Addressing structural flaws to improve lives
|
|
|
- Julie Spencer
- 5 years ago
- Views:
Transcription
1 FINANCIAL MARKET DESIGN Addressing structural flaws to improve lives Catherine Macaulay
2 How did we go from this Collection Westfries Museum, Hoorn Dutch East India Company Directors, 1682
3 to this Nicholas Roberts/AFP/Getty Image Wall Street 2008
4 the stock market is the key player in the game of economic growth stock prices are not only a leading indicator of economic activity, they are a major cause of it 6 percent of the change in GDP results from changes in market value of stocks and homes. Alan Greenspan (2013) CNBC interview
5 DUTCH TRADE: financing the new frontier Amsterdam
6 DUTCH TRADE: financing the new frontier 1. Raise funds from the public 2. For a 10 year loan period
7 The Breach of Contract What happened: No spare cash for dividends Feared that the audit would expose cash position Bonds were rolled over without an audit In breach of contract Directors were forced to take out loans to run the company Dutch East India Company Ships
8 What happened on the market? Ideal for trading 14% WARS Dividends ONLY averaged 3.7% in the first century
9 What was the company s position? The 10 year bonds became perpetual bonds with dividends, or fixed equity Dividends were just an added burden Company debt averaged 11 million guilders from
10 CANDY INDUSTRY Productive transactions Creates new capital VS CANDY TRADING MARKET Non-productive transactions Transfers of ownership INCLUDED in GDP EXCLUDED from GDP
11 Our focus on the trading market the key player in the game of economic growth stock prices are not only a leading indicator of economic activity, they are a major cause of it 6% of the change in GDP results from changes in market value of stocks. Alan Greenspan (2013) CNBC interview
12 Prioritizing the Stock Market The Fed is not credible with the markets at this point. Larry Summers, 2017 no institution in our capitalist society is as venerable as the stock market. Joseph Stiglitz, 2013
13 What has the stock market done for us? Crashed every 14.8 years since the South Sea Bubble 1721 The Mississippi co Bubble 1769 Bengal Bubble 1792 US Panic 1847 British financial markets crash 1882 Paris Bourse crash 1893 US Panic 1873 Panic and Vienna Stock Exchange crash 1896 US Panic 1901 limited New York Stock Exchange crash 1907 US Bankers Panic large US investment firms failure 1910 Shanghai Rubber Stock Market Crisis 1929 Wall Street Crash 1987 Black Monday crash 1997 Asian Financial Crisis 2000 dotcom bubble 2008 Financial Crisis 2010 Flash Crash 2015 China stock market crash and we are still debating why... D Sornette: How we can predict the next financial crisis?
14 What has the stock market done for us? 1. Confused us on value 2. Eluded forecasting and correlation Analysts have opposing views Tiger Woods Bears and Bulls Index 3. Increased inequality $2 trillion was transferred to corporate executives through stock options and to entrepreneurs of newly-floated companies in the bull market. John Bogle 2005
15 1688 never give anyone advice to buy or sell shares because it can turn out badly; take every gain without remorse about missed profits or hope for persistence of good luck profits are carbuncle stones, then coals, then diamonds then tears to win in this game requires patience and money since the values are so little constant. Nicholas Roberts/AFP/Getty Image
16 Uncertainties Misconceptions Conundrums Market Value relates to Book Value. The stock market provides capital to enterprise. Equity is good as it is not debt. The corporate model is the pinnacle organisational structure. Shareholders own the company. The stock market is a good place to direct pension savings. The stock market is an economic indicator.
17 What can we do about the stock market? Nothing can turn the stock market into a productive market without eliminating the trading which defines it. A secondary market is, by definition, a market of non-investment transactions that are not included in GDP What would happen if we just stopped venerating the trading market?
