Public Administration Commons^™

The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith

Journal of Financial Crises

As the global financial crisis raged in October 2008, its severe impact on global credit markets impelled governments to enact stabilization measures to calm and protect their domestic economies. The Republic of Finland, though not directly affected, designed preemptive interventions to mitigate disruption to its financial system. Among them was the Guarantee Scheme for Bank Funding in Finland (the Guarantee Scheme), announced on October 22, 2008, and implemented on February 12, 2009, which aimed to support banks and mortgage institutions with their short- and medium-term financing needs. Under the program, the Finnish State Treasury made up to €50 billion available …

Bank Debt Guarantee Programs, Christian M. Mcnamara, Greg Feldberg, David Tam, Andrew Metrick

Journal of Financial Crises

One of the hallmarks of the global financial crisis of 2007-09 was the rapid evaporation of the non-deposit, wholesale funding many financial institutions had become increasingly reliant upon in the years leading up to the crisis. In the aftermath of the Lehman Brothers bankruptcy, governments became increasingly concerned about even fundamentally sound institutions’ ability to access necessary funding. In response, beginning in October 2008, authorities across the globe began introducing guarantee programs enabling institutions to issue debt that would be backed by a guarantee from the government in exchange for a guarantee fee. While the specific details of these programs …

Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath

Journal of Financial Crises

The loan bills temporary credit facility was first implemented in May 2008, before the Global Financial Crisis had truly hit Denmark. It continued to be utilized as part of a broader effort to increase interbank lending after the collapse of Lehman Brothers in September 2008. The objective of the loan bills scheme was to facilitate lending among financial institutions. Each week, loan bills could be pledged as collateral for a seven-day loan from Denmark’s central bank, Danmarks Nationalbank. One banking institution could borrow from another institution by issuing a loan bill, and the institution buying the bill could raise liquidity …

The United Kingdom's Corporate Bond Secondary Market Scheme (U.K. Gfc), Claire Simon

Journal of Financial Crises

In late 2008, at the height of the Global Financial Crisis, increased liquidity premia and risk aversion in the secondary market hindered companies’ ability to issue corporate bonds. In response, in January 2009, Her Majesty’s Treasury authorized the Bank of England to establish a facility to purchase commercial bonds through the Asset Purchase Facility. In March 2009, the Bank of England published details on the Corporate Bond Secondary Market Scheme, in conjunction with its quantitative easing program. Under the scheme, the Bank acted as a market maker of last resort in the secondary bond market, making regular purchases of a …

The United Kingdom's Asset Purchase Program (U.K. Gfc), Ariel Smith

Journal of Financial Crises

On March 5, 2009, in the wake of the fallout from the Global Financial Crisis, the Monetary Policy Committee of the Bank of England announced a new, unconventional policy measure: quantitative easing. The MPC determined that simply cutting the Bank Rate in the face of a recession would not be enough to boost spending and increase inflation to meet the Bank’s goal of a 2% CPI-inflation target in the medium term. Rather, over the course of the next year, the Bank purchased £200 billion of assets—primarily gilts—in reverse auctions through a newly created Asset Purchase Program. After just under one …

Japan's Special Funds-Supplying Operations (Japan Gfc), Alec Buchholtz

Journal of Financial Crises

Following the collapse of Lehman Brothers in September 2008, the global commercial paper (CP) market began to tighten as interest rates rose and investors sought more-liquid money market securities. The Bank of Japan (BOJ) introduced several measures in late 2008 to make liquidity available to nonfinancial corporations that were strapped for cash. In December 2008, the BOJ implemented special funds-supplying operations in order to provide unlimited liquidity to banks and other financial institutions so they could continue to fund nonfinancial corporations. The BOJ would provide one- to three-month loans against an equal value of eligible corporate debt at a rate …

The Term Asset-Backed Securities Loan Facility (Talf) (U.S. Gfc), June Rhee

Journal of Financial Crises

In the fall of 2008, the securitization market, which was the major provider of credit for consumers and small businesses, came to a near halt. Investors in this market abandoned not only the residential mortgage-backed securities that triggered the financial crisis but also consumer and business asset-backed securities (ABS), which had a long track record of strong performance, and commercial mortgage-backed securities (CMBS). Also, the unprecedented widening of spreads for these securities rendered new issuance uneconomical, and the shutdown of the securitization market threatened to exacerbate the downturn in the economy.

