Estado:

Aprovado

Começa:

7 de Dezembro de 2023, 12:00

Termina:

7 de Dezembro de 2023, 13:00

Recursos:

PT

Tema

" The COVID-19 Pandemic, Sovereign Loan Guarantees, and Financial Stability”

We analyze the effects of the Portuguese COVID-19 sovereign loan guarantee scheme on financial stability using a DSGE model. Sovereign loan guarantees decrease the default rate of banks, increase credit, and speed up economic recovery. On the other hand, guarantees increase the leverage and default rate of firms. These effects are larger the lower the sensitivity of the capital of banks to capital requirements. Behind these results are the reduction in regulatory risk-weights and the transfer of loan losses from banks to the sovereign brought by sovereign loan guarantees.

Speaker

Ivan De Lorenzo Buratta is an economist in the Macroprudential Policy Division of the Financial Stability Department of the Banco de Portugal since 2020. He holds a PhD in Economics, Law and Institutions and a Master’s degree in International and Development Economics from University of Rome “Tor Vergata”. His recent research interests include macroprudential policies and Financial Stability, Monetary Policy, Forecasting, Big Data and Machine Learning, De-Fi.

Tiago Pinheiro is a senior economist at the Financial Stability Department of Banco de Portugal since 2019. Tiago has done applied and academic research on credit portfolios, on earnings manipulation, on the regulation of credit cards, and on financial development and business cycles. Tiago holds a Ph.D. in Economics from the University of Chicago.

Inscrições

Por favor confirme a sua presença até ao próximo dia 5 de dezembro, para o email  secretariado@gpeari.gov.pt  .

Relembramos que não é necessário aos participantes terem instalada a aplicação Teams, podendo simplesmente aceder pelo browser. Para as inscrições que recebermos, enviaremos um e-mail na véspera do seminário com o convite e bastará clicar no link que nele constará.