The articles which all that belong to the private meeting instituted at Harvard College, 1719, assent unto, January 10, 1723

This one-page document contains the handwritten laws of an unnamed Harvard College religious society. The document is dated January 10, 1723 and includes the signatures of twenty-six students in the Harvard Classes of 1724 through 1728.

An account of my quarter bills, charges &c from July 11th 1743 to July 13th 1748 at Harvard College

Handwritten account book kept while Storer was a student at Harvard College. The well-organized volume is arranged by expense type and then date and was updated periodically, usually quarterly. The information offers a glimpse at the expenses of a Harvard student and provides information about the larger community that supported student life. The precise entries indicate the lifelong habits of Storer as a careful and methodical financial manager that would prove so valuable when he served as Harvard's treasurer more than thirty years later. Storer documents accounts with the steward, butler, sweeper, glazier, barber, and lists these individuals by name. The volume also includes notes on expenses for boarding, transportation, wood, and pocket expenses. While most entries do not list specific purchases, Storer provides details on the cost of a Harvard Commencement in 1747 (including the cost of a diploma, money to the President, hiring a house, a boat, a woman, and "2 Negroes"), and a specific accounting of the different food purchased for the event; Storer also lists expenses for an 1748 "supper for the graduates."

Alphabetical catalog of Harvard College graduates through 1767, 1767

This hard-bound manuscript catalog alphabetically lists the men who graduated from Harvard College between 1642 and 1767. It is believed to be the first such list compiled. Entries contain each graduate's surname (in English), given name (in Latin), year of graduation, and occasional additional information. Francis Foxcroft (A.B. 1712) compiled the catalog. Entries for those who graduated between 1764 and 1767 have been added at the end of each alphabetical section.

Letter from Edward Holyoke to his child, 1766, January 18

One-page handwritten letter from Harvard President Edward Holyoke (1689-1769) requesting that the letter's unidentified recipient locate a book on academic costume previously mentioned by "Secry Oliver," referring to the Secretary of the Province of Massachusetts Bay, Andrew Oliver (1706-1774; Harvard AB 1724). In the letter, Holyoke explained that College alumni wished to give him a gown, and he wanted to determine the appropriate design for the head of a college. The recipient of the letter is identified only as "My dear Child" from "Yo'r Affect. Father, E. Holyoke." The letter also includes the note, "Give my love to my Dau'ter."

Dominium temporale non fundatur in gratia (Commencement Quaestiones), 1697 July 7

Small paper notebook of John Ballantine with the handwritten Latin quaestiones performed by Ballantine, Eliphalet Adams, Adam Winthrop, and Jabez Fitch as candidates for the Master’s degree during the July 7, 1697 Harvard Commencement ceremony. The Quaestiones begin with Ballantine’s “Dominum temporal non fundatur in gratia,” and follow with “An Jesuitae possint esse boni subditi? Neg Resp. Dom. Winthrop,” "An Ethnicae virtutes sint verae virtutes?" Neg. Resp. Dom. Adams,” and “An detur omnibus an sufficiens ad salutem? Neg. Resp. Dom. Fitch.” The title page bears the inscription: “Jno Ballantine’s Book” and the first page has been torn out.

Student compositions of Washington Allston, 1799

Handwritten essay about procrastination and a poem celebrating spring composed by Washington Allston while he was an undergraduate at Harvard. The essay uses a story about a young Italian named Bernardo to discuss the consequences of procrastination. The essay is labeled “Allston Novem. ’99" and is titled with a quote from Edward Young's poem "The Complaint," “Procrastination is Theif [sic] of time.” Allston’s poem celebrates spring and incorporates Phillida and Corydon, two characters from Nicholas Breton’s poem “Phillida and Cordion.” The poem is titled with the verses, “Chief, lovely spring, in thee, and thy soft scenes, / The smiling God is seen” from James Thompson's poem “Spring.” The poem is labeled "Allston July 10, 1799."

[Letter from William Ashurst to Harvard President John Leverett], 1710 July 13

One-page handwritten letter from William Ashurt to President Leverett discussing the annual payment on an unspecified donation, and the progress of the Hopkins' bequest recovery. The folder also contains a handwritten 19th century copy of the letter.

