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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 ...


Monetary And Fiscal Policies In The Covid-19 Crisis. Will They Work?, Daniel Lacalle 2021 IE Business School

Monetary And Fiscal Policies In The Covid-19 Crisis. Will They Work?, Daniel Lacalle

Journal of New Finance

The spread and mortality rate of the COVID-19 virus has created enormous strains on global healthcare systems and driven governments to take extreme measures to contain the virus, including the lock down of most citizens and shutting down most economic sectors. Due to these unique challenges and coming from an economy that was weak already in 2018 and 2019, the world faces a global crisis of unprecedented impact and high uncertainty about the recovery process. In this paper, we analyze how the world economy is addressing the COVID-19 pandemic. We start with the situation of the main economic regions at ...


الرساميل الأجنبية وتأثيرها على الاقتصاد المغربي, سهام علوي بلغيتي 2021 جامعة سيدي محمد بن عبد الله، فاس

الرساميل الأجنبية وتأثيرها على الاقتصاد المغربي, سهام علوي بلغيتي

Dirassat

Title : The impact of Foreign capital on the Moroccan economy

The Protection Treaty was a legal pretext for France to supervise Morocco. However, the reality of protection culminated in exclusive control and domination of the economic sector. Businessmen and settlers benefited largely from the wealth of the region without restrictions. Moroccans who were involved with the imperialist economic logic seized the opportunity regardless of the economic logic dictated by Islam. Thus, the socio-economic, political and cultural repercussions of French economic policy on the Moroccan economy were huge. The colonial order dismantled traditional economic patterns that existed long before, therefore, city ...


Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins 2021 Yale Program on Financial Stability

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.


Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins 2021 Yale Program on Financial Stability

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.


Lessons Learned: Christopher Seefer, Mercedes Cardona 2021 Yale University

Lessons Learned: Christopher Seefer, Mercedes Cardona

Journal of Financial Crises

Christopher Seefer was recruited to the Financial Crisis Inquiry Commission (FCIC) to serve as the commission’s director of investigations. The 10-member bipartisan commission wascharged with investigating and determining the cause of the global financial crisis of 2007-09 (GFC). The commission held over 19 hearings and interviewed more than 700 people from September 2010 to January 2011 and produced a662-page report that attempted to explain why the crisis came about and the roles of government and private enterprises in the crisis.This “Lessons Learned” is based on an interview with Mr. Seefer.


Lessons Learned: Gary Cohen, Sandra Ward 2021 Yale University

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This ...


Lessons Learned: Wendy Edelberg, Sandra Ward 2021 Yale University

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.


Lessons Learned: Phil Angelides, Sandra Ward 2021 Yale University

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included ...


The Effects Of Racial Capitalism On Poor White Laborers, Amy Whittaker 2021 Hollins University

The Effects Of Racial Capitalism On Poor White Laborers, Amy Whittaker

Master of Arts in Liberal Studies

While always remembering that racial capitalism’s very nature ensures that non-white Americans suffer incomparable racial oppression, this paper will endeavor to expose the devastation caused to American society as a whole by explaining the ways in which racial capitalism destroyed poor white labors ability to participate fully in the economic system and strangled its chances of living the American dream. It is my hope that by discussing the missing piece of the poor white laborers’ experience under racial capitalism will unite poor white laborers and poor black laborers to work together to end racial capitalism, policing, and the carceral ...


Backfire: How The Rise Of Neoliberalism Facilitated The Rise Of The Far Right, Jacob Fuller 2021 Arcadia University

Backfire: How The Rise Of Neoliberalism Facilitated The Rise Of The Far Right, Jacob Fuller

Capstone Showcase

The U.S. far right has become increasingly mainstream in contemporary American politics. In this paper, I analyze the theory that the far right has gained ground due to a backlash from neoliberal policies beginning in the 1980s under Ronald Reagan. Using Process tracing, I operationalize claims made by those arguing that the white working class has moved towards the far right due to their loss of status, as well as the theory that specific wealthy actors have mobilized these groups and altered the movement against neoliberalism to suit their interests. I find that these arguments have merit, and further ...


