Yale School of Management

Entrepreneurship Blog

Paycheck Protection Program spread loans widely, if not evenly

August 7, 2020
Congress charged the Paycheck Protection Program (PPP), enacted under the Coronavirus Aid, Relief, and Security (CARES) Act on March 27, with lending to small businesses stricken by the effects of COVID-19, and authorized private lenders to facilitate an unprecedented flow of Small Business Administration (SBA)-guaranteed loans. On this first objective, the program delivered, approving nearly 4.9 million loans with a total volume just north of $521 billion. But its performance, its efficacy, and its efficiency remain unsettled questions. Continue reading “Paycheck Protection Program spread loans widely, if not evenly”

News in Systemic Risk: Friday, August 7 (10 a.m. ET)

August 7, 2020
Securing Secured Finance: The Term Asset-Backed Securities Loan Facility (Elizabeth Caviness, Asani Sarkar ; Federal Reserve Bank of New York) Federal Reserve announces details of new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States (Federal Reserve Board of Governors) COVID-19 Response in Emerging Market Economies: Conventional Policies and Beyond (Martin Mühleisen, Tryggvi Gudmundsson, Hélène Poirson Ward; International Monetary Fund) Capital market regulation and coronavirus (Mark Steward; Financial Conduct Authority) Countercyclical capital requirement reductions, state dependence and macroeconomic outcomes (Elif C. Arbatli-Saxegaard, Ragnar E. Juelsrud; Norges Bank) Continue reading “News in Systemic Risk: Friday, August 7 (10 a.m. ET)”

News in Systemic Risk: Thursday, August 6 (10 a.m. ET)

August 6, 2020
Basel Committee releases consultative documents on principles for operational risk and operational resilience (Bank for International Settlements) Note on Financial Stability and Supervision (Bank of Italy) Introduction of Automated Sweep-In and Sweep-Out (ASISO) Facility for end of the day LAF Operations (Reserve Bank of India) Covid-19 challenges IMF debt-restructuring framework (Central Banking) Crapo floats expanded emergency lending, relaxed bank capital rules (Zachary Warmbrodt; PoliticoPro) Interest rates, market power, and financial stability (David Martinez-Miera, Rafael Repullo; VoxEu) Continue reading “News in Systemic Risk: Thursday, August 6 (10 a.m. ET)”

Senate Republicans introduce HEALS Act, next round of COVID-19 response

August 6, 2020
On July 27, Senate Republicans introduced components of the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act. The HEALS Act would extend and alter many of the programs included in the CARES Act, the third COVID-19 response bill. Some key programs, such as enhanced unemployment insurance (UI) benefits, expired on July 25. The bill also introduces new provisions related to education spending and liability protections.  Continue reading “Senate Republicans introduce HEALS Act, next round of COVID-19 response”

The Power of Contradiction

August 6, 2020
drawing of an outline of a head with different facing arrows inside

Don’t wear a mask; wear a mask. Young people are immune to the virus; the virus can harm young people. Hydroxychloroquine can help manage symptoms; no, it can’t. The spread of COVID-19 has pushed science to work in real-time. Downstream from this research, public health authorities have...

Continue reading “The Power of Contradiction”

News in Systemic Risk: Wednesday, August 5 (10 a.m. ET)

August 5, 2020
Central banks and financial stability: A reflection after the Covid-19 outbreak (Fernando Restoy; Bank for International Settlements) Global Imbalances and the COVID-19 Crisis (Martin Kaufman, Daniel Leigh,; International Monetary Fund) The coronavirus crisis and ECB Banking Supervision: taking stock and looking ahead (Andrea Enria; European Central Bank) Hutchins Center Fiscal Impact Measure (Brookings Institution) Europe’s financial system structures transformed by EU policies, Brexit, and COVID-19 (Nicolas Véron, Thomas Wieser, Simeon Djankov; Peterson Institute for International Economics) How will Covid-19 hit central banks’ financial results? (Zbigniew Polański, Mikołaj Szadkowski; Central Banking) Continue reading “News in Systemic Risk: Wednesday, August 5 (10 a.m. ET)”

Discover the ICF's South Sea Bubble of 1720 Financial History Collection

By: Electra Ferriello August 4, 2020
South Sea Annuity

Interested in the South Sea Bubble of 1720? Visit the Origins of Value online visual database where the ICF has collected a number of historical bonds, securities, financial instruments and documents related to the history of financial markets. Using the search function, you can view several...

Continue reading “Discover the ICF's South Sea Bubble of 1720 Financial History Collection”

News in Systemic Risk: Tuesday, August 4 (10 a.m. ET)

August 4, 2020
Claudia Buch: ‘We need higher transparency’ on resolution (Daniel Hinge; Central Banking) Time inconsistency in recent monetary policy (Charles Goodhart, Tatjana Schulze, Dimitri Tsomocos; VoxEu) Argentina Agrees to $65 Billion Restructuring Deal With Bondholders (Ryan Dube, Andrew Scurria; Wall Street Journal ) Covid Supercharges Federal Reserve as Backup Lender to the World (Serena Ng, Nick Timiraos; Wall Street Journal  Continue reading “News in Systemic Risk: Tuesday, August 4 (10 a.m. ET)”

Pandemic catalyzes transition to cashless benefits

August 4, 2020
Health concerns and the sudden implementation of economic shutdowns have caused many countries to expedite or expand transitions to the cashless administration of government benefits in order to make their support efforts as effective as possible. Cashless supports for individuals offer speed, security, and availability that far outperform cash in combating the COVID-19 pandemic, given its unique circumstances. In some countries, increased adoption of cashless technology is an escalation of previously-announced long-term policy goals. Other governments have expedited the transition from cash-based systems to digital payment capacities.  Continue reading “Pandemic catalyzes transition to cashless benefits”