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Showing posts from March, 2023

White House Women’s History Month: Climate Entrepreneurs Virtual Roundtable. Charlie Gainey, Economics Intern, Bates College.

The White House recently hosted the Women’s History Month: Climate Entrepreneurs Virtual Roundtable , highlighting the work of female founders focusing on climate change. The roundtable featured Stephanie Speirs, co-founder and CEO of Solstice, Dawn Lippert, founder and CEO of Elemental Excelerator, and Kameale Terry, co-founder and CEO of ChargerHelp! A key part of the discussion was the importance of partnering with climate advocates and communities. The speakers shared their strategies for ensuring their companies are not only working towards sustainable solutions but also considering the needs of those they serve. Kameale Terry discussed the importance of policy and public infrastructure. She emphasized that many people rely on public infrastructure for EV implementation, as current EV setups can be expensive. Terry's company, ChargerHelp!, partners with workforce development programs and institutions like Georgia Technical College to train their workforce for the EV industry.

Revisiting the World's First Social Impact Bond

The article below documents the creation of the first social impact bond, a mortgage security backed by home mortgage loans exclusively from minority-owned institutions. Fannie Mae, GE Capital Mortgage Corp., Creative Investment Research, and an institutional investor collaborated to create this mortgage security.  The mortgage security involved private investors providing upfront capital to Creative Investment Research for this specific social intervention, which aimed to open the secondary mortgage market to minority-owned institutions, allowing them to offer more mortgage loans to their target customer base. The investment returns were derived from the underlying mortgage loans, which were tied to the positive social outcome. We note that the graphic above, showing the individual mortgage loans in an MBS pool, was one of the first to use geocoding to display social metrics of an investment, in this case, mapping loan location to area income. This was another significant innovation. 

Bufakazi bemhlonishwa Jerome Powell embikwemalunga ephalamende. 08 Indlovulenkhulu 2023.Ntsetselelo Dlamini, Intern, Skidmore College

Kuleliviki leliphelile ngitfole litfuba lekuya ephalamende yelive laseMelika lapho khona umhlonishwa Jerome Powell, sihlalo webaphatsi belibhange lelive laseMelika bekafakaza embikwemalunga mayelana nembiko wenchubomgomo wetimali. Njengemfundzi wekuhamba, ngiyalibonga lelitfuba lekubona umhlonishwa aphendvula imibuto lephuma emalungeni. Ingani phela lokuvela ebala utiphendvulele mayelana nemsebenti lowentako eveni kubalulekile ikkakhulu emaveni labusa ngentsandvo yelinyenti.  Njengemfundzi weTemnotfo, ngite kulomhlangano nginenkhaphunkhaphu yekwati kutsi ngabe libhange lelive litawumisa njani kute inhloso yekugcina bantfu bacashiwe ngelizinga lelisetulu kanye nekugcina intsengo yemphahla isimeme. Kusobala kutsi umgomo wetimali ungabunjwa kuze kutsi ugcine intsengo yemphahla isimeme, nome loko nje kulukhuni ngoba kusenekuholela ekutseni labanye bantfu balahlekelwe ngumsebenti. 

