Lessons Learned: Karl-Philipp Wojick,
2024
Yale University
Lessons Learned: Karl-Philipp Wojick, Maryann Haggerty
Journal of Financial Crises
Karl-Philipp Wojcik is the general counsel of the European Union’s Single Resolution Board (SRB), the central resolution authority within the European Commission (EC) banking union. The banking union, which as of January 1, 2023, encompasses the 20 eurozone countries, along with Bulgaria, was established as part of the financial system reforms stemming from the Global Financial Crisis and the ensuing European sovereign debt crisis. The SRB’s stated mission is to ensure orderly resolution of failing banks, protect taxpayers from state bailouts, and promote financial stability. Wojcik became SRB general counsel in November 2020. Previously, he was a member of the …
Lessons Learned: Subba Rao Duvvuri,
2024
YPFS, Yale School of Management
Lessons Learned: Subba Rao Duvvuri, Salil Gupta
Journal of Financial Crises
Subba Rao Duvvuri served as governor of the Reserve Bank of India (RBI) for five years (2008–13). Before that, he was finance secretary to the government of India (2007–08), and secretary to the prime minister’s Economic Advisory Council (2005–07). With a career spanning 35 years in the Indian Administrative Services, Duvvuri has held various positions at the state level in the government of Andhra Pradesh, and at the central government of India. Duvvuri was previously lead economist at the World Bank (1999–2004) and, after 2013, served as a visiting fellow at the National University of Singapore and the University of …
Lessons Learned: Calvin Mitchell Iii,
2024
Yale University
Lessons Learned: Calvin Mitchell Iii, Mercedes Cardona
Journal of Financial Crises
Calvin Mitchell III served as executive vice president of the communications group within the executive office of the Federal Reserve Bank of New York (FRBNY) during the Global Financial Crisis. In 2008, Mitchell was tapped by Timothy Geithner, who was then FRBNY president, to head a new group charged with expanding the communications and community affairs functions. Mitchell left the FRBNY in 2009 for the private sector and returned to government in 2021 as assistant secretary for public affairs in the US Treasury Department.
International Monetary Fund: Special Drawing Rights Allocations, 2009,
2024
Yale College
International Monetary Fund: Special Drawing Rights Allocations, 2009, Ikbal S. Ahluwalia, Owen Heaphy, Rosalind Z. Wiggins
Journal of Financial Crises
Despite efforts by the world’s major economies to address stresses in the global financial system, by early 2009, the Global Financial Crisis caused developing and lower-income countries to experience shortages of the major reserve currencies. In August 2009, the International Monetary Fund (IMF) distributed a general allocation of Special Drawing Rights (SDR) of unprecedented size—totaling USD 250 billion (SDR 161.3 billion)—to all member countries in an effort to address these issues and provide liquidity to the world’s economies. In September 2009, it also distributed a special “catch-up” allocation of USD 33 billion in SDRs (SDR 21.5 billion) to eligible members …
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 …
How White Supremacy Travels Through Time: Anti-Literacy Laws, Dei Bans, And The Issue Of Black Self-Determination In Public Health.,
2024
University of Louisville
How White Supremacy Travels Through Time: Anti-Literacy Laws, Dei Bans, And The Issue Of Black Self-Determination In Public Health., Nicole V. Ford
Electronic Theses and Dissertations
This dissertation used a qualitative policy content analysis (PCA) of historical anti-literacy laws and modern DEI bans to answer two research questions: What is the connection between anti-literacy laws and DEI bans? How do anti-literacy laws and DEI bans create an environment that maintains white supremacy? A PCA exercise informed the analysis of historical anti-literacy laws in South Carolina (1834), Georgia (1829), North Carolina (1830), Louisiana (1830), Virginia (1831), and Alabama (1833) and modern DEI bans in Texas (2023), Alabama (2024), and Florida (2023) to find the connection between the laws. Findings from this dissertation illustrate how white supremacy operates …
Korea: The Enduring Policy Blindspot,
2024
US Army War College
Korea: The Enduring Policy Blindspot, Justin Malzac, Rene A. Mahomed
The US Army War College Quarterly: Parameters
The threat posed by the Democratic People’s Republic of Korea is a neglected and under prioritized problem across the US government, requiring a dramatic change of approach. Most proposals for Goldwater-Nichols reform focus on geography, either increasing or decreasing the number of geographic commands. Based on our personal experience as Joint military planners at strategic-level headquarters, we argue that the change needs to go further, focusing on global national security problems instead of geography. This article’s analysis and conclusions will provoke conversation across the national security enterprise about how the United States competes with multiple global threats.
The American Way Of Studying War: What Is It Good For?,
2024
US Army War College
The American Way Of Studying War: What Is It Good For?, Michael P. Ferguson
The US Army War College Quarterly: Parameters
Academic military historians, government institutions, and defense practitioners have unique purposes for advancing the study of war that influence the way they consume and produce history. Although there is substantial scholarship covering how the discipline of military history has changed since the late nineteenth century, the literature surrounding why it changes and how it is used is less plentiful. Using primary and secondary sources to contextualize debates between historians, this study traces major developments in military historiography, considers the US Army’s relationship with its history, and explores potential connections between a history’s purpose and its use for military professionals.
