Public Policy Commons^™

Argentina: Reserve Requirements, 1994–1995, Natalie Leonard

Journal of Financial Crises

The devaluation of the Mexican peso in December 1994 sparked concerns about the quality and safety of government debt across Latin American countries, including Argentina. In late 1994 and 1995, Banco Central de la Republica Argentina (BCRA) implemented three changes in reserve requirement policy to restore liquidity throughout the financial system and defend the currency peg to the US dollar. First, it lowered the existing minimum reserve requirement, which required banks to hold reserves entirely in cash (pesos or US dollars). This released more than ARS 4 billion (USD 4 billion) in resources into the banking system, according to the …

Brazil: Reserve Requirements, Gfc, Sean Fulmer

Journal of Financial Crises

After the collapse of Lehman Brothers in September 2008, deposits began to accumulate at large Brazilian banks, representing a flight to safety away from small and medium-sized banks. While total deposits in the Brazilian financial system grew by 13% from August 2008 to January 2009, the total deposits held by small and medium-sized banks declined by 23% and 11%, respectively. Because of high statutory reserve requirements and legal disincentives to lend directly to financial institutions, the Central Bank of Brazil (BCB) used reserve requirements as its primary tool for providing liquidity to incentivize large banks to provide credit to smaller …

Thailand: Fidf Blanket Guarantee, 1997, Ayodeji George

Journal of Financial Crises

The Thai government’s decision to allow the baht to float in July 1997 was the pivotal event of the Asian Financial Crisis. The baht fell 20% by the end of the month, further pressuring Thai financial institutions that had borrowed heavily in US dollars and other foreign currencies. In early August, Thailand’s Finance Minister and the Bank of Thailand (BOT) announced the suspension and restructuring of insolvent finance companies and a blanket guarantee covering depositors and creditors of all domestic banks and the remaining finance companies, administered by the BOT’s Financial Institutions Development Fund (FIDF). However, the blanket guarantee was …

Sweden: Bank Support Authority, Blanket Guarantee, 1992, Anmol Makhija

Journal of Financial Crises

Following a period of rapid financial liberalization and a record credit boom in the 1980s, Sweden’s financial system suffered its worst shock in the post–World War II period. Swedish banks were heavily dependent on foreign credit, which dried up amid signs of instability. The Swedish government announced a blanket guarantee on September 24, 1992, for all banks’ obligations except share capital and perpetual subordinated loans. According to a 1995 IMF Working Paper by Drees and Pazarbasioglu, the purpose of the blanket guarantee was “to guarantee the stability of the payments system and to safeguard the general supply of credit.” The …

Mexico: Fobaproa Blanket Guarantee, 1993–1994, Stella Schaefer-Brown

Journal of Financial Crises

On December 22, 1994, the Mexican government allowed the peso to float freely against the US dollar, aggravating the run on peso deposits, leading to the rapid devaluation of the peso, and sparking the peso crisis. The following week, the Bank of Mexico announced that the Mexican deposit insurer would fully guarantee all commercial bank deposits and liabilities except subordinated debt. The announcement of the blanket guarantee appeared effective at reassuring foreign investors, as the central bank was soon able to ease the liquidity support that it had been providing to banks during the crisis. The government created a deposit …

Korea: Blanket Guarantee, 1997, Bailey Decker

Journal of Financial Crises

Korea entered the Asian Financial Crisis in August 1997 with highly leveraged firms and a banking system inexperienced in managing systemic risk. Korea faced a currency crisis and a banking crisis, as foreign banks froze credit to Korean commercial banks and merchant banks. On August 25, 1997, the Ministry of Economy and Finance (MOEF) announced that it would guarantee all Korean financial institutions’ foreign debt—both existing debt and new borrowings. Nonetheless, foreign lenders continued to withdraw credit from Korean financial institutions. On November 19, 1997, a newly appointed MOEF minister announced a suite of measures to promote foreign creditors’ confidence …

Ireland: Credit Institution (Financial Support) Scheme, 2008, Stella Schaefer-Brown

