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An Inferentially Robust Look At Two Competing Explanations For The Surge In Unauthorized Migration From Central America, Nick Santos 2021 University of San Diego

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

Dissertations

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


The “America First” Trade Policy Of The Trump Administration And Its Economic And Military Repercussions, Emily Jeffers 2021 Liberty University

The “America First” Trade Policy Of The Trump Administration And Its Economic And Military Repercussions, Emily Jeffers

Senior Honors Theses

This paper looks at the “America first” trade policy of the Trump administration and the perception that it was used to accomplish his goals of economic and military independence from the rest of the world’s interdependent web. It looks at the history of trade policy and tariffs in the United States; this is then linked to the evolution of President Trump’s trade policy through the implementation of tariffs, renegotiation of trade deals, and revision of military policy in order to “decouple” from the rest of the world. It examines the US-China trade war and the desire for increased ...


Implication Of British Economic Policies On Indian Famine, Soujanya Niroula 2021 University of Mississippi

Implication Of British Economic Policies On Indian Famine, Soujanya Niroula

Honors Theses

During the British rule, India was engulfed by multiple devastating famines. Over the past, scholars have presented varied opinions on the cause of Famine. Here, we seek to understand the British economic policies and their effects. Our analysis is focused on examining the taxation system, export/import policies, and crop production. We find that the interest of the British aligned with the extractive colonial strategy. The imposed institutions fostered higher tax collection and strict implementation of the free-trade system. Moreover, their primary goal was aimed at preserving trade and commerce than alleviating the distress of the native population.


Are Small Businesses The Framework For A Successful U.S. Economy?, Carson Clevenger 2021 University of Arkansas, Fayetteville

Are Small Businesses The Framework For A Successful U.S. Economy?, Carson Clevenger

Accounting Undergraduate Honors Theses

This thesis will investigate the impact of small businesses on the United States’ economy. I will be assessing several impact areas including gross domestic product, employment, and local economy contribution. This thesis will cover a study from the time periods of 1998-2014 of the gross domestic product and employment levels and will use numbers from the years of 2018- present for other impact areas. Furthermore, I will be analyzing certain sectors of the economy, comparing small businesses contribution to corporate contribution, in order to discuss if small businesses are necessary for our country’s successful economy.


Mapping Renewal: How An Unexpected Interdisciplinary Collaboration Transformed A Digital Humanities Project, Elise Tanner, Geoffrey Joseph 2021 UA Little Rock Center for Arkansas History and Culture

Mapping Renewal: How An Unexpected Interdisciplinary Collaboration Transformed A Digital Humanities Project, Elise Tanner, Geoffrey Joseph

Digital Initiatives Symposium

Funded by a National Endowment for Humanities (NEH) Humanities Collections and Reference Resources Foundations Grant, the UA Little Rock Center for Arkansas History and Culture’s “Mapping Renewal” pilot project focused on creating access to and providing spatial context to archival materials related to racial segregation and urban renewal in the city of Little Rock, Arkansas, from 1954-1989. An unplanned interdisciplinary collaboration with the UA Little Rock Arkansas Economic Development Institute (AEDI) has proven to be an invaluable partnership. One team member from each department will demonstrate the Mapping Renewal website and discuss how the collaborative process has changed and ...


Lessons Learned: Zachary Taylor, Maryann Haggerty 2021 Yale University

Lessons Learned: Zachary Taylor, Maryann Haggerty

Journal of Financial Crises

Zachary Taylor joined the Federal Reserve Bank of New York (FRBNY) in January 2009 to lead the team responsible for managing and unwinding the central bank’s Maiden Lane II and III portfolios, which were acquired in connection with the intervention to assist American International Group (AIG). Taylor later took over responsibility for the Maiden Lane portfolio consisting of former Bear Stearns assets as well as the unwinding of the Term Asset-Backed Securities Loan Facility (TALF), another crisis-era program. All told, those portfolios amounted to more than $140 billion in residential mortgage-backed securities (RMBS), collateralized debt obligations (CDO), credit ...


Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen 2021 Yale University

Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen

Journal of Financial Crises

Robert Hoyt was General Counsel at the U.S. Department of Treasury between 2006 and 2009. He oversaw legal aspects of policies implemented to manage the crisis, including the rescues of Bear Stearns, AIG, and the U.S. Auto industry, the conservatorship of Fannie Mae and Freddie Mac, and the failure of Lehman Brothers, as well as the creation and implementation of the Troubled Asset Relief Program (TARP.) This Lessons Learned is based on a phone interview with Mr. Hoyt.


