- This Is From The Wall Street Journal
- Momentum in Stock Market Returns: Implications for Risk Premia on Foreign Currencies
- Links
- DTCC Posts 6-Month Market Activity Snapshot on CDS Market
- Default in Today’s Advanced Economies: Unnecessary, Undesirable, and Unlikely
- The Impact of Banks’ Cumulative Reserve Position on Federal Funds Rate Behavior
- A Wolf in Sheep’s Clothing
- TBA Trading and Liquidity in the Agency MBS Market
- Impact of High and Growing Government Debt on Economic Growth
- Financial Amplification of Foreign Exchange Risk Premia
- The Central-Bank Balance Sheet as an Instrument of Monetary Policy
- Exorbitant Privilege and Exorbitant Duty
- The Information Value of the Stress Test and Bank Opacity
- Price of Risk—Recent Evidence from Large Financials
- Shadow Banking
- Summer Doldrums
- Credit Default Swaps: What Are the Social Benefits and Costs?
- The International Role of the Euro
- Chronicle of Currency Collapses: Re-Examining the Effects on Output
- The Paradox of Toil
- Links
- What the Fed Did and Why
- Markets and Government Before, During and After the 2007-20xx Crisis
- Detecting and Interpreting Financial Stress in the Euro Area
- Are We Building the Foundations for the Next Crisis Already? The Case of Central Clearing
- Links
- Links
- OIS Discounting
- Multimarket Trading and the Cost of Debt: Evidence from Global Bonds
- Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?
- China’s High Saving Rate: Myth and Reality
- Oil Spill
- Eurozone €440 Bln SPV Aid Fund
- ECB Financial Accounts and ECB Financial Strength
- Central Bank Swap Networks
- DTCC Posts CDS Market Activity Snapshot
- ECB: Financial Stability Review (June 2010)
- Global CDO Issuance by Transaction Structure
- Links
- TBAC Minutes: Sovereign CDS and Swap Spreads
- Goldman Sachs Underwriting Market Shares in Subprime RMBS and CDOs
- Abacus for Dummies
- The World’s Safest and Riskiest Sovereign Debt (Update)
- Increased Sovereign Risk Behind Negative Swap Spreads
- Haircuts
- Markets, Religion, Community Size, and the Evolution of Fairness and Punishment
- Beyond the Dollar: Rethinking the International Monetary System
- Links
- Amazing Discovery
- ABCP Outstanding: Still Crashing
Monthly Archives: November 2008
Only in America
A Wal-Mart employee in suburban New York was trampled to death by a crush of shoppers who tore down the front doors and thronged into the store early Friday morning, turning the annual rite of post-Thanksgiving bargain hunting into a … Continue reading
Fed Swap Lines: Good News
Sharp drop, $83 bn, in swap lines outstanding over the past week, should show up in the next h.4.1 SFP also going down another $30 bn this week. // Continue reading
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Add $600 bn to Fed Balance Sheet
The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)–Fannie Mae, Freddie Mac, and the Federal Home Loan Banks–and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, … Continue reading
Latest Scam: TALF
The Federal Reserve Board on Tuesday announced the creation of the Term Asset-Backed Securities Loan Facility (TALF), a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities … Continue reading
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Citi CDS Post-Bailout
Citi CDS fell by 19bp to 481.75bp, all that after a $20 bn capital injection and $306 bn in guarantees from the mighty U.S. government…Impressive Add: at 13:00 NYT, Citi CDS tightening to 250 bp // Continue reading
The Extraordinary Events in Credit Markets Over the Last Sixty Days
Plus ça change, plus c’est la même chose When I accepted the invitation to address you, I looked forward to the opportunity to reflect upon the nearly 30 years of the Federal Reserve Bank of New York’s involvement in the … Continue reading
Historic Day for the 30 Year Bond
Only a few hours ago, I mentioned that the 30 yr hit 370 bp, well things move quickly, closing yield was a record low 345 bp, down 45 bp on the day. The 30 yr swap spread last seen at … Continue reading
GMAC Bank?
GMAC Files Application With Federal Reserve to Become Bank Holding Company // Continue reading
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Moral Hazard and Adverse Selection in the Originate-to-Distribute Model of Bank Credit
Guess what, sliced and diced loans sold to outside investors don’t perform very well… Paper by Antje Berndt and Anurag Gupta Over the last two decades, bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model … Continue reading
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State Supported Banks
Timely paper from the BIS: External support and bank behaviour in the international syndicated loan market by Blaise Gadanecz, Kostas Tsatsaronis and Yener Altunbaş Extract: Where supported banks seem to differ substantially from their peers is the attitude towards risk. … Continue reading
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