Journal of Financial Crises

The Global Financial Crisis exposed fragilities in the Irish banking system and led to widespread runs on Irish banks. Irish authorities attempted to address the runs on September 22, 2008, by increasing the country’s deposit guarantee limit from EUR 20,000 to EUR 100,000 (USD 28,800 to USD 140,000) and raising the coverage of deposits from 90% to 100%. When the runs continued, the Irish minister for finance announced a blanket guarantee of bank liabilities on September 30 without consulting European Union authorities. The announcement specified the blanket guarantee would be effective immediately and remain in effect for two years. The …

Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George

Journal of Financial Crises

After a period of sustained distress in the early 1990s, Jamaican financial institutions faced significant liquidity issues by 1996, evidenced by runs on banks by depositors. The government responded by creating the Financial Sector Adjustment Company (FINSAC) on January 29, 1997, to rehabilitate weak financial institutions and administer a blanket guarantee on financial sector liabilities. The blanket guarantee covered all deposit-taking financial institutions, life insurance policy providers, and pension funds registered under the Banking Act, Financial Institutions Act, and Insurance Act. Within eligible institutions, the blanket guarantee covered depositors’ funds in licensed deposit-taking institutions, pension funds managed by authorized institutions, …

Indonesia: Blanket Guarantee, 1998, Ayodeji George

Journal of Financial Crises

The Indonesian government closed 16 banks on November 1, 1997. At the time, the government said it would guarantee depositors up to 20 million Indonesian rupiah (IDR; USD 6,000) per account. The lack of immediate full protection for large depositors caused deposit runs throughout the banking sector and undermined foreign confidence in the Indonesian financial system. In response, the Indonesian president on January 26, 1998, announced a blanket guarantee and created the Indonesian Bank Restructuring Agency (IBRA) to administer the guarantee and other bank rehabilitation efforts. The blanket guarantee covered all depositors and nonsubordinated creditors in locally incorporated commercial banks. …

Ecuador: Blanket Guarantee, 1998, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit the Ecuadorian economy in 1997–1998, foreign creditors reassessed their emerging-market risk and reduced external credit lines to Ecuador, thus draining liquidity. The closure of a small bank called Solbanco in April 1998 triggered deposit runs at other banks. Banks sought assistance from the Central Bank of Ecuador (Banco Central del Ecuador, or BCE). By the end of September 1998, the BCE had issued emergency loans to 11 financial institutions, totaling nearly 30% of the money base. The crisis accelerated in August 1998 when Banco de Prestamos, the sixth-largest bank, was closed; the existing …

Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija

Journal of Financial Crises

Following a period of rapid financial liberalization and a record credit boom in the 1980s, Finland’s financial system suffered steadily increasing loan losses and falling earnings beginning in 1990. The Finnish Parliament created the Government Guarantee Fund (GGF) in April 1992 to support banks with loans, capital, and guarantees. In a press release issued on August 6, 1992, the government said the GGF would “secure the stable functioning of the banking system under any circumstances [emphasis added]”. Six months later, the Parliament of Finland specifically required the GGF to guarantee that all Finnish banks could meet their commitments. The government …

Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner

Journal of Financial Crises

As foreign credit in Denmark dried up during the summer of 2008, Danish banks became increasingly reliant on short-term borrowing. The government took over the failing Roskilde Bank, the country’s eighth-largest bank, in late August. On October 5, 2008, the government announced a voluntary General Guarantee Scheme to fully insure deposits and other senior liabilities of participating banks. Banks could participate in the scheme by becoming members of the financial sector’s banking consortium, Det Private Beredskab, or in English, the Private Contingency Association (PCA), before October 13, 2008. The General Guarantee Scheme fully insured all depositors and senior unsecured creditors …

Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Banks have a private motive to hold some level of cash and liquid reserves, but the negative externalities of bank runs create a public interest in setting a regulatory level higher than the privately optimal level. We can think of such reserve requirements (RRs) as the original form of liquidity regulation. In this paper, we focus on 14 cases in which central banks adjusted RRs after crises hit, typically to deal with liquidity shortages in the banking system. We observe that RR adjustments have several advantages in a crisis: (1) such changes require little process, and the change for banks …

Blanket Guarantees Survey, Christian M. Mcnamara, Carey K. Mott, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 10 blanket guarantee (BG) programs across 13 Key Design Decisions. The defining characteristics of these programs in terms of their inclusion in our BG series are (a) that they guaranteed a broader range of liabilities beyond deposit accounts and (b) that the guarantees covered existing liabilities in addition to newly issued ones. Each case represents an effort to eliminate creditors’ incentive to withdraw funding from institutions by guaranteeing that the funding will be paid back even if the institutions are unable to do so themselves. The main themes that emerge are: (a) the inability of blanket guarantees …

The Financialization Of Recession Response, Aaron Klein

Journal of Financial Crises

This paper analyzes economic policy responses to the COVID-19-induced recession, focusing on the American policy response. Despite widespread political distrust between the two parties sharing control of the government and the timing of the upcoming presidential election, America’s political system was able to enact a massive policy response that reduced the severity of the recession. This political response happened faster than any automatic policy response would have, based on the delays in data reporting. The economic policies enacted continued America’s trend toward financialization of fiscal policy. The Federal Reserve and America’s private banking and financial systems were heavily relied upon …

The Future Of Universal Basic Income: The Impact Of Organizational Strategies On Alleviating Poverty And Maximizing Outcomes, Anna Mathews

Undergraduate Honors Theses

Universal basic income is gaining traction, with pilot programs being conducted all over the world. These programs are all organized differently, from their sources of funding to their eligibility criteria. This research draws correlations between organizational strategies of UBI programs and the outcomes their recipients experience. Specifically, it analyzes three contemporary UBI programs within the United States: the Stockton Economic Empowerment Demonstration (SEED), Alaska Permanent Fund Dividend (APFD), and the Eastern Band of Cherokee Indians per capita payments (EBCI). The research assesses the physical health, mental health, and economic outcomes of the participants in each case study, in order to …

Whistleblowing As An Anti-Corruption Strategy In Health And Pharmaceutical Organizations: A Scoping Review Protocol., Taryn Vian, Brianna Agnew Mph, Keith Mcinnes Jr

Nursing and Health Professions Faculty Research and Publications

Background

Whistleblowing can bring suspected wrongdoing to the attention of someone who is in the position to rectify the problem. Whistleblowing research can help improve effectiveness of anti-corruption efforts in the health sector.

Objective

The objective of this scoping review is to understand the extent and type of evidence on whistleblowing as an anti-corruption strategy in health and pharmaceutical organizations in low- and middle-income countries (LMICs).

Methods

This scoping review searched the PubMed, Scopus, and EMBASE databases from 2005 to 2020, limited to English language. We also searched websites of multilateral agencies or international non-governmental organizations for policy documents, guidance …

Necessary Trade-Offs Or Two-Faced Hypocrisy: Normative Conflicts In Eu Policies, Florian Bochert

Claremont-UC Undergraduate Research Conference on the European Union

The European Union (EU) often tries to present itself as a normative leader in both human rights protection and climate change prevention. However, since emission reductions sometimes require investments in solar panels that are produced using forced labor, these two norms can conflict with each other. Based on two case studies of EU policies on Israel-Palestine and North Africa, this article shows how conflicts between different norms are nothing new to the EU. In its policies on Israel-Palestine, the EU has had to balance its historical responsibility to Israel with its commitment to international law. In its policies on North …

The Effect Of Lockdown Repeal On Socialization: Bayesian Multilevel Difference-In-Differences Approach, Hyunwoo Jung, Yiling Li, Jeonghye Choi

