Policy History, Theory, and Methods Commons^™

Broken Nest: Deterring China From Invading Taiwan, Jared M. Mckinney, Peter Harris

The US Army War College Quarterly: Parameters

Deterring a Chinese invasion of Taiwan without recklessly threatening a great-power war is both possible and necessary through a tailored deterrence package that goes beyond either fighting over Taiwan or abandoning it. This article joins cutting-edge understandings of deterrence with empirical evidence of Chinese strategic thinking and culture to build such a strategy.

Danish Capital Injections Scheme 2009 (Dk Gfc), Priya Sankar

Journal of Financial Crises

Both the international financial system and Denmark were experiencing challenges in 2007 and 2008, and they came to a head in Denmark when Roskilde Bank experienced liquidity pressures in June 2008. As it became clear that Roskilde Bank was insolvent and no private solutions would be found, and as the global financial crisis worsened leading to the bankruptcy of Lehman Brothers, the Danish government decided to take stronger action. To ensure the short-term survival of Roskilde Bank, the national bank issued a non-limited credit facility. After it passed a deposit guarantee scheme in 2008 and established a Financial Stability Company, …

Eisenhower And The Interstate, Brian H. Berry

Student Publications

By passing the Federal Highway Act of 1956, 34th U.S. President Dwight D. Eisenhower would go down in history as the father of the American Interstate Highway System. It was Ike’s determination to execute his ‘Grand Plan’ for a modernized road network that initiated the monumental effort to produce the roads we as Americans use every day. However, today’s highway network is a far cry from what Ike had in mind when he first envisioned the plan. Congressional dissent and special interests did much to undermine the success of Ike’s ‘Grand Plan,’ forcing him to compromise significantly on the issue. …

Diversity Management Programs: California Local Governments’ Approach To Achieving Representative Bureaucracy, Adrian Cudal

Master's Projects

Attaining representativeness in a bureaucracy, or the ability for a public organization to mirror the diversity of its constituents, is argued to be a key element to effective and efficient governance. Studies show that implementing diversity management programs can help organizations become more representative and, at the same time, maximize the full potential of their diverse workforce. This study examined the existing and developing diversity management programs in each of the nine Bay Area county organizations and measured the representativeness of each. These programs were analyzed by benchmarking them against the International Personnel Management Association's (IPMA) diversity management best practices …

Ab 5 And Ab 2257 Impacts On Small California Public Agencies, Sarah Robustelli

Master's Projects

With the recent changes, government agencies are struggling to define worker status under the new laws (DeBlanc and Safarloo, 2020). The interest in eliminating independent contractors is tied to concerns about workers in the private sector, specifically the gig economy, being denied appropriate pay and benefits, yet even government agencies are affected by AB 5 changes (Andoyan, 2017, Bergman, 2020). Traditionally, small public agencies use contractors frequently for professional services, specialists, backfill positions, recreation, geographic information systems (GIS), and much more. This research analyzes the following question: What is the impact of Assembly Bill 5 (AB 5) and Assembly Bill …

Representation And Recommendations: Participation Of People Who Use Drugs In Un-Level Policy-Making, Lily Knudsen

Independent Study Project (ISP) Collection

Although participation in health policy-making is a popular topic in the literature and a stated priority of the United Nations, very little research has been published examining the full spectrum of participation by people who use drugs (PWUD) at the UN level. This study aims to describe and evaluate this participation through a combination of a literature review that looks at academic sources, UN publications, and publications by organizations of PWUD, and a series of interviews with representatives of organizations of PWUD who have participated in UN level policy-making.

Data collected demonstrates that there is no comprehensive system for the …

Manumission In Virginia: The Anti-Slavery Legacy Of John Lynch, Stephen Langeland

Liberty University Journal of Statesmanship & Public Policy

This paper is in no way an apology for the institution of slavery in any form. In fact, it is a reiteration of Biblical doctrine and natural rights philosophy that posit all humans are created equal. The institution of slavery knew few bounds throughout recorded history and was as ubiquitous and durable as the activities of marriage or warfare, practiced by every culture and religion (Drescher 2009, 7-8, 12-39). Biblical text is devoid of specific prohibition against slavery, a fact sadly used as justification for its continuation. The Quakers, however, were one of the few religious groups who invoked Scriptural …

Covid-19 Lockdowns Are Central Planning, Stephen Langeland

Liberty University Journal of Statesmanship & Public Policy

The panic surrounding the COVID-19 pandemic led politicians to implement lockdowns and issue “stay-at-home” orders that follow in a long line of government attempts over the past century at economic central planning. With only a few notable exceptions among the several states, elected officials and bureaucrats seized on emergency powers afforded them by the onset of the novel coronavirus. In mid-March 2020 the publishing of the now infamous epidemiological models gave governments the sensational information they needed to get the wheels of government planners turning. The present government-induced crisis once again demonstrates that the intellectuals of the ruling class responsible …

