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Articles 1981 - 2010 of 11029

Full-Text Articles in Public Policy

Jamaica: Reserve Requirements, Gfc, Corey N. Runkel Dec 2022

Jamaica: Reserve Requirements, Gfc, Corey N. Runkel

Journal of Financial Crises

In October 2008, the Global Financial Crisis (GFC) and liquidity shortages rocked American and European markets, causing investors to exit liquid Jamaican-dollar assets. The Bank of Jamaica (BOJ) feared a “disorderly depreciation” in the Jamaican-dollar (JMD) exchange rate to the US dollar (BOJ 2009, 44). In response, the BOJ raised required reserve ratios for cash and other liquid assets, the first increases since 2002. The BOJ raised reserve ratios three times—in December 2008, January 2009, and February 2009—because the central bank could not change its requirements by more than 200 basis points per month. The BOJ raised the requirement for …

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India: Reserve Requirements, Gfc, Sharon Nunn, Carey K. Mott Dec 2022

India: Reserve Requirements, Gfc, Sharon Nunn, Carey K. Mott

Journal of Financial Crises

As international funding sources dried up during the Global Financial Crisis of 2007–2009 (GFC), businesses in India sought funds from domestic financial institutions, straining banks and lifting short-term lending rates. The liquidity pressure, coupled with sharp asset price corrections and rupee depreciation, restricted credit expansion in India. The Reserve Bank of India (RBI) responded with a suite of liquidity measures, including cuts to its two reserve requirement ratios, the cash reserve ratio (CRR) and the statutory liquidity ratio (SLR). The RBI cut the CRR over the course of four months from October 2008 to January 2009, lowering the ratio from …

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Czech Republic: Reserve Requirements, 1997, Benjamin Hoffner Dec 2022

Czech Republic: Reserve Requirements, 1997, Benjamin Hoffner

Journal of Financial Crises

In the first quarter of 1997, fiscal and current account deficits in the Czech Republic put pressure on the koruna’s pegged exchange rate as capital flowed out of the domestic economy. Although the Czech National Bank (CNB) committed to tight monetary policy to protect the peg, on April 11, the CNB announced a lowering of the minimum reserve requirement (RR) ratio from 11.5% to 9.5%, effective May 8. The RR ratio (RRR) reduction (RRR) reflected a compromise with the government, which had petitioned the central bank to ease monetary policy. To improve the balance of payments, the government also implemented …

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China: Reserve Requirements, 2015–2016, Carey K. Mott Dec 2022

China: Reserve Requirements, 2015–2016, Carey K. Mott

Journal of Financial Crises

After China devalued the renminbi against the US dollar in August 2015, Chinese equity markets experienced a significant drop that spilled into international markets. The People’s Bank of China (PBOC) adjusted the reserve requirement ratio (RRR) five times between February 2015 and October 2015: three times before the market turmoil, to allocate credit to preferred sectors, and twice in response to the crisis to release liquidity into the financial system. Throughout this cycle, the central bank applied lower RRRs to rural credit institutions, agricultural lenders, leasing and financing companies, and other sectors in which government policy promoted lending. Although the …

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Colombia: Reserve Requirements, Gfc, Natalie Leonard, Bailey Decker Dec 2022

Colombia: Reserve Requirements, Gfc, Natalie Leonard, Bailey Decker

Journal of Financial Crises

On May 6, 2007, the Bank of the Republic (BR), the central bank of Colombia, introduced countercyclical marginal reserve requirements (RRs) on increases in banks’ deposit accounts to constrain leverage and credit risk in the financial system. A month later, the BR also raised the ordinary RR on outstanding deposit balances. The BR kept those requirements in place for more than a year. In June 2008, when the effects of the Global Financial Crisis (GFC) began to temper economic and credit growth, the BR eliminated marginal RRs. Also in June 2008, however, the BR raised the ordinary RR on outstanding …

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China: Reserve Requirements, Gfc, Carey K. Mott Dec 2022

China: Reserve Requirements, Gfc, Carey K. Mott

Journal of Financial Crises

In 2008, China experienced several natural disasters that slowed economic growth, and fearing contagion from the Global Financial Crisis (GFC), the central bank cut the reserve requirement ratio (RRR) three times for large financial institutions, to 15.5%, and four times for small and medium-size financial institutions, to 13.5%. This monetary easing, combined with a USD 586 billion fiscal stimulus package, caused explosive credit growth in China. One year after these RRR cuts, the central bank hiked the ratio 12 times, to a historically high 21.5% for large banks in June 2011; however, it maintained a different ratio for rural credit …

