Yale School of Management

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The Mexican government’s economic response to the COVID-19 pandemic

July 31, 2020
Mexico, the second largest Latin American economy, has been hit hard by the COVID-19 crisis as the death count surpassed 46,000—making it the third highest in the world. Unlike other countries in the region, though, its government has kept crisis spending relatively low, at about 3% of gross domestic product (GDP), to avoid massive government debt issuance. Continue reading “The Mexican government’s economic response to the COVID-19 pandemic”

News in Systemic Risk: Friday, July 31, 2020 (10 a.m. ET)

July 31, 2020
Statement By the Systemic Risk Council Addressed to the Chairman, Financial Stability Board, Bank for International Settlements on CCP Resolution (Paul Tucker; Systemic Risk Council) Transparency Makes Central Banks More Effective and Trusted (Tobias Adrian, Ghiath Shabsigh, and Ashraf Khan; International Monetary Fund) Forbearance Patterns in the Post-Crisis Period (Katharina Bergant; International Monetary Fund) UN says rival Libyan central banks will be audited (Central Banking) Cross-border payment systems have been neglected for too long (Jon Cunliffe; Bank for International Settlements) PRA updates guidance on capital management for banks and insurers (Australian Prudential Regulation Authority) Climate change concern drives resistance to Labor pension fund proposal (Zack Colman; PoliticoPro) U.S. Economy Contracted at Record Rate Last Quarter; Jobless Claims Rise to 1.43 Million (Harriet Torry; Wall Street Journal) Continue reading “News in Systemic Risk: Friday, July 31, 2020 (10 a.m. ET)”

More Aid Offered To Airlines as Pandemic Continues to Depress Demand

July 30, 2020
For four months, social distancing measures have hobbled the airline industry with depressed demand, grounded flights, and net losses. Ridership remains low, held down by travel prohibitions between countries that normally supply heavily trafficked routes. With persistent losses and pessimistic future forecasts, several European airlines have now received aid from their governments to maintain solvency for those companies critical to industry supply chains. Continue reading “More Aid Offered To Airlines as Pandemic Continues to Depress Demand”

News in Systemic Risk: Thursday, July 30, 2020 (10 a.m. ET)

July 30, 2020
Federal Reserve issues FOMC statement (Federal Reserve Board of Governors) Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021 (Federal Reserve Board of Governors) The impact of the ECB’s monetary policy measures taken in response to the COVID-19 crisis (John Hutchinson, Simon Mee; European Central Bank) Drivers of firms’ loan demand in the euro area – what has changed during the COVID-19 pandemic? (Matteo Falagiarda, Petra Köhler-Ulbrich, Eduardo Maqui; European Central Bank) Using the Federal Reserve’s discount window for debtor-in-possession financing during the COVID-19 bankruptcy crisis (Peter Conti-Brown and David Skeel; Brookings Institution) Watchdog sees 'widespread' fraud in SBA aid program (Zachary Warmbrodt; PoliticoPro) Continue reading “News in Systemic Risk: Thursday, July 30, 2020 (10 a.m. ET)”

The Mexican government’s economic response to the COVID-19 pandemic

July 31, 2020
Mexico, the second largest Latin American economy, has been hit hard by the COVID-19 crisis as the death count surpassed 46,000—making it the third highest in the world. Unlike other countries in the region, though, its government has kept crisis spending relatively low, at about 3% of gross domestic product (GDP), to avoid massive government debt issuance. Continue reading “The Mexican government’s economic response to the COVID-19 pandemic”

News in Systemic Risk: Friday, July 31, 2020 (10 a.m. ET)

July 31, 2020
Statement By the Systemic Risk Council Addressed to the Chairman, Financial Stability Board, Bank for International Settlements on CCP Resolution (Paul Tucker; Systemic Risk Council) Transparency Makes Central Banks More Effective and Trusted (Tobias Adrian, Ghiath Shabsigh, and Ashraf Khan; International Monetary Fund) Forbearance Patterns in the Post-Crisis Period (Katharina Bergant; International Monetary Fund) UN says rival Libyan central banks will be audited (Central Banking) Cross-border payment systems have been neglected for too long (Jon Cunliffe; Bank for International Settlements) PRA updates guidance on capital management for banks and insurers (Australian Prudential Regulation Authority) Climate change concern drives resistance to Labor pension fund proposal (Zack Colman; PoliticoPro) U.S. Economy Contracted at Record Rate Last Quarter; Jobless Claims Rise to 1.43 Million (Harriet Torry; Wall Street Journal) Continue reading “News in Systemic Risk: Friday, July 31, 2020 (10 a.m. ET)”

More Aid Offered To Airlines as Pandemic Continues to Depress Demand

July 30, 2020
For four months, social distancing measures have hobbled the airline industry with depressed demand, grounded flights, and net losses. Ridership remains low, held down by travel prohibitions between countries that normally supply heavily trafficked routes. With persistent losses and pessimistic future forecasts, several European airlines have now received aid from their governments to maintain solvency for those companies critical to industry supply chains. Continue reading “More Aid Offered To Airlines as Pandemic Continues to Depress Demand”

News in Systemic Risk: Thursday, July 30, 2020 (10 a.m. ET)

July 30, 2020
Federal Reserve issues FOMC statement (Federal Reserve Board of Governors) Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021 (Federal Reserve Board of Governors) The impact of the ECB’s monetary policy measures taken in response to the COVID-19 crisis (John Hutchinson, Simon Mee; European Central Bank) Drivers of firms’ loan demand in the euro area – what has changed during the COVID-19 pandemic? (Matteo Falagiarda, Petra Köhler-Ulbrich, Eduardo Maqui; European Central Bank) Using the Federal Reserve’s discount window for debtor-in-possession financing during the COVID-19 bankruptcy crisis (Peter Conti-Brown and David Skeel; Brookings Institution) Watchdog sees 'widespread' fraud in SBA aid program (Zachary Warmbrodt; PoliticoPro) Continue reading “News in Systemic Risk: Thursday, July 30, 2020 (10 a.m. ET)”