양날의 검 Chat GPT American University, 윤정민

채팅 GPT 는 지속적인 학습과 종합적인 추론을 바탕으로 기존에 배우지 못했던 문장이나 언어 표현을 만들 수 있는 능력이 확실히 있습니다 . 그러나 채팅 GPT 는 영원히 교육 데이터를 기반으로 응답만 생성할 수 있으며 , 교육 데이터의 출처가 명확하지 않으므로 채팅 GPT 가 제공하는 정보에 의존하는 것은 큰 위험이 있습니다 .   채팅 GPT 자체의 주요 단점은 다음과 같습니다 . 첫째 , Chat GPT 는 교육 데이터에만 기반하여 응답을 생성할 수 있기 때문에 창의성이 부족합니다 . 둘째 , 대규모 학습 데이터에도 불구하고 상황에 대한 이해가 불분명한 경우가 있습니다 . 셋째 , 상식적인 추론과 지식을 이해하고 처리하는 능력이 부족합니다 . 넷째 , 보안 문제에도 취약합니다 . 조사 결과 채팅 GPT 플러스 사용자의 1.2% 가 다른 사용자에게 개인 데이터를 노출했을 가능성도 있는 것으로 나타났습니다 . 마지막으로 2021 년까지 데이터를 기반으로 교육을 받았기 때문에 후속 정보를 모른다는 단점이 있습니다 . 채팅 GPT 는 인간의 생산성을 높이는 도구로 , 그 가치를 제대로 실현하기 위해서는 채팅 GPT 보다 더 많은 것을 아는 인간의 지식이 여전히 필요하며 , 사용자가 잘 모르는 영역보다 사용자가 잘 아는 영역을 활용할 때 더 큰 힘을 발휘할 수 있을 것입니다 . 채팅 GPT 가 함께 할 수 있는 긍정적인 효과와 부정적인 효과를 고려할 때 , 채팅 GPT 가 우리의 일상생활에서 어떻게 , 얼마나 많이 사용되어야 하는지에 대해 생각해 볼 필요가 있습니다 . 그러나 채팅 GPT 의 등장은 전 세계적으로 경제적 , 기술적으로 상당한 영향을 미칠 것이 분명합니다 . AI 기술 패권 다툼은 이미 시작됐고 , 정부와 관련 업계는 충분히 대응해야 할 것입니다 .

On Chat GPT. American University, Jeongmin Yoon.

Chat GPT is an "artificial intelligence" or AI tool with the ability to create sentences or language expressions that it has not been previously exposed to or "learned." It does this based on constant learning and comprehensive reasoning. Chat GPT can only generate responses based on training data, and the source of training data is not clear. This means relying on  information provided by Chat GPT is a risk.  The main shortcomings of Chat GPT are as follows: Chat GPT lacks creativity because it generates responses based only on training data.  It sometimes exhibits an unclear understanding of human situations despite having a large-scale learning database. It lacks the ability to understand and process using common sense reasoning and knowledge. It has the disadvantage of not knowing recent information because it has been trained on data up to 2021. Chat GPT is promoted as a tool to increase human productivity. In order to properly realize its value, more human kno

Five things we've learned from the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6). Charlie Gainey, Economics Intern, Bates College

The IPCC AR6 is a significant report that provides a comprehensive overview of the current state of scientific understanding on climate change and its impacts. As we continue to grapple with this global challenge, there are five key takeaways from the report that are relevant to the growing seaweed production industry and the intergenerational transfer of environmental assets.   Firstly, the report highlights the urgent need for immediate and sustained reductions in greenhouse gas emissions to limit further warming and reduce the impacts of climate change. The seaweed production industry can play a crucial role in this effort, as seaweed absorbs carbon dioxide from the atmosphere and can be used to produce a range of sustainable products, such as biofuels, animal feed, and biodegradable packaging.  Secondly, the report underscores the importance of adaptation measures, particularly for vulnerable communities. Seaweed cultivation can provide a means of adaptation for coastal communiti

What to do about TikTok

Shou Chew, C.E.O. of the social media app TikTok, testified before  the U.S. House Committee on Energy and Commerce " about China’s ties to TikTok, data privacy and the app’s effects on children." Ignoring significant actual damage caused by US-based social media companies, the hearing and the questioning had the same quality as discussions about dropping the bomb on Hiroshima: you can justify the action, but you can also question the choice of target. Recall that " personal data belonging to millions of Facebook users was collected without their consent by British consulting firm Cambridge Analytica, predominantly to be used for political advertising. Facebook apologized for their role in the data harvesting, their CEO Mark Zuckerberg testified in front of Congress, and, in July 2019, the firm was fined $5 billion by the Federal Trade Commission due to its privacy violations ."  The problems are recurring and wide spread: "NSA documents from June 2013 include

