News and Commentary
Diego Zuluaga describes the undesirability of financial transaction taxes in the Cato Journal, claiming that they raise less revenues than expected while decreasing short term trading.
JDSupra announces the statement of the UK Prudential Regulation Authority on regulatory capital requirements which considers tailored forbearance arrangements if borrowers cannot resume payments after COVID-19 related deferrals.
New Research
A new study from the National Bureau of Economic Research finds that the liquidity transformation inherent to the banking sector increases fragility by creating incentives for uninsured depositors (read: lenders) to withdraw their money during a “panic” time of weak conditions in the banking sector which may not be based purely on economic fundamentals.
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