Current Blog
Learning to Think About Shadow Banking
In retrospect, it is easy to see why most observers didn’t see the crisis coming. The crisis was a stress Read more
Independence versus Accountability?: Evolution of the Fed
Peter Conti-Brown, The Power and Independence of the Federal Reserve (Princeton 2016) A powerful meme has taken possession of popular, Read more
Emerging Financial Market Structure, Backstops, and Management
In the immediate aftermath of the global financial crisis, most people thought that shadow banking was all in the past, Read more
Turbulent Exit Redux
A lot of people have speculated about what would happen when the Fed raised rates, and almost all of them Read more
“Great and mighty things which thou knowest not” [?]
In his recent paper, "A Lost Century in Economics: Three Theories of banking and the conclusive evidence", Richard Werner argues Read more
RMB in SDR, now what?
"Governments propose, markets dispose," as Charles Kindleberger liked to say. Starting next year the RMB will be included in the Read more
Financialization versus Development? A money view of the 2015 UNCTAD Report
The BIS and the IMF have each weighed in from the center, representing the perspectives of central banks and central Treasuries Read more
The IMF worries about EME corporate leverage
Hot on the heels of the BIS, now comes the IMF Global Financial Stability report, "Corporate Leverage in Emerging Markets--A Read more
Minsky’s Financial Instability Hypothesis and Modern Economics
Hyman Philip Minsky (b. 23 September 1919, d. 24 October 1996) was best known for his Financial Instability Hypothesis of Read more
EME vulnerabilities and the Fed
On 13 September the BIS released its latest Quarterly Review placing emerging market vulnerabilities at centre stage. On 17 September, Read more