Public Economics Commons^™

India: Yes Bank Capital Injection, 2020, Salil Gupta

Journal of Financial Crises

In March 2020, the Reserve Bank of India (RBI) helped engineer a capital injection and restructuring of Yes Bank, India’s fourth-largest private sector bank, to prevent a run on the bank and to preserve broader financial stability. On March 14, 2020, Yes Bank received a total capital injection of 100 billion Indian rupees (INR; USD 1.34 billion) in total from the State Bank of India and a group of private sector banks (HDFC, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, IDFC First Bank). The government-owned SBI received a 48.2% equity stake, committing to contribute up to …

Greece: Piraeus Bank Capital Injection, 2015, Stella Schaefer-Brown

Journal of Financial Crises

Greek banks experienced heavy deposit outflows from December 2014 through June 2015, which led Greece to declare a bank holiday from June 28, 2015, until July 18, 2015. Greek banks’ reliance on liquidity assistance from the Eurosystem began in August 2011, with a second peak in 2015; emergency liquidity assistance was fully repaid in 2019. The European Central Bank’s Single Supervisory Mechanism, responsible for banking supervision in Europe, conducted a stress test and asset quality review of the four large Greek banks and identified a capital shortfall of EUR 4.7 billion for Piraeus Bank (the Bank) in October 2015. To …

Greece: Ate Bank Capital Injection, 2011, Stella Schaefer-Brown

Journal of Financial Crises

In 2009, ATE Bank, the fifth-largest Greek bank, received a capital injection of EUR 675 million in Tier 1 preference shares as part of a broader aid package for the bank. In August 2010, Greek authorities conducted a strategic review of Greek banks, which concluded that ATE Bank was still facing serious difficulties. In October 2010, ATE Bank submitted a restructuring plan that included the purchase of EUR 1.14 billion in new ordinary shares. Of this EUR 1.14 billion, the bank used EUR 675 million to repurchase the earlier EUR 675 million preference shares. Private investors purchased an additional EUR …

Germany: Ikb Deutsche Industriebank Capital Injection, 2008, Lakshimi Swaminathan, Rishi Vala

Journal of Financial Crises

In July 2007, investors rapidly pulled their funding from asset-backed commercial paper (ABCP) programs that held US subprime mortgage-linked securities. According to the Financial Crisis Inquiry Commission (FCIC), German bank IKB Deutsche Industriebank AG (IKB) was the “first big casualty” of that run on ABCP. It had directly and indirectly guaranteed to provide EUR 9.3 billion in liquidity to its off-balance-sheet vehicle, Rhineland Funding Capital Corporation. German authorities and the Kreditanstalt für Wiederaufbau (KfW), a state-owned German development bank, quickly took over those obligations on July 30 to keep IKB solvent and prevent it from closing. KfW also agreed to …

Germany: Hsh Nordbank Capital Injection, 2009, Anmol Makhija

Journal of Financial Crises

State-controlled HSH Nordbank AG (HSH) lost EUR 2.8 billion in 2008, mainly because of impairments to its holdings of US structured credit securities. On April 29, 2009, the German bank regulator informed HSH that it would close HSH if the owners did not recapitalize the bank to the 8% total capital ratio requirement. In June 2009, the state governments of Hamburg and Schleswig-Holstein injected EUR 3 billion (USD 3.8 billion) of capital in ordinary shares with voting rights and provided a EUR 10 billion asset guarantee, called a “risk shield,” for a 7.85% annual fee. Over the next few years, …

Cyprus: Laiki Bank Capital Injection, 2012, Stella Schaefer-Brown

Journal of Financial Crises

In 2011, Cyprus’s second-largest bank, Marfin Popular Bank—later renamed Cyprus Popular Bank, but commonly known as Laiki Bank—lost billions of euros when the Greek government restructured its sovereign debt, decimating its equity capital and shutting its access to market liquidity. In late 2011, supervisors estimated the bank’s capital shortfall at EUR 3.1 billion. In January 2012, the bank submitted a plan to the central bank that included EUR 1.8 billion of capital raised from private investors and EUR 1 billion of capital increases through debt-to-equity swaps and deleveraging. However, Laiki Bank was unable to raise private capital and asked the …

France: Bank Of France Capital Injection, 1805, Ayodeji George

Journal of Financial Crises

After receiving the exclusive right to issue bank notes in Paris in 1803, the Bank of France became a significant source of funding for the French government in early 1805, as Napoleon prepared for a key battle of the Napoleonic Wars. In the first half of 1805, the French treasury paid back loans with notes with later maturities rather than metallic money, draining the metallic liquidity reserves of the Bank of France far below levels that bankers at the time considered prudent. After the circulation of an unfounded rumor that Napoleon himself had raided the metallic reserves for the war …

