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Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program

July 17, 2020
The Bundesbank, the German central bank, will continue to participate in the European Central Bank’s Public Sector Purchase Program (PSPP) after the German finance minister and parliament declared that the Bundesbank’s participation was allowable under EU guidelines.  Continue reading “Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program”

News in Systemic Risk: Friday, July 17, 2020 (10 a.m. ET)

July 17, 2020
Never waste a crisis: COVID-19, climate change and monetary policy (Isabel Schnabel; European Central Bank) Pablo Hernández de Cos: The main post-pandemic challenges for the Spanish economy (Pablo Hernández de Cos; Bank for International Settlements) Paul Krugman on Zombie ideas and Economic Recovery (Paul Krugman; International Monetary Fund) Basis Trades and Treasury Market Illiquidity (Daniel Barth, Jay Kahn; Office of Financial Research) Coronavirus panic fuels a surge in cash demand (Jonathan Ashworth, Charles Goodhart; VoxEu) The Fed has better tools than yield curve control (David Wilcox; Pierson Institute for International Economics) Beneath Bond Market’s Surface, Tumbling Real Yields Boost Other Assets (Sam Goldfarb; Wall Street Journal) FATF will set up global network of virtual asset supervisors (Rachael King; Central Banking) Continue reading “News in Systemic Risk: Friday, July 17, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, July 16, 2020 (10 a.m. ET)

July 16, 2020
Randal K Quarles: The adaptability of stress testing (Randal K Quarles; Bank for International Settlements) Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (Christine Lagarde, Luis de Guindos; European Central Bank) Global banks' dollar funding needs and central bank swap lines (Iñaki Aldasoro, Torsten Ehlers, Patrick McGuire, Goetz von Peter; Bank for International Settlements) Credit Ratings, Procyclicality and Related Financial Stability Issues: Select Observations (U.S. Securities and Exchange Commission) EBA supports EU Commission’s actions towards a more sustainable European economy (European Banking Authority ) Lending Discrimination within the Paycheck Protection Program (Anneliese Lederer, Sara Oros; National Community Reinvestment Coalition) EU watchdog to probe German regulators after Wirecard collapse (Matthew Vincent, Jim Brunsden, Olaf Storbeck; Financial Times) Continue reading “News in Systemic Risk: Thursday, July 16, 2020 (10 a.m. ET)”

Snapshots from EMBA Global Network Week

July 16, 2020
Each June, schools across the Global Network for Advanced Management host Global Network Week, a weeklong learning experience for executive MBA students. This year, the mini-courses were moved online, but that didn't keep participants from learning and connecting. Several students in the Yale SOM MBA for Executives Class of 2021 shared insights from the courses they attended. Continue reading “Snapshots from EMBA Global Network Week”

News in Systemic Risk: Tuesday, July 15, 2020

July 15, 2020
FSOC to review risks posed by secondary mortgage market (Katy O'Donnell, Victoria Guida; PoliticoPro) Big banks set aside billions for potential loan defaults (Victoria Guida; PoliticoPro) Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives (Antonio Sánchez Serrano, Tuomas Peltonen; European Systemic Risk Board) Covid 19 and the economy: what are the lessons so far? - speech by Silvana Tenreyro (Silvana Tenreyro; Bank of England) Credit-to-GDP is not reliable system risk indicator--research (Central Banking) HKMA sets new Libor transition milestones for banks (Central Banking) US regulator investigates oil fund disclosures (Kadhim Shubber; Financial Times) Continue reading “News in Systemic Risk: Tuesday, July 15, 2020”

Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program

July 17, 2020
The Bundesbank, the German central bank, will continue to participate in the European Central Bank’s Public Sector Purchase Program (PSPP) after the German finance minister and parliament declared that the Bundesbank’s participation was allowable under EU guidelines.  Continue reading “Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program”

News in Systemic Risk: Friday, July 17, 2020 (10 a.m. ET)

July 17, 2020
Never waste a crisis: COVID-19, climate change and monetary policy (Isabel Schnabel; European Central Bank) Pablo Hernández de Cos: The main post-pandemic challenges for the Spanish economy (Pablo Hernández de Cos; Bank for International Settlements) Paul Krugman on Zombie ideas and Economic Recovery (Paul Krugman; International Monetary Fund) Basis Trades and Treasury Market Illiquidity (Daniel Barth, Jay Kahn; Office of Financial Research) Coronavirus panic fuels a surge in cash demand (Jonathan Ashworth, Charles Goodhart; VoxEu) The Fed has better tools than yield curve control (David Wilcox; Pierson Institute for International Economics) Beneath Bond Market’s Surface, Tumbling Real Yields Boost Other Assets (Sam Goldfarb; Wall Street Journal) FATF will set up global network of virtual asset supervisors (Rachael King; Central Banking) Continue reading “News in Systemic Risk: Friday, July 17, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, July 16, 2020 (10 a.m. ET)

July 16, 2020
Randal K Quarles: The adaptability of stress testing (Randal K Quarles; Bank for International Settlements) Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (Christine Lagarde, Luis de Guindos; European Central Bank) Global banks' dollar funding needs and central bank swap lines (Iñaki Aldasoro, Torsten Ehlers, Patrick McGuire, Goetz von Peter; Bank for International Settlements) Credit Ratings, Procyclicality and Related Financial Stability Issues: Select Observations (U.S. Securities and Exchange Commission) EBA supports EU Commission’s actions towards a more sustainable European economy (European Banking Authority ) Lending Discrimination within the Paycheck Protection Program (Anneliese Lederer, Sara Oros; National Community Reinvestment Coalition) EU watchdog to probe German regulators after Wirecard collapse (Matthew Vincent, Jim Brunsden, Olaf Storbeck; Financial Times) Continue reading “News in Systemic Risk: Thursday, July 16, 2020 (10 a.m. ET)”

Snapshots from EMBA Global Network Week

July 16, 2020
Each June, schools across the Global Network for Advanced Management host Global Network Week, a weeklong learning experience for executive MBA students. This year, the mini-courses were moved online, but that didn't keep participants from learning and connecting. Several students in the Yale SOM MBA for Executives Class of 2021 shared insights from the courses they attended. Continue reading “Snapshots from EMBA Global Network Week”

News in Systemic Risk: Tuesday, July 15, 2020

July 15, 2020
FSOC to review risks posed by secondary mortgage market (Katy O'Donnell, Victoria Guida; PoliticoPro) Big banks set aside billions for potential loan defaults (Victoria Guida; PoliticoPro) Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives (Antonio Sánchez Serrano, Tuomas Peltonen; European Systemic Risk Board) Covid 19 and the economy: what are the lessons so far? - speech by Silvana Tenreyro (Silvana Tenreyro; Bank of England) Credit-to-GDP is not reliable system risk indicator--research (Central Banking) HKMA sets new Libor transition milestones for banks (Central Banking) US regulator investigates oil fund disclosures (Kadhim Shubber; Financial Times) Continue reading “News in Systemic Risk: Tuesday, July 15, 2020”