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Evolving Marketization, Societal Trends, And Indicators In Chile And The Andean Region, Cristian Andres Sepulveda, Clifford J. Shultz, Mark Peterson 2023 Fort Lewis College

Evolving Marketization, Societal Trends, And Indicators In Chile And The Andean Region, Cristian Andres Sepulveda, Clifford J. Shultz, Mark Peterson

Markets, Globalization & Development Review

The effects of marketization on Chile and the broader Andean Region are profound and systemic. Key indicators reveal trends toward economic growth, improved social conditions, and sustainable development. The marketization of the Andean Region, however, is a complex and evolving process. We report on recent developments, which necessitate some reflection on trends and prognoses. In particular, while marketization has led to better education, increased social mobility, and enhanced well-being, one of the most important challenges facing countries in the region is ensuring that the benefits of marketization are shared equitably among all members of society. Priorities include further improvements in …


A Philosophical And Empirical Investigation Into Buddhist Economics, Hannah Doyle 2023 Claremont Colleges

A Philosophical And Empirical Investigation Into Buddhist Economics, Hannah Doyle

CMC Senior Theses

There is a growing body of literature on Buddhist economics from a philosophical perspective; however, no work to date has sought to empirically validate it as an effective economic theory at a global scale. In my paper, I draw on the long history of Buddhist metaphysics to construct an account of Buddhist ethics and then proceed to derive a set of Buddhist economic principles. I draw on the World Happiness Report’s methodology to quantitatively demonstrate the relationship between Buddhist economic principles and the psychological wellbeing of a country’s citizens, as measured through their own evaluation of their quality of life …


Human Development And Macroeconomic Shocks In Nigeria: An Empirical Investigation, Risikat O.S. Dauda, Onyebuchi Iwegbu 2022 University of Lagos, Lagos, Nigeria

Human Development And Macroeconomic Shocks In Nigeria: An Empirical Investigation, Risikat O.S. Dauda, Onyebuchi Iwegbu

Journal of Social, Behavioral, and Health Sciences

This paper explores how human development responds to selected macroeconomic shocks in Nigeria. The study employed the Sen’s capabilities approach as the analytical approach and posited that the level of education, health status, quality of investment, technology, and government fiscal and monetary policies are plausible determinants of human development. We used the Structural Vector Autoregression (SVAR) to estimate the responses of such selected shocks, which are inflation, interest rate, government capital expenditure, exchange rate, current account balance, and savings shocks. The Forecast Error Variance Decomposition (FEVD) and the Impulse Response (IR) showed that a fiscal policy shock is the major …


An Anomaly In Unemployment Rates: A Comparative Analysis Of Federal Governments’ Responses To The Covid-19 Pandemic, Trent Arney 2022 University of Arkansas, Fayetteville

An Anomaly In Unemployment Rates: A Comparative Analysis Of Federal Governments’ Responses To The Covid-19 Pandemic, Trent Arney

Economics Undergraduate Honors Theses

During the COVID-19 pandemic, the United Kingdom experienced extremely low unemployment rates compared to similarly developed nations. As a result of the ensuing national recessions, the United States’ and Canada’s Phillip’s Curves shifted, while the United Kingdom’s remained steady. Each of these three nations pursued relatively similar monetary and fiscal policies; however, the United Kingdom’s government-supported wage policy had different requirements and specifications than that of the United States’ and Canada’s. The United Kingdom’s government-supported wage policy prioritized saving jobs while the United States’ and Canada’s policies prioritized saving firms, leading to the disparity in national unemployment rates observed during …


The Effect Of The Syrian Crisis On The Profitability Of The Country's Private Banking Sector, Osama Alyousef 2022 PhD Candidate in Economics, Faculty of Business Administration, Beirut Arab University, Beirut, Lebanon

The Effect Of The Syrian Crisis On The Profitability Of The Country's Private Banking Sector, Osama Alyousef

BAU Journal - Creative Sustainable Development

This research analyses the effect of the Syrian crisis on the profitability of local private banks during the period from 2011 to 2018 using fixed effects estimator on panel data. The research studies all of the 14 Syrian private banks and includes bank-specific variables calculated from the published quarterly and annual reports of all the banks, as well as a variable for the Syrian crisis measured by the following macro-economic factors: the number of crisis-related casualties, the number of Syrians who fled the country as refugees or asylum seekers, and the Syrian Pound exchange rate against U.S. Dollar during the …


The Limits Of Financial Equity: The Federal Reserve, The Depression Of 1921, And The End Of Wilsonian Progressivism, Terril Hebert 2022 Louisiana State University

