Lessons Learned: Jason Cave,
2024
YPFS, Yale School of Management
Lessons Learned: Jason Cave, Vincient Arnold, Greg Feldberg
Journal of Financial Crises
Jason Cave was the senior adviser to the chairman of the Federal Deposit Insurance Corporation (FDIC) from 2008 to 2011 and the deputy director of the Division of Complex Financial Institutions at the FDIC from 2011 to 2013. This Lessons Learned summary is based on an interview with Cave held on April 8, 2024. During the interview, Cave discussed the so-called ring-fencing arrangements planned, considered, or executed between various agencies of the US government—the Federal Reserve, Department of the Treasury, and FDIC—and three banks: Wachovia, Citigroup, and Bank of America. These arrangements, sometimes referred to as wraps or risk shields, …
International Monetary Fund: Short-Term Liquidity Line, 2020,
2024
YPFS, Yale School of Management
International Monetary Fund: Short-Term Liquidity Line, 2020, Carey K. Mott, Léo Brougher
Journal of Financial Crises
As the COVID-19 pandemic spread in March 2020, global financial conditions tightened considerably. In response, global reserve currency-issuing countries extended bilateral swap lines to select countries. Strong demand for US dollar liquidity among emerging markets led the International Monetary Fund (IMF) to introduce the Short-Term Liquidity Line (SLL) on April 15, 2020. The SLL functioned as a swap lending facility. Unlike other IMF liquidity tools, the SLL was a revolving credit line that allowed countries to repeatedly draw funds and make repayments, with each repayment restoring access up to the approved limit across SLL arrangements. Its purpose was to enable …
International Monetary Fund: Foreign Exchange Liquidity Through The Special Drawing Rights Allocation, 2021,
2024
YPFS, Yale School of Management
International Monetary Fund: Foreign Exchange Liquidity Through The Special Drawing Rights Allocation, 2021, Vincient Arnold
Journal of Financial Crises
The official response to the COVID-19 pandemic was costly for governments, particularly those in developing economies with significant existing external debt. On August 2, 2021, the International Monetary Fund (IMF) announced in a press release the allocation of SDR 456 billion (USD 650 billion) in Special Drawing Rights (SDRs) to “address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.” The COVID-19 allocation was a form of unconditional (or “concessional”) liquidity to IMF member nations, similar to a capital injection or grant. It was the fourth-ever general allocation and the largest …
Relocation Incentives In Alaska; Or, The Call Of The Wild And Transfer Payments,
2024
Purdue University
Relocation Incentives In Alaska; Or, The Call Of The Wild And Transfer Payments, Nathan Miller
The Journal of Purdue Undergraduate Research
No abstract provided.
Universal Basic Income Policy And Its Potential Impact On Welfare Reform,
2024
University of the Pacific
Universal Basic Income Policy And Its Potential Impact On Welfare Reform, Adriana S. Hines, Lindsay Gietzen
Pacific Journal of Health
This systematic review synthesizes the current Universal Basic Income (UBI) research. As income inequality continues to affect health outcomes, UBI has been proposed as a strategy to reduce gaps in healthcare access, food security, housing, and overall well-being. The review examines 12 peer-reviewed articles to understand how UBI can impact the direct and indirect factors contributing to the disparities that the current welfare system may not adequately address. The findings indicate that UBI can help alleviate poverty-related stress, potentially leading to better mental and physical health outcomes through improved nutrition, more stable housing, and greater life satisfaction. Additionally, UBI has …
A Review On Fiscal And Debt Policies In Pakistan,
2024
Associate Professor, Pakistan Institute of Development Economics, Islamabad
A Review On Fiscal And Debt Policies In Pakistan, Karim Khan
CBER Conference
Pakistan has been pursuing an active albeit expansionary fiscal policy since 1970s. In the mid1970s to early-1980s, such policy choice was manifested in externally financed development spending, primarily in the form of investment in public enterprises. Despite excessive deficit financing, Pakistan’s economic performance never took off; rather, it remained on a path of truncated growth which, in turn, created structural hurdles like low productivity, poor investment climate, and higher unemployment. Likewise, deficit financing has been threatening the sustainability of fiscal framework as excessive public spending is not accompanied by corresponding enhances in domestic revenues. Consequently, these policies have caused persistence …
