financial package and enacted multiple programs to support the banking system. In the spring of 1995, through the Bank Fund for Savings Protection (FOBAPROA), the Capitalization and Loan Purchase of Bank Portfolio Program (CLPP) was introduced to provide new, permanent capital to Mexican banks. For banks that were …

Kazakhstan’S Rehabilitation Bank, Sharon M. Nunn

Journal of Financial Crises

After the dissolution of the Soviet Union in 1991, Kazakhstan officials made market-oriented stabilization reforms to its previously Soviet-planned economy, including removing most price constraints, privatizing various state-owned enterprises (SOEs), and taking steps to prevent the collapse of its banking system. As part of its efforts, Kazakhstan created the Rehabilitation Bank (RB) in 1995 to absorb the large number of non-performing assets from state-owned banks while also assuming a corresponding amount of the institutions’ liabilities, essentially “shrinking their portfolios” (Implementation Completion Report 1998). The RB, established with a four-year mandate, either liquidated the debtors or required the firms to restructure. …

Finland: Arsenal, Kaleb B. Nygaard

Journal of Financial Crises

Following a large-scale deregulation of the financial sector during the 1980s and the subsequent massive credit expansion, a banking crisis in Finland caused a sharp contraction in the economy in the early 1990s. One of the key policy responses to the crisis was the creation of an asset management company called Arsenal in 1992. The original purpose of Arsenal was to absorb, manage, and liquidate the bad assets of the Savings Bank of Finland (an entity created by the government-forced merger of 41 of the country’s 81 savings banks). During the following years, Arsenal expanded to become a group of …

Swedish Amcs: Securum And Retriva, Mallory Dreyer

Journal of Financial Crises

With the liberalization of the Swedish banking system in the 1980s, there was a rapid credit expansion, and real estate prices soared. When the Swedish economy began to weaken, real estate prices began to decline, and finance companies faced difficulties. Swedish banks were not insulated from financial pressures, and Nordbanken, a majority state-owned bank, declared large credit losses in 1990. The Swedish government’s response was initially ad hoc and targeted to specific banks, but in 1992, the government announced an open-ended guarantee of all bank liabilities. The crisis response also included a bank restructuring program and the establishment of targeted …

The Hungarian Loan Consolidation Program, Mallory Dreyer

Journal of Financial Crises

After spinning off the commercial banking functions that the central bank had performed for many years into three new banks, post-Communist Hungary faced a severe recession in 1992. The recession led to a high level of nonperforming loans (NPLs) in the banking system. In 1992, the Hungarian government announced a Loan Consolidation Program (LCP) to remove bad debt from the balance sheets of banks on a voluntary basis. Depending on the date when a loan was classified as “bad,” the government paid 50%, 80%, or 100% of book value. In 1992, banks transferred bad debt with a book value of …

Bureau De Recouvrement Des Crédits Du Burkina (Brcb), Mallory Dreyer

Journal of Financial Crises

In Burkina Faso, the pre-1990s banking system was characterized by a high level of government involvement and ownership, which led to government-induced lending rather than lending based on creditworthiness. Nonperforming loans in the Burkinabe banking system grew to 10 percent of total loans in 1991. In order to address the banking crisis in 1991, the Burkinabe government entered into a Structural Adjustment Facility with the IMF and other multilateral organizations which prioritized the privatization of government-owned enterprises and included rehabilitation of the financial system. As part of this restructuring, the government established the Bureau de Recouvrement des Crédits du Burkina …

Senegal Société Nationale De Recouvrement (Snr), Corey N. Runkel

Journal of Financial Crises

In the late 1980s, Senegal embarked on a comprehensive set of reforms to its banking sector. The reforms comprised changes to management, supervision, and lending standards after loose central bank refinancing standards had let the nonperforming loans (NPLs) caused by drought and public enterprise mismanagement linger on bank balance sheets. In the process, the country attempted to recover NPLs worth hundreds of billions of francs. Senegal closed several state-controlled banks, transferring bad assets and certain liabilities to a new asset management company, the Société Nationale de Recouvrement (SNR). The SNR’s debt recoveries would reimburse depositors in the liquidated banks and …