William Blair Townsend letter and receipt books, 1743-1805, bulk 1744-1777

The collection consists of two volumes, which date from 1743 to 1805, spanning his whole career as a merchant. Volume one is a letter book containing Townsend's business correspondence from November 23, 1743 to December 12, 1774. Most of the letters were written to American (many in North Carolina) and British (predominately in London) merchants. His earliest letters document his efforts to establish himself as a trader. Over time his letters turn to illustrate the common problems faced by many merchants: damaged goods, overpriced goods, embargos, and high freight costs. Particularly enlightening are his comments on the challenges of doing business throughout the French and Indian War and the years leading up to the American Revolution. He most frequently corresponded with London merchants Champion & Hayley, Lane & Booth, Lane Son & Fraser, Harrison & Ansley, and Leeds merchant Samuel Elam. In addition he frequently corresponded with Eliakim Palmer, colonial agent and merchant in London, as well as Dr. Walley Chauncy of North Carolina. He dealt in a wide variety of goods including molasses, rum, tar, medicines, pitch, saddles, tallow, hides, skins, pickled beef and pork, and wine. The letters also document Townsend's involvement in the slave trade through his occasional purchases of slaves.

Asset-backed securities: The key to unlocking Europe's credit markets? Bruegel Policy Contribution 2014/07, 24 July 2014

The European market for asset-backed securities (ABS) has all but closed for business since the start of the economic and financial crisis. ABS (see Box 1) were in fact the first financial assets hit at the onset of the crisis in 2008. The subprime mortgage meltdown caused a deterioration in the quality of collateral in the ABS market in the United States, which in turn dried up overall liquidity because ABS AAA notes were popular collateral for inter-bank lending. The lack of demand for these products, together with the Great Recession in 2009, had a considerable negative impact on the European ABS market. The post-crisis regulatory environment has further undermined the market. The practice of slicing and dicing of loans into ABS packages was blamed for starting and spreading the crisis through the global financial system. Regulation in the post-crisis context has thus been relatively unfavourable to these types of instruments, with heightened capital requirements now necessary for the issuance of new ABS products. And yet policymakers have recently underlined the need to revitalise the ABS market as a tool to improve credit market conditions in the euro area and to enhance transmission of monetary policy. In particular, the European Central Bank and the Bank of England have jointly emphasised that: “a market for prudently designed ABS has the potential to improve the efficiency of resource allocation in the economy and to allow for better risk sharing... by transforming relatively illiquid assets into more liquid securities. These can then be sold to investors thereby allowing originators to obtain funding and, potentially, transfer part of the underlying risk, while investors in such securities can diversify their portfolios... . This can lead to lower costs of capital, higher economic growth and a broader distribution of risk” (ECB and Bank of England, 2014a). In addition, consideration has started to be given to the extent to which ABS products could become the target of explicit monetary policy operations, a line of action proposed by Claeys et al (2014). The ECB has officially announced the start of preparatory work related to possible outright purchases of selected ABS1. In this paper we discuss how a revamped market for corporate loans securitised via ABS products, and how use of ABS as a monetary policy instrument, can indeed play a role in revitalising Europe’s credit market. However, before using this instrument a number of issues should be addressed: First, the European ABS market has significantly contracted since the crisis. Hence it needs to be revamped through appropriate regulation if securitisation is to play a role in improving the efficiency of resource allocation in the economy. Second, even assuming that this market can expand again, the European ABS market is heterogeneous: lending criteria are different in different countries and banking institutions and the rating methodologies to assess the quality of the borrowers have to take these differences into account. One further element of differentiation is default law, which is specific to national jurisdictions in the euro area. Therefore, the pool of loans will not only be different in terms of the macro risks related to each country of origination (which is a ‘positive’ idiosyncratic risk, because it enables a portfolio manager to differentiate), but also in terms of the normative side, in case of default. The latter introduces uncertainties and inefficiencies in the ABS market that could create arbitrage opportunities. It is also unclear to what extent a direct purchase of these securities by the ECB might have an impact on the credit market. This will depend on, for example, the type of securities targeted in terms of the underlying assets that would be considered as eligible for inclusion (such as loans to small and medium-sized companies, car loans, leases, residential and commercial mortgages). The timing of a possible move by the ECB is also an issue; immediate action would take place in the context of relatively limited market volumes, while if the ECB waits, it might have access to a larger market, provided steps are taken in the next few months to revamp the market. We start by discussing the first of these issues – the size of the EU ABS market. We estimate how much this market could be worth if some specific measures are implemented. We then discuss the different options available to the ECB should they decide to intervene in the EU ABS market. We include a preliminary list of regulatory steps that could be taken to homogenise asset-backed securities in the euro area. We conclude with our recommended course of action.

