Public Administration Commons^™

A Cross National Comparison Of Family Friendly Work Policies: The Potential Influence Of Cultural Values, Adeline Grace Hardten

Undergraduate Honors Theses

Around the world people must work for a living, but also must raise their families. To balance these obligations, parents need high levels of support. But the existence of family friendly work policies, defined as paid parental leave and affordable, high-quality childcare, vary significantly across nations, making it difficult for many to obtain the necessary support. Research indicates that countries providing supportive family friendly policies see economic benefits, increases in profitability, and stronger overall youth development. Even though research reveals strong positive outcomes, there is a deficiency of exploration into why more countries still lack comprehensive policies that support working …

The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara

Journal of Financial Crises

The September 15, 2008, bankruptcy of Lehman Brothers resulted in a collapse of wholesale funding markets that threatened the ability of UK financial institutions to continue funding themselves. By the end of the month, two leading UK banks—HBOS and Bradford & Bingley—had to be rescued, and there was a real risk that the entire financial system could collapse. Faced with the need to stabilize the system, UK regulators on October 8 introduced a package of measures that included a £250 billion Credit Guarantee Scheme (the Guarantee Scheme) aimed at providing banks with access to needed funding. Under the Guarantee Scheme, …

Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan

Journal of Financial Crises

Although Sweden was not as directly impacted by the Global Financial Crisis as some other economies, Lehman Brothers’ bankruptcy on September 15, 2008, prompted Swedish authorities to take preemptive measures to protect domestic banks and financial institutions. One such program, announced on October 20, 2008, and implemented on October 29, 2008, was designed to preserve credit extension to businesses and households through what became known as the Swedish Guarantee Scheme. Per the terms of the Scheme, new short- and medium-term debt of maturities ranging from 90 days to five years issued by eligible banks would be guaranteed by the Swedish …

The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith

Journal of Financial Crises

Given Spanish banks’ heavy investment in the housing and construction markets in the lead-up to the global financial crisis (GFC), the collapse of the subprime mortgage market and Lehman Brothers’ bankruptcy on September 15, 2008, impelled the government to implement stabilization measures to calm, recapitalize, and restructure its domestic banking sector. The Spanish Guarantee Scheme for Credit Institutions (the Guarantee Scheme) was one of the first interventions to be enacted, announced by Spain’s Ministry of Economy and Finance on October 13, 2008, by Royal Decree-Law 7/2008 on “Urgent Economic and Financial Measures in relation to the Concerted Action Plan of …

The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous

Journal of Financial Crises

By October 2008, Portuguese banks’ access to liquidity was severely restricted due to strains in international wholesale markets. On October 12-13, 2008, the Portuguese government notified the European Commission of a guarantee scheme intended to promote solvent credit institutions’ access to liquidity as part of the European policy response to the acute financial crisis aiming to achieve and maintain financial stability. Under the scheme, the Portuguese government guaranteed financing agreements and banks’ issuance of non-subordinated short- and medium-term debt. To obtain a guarantee under the Scheme, banks paid a fee based on the maturity of the debt and a risk …

The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos

Journal of Financial Crises

Faced with the global financial crisis of 2007–2009, Poland implemented a scheme of State support for financial institutions. In view of a potential global credit crunch, it aimed at improving short- and medium-term liquidity of domestic financial institutions. The scheme came into force on March 13, 2009, and was approved by the European Commission under European Union State Aid rules on September 25, 2009. The scheme enabled the Ministry of Finance, on behalf of the State Treasury, to provide support in the form of Treasury guarantees on newly issued bank debt and the exchange of Treasury bonds for less liquid …

The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith

Journal of Financial Crises

Following the Lehman Brothers bankruptcy of September 15, 2008, a number of foreign governments enacted stabilization measures in order to bolster their currencies and inject much-needed liquidity into domestic markets. As part of its effort, the Korean Ministry of Strategy and Finance announced a series of government interventions that included a three-year guarantee of foreign debt issued (including extensions of maturity) by domestic banks between October 20, 2008, and June 30, 2009. This opt-in program was introduced as a preemptive step in ensuring that Korean financial institutions would retain competitive access to external funding in the wake of the global …

Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon

Journal of Financial Crises

Following the failure of Lehman Brothers in September 2008, Irish banks found themselves unable to roll over their significant foreign borrowings on the interbank lending market. With the banks facing a liquidity crisis, the Irish government decided to issue a blanket guarantee of all liabilities of six banks through the Credit Institutions Financial Support Scheme (CIFS). As the crisis worsened, and it became clear that Irish banks were facing a solvency—not just liquidity—crisis, the Irish government was forced to provide additional support to the financial system, which took the form of capital injections and a national asset management company for …

