Defeat Mechanisms In Modern Warfare,
2021
US Army War College
Defeat Mechanisms In Modern Warfare, Frank Hoffman
The US Army War College Quarterly: Parameters
This article explores the current debate about service and Joint operating concepts, starting with the Army’s multi-domain operations concept. It argues for adaptations to an old operational design technique—defeat mechanisms; updates to Joint and service planning doctrine; and discipline regarding emerging concepts. Rather than debate over attrition versus maneuver, combinations of a suite of defeat mechanisms should be applied to gain victory in the future.
Book Reviews,
2021
US Army War College
Book Reviews, Usawc Press
The US Army War College Quarterly: Parameters
No abstract provided.
Contributor's Guidelines And Article Index,
2021
US Army War College
Contributor's Guidelines And Article Index, Usawc Press
The US Army War College Quarterly: Parameters
No abstract provided.
Review Essay,
2021
US Army War College
Review Essay, Robert L. Bateman
The US Army War College Quarterly: Parameters
No abstract provided.
Commentary And Reply,
2021
US Army War College
Commentary And Reply, Claude A. Lambert
The US Army War College Quarterly: Parameters
No abstract provided.
Article Index,
2021
US Army War College
Article Index, Usawc Press
The US Army War College Quarterly: Parameters
No abstract provided.
Book Reviews,
2021
US Army War College
Book Reviews, Usawc Press
The US Army War College Quarterly: Parameters
No abstract provided.
Sherman And His Historians: An End To The Outsized Destroyer Myth?,
2021
US Army War College
Sherman And His Historians: An End To The Outsized Destroyer Myth?, Mitchell G. Klingenberg
The US Army War College Quarterly: Parameters
For years, scholars have viewed the career of William Tecumseh Sherman in light of an antiquated destroyer myth and neglected his memoirs, which were written as a military textbook. This essay reviews Sherman’s legacy and literature, both of which contributed to the advancement of modern military thought. His experiences may serve as a prescriptive text to servicemembers, providing critical lessons on military warfare and philosophy still relevant today.
On “The Us Army And The Pacific: Challenges And Legacies”,
2021
US Army War College
On “The Us Army And The Pacific: Challenges And Legacies”, Brian Mcallister Linn
The US Army War College Quarterly: Parameters
This commentary responds to David M. Finkelstein’s article, “The US Army and the Pacific: Challenges and Legacies,” published in the Autumn 2020 issue of Parameters (vol. 50, no. 3).
Lessons Learned: William “Bill” Dudley,
2021
Yale University
Lessons Learned: William “Bill” Dudley, Sandra Ward
Journal of Financial Crises
William “Bill” Dudley was the executive vice president of the Federal Reserve Bank of New York’s Markets Group from 2007–09 and vice chairman of the Federal Open Market Committee from 2009 to 2018. In January 2010, Dudley was named the 10th president of the New York Fed, succeeding Timothy Geithner. This Lessons Learned summary is based on an interview with Mr. Dudley.
The Us Supervisory Capital Assessment Program (Scap) And Capital Assistance Program (Cap),
2021
Yale School of Management
The Us Supervisory Capital Assessment Program (Scap) And Capital Assistance Program (Cap), Aidan Lawson
Journal of Financial Crises
Due to continued stress during the Global Financial Crisis, the US Treasury released a series of additional measures in February 2009 that included a mandatory stress test for major U.S. bank holding companies (BHCs), backed by government capital. The stress test, known as the Supervisory Capital Assessment Program (SCAP), tested the capital adequacy of the 19 U.S. BHCs that had more than $100 billion in assets. A large interagency team of regulators and other experts estimated losses and income under two hypothetical scenarios for the group of BHCs: a baseline that reflected the consensus belief about the course of the …
Us Capital Purchase Program,
2021
Yale School of Management
Us Capital Purchase Program, Aidan Lawson, Adam Kulam
Journal of Financial Crises
During the fall of 2008, the US government was faced with a financial crisis of unprecedented scope. Having already exercised the authority to put Fannie Mae and Freddie Mac into conservatorship in September, the stage was set for the US government to intervene more broadly in strained financial markets. This intervention would ultimately come in the form of the Emergency Economic Stabilization Act of 2008 (EESA), which was passed on October 3, 2008. The main provision of EESA was the Troubled Asset Relief Program, or TARP, a $700 billion program initially designed to purchase troubled assets off the balance sheets …
Us Community Development Capital Initiative (Cdci),
2021
Yale School of Management
Us Community Development Capital Initiative (Cdci), Adam Kulam
Journal of Financial Crises
The United States Department of the Treasury responded to the Global Financial Crisis with an economy-wide stimulus package called the Troubled Assets Relief Program (TARP). Within the portion of TARP’s budget dedicated to bank investments, about $570.1 million was disbursed to community development financial institutions (CDFIs)—specifically, banks and credit unions (depositories)—in a program called the Community Development Capital Initiative (CDCI). Through the CDCI, Treasury provided capital to CDFI depositories, encouraged them to lend to small businesses, and promoted other community-oriented goals. The CDFI depositories issued either preferred shares or unsecured subordinated debentures to Treasury at low (2%) interest rates for …
Us Reconstruction Finance Corporation: Preferred Stock Purchase Program,
2021
Yale School of Management