18 Economies without a predominant stock market 1. The Dutch Golden Age Beginning: 6 decades before the stock market opened in 1602 Mercator s projection The yacht Ended: when prominent capitalists chose finance over enterprise Dutch historian, Oscar Gelderblom. The concept of the atlas Compound microscope The still life genre
19 Economies without a predominant stock market 2. Germany First common share: traded in 1820 German pension funds 65% bonds and 14% equities 0.02% of German firms are publicly listed. Unemployment: 3.9% Federal budget surplus since 2014.
20 Clarify terms Market Investment Finance Stocks To Do List: THEORY Dispute beliefs Buying shares adds capital to a company. Buying shares is good for the economy. Holding shares for a while is investment not speculation. Shareholders own the company. Holding equity implies ownership. The stock market is a leading economic indicator.
21 To Do List: PRACTICAL 1. Develop primary capital markets 2. Direct pension funds into productive activity. 3. Central Banks responsible only for price stability and the Real Economy. 4. Stop stock markets incentives. 5. Re-consider privatising essential services. 6. Bring back Economic Geography 7. Demote media stock market reports
22 Pre-Galileo Logic THE STOCK THE ECONOMY MARKET Volatility Inequality Agency issues Economic stagnation
23 Economics for better lives STOCK MARKETS THE ECONOMY Jobs Training Innovation Productivity Community Environment
THE 1987 CRASH: A NOT SO HAPPY ANNIVERSARY
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS Though charts comparing 1987 to 2017 look similar, gains leading up to 1987 were much stronger. We believe that the stock market is standing on a much
However, what is really interesting when trying to understand the New Economy is its practical implication in the real economy: in fact, the New
Abstract My thesis focuses on the study of the Dot.com bubble, mainly showing the way it occurred as well as analyzing the causes of its burst and its similarities with a typical speculative bubble. I
The Economy of the 1920s and the Market Crash of Introduction: The Second Industrial Revolution
The Economy of the 1920s and the Market Crash of 1929 Introduction: The Second Industrial Revolution 1 Learning Objectives Explain the elements of the economic changes of the 1920s. Analyze the weaknesses
Bubbles and Central Banks: Historical Perspectives
Bubbles and Central Banks: Historical Perspectives Markus K. Brunnermeier Princeton University Isabel Schnabel Johannes Gutenberg University Mainz, CESifo and German Council of Economic Experts Econometric
John Maynard Keynes, the Bancor, and an International Money Clearing Unit (ICU): from Bretton Woods to 21st Century International Trade
John Maynard Keynes, the Bancor, and an International Money Clearing Unit (ICU): from Bretton Woods to 21st Century International Trade Dr David Rees Bretton Woods (New Hampshire). 1944. 44 countries organise
Precious Metals Critical Diversifier
Precious Metals Critical Diversifier BMG ARTICLES Real Gold vs. A Promise of Gold 1 November 9, 2006 By Nick Barisheff G old is on the rise. It recently surpassed $630 per ounce, an increase of more than
The Great Depression & The New Deal. Chapters 9 & 10
The Great Depression & The New Deal Chapters 9 & 10 The Great Depression-Causes Not agreed upon by all historians Combination of domestic and worldwide conditions including Stock Market Crash of 1929 Bank
4. What two variables are always equal for a profit maximizing firm? Ans: Marginal revenue and marginal cost
SET 1 1. What bubble in the late 1990 s to early 2000 s significantly increased productivity growth in the US? Ans: Dot-com bubble, technology bubble 2. What is a market with only a single buyer called?
Suggested Solutions to Problem Set 4
Department of Economics University of California, Berkeley Spring 2006 Economics 182 Suggested Solutions to Problem Set 4 Problem 1 : True, False, Uncertain (a) False or Uncertain. In first generation
Introduction. What is Expected of G20 Members? PD1 - Post Conflict Reconstruction
COMUN XXV Introduction The G20 (Group of 20) is an international forum created in December 1999 in response to a host of critical global economic issues - namely, the depreciation of key global currencies,
Synchronicity Coincidence, luck or the new paradigm.
