Download or read book The Other Deleveraging written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2012-07-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy.

Download or read book The Age of Deleveraging written by A. Gary Shilling and published by John Wiley & Sons. This book was released on 2010-10-12 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top economist Gary Shilling shows you how to prosper in the slow-growing and deflationary times that lie ahead While many investors fear a rapid rise in inflation, author Gary Shilling, an award-winning economic forecaster, argues that the global economy is going through a long period of de-leveraging and weak growth, which makes deflation far more likely and a far greater threat to investors than inflation. Shilling explains in clear language and compelling logic why the world economy will struggle for several more years and what investors can do to protect and grow their wealth in the difficult times ahead. The investment strategies that worked for last 25 years will not work in the next 10 years. Shilling advises readers to avoid broad exposure to stocks, real estate, and commodities and to focus on high-quality bonds, high-dividend stocks, and consumer staple and food stocks. Written by one of today's best forecasters of economic trends-twice voted by Institutional Investor as Wall Street's top economist Clearly explains what to invest in, what to avoid, and how to cope with a deflationary, slow-growth economy Demonstrates how Shilling has been consistently right about major economic trends since he began forecasting in the early 1980s Filled with in-depth insights and practical advice, this timely guide lays out a convincing case for why investors need to be prepared for a long period of weak growth and deflation-not inflation-and what you can do to prosper in the difficult times ahead.

Download or read book Economics of Good and Evil written by Tomas Sedlacek and published by Oxford University Press. This book was released on 2011-07-01 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tomas Sedlacek has shaken the study of economics as few ever have. Named one of the "Young Guns" and one of the "five hot minds in economics" by the Yale Economic Review, he serves on the National Economic Council in Prague, where his provocative writing has achieved bestseller status. How has he done it? By arguing a simple, almost heretical proposition: economics is ultimately about good and evil. In The Economics of Good and Evil, Sedlacek radically rethinks his field, challenging our assumptions about the world. Economics is touted as a science, a value-free mathematical inquiry, he writes, but it's actually a cultural phenomenon, a product of our civilization. It began within philosophy--Adam Smith himself not only wrote The Wealth of Nations, but also The Theory of Moral Sentiments--and economics, as Sedlacek shows, is woven out of history, myth, religion, and ethics. "Even the most sophisticated mathematical model," Sedlacek writes, "is, de facto, a story, a parable, our effort to (rationally) grasp the world around us." Economics not only describes the world, but establishes normative standards, identifying ideal conditions. Science, he claims, is a system of beliefs to which we are committed. To grasp the beliefs underlying economics, he breaks out of the field's confines with a tour de force exploration of economic thinking, broadly defined, over the millennia. He ranges from the epic of Gilgamesh and the Old Testament to the emergence of Christianity, from Descartes and Adam Smith to the consumerism in Fight Club. Throughout, he asks searching meta-economic questions: What is the meaning and the point of economics? Can we do ethically all that we can do technically? Does it pay to be good? Placing the wisdom of philosophers and poets over strict mathematical models of human behavior, Sedlacek's groundbreaking work promises to change the way we calculate economic value.

Download or read book Leverage A Broader View written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2018-03-19 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.

Download or read book Global Financial Stability Report April 2012 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.

Download or read book The Great Cross Border Bank Deleveraging written by Mr.Eugenio Cerutti and published by International Monetary Fund. This book was released on 2014-09-25 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: International banks greatly reduced their direct cross-border and local affiliates’ lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bilateral, lender-borrower countrydata and controlling for credit demand, we show that reductions largely varied in line with markets’ prior assessments of banks’ vulnerabilities, with banks’ financial statement variables and lender-borrower country characteristics playing minor roles. We find evidence that moving resources within banking groups became more restricted as drivers of reductions in direct cross-border loans differ from those for local affiliates’ lending, especially for impaired banking systems. Home bias induced by government interventions, however, affected both equally.

Download or read book The Great Cross Border Bank Deleveraging written by Mr.Eugenio Cerutti and published by International Monetary Fund. This book was released on 2014-09-25 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: International banks greatly reduced their direct cross-border and local affiliates’ lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bilateral, lender-borrower countrydata and controlling for credit demand, we show that reductions largely varied in line with markets’ prior assessments of banks’ vulnerabilities, with banks’ financial statement variables and lender-borrower country characteristics playing minor roles. We find evidence that moving resources within banking groups became more restricted as drivers of reductions in direct cross-border loans differ from those for local affiliates’ lending, especially for impaired banking systems. Home bias induced by government interventions, however, affected both equally.

Download or read book The Domestic Credit Supply Response to International Bank Deleveraging written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2012-10-26 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in European bank foreign claims was associated with a substantial reduction in domestic credit supply in a broad sample of countries. However, the credit supply response in Asia was only about half the size of the response in non-Asian countries, possibly due to a more robust policy response and healthier local bank balance sheets at the outset of the crisis.

Download or read book Global Financial Stability Report April 2015 written by International Monetary Fund. Monetary and Capital Markets Department and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-04-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book Cyprus written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-12-14 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the economic effects of weak claims enforcement for Cyprus. Claims enforcement in Cyprus is considerably less efficient than in most European Union countries. The banking crisis, which led to a spike in the number of pending litigious civil and commercial cases, could be a factor in the low enforcement efficiency. For Cyprus, piecemeal reform of the enforcement framework may have limited success, and a wholesale review is likely needed. Adding updated components may not fit well with the underlying civil procedure. Instead a comprehensive review, with a focus on limiting case suspensions allowed under interim applications and considering an alternative compensation basis for lawyers should be considered.

Download or read book World Economic Outlook April 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-04-17 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 issue of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011. The threat of a sharp global slowdown eased with improved activity in the United States and better policies in the euro area. Weak recovery will likely resume in the major advanced economies, and activity will remain relatively solid in most emerging and developing economies. However, recent improvements are very fragile. Policymakers must calibrate policies to support growth in the near term and must implement fundamental changes to achieve healthy growth in the medium term. Chapter 3 examines how policies directed at real estate markets can accelerate the improvement of household balance sheets and thus support otherwise anemic consumption. Chapter 4 examines how swings in commodity prices affect commodity-exporting economies, many of which have experienced a decade of good growth. With commodity prices unlikely to continue growing at the recent elevated pace, however, these economies may have to adapt their fiscal and other policies to lower potential output growth in the future.

Download or read book Green innovation and industrial ecosystem reconstruction in achieving environmental sustainability written by Huaping Sun and published by Frontiers Media SA. This book was released on 2023-02-02 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Jobs and Growth written by Mr.Martin Schindler and published by International Monetary Fund. This book was released on 2014-04-10 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Five years after the onset of the global financial crisis, Europe’s economy is still fragile. Notwithstanding recent positive signs amid calmer financial markets, medium-term growth is likely to remain frail owing to continuing weaknesses and vulnerabilities at the country level and in the fabric of European institutions and banks, especially in the euro area. In addition, unemployment in many countries has reached very high levels. The IMF research collected in this volume provides a number of guideposts that offer an opportunity for stronger and better-balanced growth and employment in Europe after what has been a long and dismal period of crisis.

Download or read book Endgame written by John F. Mauldin and published by John Wiley & Sons. This book was released on 2013-11-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Endgame "This is an extremely powerful, sobering, well-written and highly accessible book. It will demonstrate to you why there are no painless solutions to the mounting debt problems around the world—something that too many people are yet to realize. It will take you on a well-documented journey through the debt supercycle, making stops around the world and at critical junctures. And it is a must-read for anyone wishing to understand the global debt dynamics and ways to protect against its bad consequences." —Mohamed A. El-Erian, CEO, PIMCO, and author of When Markets Collide "No one has thought more creatively about the economy. Mauldin's weekly newsletter is a must-read, and his book is even more important if you want to understand a rapidly changing world." —Newt Gingrich, Former Speaker of the House of Representatives "Successful investors explore all possibilities. You should read this book so you can succeed in case the Endgame is our future." —Jim Rogers, author of A Gift to My Children "I read everything John Mauldin writes. He travels the world and shares his financial stories like a good friend sharing a drink. Mauldin is that rarity—a skeptical optimist—who calls 'em straight and rewards his clients and fans." —Rich Karlgaard, Publisher and Columnist, Forbes magazine "There's clearly something important going on in the world economy. Something big. Something powerful and dangerous. But something as yet undefined and uncertain. We are all feeling our way around in the dark, trying to figure out what it is. John Mauldin must have night vision glasses. He does an excellent job of seeing the obstacles. You should read this book before you knock over a lamp and stumble over the furniture." —William Bonner, President and CEO, Agora Inc., and author of Dice Have No Memory and Empire of Debt "Endgame is not only a highly readable and informative account of the causes of the recent global economic and financial meltdown, but it also provides investors with a concrete investment strategy from which they can benefit while this final act in financial history is being played out." —Marc Faber, Managing Director, Marc Faber, Ltd., and Editor, Gloom, Boom & Doom Report

Download or read book Progress and Confusion written by Olivier Blanchard and published by MIT Press. This book was released on 2016-04-22 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading economists consider the shape of future economic policy: will it resume the pre-crisis consensus, or contend with the post-crisis “new normal”? What will economic policy look like once the global financial crisis is finally over? Will it resume the pre-crisis consensus, or will it be forced to contend with a post-crisis “new normal”? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures—including Ben Bernanke, John Taylor, and Paul Volcker—offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention. The chapters address whether we have entered a “new normal” of low growth, negative real rates, and deflationary pressures, with contributors taking opposing views; whether new financial regulation has stemmed systemic risk; the effectiveness of macro prudential tools; monetary policy, the choice of inflation targets, and the responsibilities of central banks; fiscal policy, stimulus, and debt stabilization; the volatility of capital flows; and the international monetary and financial system, including the role of international policy coordination. In light of these discussions, is there progress or confusion regarding the future of macroeconomic policy? In the final chapter, volume editor Olivier Blanchard answers: both. Many lessons have been learned; but, as the chapters of the book reveal, there is no clear agreement on several key issues. Contributors Viral V. Acharya, Anat R. Admati, Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti, Ricardo J. Caballero, Agustín Carstens, Jaime Caruana, J. Bradford DeLong, Martin Feldstein, Vitor Gaspar, John Geanakoplos, Philipp Hildebrand, Gill Marcus, Maurice Obstfeld, Luiz Awazu Pereira da Silva, Rafael Portillo, Raghuram Rajan, Kenneth Rogoff, Robert E. Rubin, Lawrence H. Summers, Hyun Song Shin, Lars E. O. Svensson, John B. Taylor, Paul Tucker, José Viñals, Paul A. Volcker

Download or read book The Financial Crisis and Federal Reserve Policy written by L. Thomas and published by Springer. This book was released on 2013-11-07 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis and Federal Reserve Policy is fully revised and updated with the most accurate and thorough coverage available of the causes and consequences of the 2008 Financial Crisis and the role the Federal Reserve played in the recovery efforts.