Tag: financial globalization

Channeling Kindleberger on Brexit

What would Charlie have made of Brexit? Charles P. Kindleberger’s very last book-length effort was the slim volume titled Centralization versus Pluralism, a historical examination of political-economic struggles and swings within some leading nations (1996).  In his frame, the historical struggles and swings he recounts–in the Dutch Republic, Germany, France, Britain, Canada, The United States, […]

In memoriam, Jack Treynor

[Remarks at Jack Treynor Memorial, MIT Chapel, June 19, 2016] “Jack has never been easy,” wrote Charles D. Ellis in 1981 as Jack stepped down from his position as editor of the Financial Analysts Journal which he had held since 1969.   In Jack’s own departing words in the same issue of the FAJ, he described […]

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 respectively.  (Interestingly, they don’t agree, see here for a recent sample of the debate.)  Now comes the periphery.  The new Trade and Development Report of the United Nations Conference on Trade and Development is titled “Making […]

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, the FOMC voted against raising its target policy rate, citing near-term headwinds for the US coming from abroad.  “Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further […]

The World in Depression, a Money View

Does this sound familiar?  Falling commodity prices, unsustainable official debts, crashing stock markets, pullback in global lending by dominant megabanks, misaligned currencies, plus a healthy dose of political dysfunction. These are the ingredients, according to Charles Kindleberger, that made for world depression in 1929-1939.  “My contention is that the difficulty lay in considerable latent instability […]