Authoritarian Legality Of Sifc: An Inquiry Into The Dual State And Economic Decision Making In Pakistan,
2024
Non-Resident Research Associate, Centre for Strategic and Contemporary Research (CSCR), Islamabad; PhD Candidate, Department of Sociology, University of Karachi
Authoritarian Legality Of Sifc: An Inquiry Into The Dual State And Economic Decision Making In Pakistan, Hassan Zaheer
CBER Conference
Pakistan is no stranger to the union of authoritarianism with its economic decision-making. From the grand designs of Ayub Khan’s industrialization to Bhutto’s nationalization to Zia’s privatization, the country has been practically a laboratory of authoritarian experimentation over nature and the processes of the national economy. However, certain ideas have been coherent throughout time and space when it comes to the fusion of authoritarian law, arbitrary power, and economic decisions. These ideas have historically shaped the fusion of authoritarian power with economic decisions in the country. Resultantly, the authoritarian legality approach establishes a Dual-State in Pakistan by undermining normative processes …
Pros And Cons Of Debt Financing: An Objective Analysis,
2024
Quaid-i-Azam University
Pros And Cons Of Debt Financing: An Objective Analysis, Anwar Shah
CBER Conference
Debt financing plays an important role in the modern financial system. It is claimed that the interest rate equilibrates demand and supply in the loanable funds markets and helps in the efficient allocation of financial capital. It is also claimed that interest rates simply break up investment risk to suit the requirements of lenders and users of funds. However, the occurrence of the Global Recession in 2008 due to excessive debt financing in real estate (mortgage loans) and the resemblance of interest rate with usury requires investigation of the other side of debt financing. This paper aims to fill this …
Conference Proceedings: Fourth Annual International Conference: Rethinking Economics In The Contemporary World,
2024
Institute of Business Administration, Karachi, Pakistan
Conference Proceedings: Fourth Annual International Conference: Rethinking Economics In The Contemporary World, Shumaila Omar [Editor], Uzair Arif [Ed.], Tabeer E Zehra [Ed.], Sania Zehra [Ed.], Tooba Zaheer [Ed.]
IBA Press
The 4th Annual International Conference on Rethinking Economics, organized by the Institute of Business Administration (IBA) Karachi, provided a dynamic platform for academics, practitioners, and policymakers to explore diverse themes shaping the global economic landscape. The conference highlighted critical issues such as digital transformation, urban infrastructure, environmental challenges, monetary and fiscal policy, and human development. This collection is an amalgamation of abstracts from the papers presented at the conference.
Perceived Problem, Partnership, And Training Effect On Productivity And Export: Evidence From Micro And Small Manufacturing Firms In Indonesia,
2024
Universitas Trunojoyo Madura, East Java, Indonesia
Perceived Problem, Partnership, And Training Effect On Productivity And Export: Evidence From Micro And Small Manufacturing Firms In Indonesia, Rifai Afin
Economics and Finance in Indonesia
The primary objectives of this study are threefold: first, to investigate whether the challenges faced by micro and small industries motivate them to enter into partnerships; second, to assess the impact of partnerships on company productivity; and third, to explore the causal relationship between productivity and exports. We aim to determine whether productivity influences exports and vice versa or if a two-way relationship exists. The data used in this study consists of annual survey data from micro and small manufacturing companies, randomly collected by the Central Statistics Agency (BPS) in 2015, with a total sample of 58,290 observations. The methodologies …
Financial Inclusion In Indonesia: An Analysis Of Determinants Of Bank Account Ownership And Credit Access At Individual And Regional Levels,
2024
Politeknik Manufaktur Negeri Bangka Belitung, Bangka Belitung Islands, Indonesia
Financial Inclusion In Indonesia: An Analysis Of Determinants Of Bank Account Ownership And Credit Access At Individual And Regional Levels, Rindi Ardika Melsalasa Sahputri, Sujarwoto Sujarwoto, Septiana Sihombing, Muhamad Galy Njoman
Economics and Finance in Indonesia