Lessons Learned: Alejandro Latorre, Maryann Haggerty 2021 Yale University

Lessons Learned: Alejandro Latorre, Maryann Haggerty

Journal of Financial Crises

At the time of the 2007-09 global financial crisis, Alejandro Latorre was an assistant vice president at the Federal Reserve Bank of New York (FRBNY). He was active in the bailout of American International Group (AIG) from its inception to the end, when AIG repaid its outstanding obligations to both the Federal Reserve and the U.S. Treasury. This Lessons Learned summary is based on a Feb. 26, 2020, interview. He emphasized that the views discussed here are his own, not the views of anyone else currently or previously within the Federal Reserve System or the views of his current ...


Lessons Learned: Sarah Dahlgren, Alec Buchholtz, Rosalind Z. Wiggins 2021 Yale University

Lessons Learned: Sarah Dahlgren, Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Sarah Dahlgren was the Executive Vice President and head of the Financial Institution Supervision Group at the Federal Reserve Bank of New York (FRBNY) during the crisis and instrumental in the rescue of American International Group (AIG). This Lessons Learned summary is drawn from a March 22, 2018, interview in which she gave her take on how central bankers can prepare for future crises.


Lessons Learned: Chester B. Feldberg, Maryann Haggerty 2021 Yale University

Lessons Learned: Chester B. Feldberg, Maryann Haggerty

Journal of Financial Crises

Chester B. Feldberg worked for the Federal Reserve Bank of New York (FRBNY) for 36 years in a variety of roles. In the aftermath of the Global Financial Crisis, he served as a trustee for the AIG Credit Trust Facility (2009-2011). The trust was established in early 2009 to hold the equity stock of American International Group Inc. (AIG) that the U.S. government had received as a result of the 2008 AIG bailout. The three trustees were responsible for voting the stock, ensuring satisfactory corporate governance at AIG, and eventually disposing of the stock.

When he was named as ...


The Rescue Of Fannie Mae And Freddie Mac – Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Adam Kulam, Daniel Thompson, Andrew Metrick 2021 Yale Program on Financial Stability

The Rescue Of Fannie Mae And Freddie Mac – Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Adam Kulam, Daniel Thompson, Andrew Metrick

Journal of Financial Crises

In September 2008, as the financial crisis that had begun the previous year escalated, the US government appointed a conservator for two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), that dominated the secondary mortgage market and were among the largest participants in the global capital markets. The conservatorships were the hallmark of a multipart rescue plan intended to save the firms from insolvency and a disorderly collapse and required the combined and coordinated efforts of several government agencies and instrumentalities. Ultimately, the government invested $191.5 billion into ...


The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam

Journal of Financial Crises

By late 2008, the secondary mortgage markets were suffering high default rates, causing mortgage lending to slow and the value of mortgage securities to plummet. The Federal Reserve lowered the federal funds rate, and the government placed Fannie Mae and Freddie Mac into conservatorship, yet credit in housing and other financial markets remained tight. On November 25, the Fed announced its intent to purchase up to $500 billion in agency mortgage-backed securities (MBS) and $100 billion in agency debt to reduce the cost and increase the availability of mortgage credit, which would support housing markets and improve conditions in financial ...


The Rescue Of Fannie Mae And Freddie Mac – Module E: The Housing And Economic Recovery Act Of 2008, Daniel Thompson 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac – Module E: The Housing And Economic Recovery Act Of 2008, Daniel Thompson

Journal of Financial Crises

As the U.S. housing crisis worsened in 2007, and through 2008, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) headed towards insolvency. At the same time, contractions in private securitization resulted in these two government-sponsored enterprises (GSEs) purchasing nearly half of all new mortgages. In July, the government passed the Housing and Economic Recovery Act of 2008 (HERA) to provide a more effective regulator and to address public uncertainty regarding whether the government would back the GSEs’ assets and liabilities. HERA provided Treasury and the newly formed Federal Housing Finance Agency ...


The Rescue Of Fannie Mae And Freddie Mac – Module D: Treasury’S Gse Mbs Purchase Program, Michael Zanger-Tishler, Rosalind Z. Wiggins 2021 Harvard University

The Rescue Of Fannie Mae And Freddie Mac – Module D: Treasury’S Gse Mbs Purchase Program, Michael Zanger-Tishler, Rosalind Z. Wiggins

Journal of Financial Crises

As the housing crisis escalated during the second half of 2007, two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), occupied an increasingly central role in the secondary mortgage market, purchasing a greater percentage of new mortgages as private securitization rapidly contracted. As their importance in this market grew, the two GSEs also began to suffer billion-dollar losses, inciting concerns that they might not be able to stay solvent throughout the remainder of the crisis. On September 6, 2008, fearing the systemic consequences of the two firms’ failures, the ...


