Cyber Risk and the U.S. Financial System: A Pre-Moterm Analysis
After completing this reading, you should be able to: Explain the direct costs of and the spillovers caused by a cyber-attack. Explain how cyber shocks can get amplified through financial networks. Discuss the policy responses that can be implemented against…
Replacing LIBOR
After completing this reading, you should be able to: Explain the key issues that could cause systemic disruption when LIBOR ends. Explain the current state of the transition and the challenges that lie ahead. Describe the government institutions’ role in…
Financial Crime in Times of COVID-19 – AML and Cyber Resilience Measures
After completing this reading, you should be able to: Explain the increase of cyber threats faced by financial institutions because of the Covid-19 crisis. Explain the cyber resilience measures taken by international and national financial authorities in response to the…
Global Financial Stability Report: Markets in the Time of COVID-19
After completing this reading, you should be able to: Describe the developments in financial and commodity markets during March-April 2020. Discuss the global financial vulnerabilities intensified by the slowdown in economic activity and tightened financial conditions following the COVID-19 outbreak. …
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response
By the end of this reading, you should be able to: Describe the evolution of bond and CDS prices during March-April 2020. Compare the developments in debt markets during the Great Financial Crisis of 2008-2009 and the COVID-19 crisis. Explain…
The Green Swan – Central Banking and Financial Stability in the Age of Climate Change
After completing this reading, you should be able to: Describe the concept of “green swan,” how it differs from “black swan,” and why climate change is considered a ”green swan” event. Explain why climate change is a threat to price…
Climate Change: Physical Risk and Equity
After completing this reading, you should be able to: From the perspective of physical risk, describe the channels through which climate change can affect financial stability. Explain how climate change and climate risk have affected equity prices and equity valuations….
Climate Change and Financial Risk
After completing this reading you should be able to: Discuss the history of climate change-related risks for the financial sector, including the Paris Agreement (2015), and distinguish the significance of Article 2.1 c as it pertains to the financial system….
Beyond LIBOR: a primer on the new benchmark rates
After completing this reading you should be able to: Describe the features comprising an ideal benchmark. Examine the issues that led to the replacement of LIBOR as the reference rate. Examine the risks inherent in basing risk-free rates (RFR’s) on…
FinTech and Market Structure in Financial Services: Market Developments and Potential Financial Stability Implications
After completing this reading, you should be able to: Differentiate between potential changes to market structure and financial stability risks as a result of financial innovation through traditional providers, BigTech, Fintech providers, and third-party tech servicers. Discuss the technological developments…