Russia in Crisis: Year One. OSW Report, January 2010

Economic conditions which had favoured Russia’s development suddenly changed in mid-2008. The Russian economy was hit, on the one hand, by a drastic slump in oil prices (which fell from nearly US$150 to US$50 between July 2008 and January 2009), and on the other by the outflow of investors (a net of US$130 billion of capital left Russia in the fourth quarter of 2008). Within several months, the financial crisis became an economic crisis affecting the entire economy. The financial reserves accumulated in times of prosperity (more than US$162 billion in the stabilisation funds and nearly US$598 billion in the currency and gold reserve) alleviated the negative impact of the crisis, although this failed to prevent the deep declines in macroeconomic indicators. Russia is one of the states most severely affected by the crisis. In the first half of 2009, its GDP fell by 10.4% compared to the same period in the previous year, while industrial production dropped by nearly 15%, and a decrease in investments of over 18% was reported. The poor economic performance has strongly affected the Russian budget, which reported a deficit for the first time in ten years in 2009. During the first year of the crisis (August 2008 – September 2009), Russia’s financial reserves were seriously reduced as a result of the government’s anti-crisis policy and interventions from the central bank: the reserve fund decreased by nearly 45% to US$76 billion, and the central bank’s reserves shrunk by nearly US$200 billion to US$409 billion. Meanwhile, however, the money in the National Welfare Fund, which had been intended almost entirely to subsidise the Pensions Fund between 2010 and 2015, rose almost three-fold (to US$90 billion). According to government forecasts, the money from the reserve fund is also supposed to be spent fully in 2010. The financial crisis has triggered a dynamic outflow of capital from the Russian market. So-called speculative capital was the first to demonstrate the lack of confidence in the Russian market. In the first half of 2009, the growth rate of long-term investments also decreased noticeably, although no spectacular withdrawal of direct investments from Russia has been observed. The economic crisis has also halted the foreign expansion of Russian private capital, while state-owned capital strengthened its position as an investor. Russia’s raw materials companies continue to be the main category of foreign investors; however, new technologies are gaining prominence as the second main direction of Russian investments.

EU development ministers discuss approach to Central Asia. EUCAM Commentary No. 16, July 2011

On 14 July European development ministers met in Sopot, Poland. Among a host of development related matters Central Asia was on the agenda and European Union Special Representative Pierre Morel and Development Commissioner Andris Piebalgs were invited to give political and development assistance oriented background to the European ministers. The Polish Presidency wants to devote special attention to EU development assistance to this often over-looked region, which the EU has traditionally viewed predominantly through a foreign policy lens. Development strategies to Central Asia need to be discussed in the context of the five year old political strategy, set to be reviewed this coming autumn.

Derisory Results or Reasons to be Cheerful? Evaluating the Implantation of the European Neighbourhood Policy in Ukraine, Moldova and Belarus. Natolin Research Paper 01/January 2011

This paper considers the implementation of the European Neighbourhood Policy (ENP) in Ukraine, Moldova and Belarus. The paper presents a portrait of the three neighbours in terms of their current political and socio-economic profiles, as well as the status of their relations with the European Union. Subsequently, it provides an overview of the development of ENP. A general set of conclusions are offered in relation to the key issue of good governance, where, the paper argues, ENP has delivered derisory results, with patchy effects across the region. Moreover, the paper identifies the democratic back-sliding in Ukraine and entenched authoritarianism in Belarus, which ENP has done very little to address. The EU’s willingness to provide better mobility options for ENP citizens to visit and work in the EU is a key test for the Eastern Partnership (EaP) in the coming year. This paper sees that whilst there are reasons to be cheerful here, with the EU’s recent offer of greater Visa Liberalisation for Ukraine and Moldova, there remains much to be done and in the meantime the EU remains a ‘Fortress Europe’. The paper concludes with a set of recommendations for ENP, which include the need to finally tackle corruption in the region, bring more differentiation into ENP, soften the EU’s borders through more generous Visa regimes, develop a more robust Belarus strategy and to think more creatively about the use of ENP funds for regional and cross- border activities.