The Rescue Of Fannie Mae And Freddie Mac – Module C: Gse Credit Facility, Emily Vergara 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac – Module C: Gse Credit Facility, Emily Vergara

Journal of Financial Crises

In 2007 and 2008, the collapse of the subprime mortgage market and the deterioration of the housing market more generally precipitated a crisis at the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which together held or guaranteed $5.3 trillion in mortgage assets. Over the course of two years, both entities suffered high losses and saw their liquidity positions deteriorate as the market perceived their rapid decline. On September 6, 2008, the Federal Housing Finance Agency (FHFA), pursuant to the authority of the Housing and Economic Recovery Act (HERA) of 2008, took ...


The Rescue Of American International Group Module Z: Overview, Rosalind Z. Wiggins, Aidan Lawson, Steven Kelly, Lily S. Engbith, Andrew Metrick 2021 Yale Program on Financial Stability

The Rescue Of American International Group Module Z: Overview, Rosalind Z. Wiggins, Aidan Lawson, Steven Kelly, Lily S. Engbith, Andrew Metrick

Journal of Financial Crises

In September 2008, in the midst of the broader financial crisis, the Federal Reserve Board of Governors used its emergency authority under Section 13(3) of the Federal Reserve Act to authorize the largest loan in its history, a $85 billion collateralized credit line to American International Group (AIG), a $1 trillion insurance and financial company that was experiencing severe liquidity strains. In connection with the loan, the government received an equity interest representing 79.9% of the company’s ownership. AIG continued to experience a depressed stock price, asset devaluations, and the risk of ratings downgrades leading to questions ...


The Rescue Of American International Group Module D: Maiden Lane Ii, Lily S. Engbith, Devyn Jeffereis 2021 Yale University

The Rescue Of American International Group Module D: Maiden Lane Ii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

In September 2008, American International Group (AIG) faced increasing difficulty in returning cash collateral to counterparties looking to terminate, rather than roll over, their securities lending agreements, in part because the company had invested the collateral in residential mortgage-backed securities (RMBS), which were becoming illiquid. The Federal Reserve Bank of New York (FRBNY) provided liquidity to the company, including through the Securities Borrowing Facility (SBF), which allowed for the repayment of cash collateral but did not address the falling values of the RMBS. In November 2008, the Federal Reserve Board authorized the creation of Maiden Lane II (ML II), a ...


The Rescue Of American International Group Module C: Aig Investment Program, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module C: Aig Investment Program, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion credit line to AIG to address its liquidity stresses, but AIG’s balance sheet remained under pressure. The insurance giant was projected to report large third-quarter losses and was at risk of being downgraded by major credit rating agencies. For these reasons, in early November 2008, the US Treasury invested $40 billion of Troubled Assets Relief Program (TARP) funds into AIG in exchange for 4 million shares of AIG Series D preferred stock and a warrant to purchase AIG common stock. The investment helped repay ...


Stress Tests And Policy, Greg Feldberg, Andrew Metrick 2021 Yale

Stress Tests And Policy, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus on their comparative advantages by taking a macroprudential focus, with severe scenarios that enable them to learn about emerging risks in both traditional and shadow banking sectors. In peacetime, also, supervisors should emphasize risk- management practices and be wary of forcing rapid changes in capital levels for individual banks, while linking stress-test results with countercyclical capital buffers across the system.


Three Essays On Socio-Institutional Ecosystems & Labor Structures, Jonathan Donald Jenner 2021 University of Massachusetts Amherst

Three Essays On Socio-Institutional Ecosystems & Labor Structures, Jonathan Donald Jenner

Doctoral Dissertations

In three essays, this dissertation explores the relationship between the social and the economic, with an eye to how social and institutional formations affect economic outcomes. In the first essay, I construct a theoretical base by developing the metaphor of ‘ecosystem’ as a frame for thinking of the various interrelations between social processes and economic phenomena – the socio-institutional ecosystem analysis. In invoking ecosystem as a central metaphor, this dissertation calls into focus the interaction between the economic and the non-economic, recognizing the multiplicity of causal inter- and intra-relationships between the two.

I deploy this analysis in two substantive case studies ...


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