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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This contents of the box above is based on material from the Wikipedia articles Alan M. Taylor, Reserve requirement, Bootstrapping (finance), Corporate debt bubble, Franklin Allen, Peter Bossaerts & 2000s United States housing bubble, which are released under the Creative Commons Attribution-ShareAlike 4.0 International License.