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The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson Feb 2020

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

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No abstract provided.


Managing Systemic Banking Crises: New Lessons And Lessons Relearned, Marina Moretti, Marc Dobler, Alvaro Piris Chavarri Feb 2020

Managing Systemic Banking Crises: New Lessons And Lessons Relearned, Marina Moretti, Marc Dobler, Alvaro Piris Chavarri

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Lewis Sachs, Lee Sachs, Yasemin Esmen Feb 2020

Ypfs Lessons Learned Oral History Project: An Interview With Lewis Sachs, Lee Sachs, Yasemin Esmen

Documents

Suggested Citation Form: Sachs, Lee, 2020. “Lessons Learned Interview."Interview by Yasemin Esmen. Yale Program on Financial Stability Lessons Learned Oral History Project. February 10, 2020. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-lewis-sachs


Dodd-Frank Act Stress Tests, Federal Reserve System: Board Of Governors Feb 2020

Dodd-Frank Act Stress Tests, Federal Reserve System: Board Of Governors

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No abstract provided.


Italy – Capital Injections (2008), Manuel Leon Hoyos Feb 2020

Italy – Capital Injections (2008), Manuel Leon Hoyos

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No abstract provided.


First Responders: Inside The U.S. Strategy For Fighting The 2007-2009 Global Financial Crisis, Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson Jr., Nellie Liang Feb 2020

First Responders: Inside The U.S. Strategy For Fighting The 2007-2009 Global Financial Crisis, Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson Jr., Nellie Liang

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No abstract provided.


What Is A Warrant?, James Chen Feb 2020

What Is A Warrant?, James Chen

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No abstract provided.


Deposit Insurance And Credit Guarantee Corporation (Dicgc) Increases The Insurance Coverage For Depositors In All Insured Banks To Rs 5 Lakh, Reserve Bank Of India Feb 2020

Deposit Insurance And Credit Guarantee Corporation (Dicgc) Increases The Insurance Coverage For Depositors In All Insured Banks To Rs 5 Lakh, Reserve Bank Of India

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No abstract provided.


The Riksbank's Measures During The Global Financial Crisis 2007-2010, Sveriges Riksbank Feb 2020

The Riksbank's Measures During The Global Financial Crisis 2007-2010, Sveriges Riksbank

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No abstract provided.


Partial Identification And Inference For Dynamic Models And Counterfactuals, Myrto Kalouptsidi, Yuichi Kitamura, Lucas Lima, Eduardo Souza-Rodrigues Feb 2020

Partial Identification And Inference For Dynamic Models And Counterfactuals, Myrto Kalouptsidi, Yuichi Kitamura, Lucas Lima, Eduardo Souza-Rodrigues

Cowles Foundation Discussion Papers

We provide a general framework for investigating partial identification of structural dynamic discrete choice models and their counterfactuals, along with uniformly valid inference procedures. In doing so, we derive sharp bounds for the model parameters, counterfactual behavior, and low-dimensional outcomes of interest, such as the average welfare effects of hypothetical policy interventions. We characterize the properties of the sets analytically and show that when the target outcome of interest is a scalar, its identified set is an interval whose endpoints can be calculated by solving well-behaved constrained optimization problems via standard algorithms. We obtain a uniformly valid inference procedure by …


Ypfs Lessons Learned Oral History Project: An Interview With Arthur Murton, Sandra Ward, Arthur J. Murton Feb 2020

Ypfs Lessons Learned Oral History Project: An Interview With Arthur Murton, Sandra Ward, Arthur J. Murton

Documents

Suggested Citation Form: Murton, Arthur, 2020. “Lessons Learned Interview."Interview by Sandra Ward. Yale Program on Financial Stability Lessons Learned Oral History Project. February 13, 2020. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-arthur-murton


The Riksbank's Measures During The Global Financial Crisis 2007-2010, Sveriges Riksbank Feb 2020

The Riksbank's Measures During The Global Financial Crisis 2007-2010, Sveriges Riksbank

Documents

No abstract provided.


Monetary Policy Report February 2020, Sveriges Riksbank Feb 2020

Monetary Policy Report February 2020, Sveriges Riksbank

Documents

No abstract provided.


