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Articles 1 - 30 of 454

Full-Text Articles in Political Economy

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick Nov 2019

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its ...


European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick Nov 2019

European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In August 2007, Fortis Group, Belgium’s largest bank, acquired the Dutch operations of ABN AMRO, becoming the fifth largest bank in Europe. Despite its size and its significant operations in the Benelux countries, Fortis struggled to integrate ABN AMRO. Fortis’s situation worsened with the crash of the US subprime market, which impacted its subprime mortgage portfolio. By July 2008, Fortis’s CEO had stepped down, its stock had lost 70% of its value, and it was on the verge of collapse due to a severe liquidity crisis. The governments of Belgium, Luxembourg, and the Netherlands quickly came together ...


European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick Nov 2019

European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was enacted ...


European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick Nov 2019

European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a “Single Rulebook” that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A ...


European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick Nov 2019

European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB’s asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).

In combating the crises, the ECB designed various innovative programs which it successively employed as ...


European Central Bank Monetary Policy Operations During The Crisis A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick Nov 2019

European Central Bank Monetary Policy Operations During The Crisis A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.


Ireland And Iceland In Crisis D: Similarities And Differences, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis D: Similarities And Differences, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

On September 29, 2008—two weeks after the collapse of Lehman Brothers—the government of Ireland took the bold step of guaranteeing almost all liabilities of the country’s major banks. The total amount guaranteed by the government was more than double Ireland’s gross domestic product, but none of the banks were immediately nationalized. The Icelandic banking system also collapsed in 2008, just one week after the Irish government issued its comprehensive guarantee. In contrast to the Irish response, the Icelandic government did not guarantee all bank debt. Instead, the Icelandic government controversially split each of the three major ...


Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under ...


Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Anna Clara Braun-Munzinger, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Anna Clara Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish ...


It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos Oct 2019

It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos

Class, Race and Corporate Power

This polemical essay explores the meaning and function of the concept of neoliberalism, focusing on the serious theoretical and political limitations of the concept. The crux of the argument is that, for those interested in overcoming the exploitative and oppressively destructive elements of global capitalism, opposing "neoliberalism" (even if best understood as a process or a spectrum of "neoliberalization" or simply privatization) is both insufficient and potentially self-undermining. This article also goes into some detail on the issues of health care and climate change in relation to "neoliberalism" (both conceptually and the material processes and policies that this term refers ...


Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters Oct 2019

Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters

Faculty Scholarship at Penn Law

Complaints about excessive economic burdens associated with regulation abound in contemporary political and legal rhetoric. In recent years, perhaps nowhere have these complaints been heard as loudly as in the context of U.S. regulations targeting the use of coal to supply power to the nation’s electricity system, as production levels in the coal industry dropped nearly by half between 2008 and 2016. The coal industry and its political supporters, including the President of the United States, have argued that a suite of air pollution regulations imposed by the U.S. Environmental Protection Agency (EPA) during the Obama Administration ...


Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine Sep 2019

Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine

Faculty Scholarship at Penn Law

To promote fair and sustainable capitalism and help business and labor work together to build an American economy that works for all, this paper presents a comprehensive proposal to reform the American corporate governance system by aligning the incentives of those who control large U.S. corporations with the interests of working Americans who must put their hard-earned savings in mutual funds in their 401(k) and 529 plans. The proposal would achieve this through a series of measured, coherent changes to current laws and regulations, including: requiring not just operating companies, but institutional investors, to give appropriate consideration to ...


Summary: Economic Return Of Nation Brands, David J. Reibstein Sep 2019

Summary: Economic Return Of Nation Brands, David J. Reibstein

Wharton PPI B-School for Public Policy Seminar Summaries

It is generally considered good business practice for a company to invest in its brand. A positive brand image typically results in a more loyal customer base and an overall increase in profit. Likewise, nations have brands, and the reputation of a country has an economic impact on its gross domestic product (GDP).


Summary: Effects Of The Us Worldwide Tax Regime On Domestic Investment, Jennifer L. Blouin Sep 2019

Summary: Effects Of The Us Worldwide Tax Regime On Domestic Investment, Jennifer L. Blouin

Wharton PPI B-School for Public Policy Seminar Summaries

There are two basic systems for international corporate taxation. The US operates under a worldwide taxation system, in which the US government asserts its right to tax the global income of US resident corporations, whether that income is earned within the US or outside it. The US is the only G7 nation that maintains such a tax system. The majority of other nations in the world use a territorial taxation regime. A territorial regime embodies a source-based system where countries only tax business activity that happens within their borders. This summary of Professor Jennifer Blouin's B-School Seminar, focuses on ...


