bank underground bank underground hindsight supervisor learn collapse barings bank year capital flight briefing extension sir model separating deposit taking investment banking new evidence old question big well uk firm equity price performance pandemic briefing monetary policy strategy post covid montagu norman transformation bank briefing crisis climate change green recovery hubble bubble valuation trouble financial shock reopen case post navigation subscribe blog email follow posts pages categories tags follow rss archives follow bank england research twitter skip content bank underground menu home hindsight supervisor learn collapse barings bank year ben dubow year mark year failure barings bank sunday february old merchant bank blow thank derivative trading believe risk free highly profitable thing firm star trader illicitly pursue strategy akin pick penny steam roller steamroller arrive form kobe earthquake star trader loss balloon double bet unsuccessfully baring go bankrupt episode capture public imagination help lead creation new regulator uk continue read hindsight supervisor learn collapse barings bank year bankunderground banking macroprudential regulation comment december december minutes capital flight fernando eguren martin cian andrej sokol lukas von dem berge plane ground capital fly emerge market economy response acceleration spread virus early stage pandemic capital flight predictable account sudden deterioration global financial environment post present model help think financial condition international capital flow link apply methodology event observe march find model predict large increase likelihood capital flight scale outflow abnormally large sharp tightening financial condition account continue read capital flight bankunderground financial markets financial stability international economics leave comment december november minutes briefing extension sir model john lewis sir model develop kermack mckendrick remain canonical epidemiological model natural choice economist seek model interplay economic epidemiological dynamic briefing survey adaptation basic sir setup emerge epi macro literature past month analyse issue lockdown policy super spreader herd immunity hospital capacity trace continue read briefing extension sir model bankunderground macroeconomics november november minutes separating deposit taking investment banking new evidence old question matthieu chavaz david elliott june nationwide banking crisis reach new peak freshly elect president franklin roosevelt signature document glass steagall act decade later debate rage retail investment banking separate glass steagall require recent paper shed new light consequence type regulation examine recent uk ring fencing legislation ring fencing important impact banking group funding structure find incentivise bank rebalance activity retail mortgage lending away capital market important knock effect competition risk taking wide banking system continue read separate deposit taking investment banking new evidence old question bankunderground banking financial stability november november minutes big well uk firm equity price performance pandemic tommaso aquilante david bholat andreas joseph riccardo m masolo tim munday david van dijcke background covid heterogeneous effect different group people example large negative impact contact intense occupation leibovici santacreu famiglietti low wage earner joyce xu low income household surico känzig hacioglu chetty et al blog uk list firm heterogeneously impact compare hassan et al griffith levell stroud surprisingly small firm stock price resilient average differently big well firm pandemic big modern tilt intangible turn beneficial continue read big well uk firm equity price performance pandemic bankunderground financial markets macroeconomics november november minutes briefing monetary policy strategy post covid richard harrison kate reinold rana sajedi covid shock create substantial unprecedented challenge monetary policymaker post summarise key literature immediate monetary policy response shock include tool short medium term strategy issue leave aside long term question fiscal monetary interaction continue read briefing monetary policy strategy post covid bankunderground monetary policy november november minutes montagu norman transformation bank chris swinson post contribute occasional series guest post external researcher bank england archive work subject outside traditional central banking topic bank england historian john clapham look way bank change remark fantastic argue bank continue read montagu norman transformation bank bankunderground banking economic history comment november november minutes briefing crisis climate change green recovery misa tanaka coronavirus pandemic measure contain contagion far reach consequence economic activity lead sharp fall co emission spark new debate recovery crisis compatible paris climate goal post survey emerge literature link economic recovery aftermath pandemic climate change continue read briefing crisis climate change green recovery bankunderground macroeconomics comment november november minutes hubble bubble valuation trouble gao ian martin arjun mahalingam nicholas vause crash march major stock indice world bounce despite little recovery corporate earning expectation result forward look price earning ratio increase rise long run average value large advanced economy approach record high united states comment valuation market participant suggest great deal optimism price market stock price defy economic gravity indefinitely post take close look stock valuation focus uk draw textbook model new research academia continue read hubble bubble valuation trouble bankunderground financial markets financial stability comments october october minutes financial shock reopen case david gauthier tumultuous event work suggest financial shock main driver economic fluctuation recent paper propose novel strategy identify financial disturbance use evolution loan finance relative bond finance proxy firm credit condition single shock bear financial sector apply test method economy obtain key result financial shock account business cycle second shock occur precise event japanese crisis great recession financial shock obtain predictive corporate bond spread continue read financial shock reopen case bankunderground banking macroeconomics october october minutes old post enter email address subscribe blog receive notification new post email join subscriber email address subscribe search bank underground blog bank england staff share view challenge support prevail policy orthodoxy view express author necessarily bank england policy committee twitter hindsight supervisor learn collapse barings bank year ownership central bank bark bite yield curve tell growth house price interest rate monetary policy affect firm banking bitesize competition currency economic history financial markets financial stability guest post housing market insurance international economics labour economic macroeconomics macroprudential regulation market infrastructure microprudential regulation monetary policy new methodologies resolution uncategorized archive banking banking regulation banks big datum bitcoin bitesize capital flow cash climate change competition corporate bond corporate finance credit data visualisation derivative digital currency exchange rate financial crisis financial crisis financial markets financial stability fintech forecasting guest post history house price housing housing market insurance interest rate labour market leverage ratio liquidity machine learn macroeconomics macroprudential policy monetary policy money mortgages productivity quantitative ease regulation school competition secular stagnation uncertainty volatility wage zero lower bind rss posts archives select month december november october september august july june april march february january december november october september august july june april march february january december november october september august july june april march february january december november october september august july june april march february january december november october september august july june april march february january december november october september august july june twitter copyright disclaimer privacy policy privacy cookies site use cookie select partner view privacy cookie policy