Deposit Withdrawals From Distressed Banks: Client Relationships Matter, Martin Brown, Benjamin Guin, Stefan Morkoetter Feb 2020

Deposit Withdrawals From Distressed Banks: Client Relationships Matter, Martin Brown, Benjamin Guin, Stefan Morkoetter

Documents

No abstract provided.


The Euro Outside Europe, European Central Bank (Ecb): Eurosystem Feb 2020

The Euro Outside Europe, European Central Bank (Ecb): Eurosystem

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No abstract provided.


Spatial Distribution Of Supply And The Role Of Market Thickness: Theory And Evidence From Ride Sharing, Soheil Ghili, Vineet Kumar Jan 2020

Spatial Distribution Of Supply And The Role Of Market Thickness: Theory And Evidence From Ride Sharing, Soheil Ghili, Vineet Kumar

Cowles Foundation Discussion Papers

This paper studies the e ects of economies of density in transportation markets, focusing on ridesharing. Our theoretical model predicts that (i) economies of density skew the supply of drivers away from less dense regions, (ii) the skew will be more pronounced for smaller platforms, and (iii) rideshare platforms do not nd this skew ecient and thus use prices and wages to mitigate (but not eliminate) it. We then develop a general empirical strategy with simple implementation and limited data requirements to test for spatial skew of supply from demand. Applying our method to ride-level, multi-platform data from New York …


Systemic Banking Crises Database Ii, Luc Laeven, Fabian Valencia Jan 2020

Systemic Banking Crises Database Ii, Luc Laeven, Fabian Valencia

Documents

No abstract provided.


Minutes Of The Federal Open Market Committee, January 28-29, 2020, Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc) Jan 2020

Minutes Of The Federal Open Market Committee, January 28-29, 2020, Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc)

Documents

No abstract provided.


Authorization For Domestic Open Market Operations, Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc) Jan 2020

Authorization For Domestic Open Market Operations, Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc)

Documents

No abstract provided.


Federal Open Market Committee Rules And Authorizations (January 2020), Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc) Jan 2020

Federal Open Market Committee Rules And Authorizations (January 2020), Federal Reserve System: Board Of Governors: Federal Open Market Committee (Fomc)

Documents

No abstract provided.


Lessons Learned: Edwin (Ted) Truman, Yasemin Sim Esmen Jan 2020

Lessons Learned: Edwin (Ted) Truman, Yasemin Sim Esmen

Journal of Financial Crises

Insights on fighting financial crises from Ted Truman, an expert in responding to the international dimensions of financial crises. Topics include the initial US response to the Global Financial Crisis of 2008-2009 and the utiltiy of issuing Special Drawing Rights (SDR).


Lessons Learned: Ray Dalio, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard Jan 2020

Lessons Learned: Ray Dalio, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

Insights from a discussion with Ray Dalio, Founder, Chairman, and Co-Chief Investment Officer of Bridgewater Associates, one of the largest hedge funds in the world. Topics range from monetary policy to communications strategy when responding to a financial crisis.


Basel Iii G: Shadow Banking And Project Finance, Christian M. Mcnamara, Andrew Metrick Jan 2020

Basel Iii G: Shadow Banking And Project Finance, Christian M. Mcnamara, Andrew Metrick

Journal of Financial Crises

The Net Stable Funding Ratio (NSFR), a liquidity standard introduced by Basel III, seeks to promote a better match between the liquidity of a bank’s assets and the manner in which the bank funds those assets. The NSFR requires banks to maintain a minimum amount of funding deemed “stable” by the Basel framework based on the liquidity of the banks’ assets and activities over a one-year timeframe. One of the areas seen as most affected by this development may be bank participation in project finance for infrastructure development. Since the global demand for infrastructure development remains robust, the shadow banking …


Basel Iii F: Callable Commercial Paper, Christian M. Mcnamara, Rosalind Bennett, Andrew Metrick Jan 2020

Basel Iii F: Callable Commercial Paper, Christian M. Mcnamara, Rosalind Bennett, Andrew Metrick

Journal of Financial Crises

One of the Basel Committee on Banking Supervision’s responses to the global financial crisis of 2007-09 was to introduce the Liquidity Coverage Ratio (LCR), a short-term measure that evaluates whether a bank has enough liquidity to meet expected cash outflows during a 30-day stress scenario. One area in which this incentive has already resulted in changed practices is in the market for commercial paper. Banks often provide backup liquidity facilities to the issuers of commercial paper that the issuers can draw upon to repay a maturing issue of commercial paper if they are unable to sell a new issue to …