The Italian Guarantee Scheme (Italy Gfc), Lily Engbith

Journal of Financial Crises

The collapse of Lehman Brothers on September 15, 2008, and its severe impact on global credit markets impelled governments around the world to enact stabilization measures to calm and protect their domestic economies. The Italian Republic, while not directly affected by the US subprime mortgage crisis, preemptively implemented emergency procedures and programs to ensure the stability of their banking system. Announced with the passage of Decree-Law No. 157 on October 13, 2008, and legally enforced under Law 190/2008 of December 4, 2008, the Italian Guarantee Scheme (the Guarantee Scheme) was aimed at protecting institutions whose interbank lending abilities had the …

The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz

Journal of Financial Crises

In the midst of the global financial crisis, in October 2008, the Magyar Nemzeti Bank (MNB), the Hungarian national bank, noticed a selloff of government securities by foreign banks and a large depreciation in the exchange rate of the Hungarian forint (HUF) in foreign exchange (FX) markets. Hungarian banks experienced liquidity pressures due to margin calls on FX swap contracts, prompting the MNB and Minister of Finance to seek assistance from the International Monetary Fund (IMF), the European Central Bank (ECB) and the World Bank. The IMF and ECB approved Hungary’s requests in late 2008 to create a €20 billion …

The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith

Journal of Financial Crises

As the global financial crisis raged in October 2008, its severe impact on global credit markets impelled governments to enact stabilization measures to calm and protect their domestic economies. The Republic of Finland, though not directly affected, designed preemptive interventions to mitigate disruption to its financial system. Among them was the Guarantee Scheme for Bank Funding in Finland (the Guarantee Scheme), announced on October 22, 2008, and implemented on February 12, 2009, which aimed to support banks and mortgage institutions with their short- and medium-term financing needs. Under the program, the Finnish State Treasury made up to €50 billion available …

Bank Debt Guarantee Programs, Christian M. Mcnamara, Greg Feldberg, David Tam, Andrew Metrick

Journal of Financial Crises

One of the hallmarks of the global financial crisis of 2007-09 was the rapid evaporation of the non-deposit, wholesale funding many financial institutions had become increasingly reliant upon in the years leading up to the crisis. In the aftermath of the Lehman Brothers bankruptcy, governments became increasingly concerned about even fundamentally sound institutions’ ability to access necessary funding. In response, beginning in October 2008, authorities across the globe began introducing guarantee programs enabling institutions to issue debt that would be backed by a guarantee from the government in exchange for a guarantee fee. While the specific details of these programs …

Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath

Journal of Financial Crises

The loan bills temporary credit facility was first implemented in May 2008, before the Global Financial Crisis had truly hit Denmark. It continued to be utilized as part of a broader effort to increase interbank lending after the collapse of Lehman Brothers in September 2008. The objective of the loan bills scheme was to facilitate lending among financial institutions. Each week, loan bills could be pledged as collateral for a seven-day loan from Denmark’s central bank, Danmarks Nationalbank. One banking institution could borrow from another institution by issuing a loan bill, and the institution buying the bill could raise liquidity …

The United Kingdom's Corporate Bond Secondary Market Scheme (U.K. Gfc), Claire Simon

Journal of Financial Crises

In late 2008, at the height of the Global Financial Crisis, increased liquidity premia and risk aversion in the secondary market hindered companies’ ability to issue corporate bonds. In response, in January 2009, Her Majesty’s Treasury authorized the Bank of England to establish a facility to purchase commercial bonds through the Asset Purchase Facility. In March 2009, the Bank of England published details on the Corporate Bond Secondary Market Scheme, in conjunction with its quantitative easing program. Under the scheme, the Bank acted as a market maker of last resort in the secondary bond market, making regular purchases of a …

The United Kingdom's Asset Purchase Program (U.K. Gfc), Ariel Smith

Journal of Financial Crises

On March 5, 2009, in the wake of the fallout from the Global Financial Crisis, the Monetary Policy Committee of the Bank of England announced a new, unconventional policy measure: quantitative easing. The MPC determined that simply cutting the Bank Rate in the face of a recession would not be enough to boost spending and increase inflation to meet the Bank’s goal of a 2% CPI-inflation target in the medium term. Rather, over the course of the next year, the Bank purchased £200 billion of assets—primarily gilts—in reverse auctions through a newly created Asset Purchase Program. After just under one …