The Limits Of Financial Equity: The Federal Reserve, The Depression Of 1921, And The End Of Wilsonian Progressivism, Terril Hebert

LSU Master's Theses

The Limits of Financial Equity: The Federal Reserve, the Depression of 1921, and the End of Wilsonian Progressivism is an examination of monetary policy and centralized macroeconomic planning in the American economy during the inflationary spiral of the 1910s that culminated in the Depression of 1921. Put forward for consideration is the successful populist campaign for agricultural credit equity by the burgeoning Federal Reserve System; set against a backdrop of intentional inflation, world and domestic citizens competed against as the price and supply chain distortions perpetuated by the policing of American commerce by the Food Administration, A. Mitchell Palmer’s Department …


Lessons Learned: Christopher Spoth, Sandra Ward 2022 Yale University

Lessons Learned: Christopher Spoth, Sandra Ward

Journal of Financial Crises

As senior deputy director of the Division of Supervision and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC), Spoth led examinations, enforcement actions, problem bank remediations, and failure resolutions, among a range of responsibilities. During the Global Financial Crisis, he was on the front lines of fast-moving policy discussions and actions to help stabilize the financial system, and he oversaw the closure and restructuring of some of the nation’s largest banks. This abstract is based on an interview with Spoth on February 4, 2021.


Lessons Learned: Kevin Warsh, Matthew A. Lieber 2022 Yale University

Lessons Learned: Kevin Warsh, Matthew A. Lieber

Journal of Financial Crises

As senior deputy director of the Division of Supervision and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC), Spoth led examinations, enforcement actions, problem bank remediations, and failure resolutions, among a range of responsibilities. During the Global Financial Crisis, he was on the front lines of fast-moving policy discussions and actions to help stabilize the financial system, and he oversaw the closure and restructuring of some of the nation’s largest banks. This abstract is based on an interview with Spoth on February 4, 2021.


Lessons Learned: Brian Sack, Sandra Ward 2022 Yale University

Lessons Learned: Brian Sack, Sandra Ward

Journal of Financial Crises

Charged with overseeing the implementation of the asset-purchase programs and liquidity facilities in his roles as executive vice president of the Markets Group and manager of the System Open Market Account at the Federal Reserve Bank of New York (FRBNY), Brian Sack played a critical role in keeping markets functioning during the years 2009–2012. He served as an adviser to top policymakers, and, in addition to implementing the various programs designed to stabilize financial conditions, he monitored their impact and measured their performance. This Lessons Learned summary is based on an interview with Sack on November 13, 2020.


Lessons Learned: Nathan Sheets, Yasemin Sim Esmen, Rosalind Z. Wiggins 2022 Yale School of Management

Lessons Learned: Nathan Sheets, Yasemin Sim Esmen, Rosalind Z. Wiggins

Journal of Financial Crises

Between 2007 and 2011, Nathan Sheets was director of the Division of International Finance at the Board of Governors of the Federal Reserve System. He oversaw the operations of the division and advised the Federal Open Market Committee (FOMC) on economic and financial developments in foreign countries. Sheets also regularly represented the Federal Reserve Board at international meetings and in its contacts with foreign central banks. Under his helm, the division was involved in helping establish and manage the US dollar liquidity swap lines with foreign central banks. This Lessons Learned abstract is based on an interview with Sheets on …


Lessons Learned: Susan Mclaughlin, Matthew A. Lieber 2022 Yale University

Lessons Learned: Susan Mclaughlin, Matthew A. Lieber

Journal of Financial Crises

A veteran staff member of the Federal Reserve Bank of New York (FRBNY), Susan McLaughlin served as head of the discount window and chief operating officer of the FRBNY’s Markets Trading Desk during the Global Financial Crisis. She was centrally involved in the Fed’s policy response to the disruptions to secured and unsecured funding markets during 2007–2008. Following the crisis, McLaughlin coordinated an effective Fed initiative to reform the triparty repurchase agreement (repo) market’s settlement infrastructure. The Fed’s reform efforts, engaging the financial industry under FRBNY president Bill Dudley, were instrumental in im-proving the stability of the funding market. This …


Lessons Learned: Frederic Mishkin, Matthew A. Lieber 2022 Yale University

Lessons Learned: Frederic Mishkin, Matthew A. Lieber

Journal of Financial Crises

Rick Mishkin served as a member of the Board of Governors of the Federal Reserve System from 2006 to 2008 and as director of research at the Federal Reserve Bank of New York from 1994 to 1997. A leading expert on monetary economics and financial markets and a professor at Columbia University’s School of Business since 1983, Mishkin has written 20 books, including the textbook The Economics of Money, Banking, and Financial Markets. This Lessons Learned is based on an interview with Mishkin conducted on October 20, 2020.