Basel Iii E: Synthetic Financing By Prime Brokers, Christian M. Mcnamara, Andrew Metrick Jan 2020

Basel Iii E: Synthetic Financing By Prime Brokers, Christian M. Mcnamara, Andrew Metrick

Journal of Financial Crises

Hedge funds rely on “prime brokerage” units within banks to provide leverage. With the enhanced capital requirements and new liquidity standards introduced by Basel III driving up the cost to banks of engaging in such financing, prime brokers have begun to offer an alternative means of providing hedge fund clients with leveraged exposure to securities. Known as synthetic financing, this alternative requires the prime broker to enter into derivatives contracts with the clients. Under the Basel III framework, the ability of banks to hedge and net such derivative positions results in capital and liquidity costs for synthetic financing that are …


Basel Iii D: Swiss Finish To Basel Iii, Christian M. Mcnamara, Natalia Tente, Andrew Metrick Jan 2020

Basel Iii D: Swiss Finish To Basel Iii, Christian M. Mcnamara, Natalia Tente, Andrew Metrick

Journal of Financial Crises

After the Basel Committee on Banking Supervision (BCBS) introduced the Basel III framework in 2010, individual countries confronted the question of how best to implement the framework given their unique circumstances. Switzerland, with a banking industry that is both heavily concentrated and very large relative to the size of its overall economy, faced a special challenge. It ultimately adopted what is sometimes referred to as the “Swiss Finish” to Basel III—enhanced requirements applicable to Switzerland’s “too-big-to-fail” banks Credit Suisse and UBS that go beyond the base requirements established by the BCBS. Yet the prominent role played by relatively new contingent …


Basel Iii C: Internal Risk Models, Christian M. Mcnamara, Karen Anna Clara Braun-Munzinger, Andrew Metrick Jan 2020

Basel Iii C: Internal Risk Models, Christian M. Mcnamara, Karen Anna Clara Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

For financial regulators seeking to use regulatory requirements to manage risk in a banking system, there can be a concern that such requirements crowd out efforts by banks to develop their own risk management systems. One way in which regulators have attempted to solve this problem is to enable banks to use internal risk models to satisfy regulatory requirements. Beginning with the 1996 Market Risk Amendment, the Basel framework has allowed banks to determine the capital charges associated with certain assets using their own internal risk models. But allowing the use of internal risk models has not been without controversy. …


Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick Jan 2020

Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick

Journal of Financial Crises

In the wake of the financial crisis of 2007-09, the Basel Committee on Banking Supervision (BCBS) faced the critical task of diagnosing what went wrong and then updating regulatory standards aimed at preventing it from occurring again. In seeking to strengthen the microprudential regulation associated with the earlier Basel Accords while also adding a macroprudential overlay, Basel III consists of proposals in three main areas intended to address 1) capital reform, 2) liquidity standards, and 3) systemic risk and interconnectedness. This case considers the causes of the 2007-09 financial crisis and what they suggest about weaknesses in the Basel regime …


Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick Jan 2020

Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10 countries established the Basel Committee on Banking Supervision (BCBS) and in 1988, the BCBS introduced a capital measurement system, Basel I. The system represented a triumph of the fixed numerical approach, however, critics worried that it was too blunt an instrument. In 1999, the BCBS issued Basel II, a proposal to …


Jpmorgan Chase London Whale Z: Background & Overview, Arwin G. Zeissler, Rosalind Bennett, Andrew Metrick Jan 2020

Jpmorgan Chase London Whale Z: Background & Overview, Arwin G. Zeissler, Rosalind Bennett, Andrew Metrick

Journal of Financial Crises

In December 2011, the Chief Executive Officer and Chief Financial Officer of JPMorgan Chase (JPM) instructed the bank’s Chief Investment Office to reduce the size of its Synthetic Credit Portfolio (SCP) during 2012, so that JPM could decrease its Risk-Weighted Assets as the bank prepared to adopt the impending Basel III bank capital regulations. However, the SCP traders were also told to minimize the trading costs incurred to reduce Risk-Weighted Assets, while still maintaining the opportunity to profit from unexpected corporate bankruptcies. In an attempt to balance these competing objectives, head SCP derivatives trader Bruno Iksil suggested in January 2012 …