Crisis Management Lessons From The Clinton Administration's Implementation Of Presidential Decision Directive 56, Leonard R. Hawley

The US Army War College Quarterly: Parameters

Drawing on personal experience, the author asks what the current administration can learn from the Clinton administration’s implementation of Presidential Decision Directive 56, examines the real-world application of the directive during the Clinton administration and the pitfalls of its agency-centric successor during the Bush administration, and identifies recurring problems and best practices for successfully responding to current global crises.

The People Of The Pla 2.0, Roy Kamphausen Mr.

Books, Monographs & Collaborative Studies

The 27th annual People’s Liberation Army (PLA) Conference—“The People in the PLA” 2.0—revisited a theme first explored at the 2006 conference but understudied since. This volume examines how the structure, education, training, and recruitment of PLA personnel have changed in the last decade and in the Xi Jinping era.

Structural changes in the PLA have centered around two poles: improving the warfighting readiness of the PLA and strengthening Communist Party of China (CPC) control of the PLA. Reforms to the political work system, the evolution of the Second Artillery into the Rocket Force, and expansion of the PLA’s foreign-based force …

Time To Throw Away The Old Economic Development Playbook, Hrishue Mahalaha

eJournal of Public Affairs

Rural communities are struggling to establish a sound economic footing in the age of globalization. The article suggests that community leaders consider a more expansive view on how to recraft a community north star. Based on the work that the author has conducted over the last 5 years in various rural communities in Missouri, the article also summarizes a set of key learnings and practical steps that local leaders can take to catalyze positive change.

Nebraska Child Care Market Rate Survey Report 2021, Greg W. Welch, Elizabeth Svoboda, Alexandra Daro, Venessa Bryant, Caitlyn Glissmeyer

Buffet Early Childhood Institute Reports and Publications

Consistent with the 2019 MRS, the Institute conducted a survey of all licensed child care providers across the state to obtain private pay child care rates for children with or without medical and behavioral needs. Categories of focus for data collection and reporting included: 1. Geographic location: rural or urban 2. Type of care: Family Child Care Home I, Family Child Care Home II, Child Care Center, and School Age License 3. Age group of children: infant, toddler, pre-school, and school-age 4. Status of medical and behavioral needs 5. Accreditation 6. Extent to which child care providers participate in Child …

A Lifeline For Millions: American Relief In An Age Of Isolationism, Matteo Marsella

The Forum: Journal of History

American military involvement in the Great War is a widely discussed aspect of the conflict. The period following the war is often considered an example of American isolationist foreign policy. Lesser well known are American efforts to provide food relief to starving populations in Europe, which began during and continued well after the war's conclusion. This paper seeks to locate American relief efforts within broader postwar foreign policy. Although President Harding’s 1920 election victory on a platform of a “return to normalcy” is often construed as a rejection of Wilsonian internationalism and a return to prewar isolationism, there is no …

Hungary: Magyar Reorganizációs És Követeléskezelő Zrt (Mark Zrt.), Mallory Dreyer

Journal of Financial Crises

Hungary saw a surge in commercial real estate (CRE) lending prior to the Global Financial Crisis. By 2014, the banking sector was saddled with a high ratio of nonperforming CRE loans and repossessed property, though Hungarian banks remained solvent with high capital adequacy ratios. The central bank of Hungary, the MNB, announced the creation of an asset management company, Magyar Reorganizációs és Követeléskezelő Zrt. (MARK), to purchase nonperforming CRE assets from Hungarian banks on a voluntary basis, to clear their balance sheets and allow for increased lending. MARK was fully-owned by the MNB, which provided MARK’s share capital and a …

Spain: Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria (Sareb), David Tam, Sean Fulmer

Journal of Financial Crises

In the wake of the Global Financial Crisis, the Spanish real estate market struggled to recover, which posed significant issues for savings banks that had an outsized exposure to the real estate sector. The Spanish government created Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (SAREB) in 2012 to buy impaired real estate assets from troubled banks and sell them over a 15-year period using funds from an up to €100 billion ($123 billion) loan from the European Financial Stability Facility. Its mandate was “to help clean up the Spanish financial sector and, in particular, the banks that …