Financial inclusion is widely recognized as a key driver of economic prosperity, yet many countries face considerable challenges in achieving it. This study empirically explores financial inclusion in Indonesia, focusing on bank account ownership and credit access, with the primary objective of identifying their determinants through a comparison of individual- and regional-level factors. Individual-level factors cover sociodemographic characteristics, poverty, and income inequality, while regional-level factors include regional economic development and financial infrastructure. Data were sourced from the National Socio-Economic Survey (SUSENAS) and the Village Potential Survey (PODES), consisting of 804,703 samples across 514 districts. A multilevel regression approach, using Generalized …
Spillover Effects And Political Yardstick Competition In Local Public Spending In Indonesia,
2024
Department of Economics, Faculty of Economics and Business, Padjadjaran University, West Java, Indonesia
Spillover Effects And Political Yardstick Competition In Local Public Spending In Indonesia, Muhammad Reyhan Akbar, Bagdja Muljarijadi
Economics and Finance in Indonesia
This study aims to test the presence of spillover effects and political yardstick competition in both mandatory and discretionary spending among local governments in Indonesia. A spatial econometrics model was employed to evaluate data from 410 districts/municipalities in Indonesia from 2010 to 2018. The findings confirm spillover effects in spending decisions among local governments. The empirical analysis also reveals that political factors drive horizontal interactions in mandatory spending, while such influences are absent in discretionary spending.
Revealing The Dual Dynamics: Transient And Persistent Efficiencies Of The Indonesian Provincial Economies,
2024
Department of Economics, University of Jember, East Java, Indonesia
Revealing The Dual Dynamics: Transient And Persistent Efficiencies Of The Indonesian Provincial Economies, Mohammad Zeqi Yasin, Fichrie Fachrowi Adli
Economics and Finance in Indonesia
We examine the decomposition of technical efficiency components into transient and persistent horizons applied to the 33 provincial economies in Indonesia. Focusing on the post-decentralization era in 2002–2022, we employ Stochastic Frontier Analysis to gauge efficiency dynamics for time-variant and time-invariant evolution. We reveal that the persistent inefficiencies outweigh transient ones, implying the persistent inefficient behavior of Indonesian provinces. We also capture that East Nusa Tenggara and several provinces in Eastern Indonesia show the most lagged-behind in terms of persistent inefficiency severity, suggesting necessity of structural changes through more strategic and specific development models beyond mere heterogeneous input reallocation.
Striking A Balance: Market Shock & Responses In Automotive Components Manufacturing,
2024
Clemson University
Striking A Balance: Market Shock & Responses In Automotive Components Manufacturing, Emma Lane Mcgahey
All Theses
This thesis examines the effects of extreme market shocks on supply chain dynamics within the automotive industry. Through an analysis of demand data from an automotive manufacturer to its component suppliers (January 2018 to May 2024), the study investigates the relationship between market shocks and supply chain responses, providing insights into how auto components inventory management handles downstream responses to market shocks. With supporting public data—from FRED, BLS, and the U.S. Census Bureau resources—we explore two primary relationships: the impact of market shocks on the Average Standard Deviation of Demand (SDO) and the effect of demand variability on expedited pricing …
How Millennials Make Investment Decisions: Financial Literacy And Financial Behavior,
2024
Binus Business School Master Program, Bina Nusantara University, Jakarta, Indonesia
How Millennials Make Investment Decisions: Financial Literacy And Financial Behavior, Dewi Tamara, Anita Maharani
Economics and Finance in Indonesia
This study investigates the effect of financial literacy, financial attitude, risk perception, and financial behavior on investment decisions. Employing a survey method with 342 respondents in Jakarta, the findings reveal that financial literacy has a negative and insignificant effect on investment decisions. In contrast, risk perception plays a crucial role in influencing investment decisions. Furthermore, financial behavior has an indirect mediating effect between financial literacy and risk perception on investment decisions but does not affect financial attitude. This study concludes that risk perception and financial behavior are important factors in investment decisions. Future research may consider incorporating other variables such …
