Yale School of Management

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Who's afraid of some (not so big or bad) debt relief?

July 24, 2020
By early July 2020, top officials at the IMF and World Bank admitted that the Debt Service Suspension Initiative (DSSI), the  G20’s debt relief program faced challenges. They hoped to make some progress at the mid-July G20 meetings, but the July G20 meetings came and went without major action on the program. Considering that the DSSI was supposed to be one of the international community’s marquee responses to the most severe instance of capital flight from developing economies in recent memory, it is important for billions of people that they get the program right.  Continue reading “Who's afraid of some (not so big or bad) debt relief?”

News in Systemic Risk: Friday July, 24, 2020 (10 a.m. ET)

July 24, 2020
Has regulatory capital made banks safer? Skin in the game vs moral hazard (Ernest Dautović; European Central Bank) Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility (Federal Reserve ) Sarb cuts rates as unemployment breaches 30% (Central Banking) US derivatives regulator pares back international oversight (Kadhim Shubber; Financial Times) Senate GOP starts to unveil coronavirus proposal amid deep discord (Marianne LeVine, John Bresnahan; PoliticoPro) Continue reading “News in Systemic Risk: Friday July, 24, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, July 23, 2020 (10 a.m. ET)

July 23, 2020
ESRB annual report 2019 (European Systemic Risk Board) Current trends and challenges in the Chinese banking sector (Peterson Institute for International Economics) Mutual Fund Performance and Flows During the COVID-19 Crisis (Lubos Pastor, M. Blair Vorsatz; National Bureau of Economic Research) How vulnerable are EMEs to renewed Covid-19 turbulence? (Steve Kamin; Central Banking) Banks lose out to capital markets when it comes to credit provision (The Economist) U.S. Initial Unemployment Claims Rose to 1.4 Million Last Week (Eric Morath; Wall Street Journal) Continue reading “News in Systemic Risk: Thursday, July 23, 2020 (10 a.m. ET)”

Design Considerations and Interesting Features of SME Support Programs

July 23, 2020
Over the past four months, governments have announced more than 700 programs to provide assistance to small- and medium-sized enterprises. These firms are vital to the world economy and are particularly vulnerable to the COVID-19 shock.   YPFS has compiled a list of design considerations for policymakers in developing and implementing SME support programs. Under each design consideration, we have a number of observations regarding interesting features and design challenges seen across programs to date.   Download this PDF to access our resource.  Continue reading “Design Considerations and Interesting Features of SME Support Programs ”

Familiar to a Fault

July 22, 2020
woman with her head in her hands at her home office desk, face mask and sanitizer in the foreground

Stress. That’s one dimension in which 2020 has outperformed the average year. There is COVID-19; there is the precarious global economy; there is social isolation. All of this might push you toward the familiar solace of seeing friends and family—but don’t! You need to keep your social...

Continue reading “Familiar to a Fault”

Cross-country Comparison of Economic Outcomes and Policy Responses to Support Individuals in June

July 22, 2020
Since March, countries around the globe have implemented policies to support individuals and households through the downturn that has resulted from the global COVID-19 pandemic. Over the last five months countries have implemented different economic policies in response to various stages of the pandemic. Based on the YPFS four-phase model of the economic consequences of the pandemic, Run-Rescue-Recession-Recovery, this blogpost discusses different policy trajectories and economic outcomes for countries at different stages of the pandemic, with a focus on support to individuals.  Continue reading “Cross-country Comparison of Economic Outcomes and Policy Responses to Support Individuals in June”

News in Systemic Risk: Wednesday, July 22, 2020 (10 a.m. ET)

July 22, 2020
Still the world’s safe haven? Redesigning the U.S. Treasury market after the COVID-19 crisis (Darrell Duffie; Brookings Institution) The Response of the European Central Bank to the Current Pandemic Crisis: Monetary Policy and Prudential Banking Supervision Decisions (Christos Gortsos; European Banking Institute Working Paper Series) Monetary easing explains the coincidence of leveraged payouts and lack of real investments (Viral Acharya, Guillaume Plantin; VoxEu) Inside Jordan’s Fight to Tackle COVID-19 (International Monetary Fund) Lebanese central bank faces audit as crisis deepens (Central Banking) Trump Fed Nominees Shelton, Waller Confirmed by Senate Committee (Paul Kiernan; Wall Street Journal) EU plans flurry of rule changes to boost market recovery (Philip Stafford; Financial Times) Continue reading “News in Systemic Risk: Wednesday, July 22, 2020 (10 a.m. ET)”

Who's afraid of some (not so big or bad) debt relief?