Why the Fed Shouldn't Raise Rates

According to   CNBC , with "turmoil in the financial sector and uncertainty ahead, the Federal Reserve will likely approve a 0.25 percentage point increase at this week’s policy meeting." This is probably incorrect. As the New York Times  noted, it has been "one year since the central bank began the current rate-raising cycle. Many economists expect central bankers to raise interest rates a quarter-point, to just above 4.75 percent, on Wednesday, continuing their fight against rapid price increases." We are not one of those economists. With uneven markets signaling a real risk of further bank runs, the safe strategy is to pause rate increases. This is supported by the fact that an important measure of inflation,  #CPI  , rose 0.4% in February and 6% from a year ago. This is down from 9% in June, 2022. A decline of this magnitude and an increase in tech layoffs both point to the fact that Fed policy is working, with no need for immediate additional pressure on bankin

우리는 디지털 세대를 잘 대처하고 있는가? American University, Jeongmin Yoon

  3 월 10 일 워싱턴 DC 의 이탈리아 대사관에서 제임스 루빈 미 국무부 글로벌 인게이지먼트 센터의 특사 겸 조정자가 참석한 " 디지털 시대의 신뢰 , 진실 및 영향력 " 행사에 참여하였습니다 . 글로벌 및 젊은 외교 전문가 (YPFP) 와 이탈리아 대사관의 디지털 외교 시리즈의 일환으로 열린 이 행사는 미국 주재 이탈리아 대사 마리안젤라 자피아에 의해 시작되었습니다 . 허위 정보와 싸우는 소셜 미디어 플랫폼의 역할 뿐만 아니라 정보의 질을 향상시키고 대중의 신뢰를 높이기 위해 정부 , 플랫폼 및 미디어 간의 파트너십을 강화하는 방법에 대해 이야기를 나누었습니다 . 또한 디지털의 발전이 정치적 파워에도 굉장히 많은 영향력을 끼치고 있다는 얘기를 나누었습니다 . 때문에 유럽의 각 국의 관계자들이 디지털 관련 문제에 대해 계속해서 다뤄왔으나 제대로 된 해결이 되지 않아 더 많은 전문가를 고용하여 해결해야 한다고 언급했습니다 . 그리고 과연 이 문제를 정부가 해결할 수 있을 것인지에 대해 질문을 던졌습니다 . 저는 지난 몇 년간 테크놀로지가 놀랍도록 빠른 속도로 발전했으나 , 각 국의 정부 또한 그에 맞춰 빠르게 정책을 발전 시켜 오는걸 봤기 때문에 긍정적으로 이 문제를 정부가 해결할 수 있다고 믿습니다 .

Are We Coping Well with the Digital Generation? Jeongmin Yoon, Economics Intern, American University.

On March 10th, the Italian Embassy in Washington, DC, hosted the "Trust, Truth and Influence of the Digital Age" event attended by James Rubin, special envoy and coordinator of the U.S. State Department's Global Engagement Center. The event was part of the digital diplomatic series presented by global and young diplomatic experts (YPFP) and the Italian Embassy and started by Italian Ambassador Mariangela Zappia in the United States. Presenters talked about the role of social media platforms in fighting disinformation and how to strengthen partnerships between governments, platforms, and media to improve the quality of information and increase public confidence. They also talked about how digital platforms have a huge influence on political power, therefore, officials from various European countries have been forced to deal with digital-related issues. Still, these issues have not been properly resolved, so they have to hire more experts to solve them. A guest asked if gov

Is Your Money Safe at a Minority-owned Bank?