Parameters Winter 2024-25,
2024
US Army War College
Parameters Winter 2024-25, Usawc Press
The US Army War College Quarterly: Parameters
Welcome to the Winter 2024–25 issue of Parameters. This issue consists of an In Focus special commentary, three forums (Indo-Pacific, Security Cooperation, and Historical Studies), and the regular Civil-Military Relations Corner installment.
Book Reviews,
2024
US Army War College
Book Reviews, Usawc Press
The US Army War College Quarterly: Parameters
No abstract provided.
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 …
Policy Note | Discount Window Stigma: What's Design Got To Do With It?,
2024
Yale School of Management
Policy Note | Discount Window Stigma: What's Design Got To Do With It?, Susan Mclaughlin
Journal of Financial Crises
This article utilizes discount window transaction data, which the Federal Reserve began disclosing in 2010, to assess how the Fed’s 2003 redesign of the discount window has affected banks’ use of the window. The data show that while the discount window remains stigmatized and relatively little used outside periods of funding market stress, secondary credit has at times played a role in supporting bank recovery and resolution, as envisioned by the 2003 redesign. This development raises a policy question: has the two-tiered design of the discount window implemented in 2003, in which a lending facility for sound banks operates alongside …
Policy Note | Weekly Fed Report Still Drives Discount Window Stigma,
2024
Yale School of Management
Policy Note | Weekly Fed Report Still Drives Discount Window Stigma, Steven Kelly
Journal of Financial Crises
As banking regulators work to destigmatize the Federal Reserve’s discount window—and fervently so since the 2023 banking crisis—they’ve pointed to several potentially fruitful policy routes. These have included supervisory improvements, regulatory changes, and operational enhancements by both the banks and the Fed. Left off the menu so far have been changes to the Fed’s weekly publications that reveal up-to-date discount window borrowing data by regional geography. Reforms following the Global Financial Crisis of 2007–2009 have made mandatory the disclosure of discount window borrowers on a two-year lag—higher transparency than previously when no disclosure was required. However, bigger banks, such as …
Russia: Otkritie Bank Restructuring, 2017,
2024
Yale School of Management
Russia: Otkritie Bank Restructuring, 2017, Benjamin Hoffner
Journal of Financial Crises
In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced a deposit run related to concerns over Otkritie’s recent acquisitions. The run prompted Otkritie’s shareholders to approach the Central Bank of Russia (CBR) for assistance. On August 29, 2017, the CBR announced a rescue plan for Otkritie. In it, the CBR pledged to become Otkritie’s main investor using a newly created resolution mechanism wherein the CBR would take at least a 75% equity stake using funds from the Fund for Banking Sector Consolidation, a subdivision of the CBR. The CBR simultaneously appointed a provisional administration, composed of …
United States: Citigroup Capital Injection, 2008,
2024
Yale School of Management
United States: Citigroup Capital Injection, 2008, Benjamin Hoffner, Vincient Arnold
Journal of Financial Crises
During the first three weeks of November 2008, Citigroup’s stock price dropped almost 80%, and its credit default swap spreads spiked as the market lost confidence in the bank’s ability to honor its commitments. Counterparties pulled away, and regulators determined Citi’s failure would constitute a systemic risk. On November 23, 2008, the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced a package of measures to rescue Citi, which included an Asset Guarantee Program (AGP) to cover $306 billion in Citi’s assets and an ad hoc capital injection—the Targeted Investment Program (TIP). Under the guarantee, Citi would absorb the …
United States: Bank Of America Capital Injection, 2009,
2024
Yale School of Management
United States: Bank Of America Capital Injection, 2009, Benjamin Hoffner, Vincient Arnold
Journal of Financial Crises
On September 15, 2008, Bank of America (BofA) announced a merger with the investment bank Merrill Lynch. In December, BofA learned that Merrill Lynch had experienced large, unexpected losses amounting to $15.5 billion during the fourth quarter of 2008. In light of these losses, BofA’s CEO informed the US Treasury secretary and Federal Reserve chairman that BofA intended to invoke the material adverse change clause of the merger agreement, allowing for a renegotiation of, or escape from, the merger. Officials at the Fed and Treasury warned BofA that a failure of the merger would have adverse consequences for BofA and …
Switzerland: Schweizerische Volksbank Capital Injection, 1933,
2024
Yale School of Management
Switzerland: Schweizerische Volksbank Capital Injection, 1933, Anmol Makhija
Journal of Financial Crises
Schweizerische Volksbank, or Swiss People’s Bank, grew to be the second-largest bank in Switzerland by 1930, when its balance sheet peaked at 1.7 billion Swiss francs (CHF). Beginning in 1929, nonperforming assets weighed on Volksbank’s profitability. By 1933, the bank faced losses on CHF 118.5 million in assets, representing approximately 10% of total assets. The government provided liquidity in the form of loans and deposits to Volksbank in 1931 and again in 1933 until it could finalize a capital injection. In 1933, the government determined that Volksbank was too important to the national economy to allow its failure. As owners …
