Launched in the midst of the financial crisis, the Goldman Sachs 10,000 Small Businesses program provided business education and access to capital for small businesses across the United States. The company committed $500 million to fund the program and nine years later had graduated 7,300 participants, just shy of its goal. Professor Len Schlesinger discusses the success, impact, and future of the program.
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This study examines how reserve accumulation affects governments’ decisions to default. The analysis assumes that countries can accumulate reserves and borrow internationally using their own currency. Results suggest that the optimal level of international reserves is fairly large because their cost is mitigated by valuation-smoothing gains. The model matches some features of Brazil’s economic fluctuations.
Debt Redemption and Reserve Accumulation
This study examines how reserve accumulation affects governments’ decisions to default. The analysis assumes that countries can accumulate reserves and borrow internationally using their own currency. Results suggest that the optimal level of international reserves is fairly large because their cost is mitigated by valuation-smoothing gains. The model matches some features of Brazil’s economic fluctuations.