Synchronicity Coincidence, luck or the new paradigm. This time it s different. How to find investment love in all the wrong places. Disclaimer General Disclaimer This document has been prepared (in Australia)
Understanding the 2008 Financial Crisis
Understanding the 2008 Financial Crisis 3. Economic theories and the crisis Nicoli Nattrass Centre for Social Science Research University of Cape Town January 2015 Generating the wrong incentives Bonuses
Problem Set Suggested Answers. These answers were thought out as a guide of what a correct answer could have been. Do not consider them exhaustive.
Department of Economics Economics 115 University of California The 20 th Century World Economy Berkeley, CA 94720 Spring 2009 Problem Set Suggested Answers These answers were thought out as a guide of
Study Questions. Lecture 16 Fixed Versus Floating Exchange Rates
Study Questions Page 1 of 6 Part 1: Multiple Choice Select the best answer of those given. Study Questions Lecture 16 Fixed Versus Floating Exchange Rates 1. Freely floating exchange rates describes the
Basic Tools of Finance (Chapter 27 in Mankiw & Taylor)
Basic Tools of Finance (Chapter 27 in Mankiw & Taylor) We have seen that the financial system coordinates saving and investment These are decisions made today that affect us in the future But the future
Won2One with Nick Foglietta
July 6 th 2015 Won2One with Nick Foglietta Tactical Equity Income Model Portfolio Record 40% 30% 20% 10% 0% -10% -20% -30% -40% S&P/TSX Composite RBC TEAM 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
2008 CRISIS : COLD OR CANCER?
2008 CRISIS : COLD OR CANCER? MARTIAL FOUCAULT Université de Montréal 28 juin 2010 1 Plan of the talk Crisis: what does it mean? The American financial crisis followed by a worldwide economic crisis Market
Subprime Mortgages Rise And Fall
Subprime Mortgages Rise And Fall HISTORY OF CRISIES By Jamal Abbas Zaidi, CEO Islamic International Rating Agency Although there have been many financial panics and crises, the most notable crises have
Capitalism, Inequality & Globalization. Public University of Navarre Pamplona, Spain May 21 st 2018 J. E. Stiglitz
Capitalism, Inequality & Globalization Public University of Navarre Pamplona, Spain May 21 st 2018 J. E. Stiglitz In many ways, most advanced economies not been performing well US worst example, most European
Testimony of Dean Baker. Before the Subcommittee on TARP and Financial Resources of the House Committee on Oversight and Government Reform
Testimony of Dean Baker Before the Subcommittee on TARP and Financial Resources of the House Committee on Oversight and Government Reform Hearing on "Does the Administration s Mandate on Project Labor
Lecture 10: The Hitchhiker s Guide to Economic Policy Debates
Lecture 10: The Hitchhiker s Guide to Economic Policy Debates Ming-sen Wang Department of Economics University of Arizona June 20, 2013 Overview The ideas of economists and political philosophers, both
Lecture #8: How Scary is the US Trade Deficit?