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Argentina: Reserve Requirements, 1994–1995, Natalie Leonard Dec 2022

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 …

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Brazil: Reserve Requirements, Gfc, Sean Fulmer Dec 2022

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 …

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Thailand: Fidf Blanket Guarantee, 1997, Ayodeji George Dec 2022

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 …

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Sweden: Bank Support Authority, Blanket Guarantee, 1992, Anmol Makhija Dec 2022

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 …

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Mexico: Fobaproa Blanket Guarantee, 1993–1994, Stella Schaefer-Brown Dec 2022

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 …

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Korea: Blanket Guarantee, 1997, Bailey Decker Dec 2022

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 …

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Ireland: Credit Institution (Financial Support) Scheme, 2008, Stella Schaefer-Brown Dec 2022

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 …

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Jamaica: Finsac Blanket Guarantee, 1997, Ayodeji George Dec 2022

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, …

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Indonesia: Blanket Guarantee, 1998, Ayodeji George Dec 2022

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. …

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Ecuador: Blanket Guarantee, 1998, Bailey Decker Dec 2022

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 …

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Finland: Government Guarantee Fund, Blanket Guarantee, 1992, Anmol Makhija Dec 2022

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 …

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Denmark: General Guarantee Scheme, 2008, Benjamin Hoffner Dec 2022

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 …

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Reserve Requirements Survey, June Rhee, Carey K. Mott, Greg Feldberg, Andrew Metrick Dec 2022

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 …

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Blanket Guarantees Survey, Christian M. Mcnamara, Carey K. Mott, Greg Feldberg, Andrew Metrick Dec 2022

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 …

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The Financialization Of Recession Response, Aaron Klein Dec 2022

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 …

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Frequently Asked Questions: 2022 Public Access Policy Guidance, White House Office Of Science And Technology Policy Dec 2022

Frequently Asked Questions: 2022 Public Access Policy Guidance, White House Office Of Science And Technology Policy

Copyright, Fair Use, Scholarly Communication, etc.

Includes a list of frequently asked questions and answers for the 2022 White House Office of Science and Technology Policy (OSTP) Public Access Policy guidance, including answering questions such as "What is meant by public access to federally funded research?" and "What impact will the policy guidance have on specific business models for scholarly publishing?"

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Digital Technology Enables Construction Of National Governance Modernization, Yue Hao, Kaihua Chen, Jin Kang, Xiaoguang Yang, Chao Zhang, Xiaolong Zheng Dec 2022

Digital Technology Enables Construction Of National Governance Modernization, Yue Hao, Kaihua Chen, Jin Kang, Xiaoguang Yang, Chao Zhang, Xiaolong Zheng

Bulletin of Chinese Academy of Sciences (Chinese Version)

As digital technologies continue to be integrated into the whole process of economic and social development, promoting the modernization of digital technology-enabled national governance systems and capabilities has become an important way to seize the strategic initiative in the future world competitive landscape, and has attracted the attention of countries around the world. The rapid development of digital technologies such as big data collection, storage, processing, and analysis is constantly optimizing the organizational system structure of national governance, upgrading and perfecting the quality and methods of national governance personnel, and accelerating the process of making national governance efficient, scientific, intelligent …

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Deepening Digital Technologies To Enable Modernization Of China’S Governance Of Health, Tara Qia Sun, Xia Feng, Yuntao Long, Zongben Xu Dec 2022

Deepening Digital Technologies To Enable Modernization Of China’S Governance Of Health, Tara Qia Sun, Xia Feng, Yuntao Long, Zongben Xu

Bulletin of Chinese Academy of Sciences (Chinese Version)

One significant goal of science and technology innovation is to set our sights on the health and safety of the people. The rapid development of digital technologies provides multiple potentials and path to achieve the modernization of China's health governance. the role of digital technologies on enabling multiple stakeholders (i.e., hospitals, doctors, government, and social groups) to improve the supply capacity, the inclusiveness, fairness, friendliness, and convenience of health service. Second, we explore the four key issues of using digital technologies to enable the governance of health construction of digital health infrastructures, the factors affecting the adoption of digital technologies, …

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Strengthen Fundamental Role Of Data Element Governance In National Governance Modernization, Kaihua Chen, Zhuo Feng, Rui Guo, Yue Hao, Jin Kang, Xiaoguang Yang, Chao Zhang, Binbin Zhao Dec 2022

