Political Economy Commons^™

Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi

Economic and Financial Review

This study empirically examines the vulnerability of the Nigerian banking industry to extreme, but plausible, adverse oil price shocks. A structural vector autoregressive (SVAR-X) is adopted to achieve this objective. The study period covers 2007Q1 – 2020Q4. The simulations assess the asset quality performance of DMBs, using the NPLs, under three scenarios (baseline, adverse and severely adverse). The findings suggest that the entire banking industry, as well as individual DMBs, are vulnerable to adverse oil price shocks. Accordingly, the study recommends, strict compliance with the single obligor limit, by commercial banks, to mitigate adverse effects of volatilities in crude oil …

The Need For Economic Diversification In The Oil-Dependent Nations Of Saudi Arabia, Uae, And Nigeria: Possible Pathways And Outcomes, Alia Alzubair

Senior Theses

Economic diversification is seen as a key to the political and economic survival of Saudi Arabia, the UAE, and Nigeria. Each nation is currently considered an oil-dependent country, meaning that the bulk of its income comes from oil. Since oil will soon be depleted and other countries are moving toward green technology, the demand for oil is expected to continue to drop. Hence, the need for diversification. This paper conducts a comparison of the key policies each country is attempting to implement to produce a diversified economy. The paper concludes that various factors will prevent each country from successfully diversifying …

Neo-Extracting Gilded Welfare States: A Comparative Study Of Extractivism And Latin American Welfare State Formation, Pabvitraa Ramcharan

Student Theses and Dissertations

This paper attempts to establish a stronger linkage between neo-extractivism and social welfare states in contemporary Latin America using both a micro and macro perspective. By emphasizing the human capital aspect of the welfare state’s role in promoting equitable redistribution and correcting market failures, this paper attempts to evaluate the extent to which extractive industries contribute to human capital formation. Due to the sectors’ large influence on the state and weak capacity to create employment, I develop the concept of the “gilded welfare state,” defined by the inability of extractive industries to ensure equal opportunity and generate formal employment despite …

The Health Costs Of Political Identity: Evidence From Public Safety Responses In The Us And A Natural Experiment In California, Sahiba Chopra

Master's Theses

The Covid-19 pandemic has brought political polarization in the US to the forefront of the battle against coronavirus. We find that for every one percentage point increase in votes for Trump there are 881 more Covid-19 cases and 17 more Covid-19 deaths. We find that these results are motivated by political identity as it is mediated through public safety behaviors like maskwearing and social distancing. In addition, a natural experiment in California during the first half of the pandemic in the US finds that 36% of the Covid-19 cases at the census tract level in California can be associated with …

The Effect Of State Level Covid-19 Stay-At-Home Orders On Death Rates, Stephen A. Langeland, Jose Marte, Kyle Connif

Helm's School of Government Conference - 2021-2024

This paper attempts to examine a correlation between lockdown length and COVID-19 case rate, death rate and fatality rate. In March of 2020, the publishing of alarmist epidemiological models prompted government officials to enact sweeping emergency measures (Miltimore 2020). Notably, the Imperial College London model published by epidemiologist Neil Ferguson predicted a “best-case scenario” of 1.1 million COVID-19 deaths in the U.S. by August 2020. This model heightened concern that the hospital system would be overwhelmed, a reason cited by President Trump’s Coronavirus Task Force members, Dr. Birx and Dr. Fauci, as justification for the “15 Days to Flatten the …

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.S. immigration …

The Social Market Economy As A Formula For Peace, Prosperity, And Sustainability, Almuth D. Merkel

Doctor of International Conflict Management Dissertations

The social market economy was developed in Germany during the interwar period amidst political and economic turmoil. With clear demarcation lines differentiating it from socialism and laissez-faire capitalism, the social market economy became a formula for peace and prosperity for post WWII Germany. Since then, the success of the social market economy has inspired many other countries to adopt its principles. Drawing on evidence from economic history and the history of economic thought, this thesis first reviews the evolution of the fundamental principles that form the foundation of social-market economic thought. Blending the micro-economic utility maximization framework with traditional growth …

The Roaring Twenties After Covid-19: Revisiting The Evidence For Europe, Alessio Terzi

Journal of New Finance

Inspired by conspicuous historical parallels, some scholars and journalists have recently postulated that GDP growth and productivity might boom in the aftermath of the Covid-19 pandemic. This paper reviews the evidence for and against the ‘Roaring 20s’ hypothesis, concluding that some countries might experience a forceful economic expansion, possibly fuelled by pent-up demand, compounding a successful digital and green transition, or leveraging an export-led model. However, a strong prolonged economic bonanza is unlikely to materialise evenly across the EU. An uneven recovery would acquiesce imbalances within the Union, and especially the euro area. As such, policymakers should avoid complacency, and …

Sovereignty, Statehood, And Subjugation: Native Hawaiian And Japanese American Discourse Over Hawaiian Statehood, Nicole Saito

Student Scholar Symposium Abstracts and Posters

Although discourse over Hawaiian statehood has increasingly been described by scholars as a racial conflict between Japanese Americans and Native Hawaiians, there existed a broad spectrum of interactions between the two groups. Both communities were forced to confront the prejudices they had against each other while recognizing their shared experiences with discrimination, creating a paradoxical political culture of competition and solidarity up until the conclusion of World War Two. From 1946 to 1950, however, the country’s collective understanding of Japanese American citizenship began to shift with recognition of the community’s military service record and an increased proportion of veterans elected …