Asia Marketing Journal

The COVID-19 lockdown has had an unprecedented impact on people in various ways. This study evaluates the effect of lockdown repeal from both marketing and public-policy perspectives. Combining the Bayesian multilevel model with the difference-in-differences design, we find that a lockdown repeal has had a negative impact on socialization. Furthermore, the results show that those who have a low level of risk perception are less affected by lockdown repeal. Also, the negative effect of lockdown repeal varies depending on past socialization behaviors; that is, the lockdown-repeal effect is attenuated for those who socialized more than others in the past. Our …

From Political Contracts To Policies: Clientelistic Or Programmatic?, Aldhayavira Julia Rahman, Dirga Ardiansa

Jurnal Politik

Community Action Plan (CAP) is a priority program of the governor in structuring residential areas use a collaboration method with the society, both in planning and implementation of development. This program is regulated through Governor Decree Number 878 of 2018 and Governor Regulation Number 90 of 2018. However, before it became a public program and policy, the initial formation of the CAP program came from a political contract agreed by members of the JRMK (Jaringan Rakyat Miskin Kota) with Anies Baswedan ahead of the 2017 local elections, to encourage efforts a winning number of polling stations in the JRMK working …

“The United States’ Broken Immigration Policy: The Labor Shortage And A Public Policy Solution”, Timothy P. O'Brien, Melissa Beaudoin

Liberty University Journal of Statesmanship & Public Policy

The United States is a nation divided. The recent surge of illegal immigration into the United States has been the source of contention and debate among the American public. While some want to welcome all immigrants, others insist that immigrants enter the United States legally. With an emphasis placed on the accommodation and the placement of illegal immigrants, less attention has been paid to the United States’ need for immigration. This article asserts that while illegal immigration is a problem that must be addressed, more immigrants are needed. With sinking birth rates and an aging population, the United States needs …

Twenty-One Years Later: Reflections On 9/11, Bessie Blackburn, Shaddi Spencer, Hayden O'Connor

Liberty University Journal of Statesmanship & Public Policy

Twenty-one years ago, one of the greatest attacks on the American republic occurred. On September 11, 2001, American Airlines Flights 11, 77, 93, and 177 were hijacked by Islamic extremists and crashed in New York City, Washington D.C., and Pennsylvania. The atrocity of these incidents and the extensive loss of life impacted not only the United States but the entire world. Nevertheless, in light of this tragedy the American people found unity in patriotism, rekindling a sense of national purpose in the form of the “Global War on Terrorism.” This document is a compilation of reflection articles written by individuals …

Adult Day Services In Maine: Benefits, Challenges, And Opportunities, Elizabeth Gattine Jd, Eileen Griffin Jd, Kimberly I. Snow Mhsa, Ba

Disability & Aging

In Maine and nationally, adult day services tend to be underfunded and underutilized compared to other types of long term services and supports (LTSS). In part, investment in adult day services is hampered by a lack of standardized data collection and limited research on issues of accessibility, cost-effectiveness, and the impact of adult day services on the broader health system. Lack of uniformity in state regulatory frameworks for licensing, program design, service delivery, and other administrative requirements further complicates cross-state comparisons. Considering these limitations, a key goal of this report is to provide a more detailed and comprehensive understanding of …

Emergency Care For Youth Who Experience Suicidality And Identify As Lesbian Gay Bisexual Transgender Queer/Questioning (Lgbtq+): An Interpretive Phenomenology, Theresa Schultz

Electronic Theses and Dissertations

Purpose: Suicide is a leading cause of death in children; youth who identify as LGBTQ+ are at an exponentially higher risk of suicide. The purpose of this study was to explore the lived experiences of young adults who identify as LGBTQ+ and sought emergency care for suicidality when they were adolescents.