Japan's Special Funds-Supplying Operations (Japan Gfc), Alec Buchholtz

Journal of Financial Crises

Following the collapse of Lehman Brothers in September 2008, the global commercial paper (CP) market began to tighten as interest rates rose and investors sought more-liquid money market securities. The Bank of Japan (BOJ) introduced several measures in late 2008 to make liquidity available to nonfinancial corporations that were strapped for cash. In December 2008, the BOJ implemented special funds-supplying operations in order to provide unlimited liquidity to banks and other financial institutions so they could continue to fund nonfinancial corporations. The BOJ would provide one- to three-month loans against an equal value of eligible corporate debt at a rate …

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

Journal of Financial Crises

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

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

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

Journal of Financial Crises

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

New Kid On The Blockchain: The Rise Of Cryptocurrency In The Global Arena: Humanitarian Usage With Blockchain, Rhonda S. Binda

Open Educational Resources

In 2018, the world was shaken by the fast rise of Bitcoin and other cryptocurrencies that use a decentralized, blockchain technology for payment transfers outside of the traditional banking system. The potential impact this alternative form of banking could have in the medium and long term on the over 2 billion people globally unbanked is tremendous. Additionally, blockchain itself is being used for value transfer combined with bio and genetic tagging technologies in refugee camps for example, bringing to rise a new era where technology for development is disrupting education, healthcare and security programs globally.

Brave New World - An Introduction To Cryptocurrency Part 2, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …

Brave New World: The Rise Of Cryptocurrency In The Global Arena: An Introduction To Cryptocurrency, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …

Brave New World - “Cmr” Index And The U.S. Congressional Smart Cities Caucus, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …

Brave New World - The Rise Of Cities Globally: Urbanizationmeets Technological Innovation And Digitization, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …

Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

On March 26, 2019, Andrew Metrick, the Janet Yellen Professor of Finance at the Yale School of Management and Founder and Director of the Yale Program on Financial Stabilitysat down with Paul A. Volcker to discuss his perspectives on the Federal Reserve, central banking autonomy, “too big to fail,” and how his perspectives on these topics have changed over the decades.It turned out to be one of the last interviews given by the former Chairman of the Federal Reserve System who passed away on December 8, 2019, at the age of 92.

Understanding The Revenue Potential Of Tax Compliance Investment, Natasha Sarin, Lawrence H. Summers

All Faculty Scholarship

In a July 2020 report, the Congressional Budget Office estimated that modest investments in the IRS would generate somewhere between $60 and $100 billion in additional revenue over a decade. This is qualitatively correct. But quantitatively, the revenue potential is much more significant than the CBO report suggests. We highlight five reasons for the CBO’s underestimation: 1) the scale of the investment in the IRS contemplated is modest and far short of sufficient even to return the IRS budget to 2011 levels; 2) the CBO contemplates a limited range of interventions, excluding entirely progress on information reporting and technological advancements; …

Integrating Existing Climate Adaptation Planning Into Future Visions: A Strategic Scenario For The Central Arizona–Phoenix Region, David M. Iwaniec, Elizabeth Cook, Melissa J. Davidson, Marta Berbés-Blázquez, Nancy B. Grimm

CSLF Articles

Cities face a number of challenges to ensure that people’s well-being and ecosystem integrity are not only maintained but improved for current and future generations. Urban planning must account for the diverse and changing interactions among the social, ecological, and technological systems (SETS) of a city. Cities struggle with long-range approaches to explore, anticipate, and plan for sustainability and resilience—and scenario development is one way to address this need. In this paper, we present the framework for developing what we call ‘strategic’ scenarios, which are scenarios or future visions created from governance documents expressing unrealized municipal priorities and goals. While …

Lessons Learned: Tony Fratto, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Fratto, who was Deputy Assistant and Deputy Press Secretary to the President during the financial crisis of 2007-2009, gives us his take on the government’s communications efforts and how best to prepare for future crises

Lessons Learned: Jack Gutt, Mercedes Cardona

Journal of Financial Crises

Gutt, who joined the Federal Reserve Bank of New York in 2009 as Vice President, Head of Media Relations and Public Affairs, shares with us his reflections on that period.

Restructuring And Forgiveness In Financial Crises A: The Mexican Peso Crisis Of 1994-95, Christian M. Mcnamara, June Rhee, Andrew Metrick

Journal of Financial Crises

Following a year in which repeated political turmoil sapped investor confidence in Mexico, putting pressure on the peso and draining the country’s foreign exchange reserves, on December 22, 1994, the Mexican government sparked a financial crisis by unexpectedly abandoning its policy of anchoring the peso to the US dollar and instead allowing it to float freely. The resulting collapse of the peso left Mexico with $40 billion to $50 billion in external debt (much of it dollar-indexed) coming due in the near term and almost no foreign exchange reserves. Faced with the prospect that Mexico would either default on its …

Reflections On The Effects Of Federalism On Opioid Policy, Matthew B. Lawrence

Dickinson Law Review (2017-Present)

No abstract provided.