Parsons, 2007 Lecture #8: How Scary is the US Trade Deficit? First, the facts: How big IS the US deficit? Well, if we look at the current account, whose largest component is the trade deficit, it was about
LECTURE 13 The Great Depression. April 22, 2015
Economics 210A Spring 2015 Christina Romer David Romer LECTURE 13 The Great Depression April 22, 2015 I. OVERVIEW From: Romer, The Nation in Depression, JEP, 1993 Unemployment Rate 30 25 20 Percent 15
Bubbles and Central Banks: Historical Perspectives
Bubbles and Central Banks: Historical Perspectives Markus K. Brunnermeier Princeton University Isabel Schnabel Johannes Gutenberg University Mainz and German Council of Economic Experts SUERF/OeNB/BWG
Expectations and Anti-Deflation Credibility in a Liquidity Trap:
Expectations and Anti-Deflation Credibility in a Liquidity Trap: Contribution to a Panel Discussion Remarks at the Bank of Japan's 11 th research conference, Tokyo, July 2004 (Forthcoming, Monetary and
The 1920s: Crash & Depression
The 1920s: Crash & Depression Legacy of the 1920 s The Business of America is Business. Calvin Coolidge How does this statement explain the decade of the 1920 s? The Business of America The Business Cycle
buying stock on the margin means
buying stock on the margin means A. making a down payment for the stock that you can t quite afford. B. buying a stock that may be suspicious part of a pyramid scheme Session 14: Explaining The Great Depression
Unemployment and its natural rate. Chapter 27
1 Unemployment and its natural rate Chapter 27 What we learn in this chapter? This is the last chapter of Part IX: the real economy in the long run In Chapter 24 we established the link between production,
THE SHORT-RUN TRADEOFF BETWEEN INFLATION AND UNEMPLOYMENT
22 THE SHORT-RUN TRADEOFF BETWEEN INFLATION AND UNEMPLOYMENT LEARNING OBJECTIVES: By the end of this chapter, students should understand: why policymakers face a short-run tradeoff between inflation and
Thoughts on the Current Recession: Keynesian Economics
Thoughts on the Current Recession: Keynesian Economics May 1, 2009 This brief is part of a series of research briefs Utah Foundation is publishing on the economy. The series examines the current economic
Determination of Interest Rates
Chapter 2 Determination of Interest Rates Outline Loanable Funds Theory Household Demand for Loanable Funds Business Demand for Loanable Funds Government Demand for Loanable Funds Foreign Demand for Loanable
In pursuing a strategy of monetary targeting, the central bank announces that it will
Appendix to chapter 16 Monetary Targeting In pursuing a strategy of monetary targeting, the central bank announces that it will achieve a certain value (the target) of the annual growth rate of a monetary
UGBA 101B Macroeconomic Analysis Professor Steven Wood. Exam #2 ANSWERS
Name: SID : UGBA 101B Macroeconomic Analysis Professor Steven Wood Summer 2008 Exam #2 ANSWERS Please sign the following oath: The answers on this test are entirely my own work. I neither gave nor received
Jeremy Siegel on Dow 15,000 By Robert Huebscher December 18, 2012
Jeremy Siegel on Dow 15,000 By Robert Huebscher December 18, 2012 Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania and a Senior Investment
June 24th, Rate Reversal. Author: Benjamin Struck President
June 24th, 2013 Rate Reversal Author: Benjamin Struck President 1 Economic Summary 3 Strategic Allocation 5 Tactical Allocation 6 2 Last week s selloff was broad based and applied to nearly all asset classes.
To understand where the U.S. Economy is going, we need to understand where we have been
To understand where the U.S. Economy is going, we need to understand where we have been From 2008:1-2009:2, the worst recession since Great Depression, with a slow recovery from 2009:3-2013:1. Historical
Study Questions. Lecture 14 Pegging the Exchange Rate
Study Questions Page 1 of 7 Study Questions Lecture 14 the Exchange Rate Part 1: Multiple Choice Select the best answer of those given. 1. Suppose the central bank of Mexico is pegging its currency, the
East Asia Crisis of Econ October 8, Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo
East Asia Crisis of 1997 Econ 7920 October 8, 2008 Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo The East Asian currency crisis of 1997 caused severe distress for the countries of East Asia
Ian J Macfarlane: Payment imbalances
Ian J Macfarlane: Payment imbalances Presentation by Mr Ian J Macfarlane, Governor of the Reserve Bank of Australia, to the Chinese Academy of Social Sciences, Beijing, 12 May 2005. * * * My talk today
Exploring Tail Risk in Financial Catastrophe
8 December 2015 Market Risk: Understanding and Managing Tail Events Exploring Tail Risk in Financial Catastrophe Dr Scott Kelly Senior Research Associate Centre for Risk Studies Session Agenda Exploring
Why Obama is Sabotaging U.S. Economic Growth
Dow 2000? Why Obama is Sabotaging U.S. Economic Growth By Zubi Diamond* June 28, 2010 If the financial reform bill passes, the bad Wall Street will win, the good Wall Street will not. And investors and
Suggested Answers. Department of Economics Economics 115 University of California. Berkeley, CA Spring *SAS = See Answer Sheet
Department of Economics Economics 115 University of California The 20 th Century World Economy Berkeley, CA 94720 Spring 2009 *SAS = See Answer Sheet Suggested Answers *Sentences copy-and-pasted from Wikipedia
Against the Consensus Reflections on the Great Recession. Justin Yifu Lin National School of Development Peking University
Against the Consensus Reflections on the Great Recession Justin Yifu Lin National School of Development Peking University Contents What caused the global crisis A win-win path to recovery Can developing
Taxing Financial Speculation:
Taxing Financial Speculation: Shifting the Tax Burden From Wages to Wagers Dean Baker February 2000 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 400 Washington, D.C. 20009
The Macro-economy and the Global Financial Crisis
The Macro-economy and the Global Financial Crisis Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Global economic
Edexcel (B) Economics A-level
Edexcel (B) Economics A-level Theme 2: The Wider Economic Environment 2.6 Introduction to Macroeconomic Policy 2.6.3 Potential policy conflicts and trade-offs Notes Unemployment vs inflation: In the short
Exchange Rate and International Finance
Exchange Rate and International Finance Min Shu Waseda University 2018/5/29 International Political Economy 1 Outline of the lecture International balance of payment Fixed and floating exchange rate The
Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe
Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe China The Future of HNWIs to 2015: Opportunities for Wealth Managers and Private Banks Publication date: May, 2012. WealthInsight.
Professor Emeritus University of Munich
* John Komlos Professor Emeritus University of Munich Visiting Professor of Economics, Duke University The Warning Hyman Minsky 1919-1996 Financial system in inherently unstable His thesis: stability
Capitalism, Inequality & Globalization. J. E. Stiglitz Davidson College March 2018
Capitalism, Inequality & Globalization J. E. Stiglitz Davidson College March 2018 Outline 1. Multiple ways in which the US economy has not been performing well for large parts of the country 2. The macro-economic
Preface to Global imbalances. Is the world economy really at risk?, by Anton Brender and Florence Pisani
Preface to Global imbalances. Is the world economy really at risk?, by Anton Brender and Florence Pisani Olivier Blanchard February 20, 2007 If, twenty years ago, you had asked economists whether globalization
The Limping Middle Class
Reprints Close This copy is for your personal, noncommercial use only. You can order presentation-ready copies for distribution to your colleagues, clients or customers here or use the "Reprints" tool
Financial Markets. 1. In what ways can financial markets and instruments be grouped?
Financial Markets L E A R N I N G O B J E C T I V E 1. In what ways can financial markets and instruments be grouped? Financial markets come in a variety of flavors to accommodate the wide array of financial
The Long View Rates, GDP & Challenges
The Long View Rates, GDP & Challenges May 3, 2017 by Lance Roberts of Real Investment Advice There has been much debate about the current low levels of interest rates in the economy today. The primary
