point

 

 Remember me

Register  |   Lost password?


 

Recent members

 

 

Show:
reszatonline wrote a new blog post titled The Fuss about Derivatives
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 […]
1039 days ago
reszatonline wrote a new blog post titled Brexit, Pound and London Lock-in
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 […]
1061 days ago
reszatonline wrote a new blog post titled Freeports, art and global finance
    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 […]
1193 days ago
reszatonline wrote a new blog post titled Crisis instrument central bank swaps
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 […]
1493 days ago
reszatonline wrote a new blog post titled An emergency currency regime for Greece
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 […]
1662 days ago
reszatonline wrote a new blog post titled Perspectives on the Greek challenge
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 […]
1676 days ago
reszatonline wrote a new blog post titled Black Swan, Dragon King, Greek Tragedy – Lessons from a “Diplomatic Debate”
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 […]
1712 days ago
reszatonline wrote a new blog post titled Between the years
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 […]
1728 days ago
reszatonline wrote a new blog post titled Tankan Japan
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 […]
1737 days ago
reszatonline wrote a new blog post titled Foreign Banks in Japan
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 […]
1800 days ago
reszatonline wrote a new blog post titled Scotland’s currency options
One of the controversial topics in the debates of Scottish independence is the currency question. The other day, the Financial Times asked several economists to consider four options available to an independent Scotland: a currency union with the UK, sterlingisation (which would be the continued use of the pound sterling but without backing of the […]
1827 days ago
reszatonline wrote a new blog post titled Interconnectedness, uncertainty and innovation – Brian Arthur on economic complexity
The other day, Charles Consult on Twitter drew attention to a fascinating paper by W. Brian Arthur on Complexity Economics. Complexity Economics: A Different Framework for Economic Thought (pdf), ineteconomics.org/sites/inet.civ… #economics #complexity— designing value (@charles_consult) July 28, 2014 At a time of never-ending financial crises and lasting imbalances when people are becoming increasingly aware of […]
1872 days ago
reszatonline wrote a new blog post titled The social value of HFT – Salmon, Stiglitz and the problems of HFT reconsidered (2)
In a recent article, Felix Salmon summarized the key points of a widely noticed speech delivered by Nobel prize-winner Joseph Stiglitz on the problems of financial innovation in general, and high-frequency trading (HFT) in particular. Stiglitz asked Are Less Active Markets Safer and Better for the Economy? and came to the conclusion that they are. His […]
1905 days ago
reszatonline wrote a new blog post titled Salmon, Stiglitz and the problems of HFT reconsidered (1) – Speed
Building bridges between scientists and the public in communicating research findings is one of the most rewarding activities of bloggers and journalists. Felix Salmon is an outstanding example in this respect. In a recent article, he summarized the key points of a widely noticed speech delivered by Nobel prize-winner Joseph Stiglitz on the problems of […]
1938 days ago
reszatonline wrote a new blog post titled Michael Lewis’ Flash Boys – further comments and links
The publication of Michael Lewis’ book “Flash Boys” renewed the general interest in high frequency trading and fuelled the debate about its potential use or harm. After finishing my first compilation of comments and reviews of the book I came upon further interesting and challenging contributions which I would like to share with you. Zerohedge […]
1989 days ago
reszatonline wrote a new blog post titled A perfect storm – first reactions to Michael Lewis’ Flash Boys
Since many years, there is a controversy about high-frequency trading which just reached the wider public with the publication of Michael Lewis’ latest book Flash Boys. His conclusion that US stock markets are rigged by high-frequency traders rose strong emotions on both sides. With the following links and excerpts I would like to give an […]
1991 days ago
reszatonline wrote a new blog post titled Paul Einzig and the foreign exchanges
The other day, I came upon an interesting article on Vox about The Returns to Currency Speculation: Evidence from Keynes the Trader where Olivier Accominotti and David Chambers described the results of their research on currency speculation in London in the 1920s and 1930s. Looking for more, I found a preliminary unpublished paper by the […]
1993 days ago
reszatonline wrote a new blog post titled Inflation indexing and Bitcoin rhetoric
The other day, the New York Times provided us with an example of how fads and fashions can be used to draw attention to, and win acceptance for, an economic argument. In his article In Search of a Stable Electronic Currency Nobel laureate Robert Shiller proposed the introduction of an inflation-indexed unit of account similar […]
2021 days ago
reszatonline wrote a new blog post titled Regulators’ games
Are US regulators corraling their financial system with the latest financial-safety rules for foreign banks as Patrick Welter (Frankfurter Allgemeine Zeitung) and others argued or will their move eventually even pave the way for closer cooperation and a revitalization of the worldwide regime of bank supervision? On 18 February, the Federal Reserve Board approved a […]
2025 days ago
reszatonline wrote a new blog post titled Sneak previews: Deutsche and RBS
Let us hope that this will not become a habit. As David Enrich (The Wall Street Journal) wrote the other day on Twitter RBS becomes second big EU bank to pre-announce lousy 4Q results, following Deutsche Bank eight days ago. pic.twitter.com/X6jCWcrCq1 — David Enrich (@davidenrich) January 27, 2014 The tactics to choose a favorable moment […]
2039 days ago