Uruguayan Non-Performing Portfolio Purchase Scheme, Sean Fulmer

Journal of Financial Crises

As the Latin American sovereign debt crisis spread through the continent during the early 1980s, foreign investors began to abandon Uruguay out of fear that it would devalue its currency like Argentina did in March 1981. Five small- to medium-sized commercial banks in Uruguay faced solvency crises as a result. Although the Central Bank of Uruguay (CBU) decided that a full, direct intervention into the failed banks was not necessary due to their size, the CBU arranged for the sale of the banks to foreign financial institutions, while assuming the non-performing portfolios of the failed banks to facilitate the transaction. …

Spain: Deposit Guarantee Fund Asset Management, Manuel León Hoyos

Journal of Financial Crises

The global oil shock in 1973-74 occurred at a time when Spain was embarking on a liberalization of its financial system that resulted in many new entrants, particularly small- and medium-sized institutions. The banking crisis that followed from 1977-85 affected 52 of the country’s 110 banks, most of them of small- and medium-sized, that comprised over 20% of bank deposits. Spain established the Deposit Guarantee Fund in November 1977 to provide limited deposit insurance, and, in March 1978, established a Banking Corporation to take control of and reorganize troubled banks. However, because the Banking Corporation lacked the legal authority to …

Broad-Based Asset Management Programs, Christian M. Mcnamara, Greg Feldberg, Mallory Dreyer, Andrew Metrick

Journal of Financial Crises

Dealing with high levels of nonperforming assets (NPAs) on bank balance sheets is one of the most challenging aspects of financial crisis management. High levels of NPAs can interfere with both bank profitability and general economic growth by increasing uncertainty about bank solvency and therefore funding costs, tying up resources and attention, and inhibiting new lending. One potential solution to the NPA problem is a centralized, government-driven effort to remove these assets from troubled institutions and then manage and sell them. Though such broad-based asset management (BBAM) programs existed even earlier in history, they appear to have become more common …

Shifting The Industrial Food System Towards Sustainability: The Intersections Of Agriculture, Industrialization, & Health, Courtney Marchi

City and Regional Planning

This work traces the impact of the industrialization of corporate agriculture that has agglomerated globally. The aim of this paper is to discuss the major impacts and technicalities behind modern agricultural practices, and to draw attention to the intersections between industrialization, technology, health, and environmental concerns. This paper addresses the social and political implications associated with a global trade system and attempts to remedy some of them through environmentally and socially sustainable, and deconstructive, systemic approaches. There are several intersections between social equity, globalization, and agriculture that Urban and Regional Planners can work intimately with to improve overall food security …

Michigan Municipal Manager Perceptions On Lgbtq+ Inclusion: A Narrative Policy Framework Case Study, Christopher R. Surfus

Dissertations

This study explores the knowledge, attitudes, and perceptions (KAP) of municipal managers regarding the LGBTQ+ community in three Michigan cities—Grand Rapids, Holland, and Kalamazoo. The purpose is to understand managers’ beliefs and attitudes towards the LGBTQ+ community and how policies are implemented and enforced to reduce discrimination. The specific research questions deal with how the beliefs and attitudes of public managers reflect an understanding of and competency on LGBTQ+ issues, how they are affected by the presence of LGBTQ+ staff members, and how they differ from the actual policy provisions affecting the LGBTQ+ community. These questions are examined in the …

Visual Messages Of Conflict Reporting On Twitter: Visual Frames And Ethical Standards, Hasan Karademir

Theses and Dissertations

This comparative study employs the theoretical frameworks of framing and hierarchy of influences model to analyze the ethical forces affecting journalists on Twitter and simultaneously their visual frames constructed in their images on Twitter. It investigates the portrayal of the Yemen conflict in the personal Twitter accounts of Yemeni journalists who were affiliated with the United States (US) and Qatari news organizations. Several studies have pointed out the graphic war coverage of Arab news organizations whereas scholars argue that US news organizations provide sanitized coverage on war zones (Johnson & Fahmy, 2007; Silcock, Schwalbe, & Keith, 2008; Karniel, Lavie-Dinur, & …

