This report summarises the main results of a stocktake conducted by the Basel Committee of its members' initiatives on climate-related financial risks.

Banks globally entered the Covid-19 crisis with roughly US$ 5 trillion of capital above their Pillar 1 regulatory requirements. The amount of additional lending will depend on how hard banks' capital is hit by the crisis, on their willingness to use the buffers and on other policy support. In an adverse stress scenario such as the savings and loan crisis, banks' usable buffers would decline to US$ 800 billion, which could support US$ 5 trillion of additional loans (6% of total loans outstanding). Yet in a severely adverse scenario, similar to the Great Financial Crisis, the corresponding figures would be only US$ 270 billion and US$ 1 trillion (1.3% of total loans).

Introductory remarks (by videoconference) by Mr Luis de Guindos, Vice-President of the European Central Bank, to the Committee on Economic and Monetary Affairs of the European Parliament, Frankfurt am Main, 7 May 2020.

Banks' performance on equity and debt markets since the Covid-19 outbreak has been on a par with that experienced after the collapse of Lehman Brothers in 2008. During the initial phase, the market sell-off swept over all banks, which underperformed significantly relative to other sectors. Still, markets showed some differentiation by bank nationality, and credit default swap (CDS) spreads rose the most for those banks that had entered the crisis with the highest level of credit risk. The subsequent stabilisation, brought about by forceful policy measures since mid-March, has favoured banks with higher profitability and healthier balance sheets. Less profitable banks saw their long-term rating outlooks revised to negative. And the CDS spreads of the riskiest banks continued increasing even through the stabilisation phase.

Opening remarks by Ms Christine Lagarde, President of the European Central Bank, at the Online Edition of The State of the Union conference organised by the European University Institute, 8 May 2020.

Are financial intermediaries inherently unstable and, if so, why? To address this, we analyse whether model economies with financial intermediation are particularly prone to multiple, cyclic or stochastic equilibria.

We document that corporate pension contributions respond to tax-based incentives using the 2017 Tax Cut & Jobs Act (TCJA) as a natural experiment. The TCJA cut the U.S. federal corporate tax rate, temporarily increasing contribution incentives for sponsors of defined-benefit retirement plans. We exploit cross-sectional variation in ex-ante exposure to these incentives.

Long-term interest rates have remained low despite a surge in the issuance of sovereign debt to mitigate the economic impact of the pandemic.

Inflation pressure could be weak even after consumer demand for non-discretionary goods and services begins to grow as the economy gets back on its feet.

At a time of conflicting narratives, a range of markets from equities to energy to gold may persist in volatility until one narrative gains the upper hand.

Equities have rallied since 2017 and yet the expected growth in dividends has declined since then. Is the fall in long-term interest rates to be blamed?

See volume, open interest, and other trading highlights for Fertilizer swaps and futures markets offered by CME Group.

Gold and silver prices often move in tandem, but the gap between them widened by 31% January through April in line with a trend that began nine years ago.

A look at support and regenerative policy initiatives by the Federal Reserve and the Government as more than 20 million jobs were lost in April 2020.

Bank of Italy Working Papers by Giorgio Albareto, Andrea Cardillo, Andrea Hamaui and Giuseppe Marinelli

Bank of Italy Working Papers by Concetta Rondinelli and Roberta Zizza

Bank of Italy Working Papers by Luca Metelli, Filippo Natoli and Luca Rossi

Bank of Italy Working Papers by Andrea Gazzani and Alejandro Vicondoa

Bank of Italy Working Papers by Eleonora Porreca and Alfonso Rosolia

Bank for International Settlements BIS Working Papers by David Cook and Nikhil Patel

Bank for International Settlements BIS Working Papers by Claudio Borio, Marc Farag and Nikola Tarashev

Bank of Finland Research Discussion Papers by Gene Ambrocio

Bank of Finland Research Discussion Papers by Eleonora Granziera and Markus Sihvonen

Bank of England Working Papers by Cristiano Cantore and Lukas Freund

Bank of England Working Papers by Cristiano Cantore, Filippo Ferroni and Miguel León-Ledesma

Netherlands Bank DNB Occasional Studies by Peter Wierts and Harro Boven

European Systemic Risk Board Occasional Papers by Greg Ros

Bank of Spain Working Papers by Henrique S. Basso and Juan F. Jimeno

Central Bank of Chile Working Papers by Carlos Madeira

Central Bank of Chile Working Papers by Benjamín García and Juan Guerra-Salas

Central Bank of Chile Working Papers by Tomás Gómez, Alejandro Jara and David Moreno

Central Bank of Chile Working Papers by Gee Hee Hong, Matthew Klepacz, Ernesto Pasten and Raphael Schoenle

Here’s what we should be expecting in the war on Covid-19.

“If people saw this, they would stay home.” What the war against the coronavirus looks like inside two Bronx hospitals.

Danes haven’t built a “socialist” country. Just one that works.

An enraged and ebullient Trump ups the body count.

In this nightmarish moment, we’re feeling warm and fuzzy about the cold and calculating Andrew Cuomo.

Penn State is implementing a new opt-in grading system for the spring 2020 semester that will give students flexibility, help preserve GPAs and minimize impacts to students’ transcripts during the academic challenges presented by the novel coronavirus public health crisis.

Amanda Moore, of Chambersburg, Pennsylvania, is on track to graduate from Penn State Mont Alto this May with a degree in psychology. She credits her academic success with Mont Alto's strong focus on research and varied program offerings.

As college campuses closed and the COVID-19 virus began casting a larger shadow in south central Pennsylvania, members of the nursing and physical therapist assistant programs at Penn State Mont Alto took stock of all the medical personal protection equipment (PPE) items in their labs. The two programs were supplied with hundreds of gloves and dozens of medical gowns and masks, plus other items such as disposable stethoscopes, shoe covers and safety glasses — items no longer needed as the campus transitioned to remote instruction.

Penn State Mont Alto recognizes and honors winners during awards ceremony

The Penn State Mont Alto campus held its annual Academic and Leadership Awards Ceremony online on Sunday, April 19. Eighty-eight students were recognized for their academic achievements and campus leadership during the 2019-20 academic year. Three faculty members and one staff member were also recognized for their above-and-beyond contributions to the learning environment at Penn State Mont Alto.

Penn State Mont Alto unveiled its new project and supply chain management degree in response to a local and global need.

Billions for oil, nothing for nurses and teachers.

On cronies, cranks and the coronavirus.

Anti-government ideology is crippling pandemic policy.

Blocking federal aid is vile, but it’s also hypocritical.

What’s bad for America is sometimes good for the market.

Penn State’s PROmoting School-community-university Partnerships to Enhance Resilience (PROSPER) project is continuing to connect and engage Pennsylvania families and keep schools informed during the COVID-19 pandemic.

Balancing finicky kid appetites with proper nutrition can be a challenge in the best of times. But now, with the majority of schools and day cares closed across Pennsylvania, many parents working from home, and schedules thrown in disarray, it may seem downright impossible. A Penn State nutritionist offers tips for feeding kids during stressful times.