The Impact Of Information Shocks And Partisanship On The Evolution Of Covid-19 In Connecticut, Joslin Valiyaveettil

Honors Scholar Theses

The COVID-19 pandemic has affected all aspects of life within the United States since early 2020. How people decided to behave during this time heavily influenced the trends that followed, triggering both health and behavioral economic concerns. Those trends seemed to vary based on the area and the beliefs of those constituents. This paper explores how partisan beliefs had an impact on the changes in case rates that occurred within the top 30 most populated towns in the state of Connecticut. In July 2020, former President Donald Trump sent out a tweet publicly endorsing face masks for the first time. …

From Self-Sufficiency To Import Dependence In The Republic Of The Marshall Islands: Data Issues And Challenges, Debra L. Claypool

Electronic Theses, Projects, and Dissertations

Although it appears likely that the profoundly asymmetrical political and economic relationship between the United States and the Republic of the Marshall Islands (RMI) has contributed to the abandonment of traditional agriculture, import-dependency, and a decrease in quality of life for the citizens of the RMI, limits in existing quantitative data make it impossible to model exactly how this occurred. Therefore, rather than seek to model this causal relationship, the researcher employed three existing ethnographic studies to establish a quantitative measure of the transformation itself. Using additional government documents to supplement the existing data, a measure of relative percentage of …

Analyzing And Decomposing South African Income Inequality By Income Source, Race, And Poverty Level For 2008 And 2014, Zia Saylor

Undergraduate Economic Review

In South Africa’s apartheid regime a white minority controlled the black African majority from 1948 until 1994, creating income and wealth inequalities between the different races that linger today. This paper uses data from the 2008 and 2014 National Income Dynamics Survey (NIDS) to understand income inequalities within and between racial categories, to examine how different income sources contribute to overall income inequality, and to study how the interaction between race and poverty shapes the inequality between African households when decomposing into subgroups above and below the poverty line. For this study, I use Gini coefficients to measure inequality. My …

Extension-Led Demonstration: Grameen Microfinance Methods And Capital Access For Low-Income Female Entrepreneurs, Mark A. Edelman

Journal of Extension

A nonprofit community development financial institution and Extension collaborated to conduct a demonstration project to evaluate efficacy of Grameen peer-group microfinance methodology in addressing barriers faced by low-income women entrepreneurs in a small metro area. Program performance metrics achieved by 284 culturally diverse, low-income entrepreneurs (almost all women) over 5 years included a program loan repayment rate of 99%, increased average client income, bank savings accumulation, and increased opportunities for improved credit scores. Client survey responses indicated program methods developed confidence and skills in finances, leadership, and teamwork. Extension professionals may play various roles in such endeavors.

Covid-19: The Impact Of A Nation’S Political Economic Structure On Its Labor Market Spending Policies, Mary Margaret Baldy

Business and Economics Honors Papers

The onslaught of COVID-19 in March 2020 claimed the lives of millions and caused a global economic downturn marked by vast unemployment. Previous research has focused on how fiscal policy is utilized by advanced developed nations and their objectives with respect to fiscal policy. This paper aims to examine how a given nation’s labor market spending policies are impacted by its political economic structure. In order to delineate between and analyze the approaches of different political economic structures, this paper utilizes Nordic, Liberal, and Asian States constructs. In order to investigate the impact of political economic structure on labor market …

The Politics Of Taxation: An Economic Analysis Of Politically Motivated Tariffs Placed On French Wine By The United States, Katelyn Hutson

Honors Theses

In this paper, I research the economic distortions caused by a 25% retaliatory tariff placed on French wine by the United States in October 2019. This tariff was enacted as retaliation for airline subsidies provided by various European countries to Airbus and was approved by the WTO as a valid compensation for the loss these subsidies caused to the American company Boeing. In order to view the correlation between fluctuations in US import quantities of French wine and the retaliatory tariff, I estimated the effect of the tariff on the wine market using linear regression analysis. Through this regression, I …

Crisis And Catalonia: An Analysis On The Impact Of Crisis On The Public Opinion Of The Secessionist Movement In Catalonia, Rachel Ducker

Honors Theses

Catalonia, the autonomous region of Spain has seen an increase in secessionist sentiments in recent years. While the past inclination toward independence has been centered on economic autonomy and cultural identity, there has been a recent emphasis on political independence, particularly in the times of crisis. In this thesis. I analyze the relationship between the economic changes during the period of a crisis and the public opinion about the potential Catalan secession. Specifically, it investigates the relationships between the economic change and public sentiment during the financial crisis of 2008, the political crisis of 2017, and the pandemic crisis of …

Terrorism And Counter-Terrorism In Latin America: A Comparative Study Of Peru And Colombia, Reagan Shane

Global Tides

This paper investigates the counter-terrorism strategies employed against the Revolutionary Armed Forces of Colombia (FARC) in Colombia and the Shining Path (SL) in Peru and analyzes the effectiveness of those strategies. It begins by exploring the foundation of each organization and its respective goals, organization and tactics. Using this information, it then explores the counter-terrorism strategies employed by the government of each country in which the organizations were operating to determine the effectiveness of those strategies and how the structure of the terrorist organization might change that effectiveness. The paper concludes that military strategies have only been somewhat effective in …

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 employer.

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 a …

Lessons Learned: Eric Dinallo, Maryann Haggerty

Journal of Financial Crises

Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …