Yale School of Management

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RBI to provide liquidity to non-bank financial firms

July 9, 2020
On July 1, the Reserve Bank of India (RBI) announced guidelines for a $4 billion (₹300 billion) special liquidity scheme (SLS) to purchase short-term debt from eligible non-banking financial firms (NBFCs) and housing finance companies (HFCs). The RBI said its purpose is to “avoid any potential systemic risk to the financial sector.” Continue reading “RBI to provide liquidity to non-bank financial firms ”

News in Systemic Risk: Thursday, July 9, 2020 (10 a.m. ET)

July 9, 2020
Global in Life and Orderly in Death: Post-Crisis Reforms and the Too-Big-to-Fail Question (Randal K. Quarles; Federal Reserve Board of Governors) Bank failure management in the European banking union: What's wrong and how to fix it (Fernando Restoy, Rastko Vrbaski, Ruth Walters; Bank for International Settlements) FSB and Basel Committee set out supervisory recommendations for benchmark transition (Financial Stability Board) Big Banks Aren’t Embracing Fed’s Main Street Loan Program (Jeanna Smialek; New York Times) Sri Lanka Reduces Key Rate for Fifth Time to Aid Economy (Anusha Ondaatjie; Bloomberg) Continue reading “News in Systemic Risk: Thursday, July 9, 2020 (10 a.m. ET)”

News in Systemic Risk: Wednesday, July 8, 2020 (10 a.m. ET)

July 9, 2020
Implications of financial market development for financial stability in emerging market economies (Philip Wooldridge; Bank for International Settlements) Supervising the new normal (Kerstin af Jochnick; European Central Bank) Central banks in parliaments (Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet; European Central Bank) The interaction between macroprudential and monetary policies: The cases of Norway and Sweden (Jin Cao, Valeriya Dinger, Anna Grodecka-Messi, Ragnar Juelsrud, Xin Zhang; Norges Bank) Bank insiders impede equity issuances in times of crisis (Martin Götz, Luc Laeven, Ross Levine; VoxEU) Sunak Announces 30 Billion-Pound Plan to Save U.K. Economy (Alex Morales, David Goodman; Bloomberg) Continue reading “News in Systemic Risk: Wednesday, July 8, 2020 (10 a.m. ET)”

Brazil’s central bank injects liquidity in financial markets

July 8, 2020
In March, Brazil’s central bank (BCB) unveiled a series of liquidity measures totaling $243 billion (1.2 trillion Brazilian reals) to ensure that “financial institutions have funding to meet the market’s liquidity needs.” The measures represent about 16.7% of last year’s GDP. In addition, the BCB can now temporarily purchase government bonds directly in the primary market and purchase corporate bonds in the secondary market due to recent constitutional amendements. Continue reading “Brazil’s central bank injects liquidity in financial markets”

News in Systemic Risk: Tuesday, July 7, 2020 (10 a.m. ET)

July 7, 2020
A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet (Gara Afonso, Marco Cipriani, Gabriele La Spada, Will Riordan; Federal Reserve Bank of New York) Compositional effects of O-SII capital buffers and the role of monetary policy (Alessio Reghezza, Costanza Rodríguez d’Acri, Martina Spaggiari, Giuseppe Cappelletti; European Central Bank) World Bank strengthens presence in Africa (CentralBanking) Skeptical Bond Buyers Go Toe-to-Toe with BOE on U.K. Recovery (John Ainger, Jill Ward; Bloomberg) Modern pandemics : Recession and recovery (Chang Ma, John Rogers, Sili Zhou; Bank of Finland) U.S. Banks and Global Liquidity (Ricardo Correa, Wenxin Du, Gordon Y. Liao; National Bureau of Economic Research) SA has to reduce the deficit — and that is what the budget does (Kuben Naidoo; Business Day) Continue reading “News in Systemic Risk: Tuesday, July 7, 2020 (10 a.m. ET)”

News in Systemic Risk: Monday, July 6, 2020 (10 a.m. ET)

July 6, 2020
Paraguay Beats the Pandemic and Seeks New Growth (Bas B. Bakker, Tobias Roy; International Monetary Fund) RBI supplies liquidity to Indian shadow banks ‘to avoid systemic risk’ (CentralBanking) COVID dominance: Pandemic shocks and fiscal-monetary policies in the euro area (Yothin Jinjarak, Rashad Ahmed, Sameer Nair-Desai, Weining Xin, Joshua Aizenman; VoxEU) Business in a Time of Spanish Influenza (Howard Bodenhorn; National Bureau of Economic Research) ow resilient are the banks? (The Economist) Continue reading “News in Systemic Risk: Monday, July 6, 2020 (10 a.m. ET)”

