Financial economics
Academic discipline concerned with the exchange of money
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| August 16 2024 | Appointed by Chancellor of the Exchequer Rachel Reeves as an external member of the Monetary Policy Committee of the Bank of England, effective September 2024. |
| March 26 2024 |
Reserve requirement
Nigeria maintained 45.00% Cash Reserve Ratio for deposit money banks and increased merchant banks' requirement to 14.00%
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| June 30 2023 |
Reserve requirement
Philippines set reserve requirement to 9.50%
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| April 2023 |
Reserve requirement
Hungary increased reserve requirements from 5.00% to 10.00%
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| April 6 2023 |
Reserve requirement
India set reserve requirements to 4.50%
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| 2022 | Moved to the University of Cambridge, appointed as Leverhulme International Professor of Neuroeconomics at the Faculty of Economics. |
| March 31 2022 |
Reserve requirement
Poland set reserve requirement to 3.50%
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| 2021 |
Corporate debt bubble
Full impact of new financial regulations from the Financial Stability and Development Committee is expected.
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| March 31 2021 |
Corporate debt bubble
Commercial Paper Funding Facility established by the Federal Reserve ceases purchasing commercial paper.
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| March 12 2021 |
Corporate debt bubble
CNBC published a short video discussing the corporate debt/bond bubble
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| 2020 |
2000s United States housing bubble
Adam J. Levitin and Susan M. Wachter published 'The Great American Housing Bubble: What Went Wrong and How We Can Protect Ourselves in the Future', a comprehensive academic analysis of the housing bubble phenomenon.
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| August 5 2020 |
Corporate debt bubble
Virgin Atlantic filed for bankruptcy
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| May 22 2020 |
Corporate debt bubble
The Hertz Corporation filed for Chapter 11 bankruptcy, seeking to continue operations while negotiating with creditors
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| May 15 2020 |
Corporate debt bubble
J.C. Penney filed for bankruptcy, becoming the largest U.S. retailer to do so during the pandemic
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| May 12 2020 |
Corporate debt bubble
The Federal Reserve began buying corporate bond ETFs for the first time in its history, signaling intentions to buy bonds directly in the near future
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| May 4 2020 |
Corporate debt bubble
J.Crew filed for bankruptcy protection, converting $1.6 billion in debt to equity and becoming the first U.S. retailer to go bankrupt during the COVID-19 downturn
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| April 2020 |
Corporate debt bubble
U.S. corporations sold over $300 billion in debt, setting a new record. Notable issues included Boeing ($25 billion), Apple ($8.5 billion), Starbucks ($3 billion), Ford ($8 billion in junk-rated bonds), and Carnival ($4 billion)
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| April 2020 |
Corporate debt bubble
ANZ Bank reports rising corporate debt in Asia, particularly in China, South Korea, and Singapore, with energy and real estate sectors being over-leveraged.
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| April 24 2020 |
Corporate debt bubble
S&P Global Ratings downgrades car rental companies Avis and Hertz to 'highly speculative', with Hertz bonds showing a 78% chance of default within 12 months and 100% chance within five years.
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| April 22 2020 |
Corporate debt bubble
The New York Times reports potential widespread bankruptcy for smaller U.S. oil companies, with $86 billion in oil production debt and $123 billion in oil pipeline debt due between 2020 and 2024.
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| April 21 2020 |
Corporate debt bubble
The iShares iBoxx $ High Yield Corporate Bond ETF falls 3%, with junk-rated U.S. shale oil companies comprising 12% of the benchmark.
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| April 21 2020 |
Corporate debt bubble
Virgin Australia enters voluntary administration, unable to manage $4.59 billion in debt, and names Deloitte as its administrator.
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| April 20 2020 |
Corporate debt bubble
West Texas Intermediate crude oil futures contracts collapse to -$37.63 per barrel, highlighting severe economic stress in the U.S. oil sector with uninterrupted supply meeting collapsing demand.
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| April 10 2020 |
Reserve requirement
Croatia reduced reserve requirements from 12% to 9%
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| April 9 2020 |
Corporate debt bubble
Lotte Food Co issued the first won-denominated debt in three weeks following South Korea's liquidity support measures.
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| April 8 2020 |
Corporate debt bubble
South Korea initiated won-denominated debt purchases up to $16 billion to provide liquidity to investment-grade firms.
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| April 7 2020 |
Corporate debt bubble
NCR Corporation and Wynn Resorts successfully raised $1 billion in unsecured junk-rated debt, signaling increased investor risk tolerance.
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| March 2020 |
Corporate debt bubble
Corporate debt for non-financial companies worldwide reaches approximately $13 trillion, with $9.6 trillion in the U.S.
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| March 2020 |
Corporate debt bubble
By March, one-sixth of all publicly-traded U.S. companies did not make enough profit to cover the interest on their issued debt.
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| March 31 2020 |
Corporate debt bubble
Commercial Paper Funding Facility established by the Federal Reserve ceased purchasing commercial paper.
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| March 30 2020 |
Corporate debt bubble
Moody's downgraded the U.S. corporate debt outlook from stable to negative, highlighting risks in sectors like air travel, lodging, cruise ships, automobiles, oil and gas, and banking.
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| March 30 2020 |
Corporate debt bubble
Kenneth Rogoff revised his earlier assessment, suggesting the economic situation could be as severe as any seen in the last century and a half.
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| March 27 2020 |
Reserve requirement
Reserve requirements for net transaction accounts were eliminated, effectively removing all reserve requirements in the United States.
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| March 26 2020 |
Reserve requirement
United States reduced reserve requirement ratios to 0%
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| March 26 2020 |
Corporate debt bubble
The Federal Reserve provided $687 billion in support, primarily focused on maintaining corporate liquidity for higher-credit-rated companies.
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| March 23 2020 |
Corporate debt bubble
Investment-grade firms in the US issued $73 billion in debt, 21% higher than the previous 2013 record, with companies like Nike and Home Depot borrowing $6 billion and $5 billion respectively to build cash reserves before the recession's full impact.
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| March 23 2020 |
Corporate debt bubble
The People's Bank of China (PBOC) resumed open market operations for the first time since 17 February, lowering interest rates and supporting corporate bond markets.
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| March 19 2020 |
Corporate debt bubble
European Central Bank announces a 750 billion euro Pandemic Emergency Purchase Programme to stabilize European debt markets.
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| March 16 2020 |
Corporate debt bubble
U.S. analyst warns that prolonged pandemic could trigger a financial crisis with potential chain of corporate defaults similar to the 2008 subprime mortgage crisis.
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| March 12 2020 |
Corporate debt bubble
Junk bond spread over U.S. Treasuries increases to 7.42%, the highest level since December 2015, indicating severe market stress.
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| March 12 2020 |
Corporate debt bubble
Kenneth Rogoff of Harvard University initially stated he did not believe the situation would be comparable to the 2008 or 1929 financial crises.
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| March 11 2020 |
Corporate debt bubble
Boeing draws down its entire $13.825 billion credit line to preserve cash, resulting in an 18% stock drop, exemplifying corporate financial strain.
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| March 9 2020 |
Corporate debt bubble
Yield spread for junk bonds rapidly increases to 6.68%, signaling growing economic uncertainty during the COVID-19 pandemic and oil price war.
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| February 2020 |
Corporate debt bubble
The Organisation for Economic Co-operation and Development warned about the low credit quality and potential risks of the current corporate bond market, highlighting the possibility of significant negative economic impacts during a potential downturn.
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| February 2020 |
Corporate debt bubble
Bloomberg News publishes a critical analysis warning about the potential risks of widespread cov-lite debt markets, suggesting potential severe consequences in a future credit cycle downturn.
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| February 2020 |
Corporate debt bubble
Kraft Heinz had its credit rating downgraded to BBB− (junk status) due to low earnings expectations, with $22.9 billion in total debt and only $2.3 billion in cash assets.
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| January 6 2020 |
Corporate debt bubble
Junk bond yield spread reaches a low of 3.49%, before subsequent economic turbulence.
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| January 1 2020 |
Corporate debt bubble
Beginning of a record period of corporate bond issuance, with $807.1 billion of U.S. investment-grade corporate bonds issued between January 1 and May 3
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| 2019 | Published 11th edition of 'Essentials of Investments' textbook with co-authors Alex Kane and Alan Marcus through McGraw-Hill/Irwind. |
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This contents of the box above is based on material from the Wikipedia articles Alan M. Taylor, Peter Bossaerts, Zvi Bodie, Reserve requirement, 2000s United States housing bubble, Corporate debt bubble & Franklin Allen, which are released under the Creative Commons Attribution-ShareAlike 4.0 International License.