AI and the Financial System – June 28, 2023 – This column by Sabrina I. Pacifici highlights the fast paced impact of AI on many facets of the global financial system. The chronological links provided are to the primary sources, and as available, indicate links to alternate free versions. Each entry includes the publication name,… Continue Reading
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CRISK: Measuring the Climate Risk Exposure of the Financial System
New York Fed – Liberty Street Economics, Hyeyoon Jung: “A growing number of climate-related policies have been adopted globally in the past thirty years (see chart below). The risk to economic activity from changes in policies in response to climate risks, such as carbon taxes and green subsidies, is often referred to as transition risk.… Continue Reading
AI Could ‘Harm the Global Financial System, Supply Chain’ US Gov Guidelines Say
Vice: The new government guidelines present a framework for mitigating AI harms across a wide swath of society. For better or worse, artificial intelligence (AI) tools are permeating all aspects of society, and the U.S. government wants to ensure that it doesn’t break it. AI chatbots like ChatGPT are being used on school assignments, even… Continue Reading
Report – Managing Climate Risk in the U.S. Financial System
CFTC – “The Commodity Futures Trading Commission’s Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee (MRAC) today released a report entitled Managing Climate Risk in the U.S. Financial System. The Climate Subcommittee voted unanimously 34-0 to adopt the report. CFTC Commissioner Rostin Behnam, sponsor of the MRAC, noted: “Today would not be possible… Continue Reading
ABA Journal – Will those who led the financial system into crisis ever face charges?
Terry Carter’s long read also appears in the February 1, 2016 issue of the ABA Journal – “…Last September, the department in effect admitted that it had been wrong all along when it announced a new policy prioritizing prosecution of individuals in corporations who might have engaged in criminal acts, and requiring the companies to… Continue Reading
Climate Risks to the Financial System
Covington, Howard, Climate Risks to the Financial System (October 27, 2015). Available for download at SSRN: http://ssrn.com/abstract=2681153 “An estimate is made of the specific risk to the fossil fuel sector from wind and solar generation and from electric vehicles. The systemic risk to investment portfolios from climate change is then analysed.” Continue Reading
UN Environment Program – The Financial System We Need
Inquiry – Design of a Sustainable Financial System – Aligning the Financial System with Sustainable Development – the UNEP Inquiry Report, October 2015. “Achieving sustainable development requires investment in an inclusive, green economy. Today, mismatches between what is financed and what needs financing contributes to continued environmental deterioration of natural capital and insufficient investment in… Continue Reading
Capital Inflows, Credit Growth, and Financial System
Capital Inflows, Credit Growth, and Financial Systems. Author/Editor: Deniz Igan; Zhibo Tan. IMF. August 19, 2015. “Exploiting a granular panel dataset that breaks down capital inflows into FDI, portfolio and other categories, and distinguishes between credit to the household sector and to the corporate sector, we investigate the association between capital inflows and credit growth.… Continue Reading
Mapping Heat in the U.S. Financial System
Mapping Heat in the U.S. Financial System – David Aikman, Michael T. Kiley, Seung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana, August 2015, Federal Reserve. “Abstract: We provide a framework for assessing the build-up of vulnerabilities in the U.S. financial system. We collect forty-four indicators of financial and balance-sheet conditions, cutting across measures of… Continue Reading
Joint Cmte Report on Risks and Vulnerabilities in EU Financial System
European Banking Authority Report issued May 5, 2015 – completed March 2015 – Joint Committee Report on the Risks and Vulnerabilities in the EU Financial System “Since the August 2014 Joint Committee Report on Risk and Vulnerabilities the risks facing the EU financial system did not substantially change in character, but intensified further. The same… Continue Reading
The international monetary and financial system: Its Achilles heel and what to do about it
Presentation by Mr Claudio Borio, Head of Monetary and Economic Department of the BIS, at the INET conference “New Economic Thinking: Liberté, Égalité, Fragilité”, Paris, 9 April 2015. “This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie… Continue Reading
The Politics of Rescuing the World’s Financial System
Broz, J. Lawrence, The Politics of Rescuing the World’s Financial System: The Federal Reserve as a Global Lender of Last Resort (November 20, 2014). Available for download at SSRN: http://ssrn.com/abstract=2531108 “During the financial crisis of 2007-10, the Federal Reserve (Fed) served as a global lender of last resort by establishing currency swap agreements with 14… Continue Reading
