scholarly journals The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

2020 ◽  
Vol 33 (11) ◽  
pp. 5092-5130
Author(s):  
Nittai K Bergman ◽  
Rajkamal Iyer ◽  
Richard T Thakor

Abstract What is the effect of cash injections during financial crises? Exploiting county-level variation arising from random weather shocks during the 1980s Farm Debt Crisis, we analyze and measure the effect of local weather-driven cash flow shocks on the real and financial sectors. We show that such cash flow shocks significantly affect a host of economic outcomes, including land values, loan delinquency rates, the probability of bank failure, employment, and wages. Estimates of the effect of local cash flow shocks on county income levels during the financial crisis yield a multiplier of 1.63.

2020 ◽  
Vol 738 ◽  
pp. 140195 ◽  
Author(s):  
Ning Wang ◽  
Kerrie Mengersen ◽  
Shilu Tong ◽  
Michael Kimlin ◽  
Maigeng Zhou ◽  
...  

Medical Care ◽  
2020 ◽  
Vol Publish Ahead of Print ◽  
Author(s):  
Clare C. Brown ◽  
Jennifer E. Moore ◽  
Holly C. Felix ◽  
M. Kathryn Stewart ◽  
J. Mick Tilford

2017 ◽  
Vol 31 (5) ◽  
pp. 385-391 ◽  
Author(s):  
Neera K. Goyal ◽  
Emily DeFranco ◽  
Beena D. Kamath-Rayne ◽  
Andrew F. Beck ◽  
Eric S. Hall

2010 ◽  
Vol 40 (10) ◽  
pp. 1241-1246 ◽  
Author(s):  
David S. Mandell ◽  
Knashawn H. Morales ◽  
Ming Xie ◽  
Daniel Polsky ◽  
Aubyn Stahmer ◽  
...  

2014 ◽  
Vol 104 (5) ◽  
pp. 266-271
Author(s):  
Peter Boone ◽  
Simon Johnson

Financial crises frequently increase public sector borrowing and threaten some form of sovereign debt crisis. Until recently, high income countries were thought to have become less vulnerable to severe banking crises that have lasting negative effects on growth. Since 2007, crises and attempted reforms in the United States and Europe indicate that advanced countries remain acutely vulnerable. Best practice from developing country experience suggests that regulatory constraints on the financial sector should be strengthened, but this is hard to do in countries where finance has a great deal of political power and cultural prestige, and where leverage is already high.


2016 ◽  
Vol 6 (11) ◽  
pp. 15 ◽  
Author(s):  
Ross Alexander Spence

<p>The rationales for the creation of the European Banking Union (“EBU”), what its objectives are and the main pillars of support for such a scheme, are worthy of investigation.  This article means to critically discuss the various elements of the EBU and determine whether the Single Supervisory Mechanism and the Single Resolution Mechanism, the main pillars underpinning the structure, are robust enough to avert another debt crisis in Europe. At the EBU’s heart lies the Single Rulebook (“SR”), which aims to counter the risk of fragmentation and nationalist tendencies. This inward looking trend became apparent in the recent financial crises, and contributed greatly to them. In an effort to avoid repeating the divisive and disjointed mistakes of the past, the SR is instead looking to provide unity and harmonisation across all participating member states. </p>


2021 ◽  
Vol 15 (2) ◽  
pp. 152-163
Author(s):  
Alicja Malewska

For decades, the credit rating market has been dominated by three major agencies (Moody's, S&P and Fitch Ratings). Their oligopolistic dominance is especially strong in sovereign credit ratings industry, where they hold a collective global share of more than 99%. Global financial crisis and the Eurozone sovereign debt crisis exposed serious flaws in rating process and forced public authorities to act. This study investigates effectiveness of new regulations adopted in the United States and in the European Union after financial crises in terms of reducing oligopolistic dominance of the “Big Three” in sovereign credit ratings market. The study applies descriptive statistical analysis of economic indicators describing concentration rate in a market, as well as content analysis of legal acts and case study methodology. Analysis shows that the Dodd-Frank reform and new European rules on supervision of credit rating agencies were not effective enough and did not lead to the increased competition in the market. The evidence from this study is explained using two alternative perspectives – economic theory of natural oligopoly and hegemonic stability theory coming from international relations field.


PLoS Medicine ◽  
2021 ◽  
Vol 18 (5) ◽  
pp. e1003571
Author(s):  
Andrew C. Stokes ◽  
Dielle J. Lundberg ◽  
Irma T. Elo ◽  
Katherine Hempstead ◽  
Jacob Bor ◽  
...  

Background Coronavirus Disease 2019 (COVID-19) excess deaths refer to increases in mortality over what would normally have been expected in the absence of the COVID-19 pandemic. Several prior studies have calculated excess deaths in the United States but were limited to the national or state level, precluding an examination of area-level variation in excess mortality and excess deaths not assigned to COVID-19. In this study, we take advantage of county-level variation in COVID-19 mortality to estimate excess deaths associated with the pandemic and examine how the extent of excess mortality not assigned to COVID-19 varies across subsets of counties defined by sociodemographic and health characteristics. Methods and findings In this ecological, cross-sectional study, we made use of provisional National Center for Health Statistics (NCHS) data on direct COVID-19 and all-cause mortality occurring in US counties from January 1 to December 31, 2020 and reported before March 12, 2021. We used data with a 10-week time lag between the final day that deaths occurred and the last day that deaths could be reported to improve the completeness of data. Our sample included 2,096 counties with 20 or more COVID-19 deaths. The total number of residents living in these counties was 319.1 million. On average, the counties were 18.7% Hispanic, 12.7% non-Hispanic Black, and 59.6% non-Hispanic White. A total of 15.9% of the population was older than 65 years. We first modeled the relationship between 2020 all-cause mortality and COVID-19 mortality across all counties and then produced fully stratified models to explore differences in this relationship among strata of sociodemographic and health factors. Overall, we found that for every 100 deaths assigned to COVID-19, 120 all-cause deaths occurred (95% CI, 116 to 124), implying that 17% (95% CI, 14% to 19%) of excess deaths were ascribed to causes of death other than COVID-19 itself. Our stratified models revealed that the percentage of excess deaths not assigned to COVID-19 was substantially higher among counties with lower median household incomes and less formal education, counties with poorer health and more diabetes, and counties in the South and West. Counties with more non-Hispanic Black residents, who were already at high risk of COVID-19 death based on direct counts, also reported higher percentages of excess deaths not assigned to COVID-19. Study limitations include the use of provisional data that may be incomplete and the lack of disaggregated data on county-level mortality by age, sex, race/ethnicity, and sociodemographic and health characteristics. Conclusions In this study, we found that direct COVID-19 death counts in the US in 2020 substantially underestimated total excess mortality attributable to COVID-19. Racial and socioeconomic inequities in COVID-19 mortality also increased when excess deaths not assigned to COVID-19 were considered. Our results highlight the importance of considering health equity in the policy response to the pandemic.


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