THIRD EDITION. ECONOMICS and. MICROECONOMICS Paul Krugman Robin Wells. Chapter 18. The Economics of the Welfare State
THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman Robin Wells Chapter 18 The Economics of the Welfare State WHAT YOU WILL LEARN IN THIS CHAPTER What the welfare state is and the rationale for it
Learning the Right Lessons from the Current Account Deficit and Dollar Appreciation
Learning the Right Lessons from the Current Account Deficit and Dollar Appreciation Alan C. Stockman Wilson Professor of Economics University of Rochester 716-275-7214 http://www.stockman.net alan@stockman.net
Media Headlines Will Lead You To Ruin
Media Headlines Will Lead You To Ruin January 16, 2017 by Lance Roberts of Real Investment Advice The post-election euphoria has been quite amazing as the markets have surged more than 8% since then. Of
Pacific Northwest Association of Rail Shippers September 19, 2013
Pacific Northwest Association of Rail Shippers September 19, 2013 Dr. Lynn Michaelis President, Strategic Economic Analysis Partner, FEA lmichaelis@getfea.com 206-434-8102 Key Messages for Today Bubble
Views on the Economy and Price-Level Targeting
Views on the Economy and Price-Level Targeting Raphael Bostic President and Chief Executive Officer Federal Reserve Bank of Atlanta Atlanta Economics Club Federal Reserve Bank of Atlanta Atlanta, Georgia
Study Questions (with Answers) Lecture 16 Fixed Versus Floating Exchange Rates
Study Questions (with Answers) Page 1 of 5 (6) Part 1: Multiple Choice Select the best answer of those given. Study Questions (with Answers) Lecture 16 Fixed Versus Floating Exchange Rates 1. Freely floating
The Boom & Bust Cycle and Islamic Finance
The Boom & Bust Cycle and Islamic Finance Presented by Tariq Alrifai May 25, 2015 Overview What s going on with financial crises? Why are we headed for another crisis? Won t central banks be able to save
Global Imbalances and the U.S. Current Account Deficit. Economics 826 January 2009
Global Imbalances and the U.S. Current Account Deficit Economics 826 January 2009 1 A. What are the facts? B. Why is this trend worrying? C. What are the possible causes? D. What are the possible adjustments?
New foundations for the construction sector?
New foundations for the construction sector? Ludovic Subran, Chief Economist & Research Manager Yann Lacroix, Sector Research Manager Manager Didier Moizo, Sector Analyst Press conference Paris, 21 June
1. What was life like in Iceland before the financial crisis? 3. How much did Iceland s three banks borrow? What happened to the money?
E&F/Raffel Inside Job Directed by Charles Ferguson Intro: The Case of Iceland 1. What was life like in Iceland before the financial crisis? 2. What changed in 2000? 3. How much did Iceland s three banks
Executive Summary. The Transatlantic Economy Annual Survey of Jobs, Trade and Investment between the United States and Europe
The Transatlantic Economy 2011 Annual Survey of Jobs, Trade and Investment between the United States and Europe Daniel S. Hamilton Daniel S. Hamilton and Joseph P. Quinlan and Joseph P. Quinlan Center
DEFICITS AND DEBT Macroeconomics in Context (Goodwin, et al.)
Chapter 16 DEFICITS AND DEBT Macroeconomics in Context (Goodwin, et al.) Chapter Overview This chapter expands on the material from Chapter 10, from a less theoretical and more applied perspective. It
Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles
Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles August 3, 203 Jakob Kapeller University of Linz Department of Philosophy and Theory of Science Bernhard Schütz University of Linz Department of Economics
Replies to memo questions, 09/09/03
Replies to memo questions, 09/09/03 Dear Students, As you know, we did not cover the balance of payments so I ll skip the answer to my question on it. Your answers to the second question (why currency
Causes of the Great Depression
History 271 Devine Fall 2015 Causes of the Great Depression I. The International Economic Situation The U.S. emerges from World War I as the Engine of Prosperity it is the leading creditor nation and is
Irrational markets, rational fiduciaries
fi360 Conference, April 26, 2012 Justin Fox Irrational markets, rational fiduciaries A prelude, courtesy of Irving Fisher If we take the history of the prices of stocks and bonds, we shall find it chiefly
