News in Systemic Risk: Wednesday, January 15, 2020 (10 a.m. ET)

Restructuring sovereign bonds: holdouts, haircuts and the effectiveness of CACs (Chuck Fang, Julian Schumacher, Christoph Trebesch; European Central Bank)

Ensuring the Benefits of Capital Flows in the Middle East (Jihad Azour, Ling Zhu; International Monetary Fund)

How Did the Fed Funds Market Change When Excess Reserves Were Abundant? (John P. McGowan, Ed Nosal; Federal Reserve Bank of New York)

A new EU-level playing field instrument: Potential goals and design (Thorsten Kaeseberg; VoxEU)

The evolution of monetary policy frameworks in the post-crisis environment (Anna Samarina, Nikos Apokoritis; VoxEU)

ECB largely welcomes move to expand German macro-pru powers (CentralBanking)