Token Representation?: Impact Of Female Reservations In Panchayati Raj Institutions In Elections To State And National Legislatures, Surbhi Bharadwaj Sep 2019

Token Representation?: Impact Of Female Reservations In Panchayati Raj Institutions In Elections To State And National Legislatures, Surbhi Bharadwaj

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Reservations have long formed a fundamental tenet of affirmative action in India. Quotas for representation of various disadvantaged groups proliferate across public educational institutions and government jobs. However, elections to public office have largely escaped such quotas, except those that are caste-based. A shift in this status quo occurred in 1992 with the establishment of the Panchayati Raj system of grassroots governance. 34% of all seats under Panchayati Raj Institutions (PRIs) were to be reserved for women under the 73rd amendment. Another constitutional amendment passed in September 2009 increased PRI quotas for women to 50%. This paper seeks to examine ...


Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter Sep 2019

Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter

Wharton Public Policy Initiative Issue Briefs

This brief offers new perspectives on the behavior of banks during the financial crisis of 2007-08 and the limited success of unconventional monetary policies in stimulating bank credit to the private sector during the subsequent economic recovery. The common narrative about the financial crisis is that it was caused by a large credit expansion with overly risky loan-granting behavior by banks. We argue, however, that banks actually made optimal financial decisions in the lead-up to the crisis, based on their calculation of their franchise value. The brief explains the mechanics of franchise value—how it led banks to shift their ...


Capturing Regulatory Agendas?: An Empirical Study Of Industry Use Of Rulemaking Petitions, Daniel E. Walters Aug 2019

Capturing Regulatory Agendas?: An Empirical Study Of Industry Use Of Rulemaking Petitions, Daniel E. Walters

Daniel Walters

A great deal of skepticism toward administrative agencies stems from the widespread perception that they excessively or even exclusively cater to business interests. From the political right comes the accusation that business interests use regulation to erect barriers to entry that protect profits and stifle competition. From the political left comes the claim that business interests use secretive interactions with agencies to erode and negate beneficial regulatory programs. Regulatory “capture” theory elevates many of these claims to the status of economic law. Despite growing skepticism about capture theory in academic circles, empirical studies of business influence and capture return ambiguous ...


Frand And Antitrust, Herbert J. Hovenkamp Aug 2019

Frand And Antitrust, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This paper considers when a patentee’s violation of a FRAND commitment also violates the antitrust laws. It warns against two extremes. First, is thinking that any violation of a FRAND obligation is an antitrust violation as well. FRAND obligations are contractual, and most breaches of contract do not violate antitrust law. The other extreme is thinking that, because a FRAND violation is a breach of contract, it cannot also be an antitrust violation.

Every antitrust case must consider the market environment in which conduct is to be evaluated. SSOs operated by multiple firms are joint ventures. Antitrust’s role ...


Unraveling The Ethnoterritorial Fix In The Peruvian Amazon: Indigenous Livelihoods And Resource Management After Communal Land Titling (1980s-2016), Ramzi M. Tubbeh, Karl S. Zimmerer Aug 2019

Unraveling The Ethnoterritorial Fix In The Peruvian Amazon: Indigenous Livelihoods And Resource Management After Communal Land Titling (1980s-2016), Ramzi M. Tubbeh, Karl S. Zimmerer

Journal of Latin American Geography

Indigenous rights organizations in Latin America consider territorial control the paramount condition for the reproduction of indigenous peoples’ cultures, the security of their livelihoods, and the pursuit of autonomy. In the past several decades Latin American governments have increasingly recognized indigenous peoples’ rights to cultural difference and channeled their territorial claims by titling their lands as common property. This “territorial turn” is supported by narratives about indigenous peoples as stewards of the environment. The geographic areas associated with indigenous land titling have increased since the late 1980s. This article presents research based on a case study of present-day livelihoods and ...


In Search Of Equilibrium – How Regulatory Changes Impact The Gambling Industry In Poland, Sebastian Meitz, Stanisław Pogorzelski, Przemysław Bloch May 2019

In Search Of Equilibrium – How Regulatory Changes Impact The Gambling Industry In Poland, Sebastian Meitz, Stanisław Pogorzelski, Przemysław Bloch

International Conference on Gambling & Risk Taking

The so-called Polish “gambling affair” of 2009 resulted in the adoption of a new Act on Gambling. The regulation significantly changed the legal environment in Poland. It was also the starting point of what we identified as the search of equilibrium - a number of further legislative changes aimed at creating a sustainable environment for gambling. Some market segments became delegalized, some monopolized, and others liberalized. The Polish Ministry of Finance and the parliament tried to find the right balance between consumer protection, business growth, and government revenue. A goal that is still to be achieved.

This article examines the changes ...


Health Care's Market Bureaucracy, Allison K. Hoffman May 2019

Health Care's Market Bureaucracy, Allison K. Hoffman

Faculty Scholarship at Penn Law

The last several decades of health law and policy have been built on a foundation of economic theory. This theory supported the proliferation of market-based policies that promised maximum efficiency and minimal bureaucracy. Neither of these promises has been realized. A mounting body of empirical research discussed in this Article makes clear that leading market-based policies are not efficient — they fail to capture what people want. Even more, this Article describes how the struggle to bolster these policies — through constant regulatory, technocratic tinkering that aims to improve the market and the decision-making of consumers in it — has produced a massive ...


