Years of quantitative easing by the ECB have suppressed sovereign yields to historic lows. This has contributed to a shadow banking boom, as market participants invested heavily in various private asset constructions. This column argues that the coronavirus shock poses a serious liquidity risk for the shadow banking sector, where significant funding has been extended[…]
In crises, the dollar tends to appreciate – especially against emerging market currencies – and dollar liquidity becomes scarce. This column shows that today’s events are following the historical pattern. Forex market turmoil is preceded by an inversion of the US yield curve as investors, anticipating tough times ahead, require relatively high short-term yields and[…]
CfP Deadline Date: August 1, 2020 Conference Event: November 20, 2020 Event Location: New Haven, CT, USA Organizer(s): Stefano Giglio (Yale University), Bryan Kelly (Yale University), Serhiy Kozak (University of Maryland), Markus Pelger (Stanford University), Dacheng Xiu (University of Chicago) The conference aims to bring together research on applications of machine learning techniques in finance.[…]
CfP Deadline Date:June 1, 2020 Conference Event:October 16, 2020 Event Location:Online Organizer(s):The FDIC’s Center for Financial Research The symposium facilitates a discussion of recent research in consumer finance between financial regulators, academics, and the private sector. The program committee invites theoretical and empirical papers from a wide range of academic disciplines. Topics may include: Access[…]