Yale School of Management

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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)”

News in Systemic Risk: Thursday, July 2, 2020 (10 a.m. ET)

July 2, 2020
Clarifying the ECB’s supervisory approach to consolidation (Edouard Fernandez-Bollo; ECB Banking Supervision) The Shift from Active to Passive Investing: Potential Risks to Financial Stability? (Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, Emilio Osambela; Federal Reserve Board of Governors) Building a financial regulatory system suitable for the UK in the new era (Nausicaa Delfas; UK Financial Conduct Authority) ESRB risk dashboard (European Systemic Risk Board) Employment Situation Summary (Bureau of Labor Statistics) ESG Risk in Times of COVID-19 (Fabrizio Ferriani, Filippo Natoli; Bank of Italy) Saudi Arabia Extends Some Stimulus Measures for Business (Reema Al Othman, Vivian Nereim; Bloomberg) IMF urges Ukraine to keep central bank independent as governor's exit rattles market (Matthias Williams, Natalia Zinets; Reuters) Continue reading “News in Systemic Risk: Thursday, July 2, 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)”

News in Systemic Risk: Thursday, July 2, 2020 (10 a.m. ET)

July 2, 2020
Clarifying the ECB’s supervisory approach to consolidation (Edouard Fernandez-Bollo; ECB Banking Supervision) The Shift from Active to Passive Investing: Potential Risks to Financial Stability? (Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, Emilio Osambela; Federal Reserve Board of Governors) Building a financial regulatory system suitable for the UK in the new era (Nausicaa Delfas; UK Financial Conduct Authority) ESRB risk dashboard (European Systemic Risk Board) Employment Situation Summary (Bureau of Labor Statistics) ESG Risk in Times of COVID-19 (Fabrizio Ferriani, Filippo Natoli; Bank of Italy) Saudi Arabia Extends Some Stimulus Measures for Business (Reema Al Othman, Vivian Nereim; Bloomberg) IMF urges Ukraine to keep central bank independent as governor's exit rattles market (Matthias Williams, Natalia Zinets; Reuters) Continue reading “News in Systemic Risk: Thursday, July 2, 2020 (10 a.m. ET)”