Young People’S Perception Of Opportunities To Participate In Democratic Governance, Jennifer Nga Yu Tang

Dissertations, Theses, and Capstone Projects

The United Nations Convention on the Rights of the Child (United Nations General Assembly, 1989) accords all young people the right to be heard and make decisions on matters affecting them. Despite the fact the United States remains the only country in the world not to have ratified this document, a number of American cities have nevertheless begun to engage young people in community decision-making (e.g., in neighborhood associations or community boards). However, as of yet there are few actual opportunities for youth to participate fully in the governance of their cities. This study examined the perspectives of young people …

Victim Impact: The Manson Murders And The Rise Of The Victims’ Rights Movement, Merrill W. Steeg

LSU New Orleans Theses and Dissertations

No abstract provided.

Entitled To Property: Inheritance Laws, Female Bargaining Power, And Child Health In India, Plamen Nikolov, Shahadath Hossain

Economics Faculty Scholarship

Child height is a significant predictor of human capital and economic status throughout adulthood. Moreover, non-unitary household models of family behavior posit that an increase in women’s bargaining power can influence child health. We study the effects of an inheritance policy change, the Hindu Succession Act (HSA), which conferred enhanced inheritance rights to unmarried women in rural India, on child height. We find robust evidence that the HSA improved the height and weight of children. In addition, we find evidence consistent with a channel that the policy improved the women’s intrahousehold bargaining power within the household, leading to improved parental …

Neighborhood Reinvestment: A Changing Community In The Urban South, Jackson Nutt-Beers

Master's Projects and Capstones

Since the mid-twentieth century, public and private actors across the country have been identifying sources of potential capital accumulation in the United States. Shortly after the passing of the Civil Rights Act by President Lyndon Johnson in the mid 1960s, many White families across the country fled the urban core for the suburbs leaving neighborhoods in the city center abandoned and without capital. During this period, Black families and other racial minority groups were forced to live in the blighted neighborhoods of the urban core due to a variety of racialized discriminatory housing practices that lead to the disinvestment of …

The Political Economy Equilibrium Of Environmental And Trade Policies In The U.S., Linda Allen

Hatfield Graduate Journal of Public Affairs

The U.S. has incorporated environmental policies into its all free trade agreements since it negotiated the North American Free Trade Agreement (NAFTA) in the early 1990s. The inclusion of environmental policies represented a major shift in trade policy but the environmental policies have not drastically changed in subsequent trade agreements over the past 25 years despite the continued involvement of environmental constituencies and policymakers. The punctuated equilibrium model provides the analytical framework for understanding the factors that gave rise to the drastic policy shift under NAFTA as well as the subsequent policy stasis, in order to inform future policymaking efforts. …

The Threat Of Social Media To Society And National Security: A Call For Social Media Policy And Legislation, Frank Hernandez

Helm's School of Government Conference - 2021-2024

In the Constitution, We the People affirm ourselves to domestic tranquility, our common defense and general welfare to secure the blessings of Liberty. As such, statesmen are charged with developing policy to ensure social media is safe, accessible and usable to all. Currently, social media companies and use of their platforms pose a threat to national security and the societal fabric of our nation. No longer just a communication tool to bring communities and people together, social media is now leveraged to disrupt and diminish faith in our democratic republic, its people, systems and institutions. Citizens, public and private organizations, …

Cancel Culture, Beginning, Development, And Consequences., Daniela Garcia

Helm's School of Government Conference - 2021-2024

The phenomenon of cancel culture as a movement has become more influential as the American culture awareness grows regarding the owing respect and honor to one another. Cancel culture in today’s American society plays an important role, that is why it is important to see the origin of it, and its development from the sixties to now. Generally, cancel culture has been characterized for their perseverance on justice but with results in hate, resentment, and vengeance in American society. Thus, one would say that the origin and development of the movement cancel culture, despite its intentions of social justice, has …

An Inferentially Robust Look At Two Competing Explanations For The Surge In Unauthorized Migration From Central America, Nick Santos