Lessons Learned: Simon Potter, Maryann Haggerty 2022 Yale University

Lessons Learned: Simon Potter, Maryann Haggerty

Journal of Financial Crises

Simon Potter, an economist, worked at the Federal Reserve Bank of New York for more than two decades. Leading up to the Global Financial Crisis, he was the New York Fed’s associate director of economic research; in 2010, he became director. In 2012, he shifted to become the head of the markets group, putting him at the helm of the Fed’s open markets operations, the mechanism by which the central bank steers monetary policy and interest rates. He moved to the private sector in 2019. For this April 2021 Lessons Learned interview, he emphasized that these are his personal opinions, …


Lessons Learned: Kieran J. Fallon, Matthew A. Lieber 2022 Yale University

Lessons Learned: Kieran J. Fallon, Matthew A. Lieber

Journal of Financial Crises

Presently the senior deputy general counsel for regulation and government affairs at PNC Fi-nancial Services Group, Kieran Fallon completed a 16-year tenure in the legal division of the Board of Governors of the Federal Reserve System in 2011. As associate general counsel dur-ing the Global Financial Crisis (GFC), he helped design the Federal Reserve’s Commercial Pa-per Funding Facility, restructure American International Group (AIG), and implement the Dodd-Frank Act. Relatedly, Fallon also served as general counsel for the Financial Stability Oversight Board from 2008 to 2011. This Lessons Learned is based on an interview conducted with Fallon on August 13, 2020.


Lessons Learned: Steven B. Kamin, Yasemin Sim Esmen 2022 Yale University

Lessons Learned: Steven B. Kamin, Yasemin Sim Esmen

Journal of Financial Crises

Steven B. Kamin was the deputy director of the division of international finance at the Federal Reserve Board during the Global Financial Crisis (GFC) and was appointed director in 2011. He was responsible for research, policy analysis, and reporting in the areas of foreign economic activity, US external trade and capital flows, and developments in international financial markets and institutions. This Lessons Learned is based on an interview conducted with Kamin on August 16, 2019.


Lessons Learned: Seth Carpenter, Maryann Haggerty 2022 Yale University

Lessons Learned: Seth Carpenter, Maryann Haggerty

Journal of Financial Crises

Seth Carpenter was a senior staff member of the Division of Monetary Affairs at the Federal Reserve Board during the 2007–09 Global Financial Crisis (GFC), meaning he was part of the team that advised the Board of Governors and members of the Federal Open Market Committee (FOMC) in setting monetary policy. He led the Board team that worked daily with the Open Market Trading Desk at the Federal Reserve Bank of New York to implement policy. He left the Federal Reserve System as deputy director of monetary affairs in 2014 to work at the US Department of the Treasury, where …


Lessons Learned: Tim Clark, Lynnley Browning 2022 Yale University

Lessons Learned: Tim Clark, Lynnley Browning

Journal of Financial Crises

During the Global Financial Crisis of 2007–09, Tim Clark was senior adviser in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. Clark was a chief architect of the Federal Reserve’s capital and liquidity stress tests that helped to stabilize the banks. He was also one of the leaders behind the implementation of the Dodd-Frank Act and other reforms at the Federal Reserve, and ultimately served as deputy director of the Division for Supervision and Regulation. This abstract is based on an interview with Clark that occurred on December 13, 2019.


Lessons Learned: John Bovenzi, Sandra Ward 2022 Yale University

Lessons Learned: John Bovenzi, Sandra Ward

Journal of Financial Crises

As a deputy to the chairman of the Federal Deposit Insurance Corporation (FDIC) and in his role as chief operating officer of the agency, John Bovenzi provided policy advice and oversaw the agency’s operations, including business lines, bank supervision, bank closings, deposit insurance, and administrative affairs. Bovenzi’s most notable role during the Global Financial Crisis was manning the helm of mortgage lender IndyMac after the FDIC took it over in July 2008 to position it for a sale. This abstract is based on an interview with Bovenzi conducted on December 2, 2020


The Internal Capital Markets Of Global Dealer Banks, Arun Gupta 2022 Federal Reserve System: Board of Governors

The Internal Capital Markets Of Global Dealer Banks, Arun Gupta

Journal of Financial Crises

This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2007–09 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present a unique set of facts on the evolution of inter-affiliate loans between US primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 62 percent of total securities lending reported on US primary …


Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka 2022 International Monetary Fund

Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka

Journal of Financial Crises

Since the Global Financial Crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that, in some circumstances, managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macrofinancial conditions. Effectiveness, however, does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.


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