Us Reconstruction Finance Corporation: Preferred Stock Purchase Program, Aidan Lawson
Journal of Financial Crises
By March 1933, the early collateralized lending programs of the Reconstruction Finance Corporation (RFC) had failed to prevent the recurrence of bank runs and panic in US financial markets. These conditions forced newly elected President Franklin Delano Roosevelt to call for a nationwide bank holiday from March 6 to March 9. On the final day of the holiday, a special session of Congress passed the Emergency Banking Act (EBA), which gave the RFC the power to make investments via preferred equity of distressed institutions. Under the EBA, the RFC could subscribe to and make loans on cumulative non-assessable preferred stock …
Uk Bank Recapitalisation Scheme,
2021
Yale School of Management
Uk Bank Recapitalisation Scheme, Alec Buchholtz
Journal of Financial Crises
Following the collapse of Lehman Brothers and the ensuing global credit crunch in late 2008, Her Majesty’s Treasury (HMT) announced a large economic package to provide support to the UK banking sector. As part of the package, the eight largest banks committed themselves to raising their total Tier 1 capital by £25 billion through either private fundraising or government assistance. Thus, the economic package featured a new Bank Recapitalisation Scheme to invest up to £50 billion in capital into UK banking and credit institutions that could not raise their assets in the private sector. Government capital was invested into either …
Turkey Saving Deposit Insurance Fund Bank Recapitalization (2000–2001),
2021
Yale School of Management
Turkey Saving Deposit Insurance Fund Bank Recapitalization (2000–2001), Natalie Leonard
Journal of Financial Crises
Throughout the 1990s, Turkey’s macroeconomy featured high and fluctuating inflation and oscillating GDP growth rates. After Turkey’s April 1999 elections, Turkey adopted a new economic program in coordination with the International Monetary Fund (IMF) with three goals: fiscal adjustment, structural reform, and an exchange rate commitment. By the end of the third quarter of 2000, concerns over the pace of structural reform mounted and short-term interest rates remained high. The new Banking Regulation and Supervision Agency (BRSA) revealed significant corruption within several small banks taken over by the Saving Deposit Insurance Fund (SDIF). In November 2000, Demirbank, a private bank …
Thailand Capital Support Facilities 1998,
2021
Yale School of Management
Thailand Capital Support Facilities 1998, Adam Kulam
Journal of Financial Crises
After the floatation of the baht on July 2, 1997, the Thai economy endured a financial crisis from massive currency devaluation, exchange rate losses, and non-performing loans (NPLs). In response, the Thai government employed two types of restructuring programs: (1) the alleviation of NPLs and distressed assets, (2) the correction of financial institution insolvency and capital inadequacy. To help recapitalize private institutions with public funds, the government introduced tier-1 and tier-2 capital support facilities. The tier-1 facility aimed to attract private capital, and the tier-2 facility aimed to stimulate lending and corporate debt restructuring. Capital injections took the form of …
Sweden 1991 Bank Support Authority (Bankstödsnämnden),
2021
Yale University
Sweden 1991 Bank Support Authority (Bankstödsnämnden), Natalie Leonard
Journal of Financial Crises
Sweden’s economic downturn and growing unemployment in the early 1990s led to increased uncertainty about banks’ risks. Turbulence in foreign exchange markets and speculation against the Swedish krona caused significant problems in the housing paper market. The ensuing banking crisis affected six of the seven largest Swedish banks. Loan losses peaked in 1992 at nearly SEK 80 billion while the banking sector recorded an operating loss of almost SEK 50 billion. In the fall of 1992, the government guaranteed all banks’ liabilities, took over two of the largest banks, and announced it would create the Bank Support Authority to manage …
Spain – Fondo De Reestructuración Ordenada Bancaria (Frob) Capital Injections,
2021
Yale School of Management
Spain – Fondo De Reestructuración Ordenada Bancaria (Frob) Capital Injections, Priya Sankar
Journal of Financial Crises
The Spanish government created the Fondo de Reestructuración Ordenada Bancaria (FROB), known in English as the Fund for Orderly Bank Restructuring (FROB) in 2009 to perform temporary capital injections that facilitated the restructuring and mergers and acquisitions of struggling institutions. The FROB used preferred shares, ordinary shares, and contingent convertible bonds to recapitalize struggling Spanish credit institutions. The FROB injected a total of €54.4 billion of capital in three rounds. FROB I in 2010 injected capital to support the mergers of 25 insolvent regional savings banks, or cajas, into seven larger, more solvent banks through the subscription of convertible preferred …
Russian Bank Capital Support Program,
2021
Yale School of Management
Russian Bank Capital Support Program, Sean Fulmer
Journal of Financial Crises
At the start of 2014, the Russian Federation had experienced several years of decelerating growth rates as a result of weak investment, poor governance, and failed structural reforms. During 2014, the dual shocks of rapidly declining oil prices and increasingly stringent international sanctions led to significant financial instability, as Russian firms lost access to international markets and net capital outflows accelerated. As part of the response to this crisis, the Russian government unveiled a RUB 1 trillion (US $17.2 billion) bank capital support program, which it later revised down to RUB 838 billion. The program, operated by the Deposit Insurance …