July 24, 2020
By early July 2020, top officials at the IMF and World Bank admitted that the Debt Service Suspension Initiative (DSSI), the  G20’s debt relief program faced challenges. They hoped to make some progress at the mid-July G20 meetings, but the July G20 meetings came and went without major action on the program. Considering that the DSSI was supposed to be one of the international community’s marquee responses to the most severe instance of capital flight from developing economies in recent memory, it is important for billions of people that they get the program right.  Continue reading “Who's afraid of some (not so big or bad) debt relief?”

News in Systemic Risk: Friday July, 24, 2020 (10 a.m. ET)

July 24, 2020
Has regulatory capital made banks safer? Skin in the game vs moral hazard (Ernest Dautović; European Central Bank) Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility (Federal Reserve ) Sarb cuts rates as unemployment breaches 30% (Central Banking) US derivatives regulator pares back international oversight (Kadhim Shubber; Financial Times) Senate GOP starts to unveil coronavirus proposal amid deep discord (Marianne LeVine, John Bresnahan; PoliticoPro) Continue reading “News in Systemic Risk: Friday July, 24, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, July 23, 2020 (10 a.m. ET)

July 23, 2020
ESRB annual report 2019 (European Systemic Risk Board) Current trends and challenges in the Chinese banking sector (Peterson Institute for International Economics) Mutual Fund Performance and Flows During the COVID-19 Crisis (Lubos Pastor, M. Blair Vorsatz; National Bureau of Economic Research) How vulnerable are EMEs to renewed Covid-19 turbulence? (Steve Kamin; Central Banking) Banks lose out to capital markets when it comes to credit provision (The Economist) U.S. Initial Unemployment Claims Rose to 1.4 Million Last Week (Eric Morath; Wall Street Journal) Continue reading “News in Systemic Risk: Thursday, July 23, 2020 (10 a.m. ET)”

Design Considerations and Interesting Features of SME Support Programs

July 23, 2020
Over the past four months, governments have announced more than 700 programs to provide assistance to small- and medium-sized enterprises. These firms are vital to the world economy and are particularly vulnerable to the COVID-19 shock.   YPFS has compiled a list of design considerations for policymakers in developing and implementing SME support programs. Under each design consideration, we have a number of observations regarding interesting features and design challenges seen across programs to date.   Download this PDF to access our resource.  Continue reading “Design Considerations and Interesting Features of SME Support Programs ”

Familiar to a Fault

July 22, 2020
woman with her head in her hands at her home office desk, face mask and sanitizer in the foreground

Stress. That’s one dimension in which 2020 has outperformed the average year. There is COVID-19; there is the precarious global economy; there is social isolation. All of this might push you toward the familiar solace of seeing friends and family—but don’t! You need to keep your social...

Continue reading “Familiar to a Fault”

Cross-country Comparison of Economic Outcomes and Policy Responses to Support Individuals in June

July 22, 2020
Since March, countries around the globe have implemented policies to support individuals and households through the downturn that has resulted from the global COVID-19 pandemic. Over the last five months countries have implemented different economic policies in response to various stages of the pandemic. Based on the YPFS four-phase model of the economic consequences of the pandemic, Run-Rescue-Recession-Recovery, this blogpost discusses different policy trajectories and economic outcomes for countries at different stages of the pandemic, with a focus on support to individuals.  Continue reading “Cross-country Comparison of Economic Outcomes and Policy Responses to Support Individuals in June”

News in Systemic Risk: Wednesday, July 22, 2020 (10 a.m. ET)

July 22, 2020
Still the world’s safe haven? Redesigning the U.S. Treasury market after the COVID-19 crisis (Darrell Duffie; Brookings Institution) The Response of the European Central Bank to the Current Pandemic Crisis: Monetary Policy and Prudential Banking Supervision Decisions (Christos Gortsos; European Banking Institute Working Paper Series) Monetary easing explains the coincidence of leveraged payouts and lack of real investments (Viral Acharya, Guillaume Plantin; VoxEu) Inside Jordan’s Fight to Tackle COVID-19 (International Monetary Fund) Lebanese central bank faces audit as crisis deepens (Central Banking) Trump Fed Nominees Shelton, Waller Confirmed by Senate Committee (Paul Kiernan; Wall Street Journal) EU plans flurry of rule changes to boost market recovery (Philip Stafford; Financial Times) Continue reading “News in Systemic Risk: Wednesday, July 22, 2020 (10 a.m. ET)”