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The Fuss about Derivatives

November 12, 2016 Comments (0)

Many of us know the following figure Zerohedge is publishing time and again in revised versions in articles about Deutsche Bank: For example, when Tyler Durden asks: Is It Time To Panic About Deutsche Bank? Or when he is writing about Deutsche Bank Tells Investors Not To Worry About Its €46 Trillion In Derivatives or […]

Brexit, Pound and London Lock-in

October 21, 2016 Comments (0)

In one of his latest comments, Paul Krugman mused about the contribution of the Brexit prospects to the recent decline of the British pound. “Coming at it from the trade side” he first drew attention to what in economic research is called the home market effect. This is a phenomenon which helps explain why industries […]

Freeports, art and global finance

June 11, 2016 Comments (0)

    Getting a grip on problems such as tax evasion and money laundering has become a matter of utmost urgency. In this context, the Panama Papers drew attention to the dubious role of free trade zones (FTZs), and in particular of freeports as repositories of artworks and other valuables. Media reports pointed to the […]

Crisis instrument central bank swaps

August 16, 2015 Comments (0)

In a recent article, Perry Mehrling drew attention to the global network of central bank swaps: “In the last few weeks, the ECB has been drawing on its liquidity swap line with the Fed, first $308 million for a week, then $658 million for a week, and last week back down to $358 million. What’s […]

An emergency currency regime for Greece

February 28, 2015 Comments (0)

With the agreement of the Eurogroup to accept the Greek reform proposals the latest crisis in the euro area seems averted – for the moment. Apparently, Greece had no other option than to give in and prolong its current bailout program as requested or leave the monetary union. The latter would have been a complete […]

Perspectives on the Greek challenge

February 13, 2015 Comments (0)

These days, there is a flood of articles and comments of varying quality and importance on Greece and the eurozone. With the following quotes I would like to draw attention to a small selection of contributions which may be relevant beyond the day. Morals Joseph E. Stiglitz: A Greek Morality Tale Both supporters and opponents […]

Black Swan, Dragon King, Greek Tragedy – Lessons from a “Diplomatic Debate”

January 9, 2015 Comments (0)

In his Ted Talk Dragon King beats Black Swan in June 2013 Didier Sornette contrasted his ideas of market predictability to Nassim Taleb’s concept of a Black Swan. As Sornette explained a black swan is a rare bird. Seeing a black swan shatters all beliefs that swans should be white. The Black Swan stands for […]

Between the years

December 24, 2014 Comments (0)

Where I live, the time between Christmas and New Year – or “between the years” as we call it – is a quiet time. Business has slowed down in many areas and the frantic activity of Christmas preparations is over. The old year is still ruling but there is not much left to do and […]

Tankan Japan

December 15, 2014 Comments (0)

The Bank of Japan just published the latest results of its TANKAN survey which observers usually take as an indicator of the state of the Japanese economy and as signal in which direction future monetary policy may go. Here is some background information. Japan's Tankan survey shows Abe faces more trouble winning growth than he […]

Foreign Banks in Japan

October 13, 2014 Comments (0)

In 2014, the International Bankers Association of Japan (IBA Japan) celebrates its 30th anniversary. For thirty years IBA Japan has represented the international banking community in Japan. Starting with 12 founding members in 1984 there are now just under 60 banking members from 22 countries and over 25 associate member firms. In a speech at […]