Strengthen Fundamental Role Of Data Element Governance In National Governance Modernization, Kaihua Chen, Zhuo Feng, Rui Guo, Yue Hao, Jin Kang, Xiaoguang Yang, Chao Zhang, Binbin Zhao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Data element governance is a key factor to promote the modernization of national governance in the digital era. By strengthening the deep integration of data factors and national governance, a new model of data-driven national governance can be formed, and the national governance can be made more scientific, refined, intelligent, and efficient. The US and European countries have continuously strengthened the top-level system design, technological innovation application, collaborative governance mechanism, and global governance cooperation of data element governance, which has effectively improved the level of data element governance and provided experience for China. Nevertheless, due to the virtuality of data …

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Strategic Perspective Of Leveraging New Generation Information Technology To Enable Modernization Of Emergency Management, Haibo Zhang, Xinyu Dai, Depei Qian, Jian Lyu Dec 2022

Strategic Perspective Of Leveraging New Generation Information Technology To Enable Modernization Of Emergency Management, Haibo Zhang, Xinyu Dai, Depei Qian, Jian Lyu

Bulletin of Chinese Academy of Sciences (Chinese Version)

The application and development of the new generation information technology is a vital support to realize the modernization of emergency management. At present, the new generation information technology such as big data and artificial intelligence has been widely used in natural disasters, safe production, and other fields. It has improved the monitoring and early warning, regulation and law enforcement, command and decision support, rescue, and social mobilization capabilities of governments, promoted the level of intrinsic safety of enterprises, provided important support for the precise prevention and control of the COVID-19, and increased the efficiency of China’s emergency management and sense …

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Digital Technology Enables Modernization Of National Statistics, Zongben Xu, Yanyun Zhao, Liping Zhu, Guang Chen, Hongyun Zhang Dec 2022

Digital Technology Enables Modernization Of National Statistics, Zongben Xu, Yanyun Zhao, Liping Zhu, Guang Chen, Hongyun Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

The modernization of national statistics is part of the modernization of national governance. Digital technology has provided power for the transformation of statistical production mode, the improvement of statistical productivity, and the reconstruction of statistical production relations. Digital technology has become an important prerequisite for the promotion of statistical modernization reform. This study summarizes the international experience of digital technology enabling government statistics, the top-level design of national statistical legal system, and the importance of digital technology in promoting the modernization of statistics. This study also analyzes the main challenges existing in the current national statistics and data work. Finally, …

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Manufactured Homes In Nevada Counties, Joshua Padilla, Annie Vong, Caitlin J. Saladino, William E. Brown Jr. Dec 2022

Manufactured Homes In Nevada Counties, Joshua Padilla, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents data on the share of manufactured homes in each of Nevada’s 17 counties, as reported in the June 2022 The Daily Yonder article, “With Housing Shortage Still Ongoing, Manufactured Homes are Gaining Ground,” by Kristi Eaton. The original report includes data made available by the Housing Assistance Council (HAC) for each county in the United States from 2009 and 2018.

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Unwilling Gamblers And Loaded Dice: Considering Recession And Crisis As A Natural Effect Of Financial Capitalism, Darlene N. Moorman Dec 2022

Unwilling Gamblers And Loaded Dice: Considering Recession And Crisis As A Natural Effect Of Financial Capitalism, Darlene N. Moorman

The Downtown Review: An Interdisciplinary Journal Written and Peer-Reviewed by Mandel Honors College Students at Cleveland State University

Under financial capitalism, ordinary people are increasingly becoming 'unwilling gamblers' of a risky and unstable system. This paper explores the social and institutional change behind the neoliberal movement and considers how the politics and policies of neoliberalism have contributed to a certain environment of financial instability. Looking at the changing nature of the economy, the rapid expansion of the financial sector, and the persisting issue of moral hazard underlying risky and speculative behaviors among other items, reveals a financial system in which recessions and crises can be considered a natural, although not inevitable, effect.

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Examining The Impact Of The Covid-19 Pandemic On Violent Crime In The City Of Pittsburgh, Brittany Urban Dec 2022

Examining The Impact Of The Covid-19 Pandemic On Violent Crime In The City Of Pittsburgh, Brittany Urban

Electronic Theses and Dissertations

The goal of this research is to examine patterns of Part I crimes [including Part I Person/Violent: Homicide, Rape, Aggravated Assault, and Robbery, and Part I Property: Burglary, Larceny-Theft, Motor Vehicle Theft, and Arson, as defined by the Federal Bureau of Investigation (FBI) Uniform Crime Reporting (UCR) Standards] in The City of Pittsburgh, framing the COVID-19 pandemic as a major stressor that Robert Agnew’s General Strain Theory suggests may lead to increased opportunity for crime, due to the perceived unjustness of the associated lockdown orders and potential incentive for criminal coping (Agnew 1992). This descriptive analysis is based primarily upon …

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