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What's the Potential Impact of Force Majeure Claims on Financial Stability

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Abstract

This article examines the potential aggregate impact on financial stability of several bilateral force majeure claims filed at approximately the same time in one or more markets. One and a half years after the pandemic started, I take stock of the developments involving force majeure claims thus far, and conclude that the likelihood of these claims creating a systemic threat to financial stability is low.

Suggested Citation

  • Alessandro Cocco, 2021. "What's the Potential Impact of Force Majeure Claims on Financial Stability," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 459, pages 1-7, September.
    • Handle: RePEc:fip:fedhle:93486
    DOI: 10.21033/cfl-2021-459
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    Keywords

    Force Majeure; Mortgage-Backed Securities; Derivative Contracts; Covid-19;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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