Since the financial crisis of 2007-2009, policymakers have debated the need for a new toolkit
of cyclical" macroprudential" policies to constrain the build-up of risks in financial markets, …

Stress testing, which has its roots in risk management, should be adapted to support financial
stability monitoring and to incorporate the interconnections and dynamics of the financial …

We examine the role of asset-backed security collateralized debt obligations (ABS CDOs)
as a primary catalyst for the financial crisis. We show how ABS CDOs became the main …

Countries around the world are reeling from the health threat and economic and financial
fallout from COVID-19. Legislatures are responding with massive relief programs. Central …

Over the past decade, central bankers and financial institution supervisors have sharpened
their focus on the increasingly important role that private pools of investment funds play in …

Monetization—also known as “money-financed fiscal programs” or “money-printing”—occurs
when a government finances itself by issuing currency or other non-interest-bearing …

Central bank swap arrangements gained new importance during the Global Financial Crisis
of 2007–09 (GFC) when wholesale funding markets contracted, causing severe liquidity …

This paper is an analysis of important considerations for policymakers seeking to establish
a market support program (MSP). Our main purpose is to assist policymakers who have …

Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the
stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus …

Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the
stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus …