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From double-dip recession to fragile recovery: “After the double-dip recession, as a group the six South East European countries (SEE6)- Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia-are now making a fragile recovery. Last year the recession in the Eurozone had adverse impact on external demand and Foreign Direct Investment (FDI) in SEE6 …
4th BIS Consultative Council for the Americas conference on Financial stability, macroprudential policy and exchange rates” (papers and presentations). A Scientific Committee, led by Stephen G Cecchetti, and comprising CCA central bank heads of research, selected papers on the following topics: Issues in financial stability; Macroprudential and related policies; Exchange rates and monetary policy…Conference agenda …
Does commonality in illiquidity matter to investors? Working Paper 2013-020A by Richard G. Anderson, Jane M. Binner, Björn Hagströmer, and Birger Nilsson. Federal Reserve Bank of St. Louis. June 2013. “This paper investigates whether investors are compensated for taking on commonality risk in equity portfolios. A large literature documents the existence and the causes of …
The interest rate effects of government debt maturity by Jagjit S Chadha, Philip Turner and Fabrizio Zampolli, Working Papers, No 415 June 2013 “Federal Reserve purchases of bonds in recent years have meant that a smaller proportion of long-dated government debt has had to be held by other investors (private sector and foreign official institutions). …
World Bank Report – Global Economic Prospects – “The global economy is transitioning into what is likely to be a smoother and less volatile period. Financial market conditions have improved significantly since June 2012, and high-income countries still face serious challenges, the likelihood of a major crisis has declined. Overall, high-income growth is expected to …
Rising Income Inequality and the Role of Shifting Market-Income Distribution, Tax Burdens, and Tax Rates, by Andrew Fieldhouse | June 14, 2013 “Income inequality in the United States—already well above that experienced in other advanced economies—has surpassed Gilded Age levels, and the Great Recession and ongoing jobs crisis will exacerbate this trend until full employment is …
“The federal government ran a budget deficit of $627 billion from October 2012 through May 2013 (the first eight months of fiscal year 2013), according to CBO’s estimates. That amount is almost $220 billion less than the shortfall recorded during the same period last year, primarily because federal revenues have risen by 15 percent, while …
Economic shocks research: a report to the Department for Business, Innovation and Skills, Research on whether and how government should act in response to economic shocks, Ref: BIS/13/856, 14 June 2013 “The Department for Business, Innovation and Skills (BIS) commissioned SQW and Coventry University Business School to undertake research into economic shocks. The study defines economic shocks as instances …
Hedge Funds, Systemic Risk, and Dodd-Frank – The Road Ahead, Lloyd Dixon, Noreen Clancy, Krishna B. Kumar 2013 “These proceedings summarize the key themes and issues raised during a symposium on September 24, 2012, hosted by the RAND Center for Corporate Ethics and Governance. Discussion focused on the ways in which hedge funds might contribute to systemic risk and …
Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States, Dell’Ariccia, Giovanni; Laeven, Luc; Suarez, Gustavo, June 6, 2013. “We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to …
Debt, Money, and Mephistopheles: How Do We Get Out of This Mess: “Adapted from his speech at the Cass Business School, Adair Turner, Chairman of the Financial Services Authority, discusses causes that contributed to the financial crisis and post crisis recession. Turner argues that central bank and government policymakers need to consider radical policy options …
Quantitative Easing Withdrawal: How Bad Will it Hurt? By: Douglas J. Elliott “Quantitative Easing: Desperate Measure for Desperate Times • QE is a last resort, not an extension of normal monetary policy, because it carries serious costs and risks • It was justified by the Great Recession following on the worst financial crisis in more than half a century • …