Public Authority And Private Prisons: How Private Prison Labor Contributes To National Employment Precarity, Kaitlyn Oder May 2019

Public Authority And Private Prisons: How Private Prison Labor Contributes To National Employment Precarity, Kaitlyn Oder

International Political Economy Theses

Private uses of prison labor are illegal internationally, and not without reason. A lack of public oversight and regulations of wages mean that prison labor is often exploited in exchange for increased profitability for private prisons and sometimes the private companies they contract with. This paper will explicate the ways in which private uses of prison labor contribute to wage and employment precarity and ultimately cost numerous non incarcerated low wage individuals in the United States their jobs and livelihoods. It offers potential policy solutions and paths forward for new research to better link the sociological and economic considerations of ...


Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon May 2019

Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

We examine the Centros decision through the lens of SB 826 – the California statute mandating a minimum number of women on boards. SB 826, like the Centros decision, raises questions about the scope of the internal affairs doctrine and its role in encouraging regulatory competition. Despite the claim that US corporate law is characterized by regulatory competition, in the US, the internal affairs doctrine has led to less variation in corporate law than in Europe. We theorize that this is due to the shareholder primacy norm in US corporate law which results in the internal affairs doctrine focusing on matters ...


The Effect Of Foreign Aid On Political Violence: Learning From Case Studies Of Nigeria And Sierra Leone, Charlotte Rohrer Apr 2019

The Effect Of Foreign Aid On Political Violence: Learning From Case Studies Of Nigeria And Sierra Leone, Charlotte Rohrer

Politics Honors Papers

Policymakers in OECD countries regularly cite reducing political violence as a fundamental purpose of foreign aid. For example, countries such as Pakistan and Iraq have received considerable amounts of aid meant to address the root causes of political violence. This project analyzes quantitative and qualitative evidence to assess whether foreign aid can reduce political violence. The quantitative and qualitative analyses study Boko Haram in Nigeria and the Revolutionary United Front in Sierra Leone to focus on regional and country-wide political violence. The study further focuses on aid projects in Sierra Leone and Nigeria as a means to reduce or curb ...


The Controversial F-35 Joint Strike Fighter: America's Most Expensive Weapons System And Its Global Impact, Bert Chapman Apr 2019

The Controversial F-35 Joint Strike Fighter: America's Most Expensive Weapons System And Its Global Impact, Bert Chapman

Libraries Faculty and Staff Creative Materials

Presentation describing my 2019 Palgrave Macmillan book Global Defense Procurement and the F-35 Joint Strike Fighter. It describes this aircraft and places particular emphasis on the government information resources from multiple countries used in writing this book.


British Government Information Resources, Bert Chapman Apr 2019

British Government Information Resources, Bert Chapman

Libraries Faculty and Staff Creative Materials

Provides an overview of British Government information resources. Contents include basic British economic and political background and information from British Government websites including the Department of Environment, Food, and Rural Affairs (DEFRA), Brexit related material produced by British government agencies such as the Department for Exiting the European Union,, the Ministry of Defence, the National Museum of the Royal Navy, the Home Office Visas and Immigration Section, the Office of National Statistics, Her Majesty's Treasury, the British Parliament including parliamentary committees and research agencies, the website of Member of Parliament (MP) Jacob Rees-Mogg (Conservative-North East Somerset), a webcast of ...


The Defense Industrial Base: How Idiosyncratic And Historical Influences Dictate Its Future, Henry Walter Apr 2019

The Defense Industrial Base: How Idiosyncratic And Historical Influences Dictate Its Future, Henry Walter

International Social Science Review

The Defense Industrial Base is the river from which American military dominance flows. However, the Industrial Base is just as—if not more—vulnerable to floods and droughts as a typical industry. Tracing the sector’s historical and economic foundations helps illuminate existing gaps and strengths that can present strategic challenges and benefits. This paper aims to connect those trends to existing and future capabilities. Although the Industrial Base will take time to fill the demands of the new $700-plus billion defense budget, the more concerning strategic issues are that the budget, and subsequently, the Industrial Base are leaving a ...


Marxist Implementation Of Climate Change As A Geopolitical Fear Tactic, Katelyn Larossa Apr 2019

Marxist Implementation Of Climate Change As A Geopolitical Fear Tactic, Katelyn Larossa

Senior Honors Theses

In recent years the climate change debate has shifted from the peripheries of international political discussions to center stage, manifesting in the Paris Agreement in November of 2016 under the United Nations Framework Convention on Climate Change. However, the science behind the climate change debate is disputed and does not support the claims made by global leaders who continue to push for increasing environmental regulations and financial aid to those most adversely affected by the supposed climate change (underdeveloped and developing nations). Examining the geopolitical and economic implications of climate change actions reveals the underlying political philosophies guiding global leaders ...


The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...