Yes.  By quickly ring-fencing SVB and saving depositors, the Fed showed it is becoming more of a learning organization. Combined with its excellent performance managing the worst inflation spike in 40 years, instigated by the worst pandemic in 100 years, the Fed demonstrated an ability to quickly adjust when circumstances demand flexibility. (See: ) Their new Bank Term Funding Program (BTFP), a key protection (or bailout) for depositors, sounds like the fund we suggested for Black banks in October 2019:  Economist Offers $50 Billion Federal Solution to the Black Banking Crisis -  (  ) Also see: National Bankers Association Assures Consumers Their Money Is Safe At Minority Banks Amid Financial Meltdown -

ウェビナー: ESG 投資と市場価格設定について 森 彩由美 東京、武蔵野市、成蹊大学

 3 月 7 日のウェビナー イベントの講演者は、 Ninety One の ESG 投資ポートフォリオマネージャーであるアン・マレー・ティップー氏と、コロンビア大学の持続可能性マネジメントプログラムの実践教授であるサタジット・ボス教授でした。 主な焦点は、持続可能性の主要な推進要因を特定し、従来の投資家が持続可能性を理解しているか、関心を持っているかを判断することでした。 最終的な目標は、 ESG を通すことで、市場が資産やプロジェクトの価格設定を誤っている可能性がある箇所を投資家が特定するのに役立つかどうかを確認することでした。 まず、彼らは ESG における現在の論争を以下のように表現しました。 ボス 教授は、この論争は ESG の複数の定義によるものであると示唆しました。 これらは、人々が ESG をどのように見ているかによって異なり、 ESG とは、非財務的要因とは何か、そしてこれらがどのようにして持続的に利益を生み出すことを可能にするかを定義することであると説明しました。 そしてこの民主的なアプローチにより、 ESG 要因は投資家ごとに基準が異なるため、評価できないともまとめました。 次に、彼らは投資家による価格設定の問題点について話し合いました。 重要な問題は、投資家の能力と、 ESG を含むためのこのアプローチの変化について教育を受けているかどうかです。 スピーカーは、前述のように、 ESG はさまざまな人にとって多くの意味を持つ可能性があるため、枠組みを作るのは難しいが経済成長と未来の投資に不可欠な要素であると説明しました。この枠組みは、グローバルな問題によって ESG の見方が急速にかつ大きく変化することに影響されます。そして ESG の意味からも分かるように、あらゆる分野へのより深い考察が必要になっていくために共通認識、基準値、指標を設けるのはとても困難を予感させるものであると述べました。彼らはまた、環境やその他の ESG の影響を組み込むために投資家が現在使用している最長の期間である 5 年の期間を超えて分析する必要性を論じ、現在使用しているこの単一分析文化を変更する必要があることも強調しました。 最後に、彼らは ESG を人々の投資スタイルに取り入れることの重要性を表明し、 ESG の確固たる定義が議論を容易にする

The Federal Reserve’s Semi-Annual Monetary Policy Report Wednesday, March 8, 2023 10:00 AM in 2128 RHOB. Ntsetselelo Dlamini, Intern, Skidmore College

Last week, I attended a House Financial Services Committee hearing during which Mr. Jerome Powell, chair of the Board of Governors of the Federal Reserve System, testified on the Federal Reserve's Semi-Annual Monetary Policy Report. As an international student, I appreciate the level of transparency and accountability that is an essential building block of any democracy. Seeing the Chairman answer a wide range of questions from different Congressmembers representing constituents from around the country served as a subtle reminder that ‘everybody has a boss.’ Now, as a student of Economics, I came to the hearing curious to see how the Federal Reserve seeks to maintain the delicate balance of achieving its two objectives of maximum employment and price stability. It is my belief that it is not a secret that contractionary monetary policy is an effective tool to curb inflation. I also think that rising prices disproportionately affect low income and disadvantaged citizens who do not h

The Fed and SVB

By quickly ring-fencing SVB and saving depositors, the Fed showed it is becoming more of a learning organization. Combined with its excellent performance managing the worst inflation spike in 40 years, instigated by the worst pandemic in 100 years, the Fed demonstrated an ability to quickly adjust when circumstances demand flexibility. This is new behavior. To build on this and to show that it has truly committed to new behavior, the Fed will have to accomplish a few more tasks. Given the behavior of SVB management in the period leading up to the crisis, with the CEO selling $4 million in stock on or around February 28 th just weeks before his bank collapsed, an effort to claw back the proceeds of any stock sale taking place less than 60 days before the collapse should be initiated. News reports also indicate that management received bonuses in the days leading up to the collapse. These should be clawed back, too. Further, one key to the collapse was a run on the bank accelerate

BLM Pledges Now Total $70 Billion

 After the Black Lives Matter (BLM) protests of 2020 we reviewed pledges, promises and progress on racial equity at These pledges now total $70 billion, up from $67 billion in 2021.