Dissertations

The last 8 years have seen a dramatic increase in the flow of Central American apprehensions by the U.S. Border Patrol. Explanations for this surge in apprehensions have been split between two leading hypotheses. Most academic scholars, immigrant advocates, progressive media outlets, and human rights organizations identify poverty and violence (the Poverty and Violence Hypothesis) in Central America as the primary triggers responsible. In contrast, while most government officials, conservative think tanks, and the agencies that work in the immigration and border enforcement realm admit poverty and violence may underlie some decisions to migrate, they instead blame lax U.S. immigration …

To New Geographies: Implementing U.S. Department Of Energy Order 151.1d, Comprehensive Emergency Management System, Eric B. Sussman

Capstone Collection

Emergency Management programs at National Nuclear Security Administration facilities are governed by federal policy directive Department of Energy Order 151.1D, Comprehensive Emergency Management System. The prescriptions within the Order are often at odds with industry-standard frameworks and vocabularies established by the Department of Homeland Security. Boleman and Deal’s Four Frame Model offers the tenets of the Political, Structural, Human Resource, and Symbolic lens perspectives to clarify the nature of disparate programs precipitant from disparate agency policies. This project utilizes a Phenomenological Interpretivist Framework for qualitative research to triangulate data across textual analyses, public perception, and practitioner experience, thus identifying …

The Social Market Economy As A Formula For Peace, Prosperity, And Sustainability, Almuth D. Merkel

Doctor of International Conflict Management Dissertations

The social market economy was developed in Germany during the interwar period amidst political and economic turmoil. With clear demarcation lines differentiating it from socialism and laissez-faire capitalism, the social market economy became a formula for peace and prosperity for post WWII Germany. Since then, the success of the social market economy has inspired many other countries to adopt its principles. Drawing on evidence from economic history and the history of economic thought, this thesis first reviews the evolution of the fundamental principles that form the foundation of social-market economic thought. Blending the micro-economic utility maximization framework with traditional growth …

Support For Me: Key Stakeholder Interview Summary, Katie Rosingana Ba, Mary Lindsey Smith Phd, Karen Pearson Mlis, Ma, Evelyn Ali Bs, Tyler Egeland Ba, Mark Richards Bs

Substance Use Research & Evaluation

This summary feedback report is organized to inform the Office of MaineCare Services goal of addressing barriers and finding new and/or improved ways to increase capacity in Maine for people who seek treatment and recovery services for substance use disorder. Interview protocols were designed to assess critical domains of interest for the state, which include: current and potential provider capacity, access to care & service delivery provider willingness, and financial/ administrative policies.

Key Highlights from the stakeholder interviews indicated that:

• While there have been improvements in the integration of care for persons with behavioral health (BH) diagnoses, this integration has …

Understanding Modern History Of International Food Law Is Key To Building A More Resilient And Improved Global Food System, Michael T. Roberts

Journal of Food Law & Policy

This article advocates the need for a history of the development of modern international food law and suggests an analytical approach to complement the chronicling of events. Comprehension of this history will help elucidate the evolution of a complicated modern global food system, including its resiliency and vulnerability as demonstrated by Covid-19, thereby providing valuable context for change in the system where needed. This essay makes the case for such a history in three parts. First, it briefly demonstrates the need for a historical perspective through a critical examination of a journal article that speaks to Covid-19 food security in …

Addressing Food Insecurity In The United States During And After The Covid-19 Pandemic: The Role Of The Federal Nutrition Safety Net, Sheila Fleischhacker, Sara N. Bleich

Journal of Food Law & Policy

Food insecurity has been a direct and almost immediate consequence of the coronavirus disease 2019 (COVID-19) pandemic and its associated ramifications on unemployment, poverty and food supply disruptions. As a social determinant of health, food insecurity is associated with poor health outcomes including diet related chronic diseases, which are associated with worst COVID-19 outcomes (e.g., COVID-19 patients of all ages with obesity face higher risk of complications, death). In the United States (US), the federal nutrition safety net is predominantly made up of the suite of 15 federal nutrition assistance programs that the US Department of Agriculture (USDA) administers and …