Economic Costs Of Elevated Public Debt Levels During Banking-Crisis Recessions, Gavin T. Shilling 2021 Bowdoin College

Economic Costs Of Elevated Public Debt Levels During Banking-Crisis Recessions, Gavin T. Shilling

Honors Projects

The Great Recession of 2007 and 2008 exposed the risks of excessive borrowing. We learned the essential economic principle that greater leverage harbors greater risk. Although this global economic contraction was driven primarily by booming private credit expansion, economically inefficient incentives in the public sector, such as short-term reelection concerns, may lead politicians to engage in rash deficit- financed, fiscal spending. The primary purpose of this research is to assess the economic costs of heightened, preexisting government leverage on real economic outcomes during recessionary periods, focusing on both banking and non-banking crisis recessions. In both advanced economies and emerging economies ...


Do Global Pandemics Matter For Stock Prices? Lessons From The 1918 Spanish Flu, Marco Del Angel, Caroline Fohlin, Marc D. Weidenmier 2021 California State University, Los Angeles

Do Global Pandemics Matter For Stock Prices? Lessons From The 1918 Spanish Flu, Marco Del Angel, Caroline Fohlin, Marc D. Weidenmier

Business Faculty Articles and Research

We study the impact of the 1918 Spanish Flu on U.S. stock prices. We use the death rate to control for the impact of the global pandemic and war news reported in the New York Times to capture the positive effects of the end of World War I on stock prices. Using a new weekly hand collected NYSE stock price index, we show that there is a -.73 correlation between the aggregate stock market and the death rate. Furthermore, vector autoregressions demonstrate that the death rate can explain up to 24 percent of the forecast error variance in the ...


Ethnicity And Education: College Attendance Patterns Among Early 20th-Century Maine's Immigrant Community, Jacob M. Nash 2021 Colby College

Ethnicity And Education: College Attendance Patterns Among Early 20th-Century Maine's Immigrant Community, Jacob M. Nash

Honors Theses

I examine the college attendance patterns of second-generation Russian-Jewish immigrants in Maine in the early 20th century relative to other ethnic groups using individual-level Census records. I employ the Abramitzky, Boustan, and Eriksson (ABE) algorithm to track second-generation Jewish, Italian, French Canadian, English Canadian and European immigrants from the 1910 Census to the 1940 Census. My logistic regression analysis indicates that second-generation Jewish immigrants in Maine attended college at significantly higher rates than their peers of similar background in every other ethnic group. While I cannot evaluate them, I also discuss potential explanations for the disparity in college attendance ...


Three Essays On The Past And Future Of Socialism, Mihnea Tudoreanu 2020 University of Massachusetts Amherst

Three Essays On The Past And Future Of Socialism, Mihnea Tudoreanu

Doctoral Dissertations

The idea of economic planning and state ownership of the means of production, which had been central to socialist economic thought for a century and a half, suddenly fell out of favor even among socialists after the fall of the Soviet Union. The three essays of this dissertation are in essence critiques of this 21st century orthodoxy. The first essay addresses the idea of market socialism, as proposed by several academic works in the decades before and after the fall of the USSR. The essay questions whether market socialism would be substantially different from capitalism in practice. It aims to ...


Working Paper No. 48, Struggle Over China, Joshua Stanfill 2020 Portland State University

Working Paper No. 48, Struggle Over China, Joshua Stanfill

Working Papers in Economics

This inquiry seeks to establish that after Dr. Sun Yat-sen thought through and then laid the foundations for the modern Chinese state, a struggle for power emerged between those identifying as nationalists and communists. Sun’s ideas regarding some of the effects of western imperialism on Asian countries were shared by both the Chinese Communist Party and the Nationalist Party under Chiang Kai-shek. The ideological bases for the struggle between the two parties for China emerged in their beliefs regarding relationships between government and citizens, and the role of the government. Soon after Dr. Sun’s death, a struggle for ...


Working Paper No. 45, An Intellectual History Of Josiah Warren, Jarod Balentine 2020 Portland State University

Working Paper No. 45, An Intellectual History Of Josiah Warren, Jarod Balentine

Working Papers in Economics

This inquiry seeks to establish that Josiah Warren (1798-1874) developed a synthesis of anti-capitalist economics and radical individualism which became a unique, yet highly practical strand of anarchism in the United States. This inquiry relies heavily upon Crispin Sartwell’s The Practical Anarchist: Writings of Josiah Warren (2011) for insight into Warren’s contributions. Warren registers as distinct because of his relative isolation from other anarchist thinkers, existing largely as a lone practitioner operating in the western territories of the United States during middle-part of the 19th century. This inquiry considers Warren’s philosophical views as well as his practical ...


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