Cuts to Investment in Diversity Threaten Gains. Financial Times. Taylor Nicole Rogers MARCH 8 2023

  US businesses are cutting back on their investments in diversity and inclusion as fears of recession grow — in a shift that experts say risks reversing the progress made since George Floyd’s murder in 2020.  The number of companies in which staff reported having access to diversity programmes — such as resource groups supporting minorities — fell to 41 per cent in 2022 after two years of gains, says employer review website Glassdoor. Diversity teams have been hit by redundancy programmes in the tech industry.  Twitter, Meta and online real estate broker Redfin have all let go of members of their inclusion teams since the start of the year.  Racial equity became a top priority for corporate America after Floyd’s murder sparked a global racial reckoning. Chief executives who had seldom before spoken out on racism — including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan — did so. Some 271 US companies pledged $67bn towards racial equity work, according to a tally of

Black Banks Are Surging, Disrupting Long-Term Flow of Closures

Black Banks Are Surging, Disrupting Long-Term Flow of Closures. in less than a year, in a major about-face, new players are entering the Black banking sector. The latest example came in late February when Redemption Holding Co. (RHC) marks the first time in U.S. history an existing non-Black bank would become a Black-owned minority depository Institution via acquisition. The proposed deal would reverse a long trend of Black banks closing over the past several years. FDIC data showed 21 Black banks in America as of the fourth quarter of 2022, down a whopping 48 in 2001. The resurgence comes after at least five—counting the RHC deal—Black banks or credit unions have declared start-up or acquisition plans to enter the financial-services space. READ MORE AT:

Webinar: ESG Investing and Market Pricing. Ayumi Mori, Seikei University, Musashino-shi, Tokyo, Japan

The speakers for this March 7th webinar event were Ms. Ann-Maree Tippoo, ESG Investment Portfolio Manager at Ninety One and professor Satayjit Bose, Professor of Practice; Associate Director, Program in Sustainability Management, Columbia University. The main focus was to identify key drivers for sustainability and to determine whether traditional investors understand or are interested in sustainability. A final goal was to see if an ESG lens can help investors identify places where markets might be mispricing assets or projects. To start, they defined the current controversy in ESG. Professor Bose suggested the controversy was due to multiple definitions of ESG. These depend on how some people see ESG. He explained ESG is about defining what non-financial factors are and how these make it possible for sustainably generate returns. This democratic approach makes ESG factors unratable since they differ from investor to investor.  Next, they moved onto the issue of identifying mispricing

Still Too Small: Recent Activity in the Black Banking Sector

We've seen a lot of changes in the Black banking sector of late. With the announcement that a Black-led investor group plans to acquire Holladay Bank & Trust in Holladay, Utah, the proposed creation of a credit union by  Alpha Kappa Alpha ,  the nation's oldest Black sorority , the public debut of a Black-owned bank (Adelphi Bank) in Columbus, Ohio, and the unconfirmed identification of two new Black banks (Tioga-Franklin Savings Bank in Philadelphia, PA, and Grand Bank for Savings, FSB, in Hattiesburg, Mississippi), activity in the Black banking sector has increased dramatically. This recent growth may be the result of increased funding for Black banks following the $71 billion  corporations pledged for Black Lives Matter following the George Floyd incident. Longer term, even if we confirm the African American ownership of Tioga-Franklin and of Grand Bank for Savings, there are still only 21 Black banks, representing 4 tenths of one percent of 4,706 total commercial bank

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