Methods: Heideggerian hermeneutics phenomenology is the research method used in this study. Youth, ages 18-25 years, who identify as LGBTQ+ and sought emergency treatment for suicidality when they were adolescents (13-17 years) were recruited to participate;fifteen youth enrolled. Individuals ranged in age from 20 to 25 years. Participants described …

Affordable Housing: A National Crisis Fueled By The Coronavirus • A New Jersey Perspective, Latino Action Network Foundation

Center for Urban Policy Research

The Latino Action Network Foundation [LANF], its sister organization the Latino Action Network [LAN] and longtime ally, the Fair Share Housing Center [FSHC], have collaboratively monitored affordable housing issues in New Jersey for more than a decade. As part of its ongoing work, LANF sponsored a housing roundtable on September 10, 2021, to assess the affordable housing situation in the state and offer policy recommendations. At that time, a coalition of advocates, including the three organizations named above, were fresh from a legislative victory that safeguarded tenants unable to pay their rents during the pandemic and gave them a degree …

School Related Criminal Acts, Interpersonal Problems, And Classroom Behaviors As A Function Of The Proportion Of Black Students And Black Teachers, Leanne Zaire

Clinical Psychology Dissertations

This study’s purpose was to investigate school-level behavioral outcomes in relation to the proportion of Black teachers and students in U.S. schools. Negative school outcome and academic achievement gaps are well-documented. However, many of these studies utilized small, localized populations; my research used national data and focused on the problem behaviors in school. Drawing from Critical Race Theory, I hypothesized that a greater proportion of Black teachers would reduce school student problems and negative behaviors (e.g., student verbal abuse of teachers, widespread disorder in classrooms). After receiving a restricted-use license, I utilized data from 25,818 schools from the National Teacher …

Effective And Responsive Implementation Of German Asylum And Resettlement Procedures For Syrian Refugees From 2015 To 2018, Nourhan Morsy Abdelmeguid

Theses and Dissertations

The refugee and migrant crises are one of Europe’s most contentious and divisive issues. In particular, Germany is one of the countries most involved in the Syrian refugee crisis. The number of Syrians seeking refuge in Germany is substantial, and it hosts over one million refugees. Germany is also a key participant and stakeholder in the European Union asylum policies. Thus, this thesis examines the responsiveness and effectiveness of asylum proceedings under the crisis-induced from 2015 to 2018. Germany temporarily suspended the Dublin regulation by processing asylum applications despite stopping by other EU countries as a humanitarian response to accommodate …

Oregon's Senate Joint Resolution 12: Understanding The Implications Of A Constitutional Right To Healthcare, Anna Starr, Mpp

Hatfield Graduate Journal of Public Affairs

Problems persist throughout the U.S. healthcare system including exorbitant costs, poor health scores, high rates of uninsured, and lack of access to services among marginalized groups. Among many proposed solutions is a constitutional provision to healthcare. Largely based in ethics, healthcare as a right is also expected by many to improve health outcomes. However, while constitutional provisions for healthcare are found in countries around the world, empirical research results are limited and mixed at best. In the wake of social justice movements and resurgence of vibrant conversations about human rights, and with international pressure mounting for the U.S. to follow …

The Effects Of “No Pro Homo” Policies On Lgbtq+ Perceptions In The American South, Isabella L. Brocato

Honors Theses

Five states in the American South currently have “no pro homo” policies in place, while an increasing number of bills targeting discussions about sexuality and gender identity in public schools are being introduced to House floors around the country. Although there is extensive research on the ways in which these policies put the physical and mental well-being of LGBTQ+ students at risk, there is little to no research about how they shape public perceptions of the LGBTQ+ community collectively. With inspiration from Kenneth and Mamie Clark’s social science study cited in Brown v. Board of Education (1954), this study works …

Our Streets: Increasing Equity In Active Transportation Planning Through Community Outreach, Jordan Hoy

Master's Projects and Capstones

ABSTRACT Significant research has demonstrated that active transportation infrastructure is essential for the growth and livability of San Francisco: it increases access to economic opportunities, promotes overall improved public health, encourages mobility without contributing to roadway congestion, prevents traffic injuries and fatalities, and supports the sustainability goals of the city. Despite the fact that communities of color will benefit the most from active transportation infrastructure development, historical disenfranchisement in tandem with a lack of diverse representation within public participation contributes to an inequitable distribution of walking and biking investments throughout the city of San Francisco. While research shows that Black …