Yale School of Management

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Countries Propose Catastrophe Insurance Through Public-Private Partnerships

June 2, 2020
On May 26, Congresswoman Caroyln Maloney introduced the Pandemic Risk Insurance Act of 2020 (PRIA). The PRIA would provide a framework for insurers to supply business interruption insurance to businesses affected by the COVID-19 pandemic. Insurance companies that choose to participate would offer pandemic coverage to businesses and, should aggregate insurance industry losses exceed $250 million, the federal government would cover most of the  losses. Continue reading “Countries Propose Catastrophe Insurance Through Public-Private Partnerships”

News in Systemic Risk: Monday, June 1, 2020

June 1, 2020
Monitoring the Liquidity Profile of Mutual Funds (Sirio Aramonte, Chiara Scotti, Ilknur Zer; Federal Reserve Board of Governors) Housing Collateral Reform and Economic Reallocation (Dimas Mateus Fazio, Thiago Christiano Silva; Central Bank of Brazil) The lasting scars of the Covid-19 crisis: Channels and impacts (Jonathan Portes; VoxEU) Saudi Arabia to Pump $13 Billion Into Banks to Offset Twin Shock (Matthew Martin; Bloomberg) Regulator and accountants set for 'going concern' hit to markets (Tabby Kinder; Financial Times) Regulatory arbitrage and the G20's global derivatives market reform (Pauline Gandré, Mike Mariathasan, Ouarda Merrouche, Steven Ongena; VoxEU) The Anatomy of the Transmission of Macroprudential Policies (Viral V. Acharya, Katharina Bergant, Matteo Crosignani, Tim Eisert, Fergal J. McCann; National Bureau of Economic Research) COVID-19 and non-performing loans: Lessons from past crises (Anil Ari, Sophia Chen, Lev Ratnovski ; VoxEU) Continue reading “News in Systemic Risk: Monday, June 1, 2020”

News in Systemic Risk: Friday, May 29, 2020

May 29, 2020
The Effect of Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic (Haelim Anderson, Jin-Wook Chang, Adam Copeland; Federal Reserve Bank of New York) Global financial cycles since 1880 (Galina Potjagailo, Maik H Wolters; Bank of England) Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic (Michael Fleming; Federal Reserve Bank of New York) House passes bill to ease small business emergency loan rules (Zachary Warmbrodt; PoliticoPro) Peru Gets $11 Billion IMF Flexible Credit Line for Pandemic (Eric Martin, John Quigley; Bloomberg) Fed could exploit helicopter money with digital currency system - former officials (William Towning; CentralBanking) Continue reading “News in Systemic Risk: Friday, May 29, 2020”

Communicating in a Crisis: Lessons Learned from the Last One

May 28, 2020
It has become a common sight during the current COVID-19 crisis to see Federal Reserve (Fed) Chairman Powell standing at the podium, calmly explaining that the Fed is using the full range of its tools, including its emergency lending powers, to counter the severe economic effects of the actions taken to combat the virus. Powell further commits that the Fed will “continue to use these powers forcefully, proactively and aggressively” until the virus is under control and the economy is on the road to recovery.  Continue reading “Communicating in a Crisis: Lessons Learned from the Last One”

News in Systemic Risk: Thursday, May 28, 2020

May 28, 2020
Countering Covid-19: The nature of central banks' policy response (Agustín Carstens; Bank for International Settlements) Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak? (Nicola Cetorelli, Linda S. Goldberg, Fabiola Ravazzolo; Federal Reserve Bank of New York) Payment holidays in the age of Covid: implications for loan valuations, market trust and financial stability (Rodrigo Coelho, Raihan Zamil; Bank for International Settlements) Sovereign debt standstills: An update (Patrick Bolton, Lee Buchheit , Pierre-Olivier Gourinchas, Mitu Gulati, Chang-Tai Hsieh, Ugo Panizza, Beatrice Weder di Mauro; VoxEU) Covid-19 and monetary policy - speech by Michael Saunders (Michael Saunders; Bank of England) Financial Stability Review Issue 38: Spring 2020 (Bank of Spain) Fraction of Fed lending facilities have been tapped so far (Colby Smith, Brooke Fox; Financial Times) Crisis exposes flaws in US financial stability regime (William Towning; CentralBanking) Continue reading “News in Systemic Risk: Thursday, May 28, 2020”

Countries Propose Catastrophe Insurance Through Public-Private Partnerships

June 2, 2020
On May 26, Congresswoman Caroyln Maloney introduced the Pandemic Risk Insurance Act of 2020 (PRIA). The PRIA would provide a framework for insurers to supply business interruption insurance to businesses affected by the COVID-19 pandemic. Insurance companies that choose to participate would offer pandemic coverage to businesses and, should aggregate insurance industry losses exceed $250 million, the federal government would cover most of the  losses. Continue reading “Countries Propose Catastrophe Insurance Through Public-Private Partnerships”

News in Systemic Risk: Monday, June 1, 2020

June 1, 2020
Monitoring the Liquidity Profile of Mutual Funds (Sirio Aramonte, Chiara Scotti, Ilknur Zer; Federal Reserve Board of Governors) Housing Collateral Reform and Economic Reallocation (Dimas Mateus Fazio, Thiago Christiano Silva; Central Bank of Brazil) The lasting scars of the Covid-19 crisis: Channels and impacts (Jonathan Portes; VoxEU) Saudi Arabia to Pump $13 Billion Into Banks to Offset Twin Shock (Matthew Martin; Bloomberg) Regulator and accountants set for 'going concern' hit to markets (Tabby Kinder; Financial Times) Regulatory arbitrage and the G20's global derivatives market reform (Pauline Gandré, Mike Mariathasan, Ouarda Merrouche, Steven Ongena; VoxEU) The Anatomy of the Transmission of Macroprudential Policies (Viral V. Acharya, Katharina Bergant, Matteo Crosignani, Tim Eisert, Fergal J. McCann; National Bureau of Economic Research) COVID-19 and non-performing loans: Lessons from past crises (Anil Ari, Sophia Chen, Lev Ratnovski ; VoxEU) Continue reading “News in Systemic Risk: Monday, June 1, 2020”

News in Systemic Risk: Friday, May 29, 2020

May 29, 2020
The Effect of Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic (Haelim Anderson, Jin-Wook Chang, Adam Copeland; Federal Reserve Bank of New York) Global financial cycles since 1880 (Galina Potjagailo, Maik H Wolters; Bank of England) Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic (Michael Fleming; Federal Reserve Bank of New York) House passes bill to ease small business emergency loan rules (Zachary Warmbrodt; PoliticoPro) Peru Gets $11 Billion IMF Flexible Credit Line for Pandemic (Eric Martin, John Quigley; Bloomberg) Fed could exploit helicopter money with digital currency system - former officials (William Towning; CentralBanking) Continue reading “News in Systemic Risk: Friday, May 29, 2020”

Communicating in a Crisis: Lessons Learned from the Last One

May 28, 2020
It has become a common sight during the current COVID-19 crisis to see Federal Reserve (Fed) Chairman Powell standing at the podium, calmly explaining that the Fed is using the full range of its tools, including its emergency lending powers, to counter the severe economic effects of the actions taken to combat the virus. Powell further commits that the Fed will “continue to use these powers forcefully, proactively and aggressively” until the virus is under control and the economy is on the road to recovery.  Continue reading “Communicating in a Crisis: Lessons Learned from the Last One”

News in Systemic Risk: Thursday, May 28, 2020

May 28, 2020
Countering Covid-19: The nature of central banks' policy response (Agustín Carstens; Bank for International Settlements) Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak? (Nicola Cetorelli, Linda S. Goldberg, Fabiola Ravazzolo; Federal Reserve Bank of New York) Payment holidays in the age of Covid: implications for loan valuations, market trust and financial stability (Rodrigo Coelho, Raihan Zamil; Bank for International Settlements) Sovereign debt standstills: An update (Patrick Bolton, Lee Buchheit , Pierre-Olivier Gourinchas, Mitu Gulati, Chang-Tai Hsieh, Ugo Panizza, Beatrice Weder di Mauro; VoxEU) Covid-19 and monetary policy - speech by Michael Saunders (Michael Saunders; Bank of England) Financial Stability Review Issue 38: Spring 2020 (Bank of Spain) Fraction of Fed lending facilities have been tapped so far (Colby Smith, Brooke Fox; Financial Times) Crisis exposes flaws in US financial stability regime (William Towning; CentralBanking) Continue reading “News in Systemic Risk: Thursday, May 28, 2020”