Financial Stability and Business Cycle: Cicero on Risk Migration, Exogenous Shocks, and the Twin Engines
Resilient and liquid financial markets are essential to keeping the global economy going. A decade ago payments systems and capital markets seized up almost everywhere and a year later the world was facing a financial and economic abyss. The magnification of credit...Growth Forecasts and Policy Uncertainty: Implications for Portfolio Adjustments
A few days ago the IMF published its annual forecasts for developed and emerging economies. Five things are worth pointing out: First, when we review forecasts made for previous years it becomes obvious that the IMF is overestimating growth potential. Second,...Market Valuations and Devolution: Mythos, Madness, or an Allegory?
Over the course of the last few days, some important pieces were published on the valuation of equities and bonds. At the same time we observed independent referendums taking place in Spain and in Kurdistan. The latter could possibly be signs of a devolutionary...Why Have We Been Switching the Headlines? War Games and the US Dollar
Throughout the ages, war has been the engine of finance. The collusion between Russia and China in the last few weeks and months in order to bypass the US dollar in the international monetary system is equal to – if not more important than – the North...Sign Up for Our Publications