The Hottest M&A Market Ever:
The Hottest M&A Market Ever: What You Should Do About It Keynote at the World Angel Investment Summit September 27, 2018 Toronto, Canada Basil Peters Early Exits 10 Years On Ten years ago when I wrote
Robert Shiller on Trills, Housing and Market Valuations
Robert Shiller on Trills, Housing and Market Valuations February 16, 2010 by Dan Richards Robert J. Shiller is the Arthur M. Okun Professor of Economics at Yale University, and Professor of Finance and
BOOMS & BUSTS. Supplementary lesson 4. Includes: Student lessons. Teacher notes & answers
BOOMS & BUSTS Supplementary lesson 4 Includes: Student lessons. Teacher notes & answers Teacher Notes: BOOMS & BUSTS History of the Sharemarket: Booms & busts Introduction: The purpose of this unit is
Business Fluctuations: Aggregate Demand and Supply
DYNAMIC POWERPOINT SLIDES BY SOLINA LINDAHL CHAPTER 30 Business Fluctuations: Aggregate Demand and Supply CHAPTER OUTLINE The Dynamic Aggregate Demand Curve The Solow Growth Curve Real Shocks Aggregate
Things were going well, everyone wanted in Many borrowed money to buy more stocks
Chapters 30-33 Bull Market Steady rise in stock prices Speculative Buying Things were going well, everyone wanted in Many borrowed money to buy more stocks Bear Market Steady drop in stock prices Fearful
INSERT YOUR DISCLOSURES HERE. i.e. Securities and advisory services offered through BROKER DEALER NAME., member FINRA, SIPC and a Registered
INSERT YOUR DISCLOSURES HERE. i.e. Securities and advisory services offered through BROKER DEALER NAME., member FINRA, SIPC and a Registered Investment Advisor. DBA NAME and BROKER DEALER NAME are separate
International Journal of Management (IJM), ISSN (Print), ISSN (Online) Volume 1, Number 2, July - Aug (2010), IAEME
International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online) Volume 1, Number 2, July - Aug (2010), pp. 98-105 IAEME, http://www.iaeme.com/ijm.html IJM International Journal
The Future of U.S. Monetary Policy
The Future of U.S. Monetary Policy Greenspan to Bernanke Andrew Bragg Outline What is Monetary Policy? How should Monetary Policy be Achieved? Credibility and the Central Banker Does the Person in Charge
page 32 The Author Dr. Lorenz Näger is Chief Financial Officer of HeidelbergCement and also responsible for the Shared Service Center and Logistics.
page 32 The Author is Chief Financial Officer of HeidelbergCement and also responsible for the Shared Service Center and Logistics. page 33 The Impact of Public or Private Ownership on Corporate Strategy
The illusion of low rates
The illusion of low rates By Jean Estin President, Estin & Co The 10-year UK treasury bonds rate is at 0.7% today 1. The 10-year US treasury bonds is at 1.6%. They have been continuously decreasing since
Brief Contents. THE EXTENSIONS Introduction 1 Expectations 283. Policy 433
Brief THE EXTENSIONS Introduction 1 Expectations 283 Chapter 1 A Tour of the World 3 Chapter 14 Financial and Chapter 2 A Tour of the Book 21 Expectations 285 Chapter 15 Expectations, Consumption, and
Macro Pre-conditions for Rupee Internationalisation
Macro Pre-conditions for Rupee Internationalisation October 30, 2015 Outline 1 The Dollar s international currency status. 2 Efforts by China to internationalize RMB. 3 Macro pre-conditions for Indian
An example of still-low rate levels: U.S. Germany U.K. Japan 2yr Government 1.35% -0.63% 0.31% -0.12% Official Rate 1.25% 0.00% 0.25% 0.
Asset Class/Index Q2 2017 YTD 2017 US Equities Capitalization-Weighted Indices S&P 500 Index 3.09% 9.34% NYSE 2.34% 6.37% NASDAQ 3.87% 14.07% Equal-Weight Indices Value Line Geometric 0.46% 3.27% Economically-Sensitive
Almost everyone is familiar with the
Prosperity: Just How Good Has It Been for the Labor Market? Investing Public Funds in the 21st Century Seminar Co-sponsored by the Missouri State Treasurer, the Missouri Municipal League, GFOA of Missouri,
BOOM, BUST, BOOM (VIDEO) 1
BOOM, BUST, BOOM (VIDEO) 1 Name: 1. Compare the 1928 Calvin Coolidge and the 2006 George W. Bush State of the Union Addresses. What do you notice? 2. The 2008 Crisis is often referred to as the Mortgage
Is China the New France?