Belgium: Fortis Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

In September 2008, in the wake of the freezing of credit markets caused by the Global Financial Crisis (GFC), Fortis Group, a financial conglomerate incorporated in Belgium and the Netherlands, faced depositor runs and share price deterioration. These negative consequences were a result of its exposures to US subprime mortgage-related assets and other losses from its 2007 acquisition of ABN AMRO, a large Dutch bank. Over the weekend of September 27–29, authorities from Belgium, the Netherlands, Luxembourg, and the European Central Bank (ECB) held emergency talks, resulting in the announcement of EUR 11.2 billion (USD 14.3 billion) in capital injections …

Belgium And France: Dexia Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

Dexia Group (Dexia, or the Group) was a banking and insurance conglomerate that specialized in public financing with major operations in Belgium, France, and Luxembourg. Following the collapse of Lehman Brothers in mid-September 2008, Dexia faced a liquidity crunch as wholesale funding markets froze. Faced with insolvency concerns, authorities from the bank’s three primary markets, Belgium, France, and Luxembourg, conducted overnight negotiations to agree on capital injection terms. On September 30, 2008, authorities and the bank’s board of directors announced a EUR 6.4 billion (eventually EUR 6 billion) capital injection intended to restore Dexia’s solvency and maintain systemwide stability. The …

Austria And Germany: Hypo Alpe Adria Capital Injections, 2008, Bailey Decker

Journal of Financial Crises

Hypo Alpe Adria (HAA) was Austria’s sixth-largest bank at the time of the Global Financial Crisis of 2007–2009 (GFC), with EUR 41.2 billion (USD 29.2 billion) in total assets as of June 30, 2008. HAA pursued a growth strategy in Southeastern Europe in the years preceding the GFC, which proved troublesome for HAA’s loan portfolio and led to large write-downs in autumn 2008. HAA’s majority shareholder was a German landesbank, Bayerische Landesbank (BayernLB). On October 26, 2008, the Austrian Parliament passed a EUR 100 billion support scheme in response to the GFC, with EUR 15 billion allocated for troubled banks. …

Survey Of Ad Hoc Capital Injections, June Rhee, Benjamin Hoffner, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Government recapitalizations of systemic banking organizations can be costly and unpopular but are sometimes necessary to protect depositors and prevent financial contagion. This paper surveys 23 Yale Program on Financial Stability case studies of ad hoc capital injection programs, defined as programs that provide capital to a single institution or a clearly defined minority of institutions. We saw a marked increase in capital injection programs in the past 50 years, more than half of which were ad hoc. Authorities designing ad hoc capital injections face difficult decisions—when to deploy them rather than let a bank fail; whether to impose losses …

Selected U.S. Government Statistical Agencies And Their Data, Bert Chapman

Libraries Faculty and Staff Presentations

Provides introductory and detailed overview of U.S. Government agencies statistics. Includes examples of how an individual U.S. law authorizes government agencies to compile statistics for particular congressional committees and the general public. Statistics cover topics such as demography, defense, foreign assistance, economic growth, criminal justice, energy, Social Security, and Medicare.

The Effect Of Stimulus Payments On College Students: Ex-Ante Perceptions And Reality, Rohan Angadi, Vidhura Sbw Tennekoon

Midwest Social Sciences Journal

In this paper, we use a natural experiment to measure the impact of a transitory positive income shock on college education. On March 11, 2021, the American Rescue Plan Act was signed into law. This act made provisions for the third round of Economic Impact Payment for eligible US residents. Each person in an eligible family received up to $1,400. This stimulus payment was an exogenous positive income shock on US college students if they received the payment. Using primary data collected through a survey, we first investigate how US college students were affected by and responded to this income …

Agrivoltaic Decision Tools For Perennial And Field Crop Farmers, Jill Fitzsimmons, Tae-Hyun Kim

Journal of Extension

This article describes a series of spreadsheet-based tools to help farmers estimate costs, revenues, and yields from agricultural production under different configurations of agrivoltaic installations for field and perennial crops. Crop-specific log books allow farmers to project changes in activity-level costs from the field due to agrivoltaic installations. The whole-farm tool helps farmers aggregate activity-level net returns up to the farm level to calculate projections of trade-offs between crop production with or without agrivoltaic installations. We present tools for lettuce and cranberries, but the tools are comprehensive and inclusive and so can be modified for other perennial and field crops.

