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"In 1868, the state of Georgia began to make its rapidly growing population of prisoners available for hire. The resulting convict leasing system ensnared not only men but also African American women, who were forced to labor in camps and factories to make profits for private investors. In this vivid work of history, Talitha L. LeFlouria draws from a rich array of primary sources to piece together the stories of these women, recounting what they endured in Georgia's prison system and what their labor accomplished. LeFlouria argues that African American women's presence within the convict lease and chain-gang systems of Georgia helped to modernize the South by creating a new and dynamic set of skills for black women. At the same time, female inmates struggled to resist physical and sexual exploitation and to preserve their human dignity within a hostile climate of terror. This revealing history redefines the social context of black women's lives and labor in the New South and allows their stories to be told for the first time"--Provided by publisher.
Convict labor --- African American women --- African American prisoners --- Women prisoners --- Prisons and race relations --- Prisons and race problems --- Race relations and prisons --- Afro-American prisoners --- Prisoners, African American --- Afro-American women --- Women, African American --- Women, Negro --- Lease system --- Prison labor --- History --- Social conditions. --- History. --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Race relations --- Economic conditions --- Prisoners --- Women --- Forced labor
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The National Bank of Georgia (NBG) has a broad mandate to safeguard financial stability in Georgia and has applied several measures that can be considered macroprudential. For instance, the NBG adjusted risk weights for foreign-currency (FX) loans to unhedged borrowers in a countercyclical manner in recent years. Going forward, it plans to introduce the Basel III countercyclical capital buffer regime for the banking system in 2015, which will require that it sets or releases the buffer on a regular basis, based on assessments of cyclical risks. Policymakers should consider establishing a full-fledged macroprudential policy framework in line with international best practices. The current framework is too broad to support the effective and transparent use of macroprudential policy going forward. An improved system would involve a revised legal framework to cement the use of a broad range of macroprudential instruments, the establishment of a Financial Stability Committee at the NBG level, and strong accountability and communication practices, including by the publication of regular reports on financial stability. The list of available macroprudential instruments should go beyond risk buffers and allow the NBG to set measures that directly influence the banks’ activities, e.g., through the application of loan-to-value (LTV) or payment-to-income (PTI) caps. The introduction of macroprudential measures for FX-induced credit and liquidity risks have led to a strengthening of banks’ risk buffers. On the asset side, additional risk weights are applied to FX loans to unhedged borrowers, while on the liability side, reserve requirements are higher for FX deposits and other borrowings. Furthermore, banks have to hold more liquidity for nonresident deposits (of which 92 percent are in foreign currency as of end-2013), if those deposits exceed 10 percent of total deposits. Combined with the general liquidity regulation, these measures have increased banks’ capital and liquidity buffers, as shown in the results of the FSAP solvency and liquidity stress tests. The planned introduction of buffer requirements to mitigate cyclical and structural risks is a welcome step. The countercyclical capital buffer and the capital surcharge for systemically important banks are planned to be implemented over the next few years. The capital surcharge for systemically important banks, which would currently apply at least to the three largest banks by total assets, is particularly important in the Georgian context due to the high market concentration in the banking sector.
Monetary policy --- Financial risk management --- Risk management --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International Monetary Fund --- National Bank of Georgia. --- Internationaal monetair fonds --- International monetary fund --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Economic policy. --- Banks and Banking --- Finance: General --- Foreign Exchange --- Macroeconomics --- Business and Financial --- General Financial Markets: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Banking --- Financial services law & regulation --- Currency --- Foreign exchange --- Macroprudential policy --- Financial sector stability --- Financial regulation and supervision --- Financial sector policy and analysis --- Liquidity requirements --- Financial services industry --- Banks and banking --- Law and legislation --- State supervision
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KEY ISSUES Context. Macroeconomic developments have been in line with the program. Growth has recovered, led by domestic demand, with the Russia-Ukraine crisis having limited economic impact so far. Growth should reach 5 percent in 2014. Georgia and the EU started applying their Deep and Comprehensive Free Trade Area (DCFTA) agreement provisionally in September. Although some ministers left the cabinet in November, the ruling Georgian Dream government has kept its majority and has reaffirmed its commitment to Georgia’s goal of increased European integration. Outlook and Risks. Growth should remain at 5 percent in 2015. Downside risks stem from possible escalation of regional tensions and weaker recovery in the Euro area. On the upside, lower oil prices could boost growth and reduce the current account deficit. Policies. Although this year’s fiscal deficit should come in below target, the composition of spending has again shifted from capital to current and the substantial increase in government spending planned for the fourth quarter could lead to balance of payments pressures. The 3 percent of GDP deficit in the 2015 draft budget is consistent with the program objectives of preserving fiscal sustainability and supporting external adjustment. The draft budget envisages increases in pensions, teacher salaries, drug benefit coverage, and capital spending paid for by higher excises on tobacco, alcohol, and incoming international phone calls. Annual inflation rose to 3½ percent in October but remains below the National Bank of Georgia’s (NBG) inflation target of 6 percent for 2014. The stability of the lari against the U.S. dollar has resulted in appreciation against key trading partners. The current account deficit has widened in 2014 as expected with the economic recovery but should decline in the medium term supported by fiscal consolidation, exchange rate flexibility, reforms to improve competitiveness, and greater trade opportunities. Reserve accumulation under the program will strengthen resilience to shocks. The NBG is committed to implementing the FSAP recommendations. Program. The program is on track, with all September conditionality met except for the structural benchmark on preparing an access to finance study which has now been reset. SDR40 million will become available upon the completion of the review.
Economic development --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Economic conditions. --- Economic policy. --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- International Lending and Debt Problems --- Current Account Adjustment --- Short-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Public finance & taxation --- Finance --- Monetary economics --- External debt --- Current account deficits --- Public debt --- Loans --- Credit --- Balance of payments --- Money --- Financial institutions --- Debts, External --- Debts, Public
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