United Kingdom Asset Resolution Limited (Ukar), Aidan Lawson

Journal of Financial Crises

As the Global Financial Crisis began to unfold, the United Kingdom (UK) saw two of its largest mortgage lenders in Bradford & Bingley (B&B) and Northern Rock begin to weaken dramatically under the pressure that housing and financial markets were facing. Northern Rock and B&B both faced severe funding problems due to a worsening global credit crunch and both would be nationalized in 2008. Despite this effort, the crisis continued to worsen globally, and the UK government created UK Asset Resolution Limited (UKAR) on October 1, 2010. This organization’s goal was to wind down and maximize the return on the …

Asset Management Corporation Of Nigeria (Amcon): Asset Management, Pascal Ungersboeck, Corey N. Runkel

Journal of Financial Crises

Nigeria experienced the Global Financial Crisis as a dramatic decline in the price of crude oil and a burst stock market bubble. These losses were compounded by a high level of margin lending, resulting in large numbers of nonperforming loans (NPLs) for Nigerian banks. The government established the Asset Management Corporation of Nigeria (AMCON) in July 2010 to purchase NPLs and inject capital in insolvent banks. In three purchases between December 2010 and December 2011, AMCON acquired loans with face value ₦4.02 trillion ($26.8 billion) for ₦1.76 trillion. As a result, NPLs in Nigerian banks fell from a peak of …

Colombia: Central De Inversiones Sa (Cisa), Lily S. Engbith, Manuel Leon Hoyos

Journal of Financial Crises

Colombia began 1999 amidst a deep recession, caused in part by financial and trade sector liberalization and exacerbated by an unexpectedly sudden appreciation of the peso. Nonperforming loans (NPLs) amounted to more than 14% of total loans, up from 8% in 1998. Colombian authorities thus decided to implement a three-year economic recovery program in late 1999. As part of the government’s strategy, banks slated for recapitalization were compelled to transfer or write off their NPL portfolios to Central de Inversiones SA (CISA), a public special purpose vehicle acquired by the deposit guarantee fund Fogafín in September 2000 for the management …

China: 1999 Asset Management Corporations, Lily S. Engbith

Journal of Financial Crises

Chinese financial authorities began to liberalize their economy in the 1970s, though it would take two more decades to realize a solution to the massive non-performing loan (NPL) problem faced by state-owned commercial banks (SOCBs). In order to remove and dispose of bad assets left over from the policy-lending era of the former command economy, the State Council created four public asset management corporations (AMCs) between April and October of 1999. The AMCs, under the administration of the Ministry of Finance, were responsible for the acquisition, management, and disposal of NPLs from their assigned state-owned commercial bank. In addition to …

Malaysia: Pengurusan Danaharta Nasional Berhad, Mallory Dreyer

Journal of Financial Crises

After the devaluation of the Thai baht in 1997, the Malaysian economy experienced turmoil and a financial crisis. As part of the government’s response to the financial crisis, it established Danaharta, a national asset management company, alongside a recapitalization agency, Danamodal, and a debt restructuring body, the CDRC, to address instability in the financial system. The government established Danaharta with the purpose of removing nonperforming loans from the financial system and maximizing their recovery. The Danaharta Act granted the agency special legal authority to more efficiently resolve NPLs. Danaharta received funding from the government and issued zero-coupon, government guaranteed bonds …

The Resolution And Collection Corporation Of Japan, Mallory Dreyer

Journal of Financial Crises

Though the Japanese real estate and stock market bubble burst in the early 1990s, the ensuing financial crisis in Japan did not reach a systemic level until 1997, when four large financial institutions failed in a single month. Because of their heavy exposure to real estate and equity markets, Japanese banks had a nonperforming loan (NPL) problem, which was prolonged, and private sector estimates of the scale of the NPL problem differed significantly from the official estimates. In response, the Japanese government created multiple asset management companies; the Resolution and Collection Corporation (RCC) was the result of the merger of …

Indonesia: Ibra’S Asset Management Unit/ Asset Management Of Credits, Ariel Smith, Sharon M. Nunn

Journal of Financial Crises

In 1998, Indonesia’s banking sector was undercapitalized, under regulated, and suffering from an excess of nonperforming loans (NPLs). In response, the Indonesian government devised the Indonesian Bank Restructuring Agency (IBRA) and its Asset Management Unit/Asset Management of Credits (AMU/AMC) as part of a three-pronged government emergency plan, along with a blanket guarantee of the debts of all domestic banks and a framework for corporate restructuring. The AMU/AMC acquired and managed nonperforming loans from a variety of Indonesian banks and attempted to dispose of them. The AMU/AMC had acquired nearly IDR 400 trillion (approximately $86 billion) in face value of loans …

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 …