A Comparative Study Of Indonesia And Malaysia's Economic Resilience In The Covid-19 Era: An Analysis Of Economic Stability, Muhammad Nur Abdul Latif Nur Latif Al Waroi

Jurnal Kajian Stratejik Ketahanan Nasional

This study analyzes the economic resilience of Indonesia and Malaysia during the COVID-19 pandemic, focusing on economic stability. The research explores pre-pandemic economic conditions, the impact of COVID-19 on GDP, inflation, unemployment, and government debt, as well as recovery efforts through fiscal and monetary policies. Data from Statistics Indonesia, Department of Statistics Malaysia, World Bank, and IMF were used. Results indicate that Indonesia experienced a faster economic recovery, with GDP growth returning to pre-pandemic levels quicker than Malaysia. The economic impact of the pandemic in Indonesia is lower, supported by the National Economic Recovery Program (PEN) and Bank Indonesia's monetary …

Essays In Health Economics And Applied Econometrics: Assessing Recreational Marijuana Laws, Dragos Ailoae

Dissertations, Theses, and Capstone Projects

This dissertation explores the diffusion and impacts of state recreational marijuana laws (RML). Chapter 1 examines factors driving state adoption and spread of RML, finding that states with citizen ballot initiatives, expansive legislative capacities, and higher fiscal stress are more likely to enact RML. Ideological proximity, rather than geography, drives policy diffusion, with learning from early adopters likely serving as a key mechanism in the process. Chapter 2 assesses first-order effects of RML on marijuana consumption and drug policing using various econometric methods. Results suggest amplification bias in difference-in-differences point estimates due to an endogenous policy variable. This has economic …

The Influence Of Socio-Economic Constraints On Women's Economic Empowerment In Kenya: Evidence Of Wage Disparities?, Wairimu Kimani

McNair Summer Research Program

This study presents an econometric analysis of socio-economic factors which influence wage inequalities in Kenya. This study tests the hypothesis that women experience cross sectoral gender wage disparities which are influenced by cultural and social expectations. Linear, logistic, factorial regressions models and the Mann-Whitney test were utilized to identify statistical determinants of the gender-wage gap through disproportionate educational outcomes, labor outcomes, and social outcomes. The outcomes reflect that education and other demographic factors play a pivotal role in the wage and employment outcomes for women in Kenya. The results suggest that cultural implications are the main influence to the socio-economic …

Socioeconomic Inequalities Between The Bronx And Other Counties In New York City, Mexican Studies Institute Cuny, Eliana Checo-Genaoa

CUNY Mexican Studies Institute

The Bronx, despite its proximity to the other boroughs of New York City, has the highest poverty rates among them. Using data from 2010 to 2022, this study examines the socioeconomic disparities between the Bronx and Brooklyn, Manhattan, Queens, and Staten Island. Key indicators analyzed include poverty levels, SNAP benefits, unemployment rates, median income, educational attainment, homeownership rates, business creation, and GDP per capita. Our study reveals that the Bronx has the highest poverty, unemployment, and SNAP benefit dependency rates, lower educational attainment, and the lowest median income and homeownership rates. Our findings underscore the persistent socioeconomic challenges faced by …

Electrifying Choices: Decoding Electric Vehicle Adoption And Policy Incentives In America, William T. Ball

Theses and Dissertations

Countries, states, and municipalities are working to reduce greenhouse gas emissions in the transportation sector by leveraging policy incentives to promote electric vehicle (EV) adoption. I study the efficacy of state-level time-of-purchase rebate incentives in the United States between 2016 and 2022, and employ a generalized difference-in-difference two-way fixed effects model that enables causal inference. I find that EV rebate incentives cause an increase of 1 EV per 1,000 vehicles. EV rebate incentives also cause a decrease in gasoline powered vehicles by 3 vehicles per 1,000, and a decrease in diesel powered vehicles by 1 per 1,000. EV rebate incentives …

We're Swarming Again! Swarming, Collectivity, And Trope: The Case Of Extinction Rebellion, Tyler J. Behymer

Department of Communication Studies: Dissertations, Theses, and Student Research

This thesis explores the rhetoric of the eco-movement Extinction Rebellion, focusing on the use of swarming and nature tropes to mobilize collective action and revivify contemporary notions of collectivity. Drawing on rhetoric of social movement scholarship, cultural studies, and psychoanalysis, this essay theorizes swarming as a tropological economy that expands the conditions of propriety in the context of collectivity. Through an analysis of Extinction Rebellion’s discourse, this study demonstrates how the naturalization of swarming tropes works in various ways to rewild conventional political discourse, galvanize disruptive collective assembly, and challenge green neoliberalism.

Advisor: Casey Ryan Kelly