RBI to provide liquidity to non-bank financial firms

July 9, 2020
On July 1, the Reserve Bank of India (RBI) announced guidelines for a $4 billion (₹300 billion) special liquidity scheme (SLS) to purchase short-term debt from eligible non-banking financial firms (NBFCs) and housing finance companies (HFCs). The RBI said its purpose is to “avoid any potential systemic risk to the financial sector.” Continue reading “RBI to provide liquidity to non-bank financial firms ”

News in Systemic Risk: Thursday, July 9, 2020 (10 a.m. ET)

July 9, 2020
Global in Life and Orderly in Death: Post-Crisis Reforms and the Too-Big-to-Fail Question (Randal K. Quarles; Federal Reserve Board of Governors) Bank failure management in the European banking union: What's wrong and how to fix it (Fernando Restoy, Rastko Vrbaski, Ruth Walters; Bank for International Settlements) FSB and Basel Committee set out supervisory recommendations for benchmark transition (Financial Stability Board) Big Banks Aren’t Embracing Fed’s Main Street Loan Program (Jeanna Smialek; New York Times) Sri Lanka Reduces Key Rate for Fifth Time to Aid Economy (Anusha Ondaatjie; Bloomberg) Continue reading “News in Systemic Risk: Thursday, July 9, 2020 (10 a.m. ET)”

News in Systemic Risk: Wednesday, July 8, 2020 (10 a.m. ET)

July 9, 2020
Implications of financial market development for financial stability in emerging market economies (Philip Wooldridge; Bank for International Settlements) Supervising the new normal (Kerstin af Jochnick; European Central Bank) Central banks in parliaments (Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet; European Central Bank) The interaction between macroprudential and monetary policies: The cases of Norway and Sweden (Jin Cao, Valeriya Dinger, Anna Grodecka-Messi, Ragnar Juelsrud, Xin Zhang; Norges Bank) Bank insiders impede equity issuances in times of crisis (Martin Götz, Luc Laeven, Ross Levine; VoxEU) Sunak Announces 30 Billion-Pound Plan to Save U.K. Economy (Alex Morales, David Goodman; Bloomberg) Continue reading “News in Systemic Risk: Wednesday, July 8, 2020 (10 a.m. ET)”

Brazil’s central bank injects liquidity in financial markets

July 8, 2020
In March, Brazil’s central bank (BCB) unveiled a series of liquidity measures totaling $243 billion (1.2 trillion Brazilian reals) to ensure that “financial institutions have funding to meet the market’s liquidity needs.” The measures represent about 16.7% of last year’s GDP. In addition, the BCB can now temporarily purchase government bonds directly in the primary market and purchase corporate bonds in the secondary market due to recent constitutional amendements. Continue reading “Brazil’s central bank injects liquidity in financial markets”

News in Systemic Risk: Tuesday, July 7, 2020 (10 a.m. ET)

July 7, 2020
A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet (Gara Afonso, Marco Cipriani, Gabriele La Spada, Will Riordan; Federal Reserve Bank of New York) Compositional effects of O-SII capital buffers and the role of monetary policy (Alessio Reghezza, Costanza Rodríguez d’Acri, Martina Spaggiari, Giuseppe Cappelletti; European Central Bank) World Bank strengthens presence in Africa (CentralBanking) Skeptical Bond Buyers Go Toe-to-Toe with BOE on U.K. Recovery (John Ainger, Jill Ward; Bloomberg) Modern pandemics : Recession and recovery (Chang Ma, John Rogers, Sili Zhou; Bank of Finland) U.S. Banks and Global Liquidity (Ricardo Correa, Wenxin Du, Gordon Y. Liao; National Bureau of Economic Research) SA has to reduce the deficit — and that is what the budget does (Kuben Naidoo; Business Day) Continue reading “News in Systemic Risk: Tuesday, July 7, 2020 (10 a.m. ET)”

News in Systemic Risk: Monday, July 6, 2020 (10 a.m. ET)

July 6, 2020
Paraguay Beats the Pandemic and Seeks New Growth (Bas B. Bakker, Tobias Roy; International Monetary Fund) RBI supplies liquidity to Indian shadow banks ‘to avoid systemic risk’ (CentralBanking) COVID dominance: Pandemic shocks and fiscal-monetary policies in the euro area (Yothin Jinjarak, Rashad Ahmed, Sameer Nair-Desai, Weining Xin, Joshua Aizenman; VoxEU) Business in a Time of Spanish Influenza (Howard Bodenhorn; National Bureau of Economic Research) ow resilient are the banks? (The Economist) Continue reading “News in Systemic Risk: Monday, July 6, 2020 (10 a.m. ET)”