Do Small Dollar Loans Increase Low Income And Minority Homeownership? Evidence From The Usda Section 502 Lending Program,
2024
Belmont University
Do Small Dollar Loans Increase Low Income And Minority Homeownership? Evidence From The Usda Section 502 Lending Program, Luke Petach
Faculty Scholarship
This paper investigates the impact of small dollar mortgage lending on housing affordability and homeownership in the United States. Using data on small dollar mortgage lending at the state level from the USDA Section 502 Lending Program and data on housing affordability and homeownership at the household level from the American Community Survey, I show that an increase in the number of small dollar mortgage loans per-capita at the state level is positively associated with homeownership and housing affordability, particularly for low income households and non-white households. For Black, non-Hispanic households, doubling the number of USDA Section 502 loans per …
Could Renewable Energy Use Boost Goods Export Performance In Asean?,
2024
Politeknik Statistika STIS
Could Renewable Energy Use Boost Goods Export Performance In Asean?, Sherina Rafidah Khairunnisa, Siskarossa Ika Oktora
Economics and Finance in Indonesia
ASEAN economic integration increases trade opportunities and also triggers an increase in carbon emissions, especially from exports of goods. ASEAN needs to switch to renewable energy to improve the performance of goods exports. This study analyzes the influence of renewable energy on goods exports in ASEAN, 2010–2020. The results show that renewable energy positively impacts the performance of goods exports. Based on the results of this research, it is hoped that the government in each ASEAN country can strengthen regulations and policies on the use of renewable energy by providing incentives for producers and exporters who use renewable energy.
How Can Monetary Policy And Digitalization Enhance Economic Productivity Among Oic Members?,
2024
Sunan Kalijaga Yogyakarta State Islamic University
How Can Monetary Policy And Digitalization Enhance Economic Productivity Among Oic Members?, Basri Basri, Muhammad Akbar Ramadhani
Journal Of Middle East and Islamic Studies
Studi ini bertujuan untuk menentukan dampak suku bunga, jumlah uang beredar, dan pengembangan TIK terhadap PDB per kapita dengan menggunakan pendekatan panel heterogen dinamis (panel ARDL) pooled mean group (PMG). Temuan kami menunjukkan bahwa kebijakan moneter memainkan peran penting bagi pendapatan per kapita di seluruh negara OKI pada tingkat pendapatan yang berbeda. Bagi OKI secara keseluruhan, suku bunga memiliki dampak positif dalam jangka panjang tetapi tidak berpengaruh dalam jangka pendek. Bagi sebagian besar LMIC dan UMIC, kenaikan suku bunga cenderung meningkatkan pendapatan per kapita, sedangkan bagi sebagian besar negara LIC, hubungannya negatif. Jumlah uang beredar memiliki dampak negatif terhadap pendapatan …
Lessons Learned: Martín Redrado,
2024
Yale School of Management
Lessons Learned: Martín Redrado, Vincient Arnold
Journal of Financial Crises
Martín Redrado was appointed president of the Central Bank of Argentina by President Néstor Kirchner in 2004 and oversaw measures to manage the external shocks of the Global Financial Crisis of 2007–09. He resigned in 2010 after President Cristina Fernández de Kirchner tried to remove him over a dispute regarding the use of the bank’s reserves to fund the government. After leaving the bank, Redrado authored the book No Reserve: The Limit of Absolute Power, which argues against the danger of mixing politics and economics. He is currently a director of the think tank Fundación Capital and most recently was …
Lessons Learned: Alfred Dellibovi,
2024
Yale School of Management
Lessons Learned: Alfred Dellibovi, Maryanne Chute Lynch, Rosalind Z. Wiggins
Journal of Financial Crises
The Yale Program on Financial Stability (YPFS) interviewed Alfred DelliBovi about his tenure as president and chief executive officer of the Federal Home Loan Bank of New York leading up to and during the Global Financial Crisis of 2007–09 (GFC). The Federal Home Loan Banks (FHLBs) played a critical and unexpected lending role for their member banks at the start of the crisis. DelliBovi remained in his position for 21 years, until 2014. Before moving to the FHLB, DelliBovi had served as deputy secretary at the United States Department of Housing and Urban Development (HUD) from 1989 to 1992, in …