Is China the New France? August 6, 2013 by Marianne Brunet Imagine a country that grows its economy by greatly devaluing against the reserve currency to develop a strong export sector. As the country becomes
The Nutcracker and the Bond King
The Nutcracker and the Bond King 10-year bond yields have just experienced one of the sharpest 100-day percentage drops in over 50 years Interest rates are now below their closing level of the 666 March
The nature of current long depression Marxism July by Michael Roberts
The nature of current long depression Marxism 2014 11 July 2014 by Michael Roberts Economic progress in a capitalist society means turmoil Joseph Schumpeter 1. The mainstream either denies there are crises
How does the Treasury s Long-Term Fiscal Model work, and what is our initial analysis showing?
How does the Treasury s Long-Term Fiscal Model work, and what is our initial analysis showing? Speech delivered by Girol Karacaoglu Chief Economist, the Treasury Affording O ur Future Conference 2012 Victoria
Maynard s Revenge: Keynesianism and the Crisis. Lance Taylor New School for Social Research
Maynard s Revenge: Keynesianism and the Crisis Lance Taylor New School for Social Research Maynard s Macroeconomics I Fundamental uncertainty Prices of assets vs. prices of goods and services Output =
ECON 1100 Global Economics (Fall 2013) The Rebirth of Free Market Ideology: the Case of Great Britain
ECON 1100 Global Economics (Fall 2013) The Rebirth of Free Market Ideology: the Case of Great Britain Relevant Readings from the Required Textbooks: Commanding Heights Chapter 4, The Mad Monk: Britain
EC371 Term Paper Katharine Chapman
EC371 Term Paper Katharine Chapman Examine the distinguishing characteristics of bubbles in asset prices and discuss their implications for government policies. Illustrate your analysis with reference
What does Western Economic Crisis Mean for South Africa?
What does Western Economic Crisis Mean for South Africa? Seeraj Mohamed Corporate Strategy and Industrial Development Research Programme University of the Witwatersrand Context for Europe s Crisis Global
Kudlow s Guest Commentary Download Options
Kudlow s Guest Commentary Download Options March 24, 2004 Thomas E. Nugent* (212) 644-8610 Budget Deficit Confusion The recent battles in Congress over the budget deficit have resurrected an idea from
Policy Note 2000/6 Drowning In Debt
Policy Note 2000/6 Drowning In Debt Wynne Godley The U.S. expansion has been driven to an unusual extent by falling personal saving and rising borrowing by the private sector. If this process goes into
Analysis of Innovation Opportunities in International Monetary System with Reference to the Emerging Trend of Globalization
Proceedings of the 7th International Conference on Innovation & Management 143 Analysis of Innovation Opportunities in International Monetary System with Reference to the Emerging Trend of Globalization
The Failure of US Neoliberalism: Financial Panic, Economic Stagnation and What We Can Do About It
The Failure of US Neoliberalism: Financial Panic, Economic Stagnation and What We Can Do About It Bill Barclay, Chicago Political Economy Group and Democratic Socialists of America Three Sections What
Secular stagnation, deflation & fiscal policy
University of Cambridge Secular stagnation, deflation & fiscal policy Stockholm October 19, 2015 Larry Summers There is increasing concern that we may be in an era of secular stagnation in which there
The International Financial Crises of the 1990s: Analytics
1 The International Financial Crises of the 1990s: Analytics J. Bradford DeLong http://www.j-bradford-delong.net/ November 2001 The decade of the 1990s was marked by the sudden emergence of capital-account
Understanding Quantitative Easing
Macro Theory & Research Understanding Quantitative Easing Cullen O. Roche February 10, 2014 ABSTRACT Many misunderstandings are still circulating about the actual operational aspects and impacts of Quantitative