Ruminations on banking
(1) The autodafé of the unsecured creditors is coming to a US bank near you A binding budget constraint sure concentrates the mind, even for the US Treasury. There is just one way to make the US...
View ArticleInflection points and turning points – since you asked
The President of the European Central Bank, Jean-Claude Trichet, did not say that the recession was bottoming out. He said that it had reached an ‘inflection point’: “As far as growth is concerned,...
View ArticleThey say travel broadens the mind; but you must have the mind
Continue reading: They say travel broadens the mind; but you must have the mind
View ArticleLessons from the global financial crisis for regulators and supervisors
Old papers never die, they just get recycled. The Den Uyl lecture I gave in Amsterdam on 15 December 2008 has been under continuous redevelopment since then. Its latest outing was as background paper...
View ArticleBearded old men running scared will lose, though it may take a while
Whenever the cumulative effect of the daily observation, looking out of my window or into the mirror, of human inequity and wretchedness brings me to the point that I am convinced the human race is an...
View ArticleRecapitalising the banks through enhanced credit support: quasi-fiscal...
Last week the Eurosystem performed a €442bn injection of one-year liquidity into the Euro Area banking system. They did this at the official policy rate – the Main refinancing operations (fixed rate)...
View ArticleHarmful financial innovation
Like most authors, I tend to cringe when I read something I wrote more than a few years ago. But while engaging in some authorial auto-archeology recently when preparing the index for a new paper...
View ArticleWhat to do with the Fed
The Fed is in trouble. Obama administration proposals for enhancing the Fed’s supervisory and regulatory role and for assigning it new macro-prudential responsibilities and powers – effectively...
View ArticleThe real estate roots of the crisis in the US
Today’s guest blogger is Elena Panaritis, an expert in property rights, creating markets in illiquid real estate assets, and public sector management. She is also the author of Prosperity Unbound;...
View ArticlePolite suggestion to the Dubai sovereign that creditors of Dubai World not be...
The markets today were in a bit of a tizzy because the Dubai World Group, a holding company owned 100 percent by Dubai’s government, and Nakheel, a wholly owned subsidiary of Dubai World, imposed a...
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