On November 25, 2008, the Federal Reserve (the Fed) …

The Primary Dealer Credit Facility (Pdcf) (U.S. Gfc), Karen Yang

Journal of Financial Crises

On March 16, 2008, the Federal Reserve created the Primary Dealer Credit Facility, or PDCF, to provide overnight funding to primary dealers in the tri-party repurchase agreement (repo) market, where lenders had become increasingly risk averse. Loans were fully secured by (initially) investment-grade securities and offered at the primary credit rate by the Federal Reserve Bank of New York. The eligible collateral was significantly expanded in September 2008, after rumors of Lehman Brothers potentially filing for bankruptcy, to include all of the types of instruments that could be pledged at the two major tri-party repo clearing banks. The PDCF was …

The Aaacf Community Scholarship Program: A Strategic Approach To Building Community, Shelley Strickland, Carmen M. Mccallum

The Foundation Review

Five years ago, the Ann Arbor Area Community Foundation decided to take a strategic approach to offering college scholarships that would address gaps in educational achievement among local students. To increase the impact of its scholarship program, the foundation shifted its emphasis from one-time awards to promoting degree attainment, and determined that the criteria for new scholarships would be based on impact data instead of donor intent.

The Community Scholarship Program awards multiyear scholarships to local students of color, students from low-income families, and first-generation college students, and provides them with a dedicated college success coach to help them successfully …

Front Matter

The Foundation Review

No abstract provided.

Agate Fossil Beds National Monument, Paleontological Resources Management Plan (Public Version), Scott Kottkamp, Vincent L. Santucci, Justin S. Tweet, Jessica De Smet, Ellen Stark

United States National Park Service: Publications

Executive Summary

Since Agate Springs Ranch was founded by James H. Cook in 1887, exquisite examples of transitional Miocene mammalian fauna have been found along this stretch of the Niobrara River valley. Collectively these paleontological discoveries, along with the existing archeological and historical Native American collection, were the basis for establishing Agate Fossil Beds National Monument (AGFO) as a unit of the National Park System (NPS). The fossil remains from the Harrison and Anderson Ranch formations span a short, but important, time period within the Miocene Epoch. AGFO has provided science with an intimate look into North American mammalian evolution …

Stability, Equity, And Dignity: Reporting And Reflecting On Oregon Tenant Experiences During The Covid-19 Pandemic, Lisa K. Bates

Homelessness Research & Action Collaborative Publications and Presentations

In mid-March, Oregon leaders ordered unprecedented ‘stay home’ measures to slow the spread of the pandemic Covid-19 virus. The economic impact was immediate, with entire sectors of business in ‘shut down’ mode and others limiting their activity. These emergency orders, necessary for public health, had a dual impact for workers: many were quickly laid off from temporarily closed businesses, while others deemed essential were at risk of viral transmission. Recognizing the potential that many tenants would not be able to pay their rent without work, governments at all levels moved quickly to enact temporary moratoriums on eviction and on foreclosure …

Public Administration, Methods Approach: History Research--Selected Bibliography, Sue Ann Gardner

University of Nebraska-Lincoln Libraries: Faculty Publications

Public administration, methods approach: Historical research. Includes a list of bibliographical references pertinent to the topic.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Scaling Rural Access: One Foundation’S Partnership To Expand Fafsa Completion Across Mississippi, B. Tait Kellogg, Ann Hendrick, Kierstan Dufour, Patricia Steele

The Foundation Review

This article highlights Get2College, a program by the Woodward Hines Education Foundation that provide financial aid counseling to Mississippi high school students, and outlines a study that assessed efforts to scale the FAFSA completion initiative to increase the number of students statewide who complete the Free Application for Federal Student Aid (FAFSA).

Get2College’s approach to scaling involved a partnership with the state’s rurally based community colleges and leveraged their established support networks to expand its outreach to the state’s often underserved students and increase FAFSA completion rates among that population.

In rural states like Mississippi, underresourced groups are sometimes left …

Moving The Needle Or Spinning Our Wheels? A Framework For Long-Lasting, Equitable Change In Education, Heather Mccambly, Eleanor R. Anderson

The Foundation Review

In the quest for equitable and lasting reform in postsecondary education, philanthropy’s great strength is its flexibility to make use of multiple strategies. However, as most grantmakers know firsthand, not all strategy combinations lead to lasting systemic change.

This article offers an actionable approach for designing and analyzing philanthropically funded movements in order to remake an area of educational policy or practice. It begins with a review of philanthropic literature that identifies the primary change strategies used by funders in the education sector. It then introduces a tool, rooted in organizational research, to understand and predict the circumstances under which …

Back Matter

The Foundation Review

No abstract provided.

Executive Summaries

The Foundation Review

No abstract provided.

Partnering For Postsecondary Success In Rural Texas, Allison Pennington

The Foundation Review

Although students living in rural areas perform academically on par with their peers, they are less likely to complete a postsecondary credential due to geographic, economic, and other barriers. Greater Texas Foundation, a private grantmaker focused on postsecondary student success in Texas, fosters rural collaborations as part of its philanthropic strategy.

This article reflects on lessons learned by foundation staff from this strand of work. It describes innovative models for postsecondary support developed by the foundation’s rural partners, discusses the need to balance direct program support and capacity building, and emphasizes the importance of visiting rural communities in person.

To …

Full Issue

The Foundation Review

No abstract provided.