- ECB Publishes Book on the Payment System
- 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
- Greek Government Bond Market
- Links
- Sterling Today
- Sovereign Risk Jolts Markets
- Monthly Trading Volumes in Greek Government Bonds
- Eurostat Statement on Greece’s Use of Derivatives
- The Bank Lending Channel Revisited
- The Future of Public Debt
- Systemic Risk: How To Deal With It?
- Links
- Papers => FRBNY
- Links
- Scariest Chart EVER: Loss Severity, Subprime First-Lien
- Google CDS => AAA
- Empty Creditor Claim
- Links
- Quotes of the Day
- Fed’s MBS Program
- Variability in Nucleus Accumbens Activity Mediates Age-Related Suboptimal Financial Risk Taking
- Links
- Links
- Worth Reading
- Links
- Scorecard: Gross National Savings (% of GDP)
- Withdrawal and Expulsion from the EU and EMU: Some Reflections
- Review of the Differentiated Nature and Scope of Financial Regulation
- Link of the Day
- Summary of a Workshop on Recent Advances in Modelling Systemic Risk Using Network Analysis
- Link
- Links
- The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market
- [Update] Why Are Banks Holding So Many Excess Reserves?
- Basel Committee: Consultative Proposals to Strengthen the Resilience of the Banking Sector
- The World’s Riskiest Sovereign Debt (Update)
- The World’s Safest Sovereign Debt (Update)
- Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk
- Sovereign and Bank Credit Risk Premia during 2008-09
- Macro Stress Tests and Crises: What Can We Learn?
- Dollar Appreciation in 2008: Safe Haven, Carry Trades, Dollar Shortage and Overhedging
- Interbank Offered Rate: Effects of the Financial Crisis on the Information Content of the Fixing
- Capital One TARP Warrants Net $146.5 Million
- Links
- The Fed’s Expanded Balance Sheet
- Links
- AIG Regulatory Capital CDS Transactions
- Links
- Links
- Bundesbank: Financial Stability Review 2009
- A Note on Trader Sharpe Ratios
Monthly Archives: April 2009
Central Bank Liquidity Swaps
Steady improvement. Source: Fed H.4.1 Related: Fed Explains Central Bank Liquidity Swaps Foreign Currency Liquidity Swap Lines Foreign Currency Liquidity Swap Lines, Redux // Continue reading
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Bear Trap of the Year: Dendreon Corp.
Down 45% one day, up 95% the next. The 45% drop happened in 5 minutes. // Continue reading
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Conventional and Unconventional Monetary Policy
Must read speech by Lorenzo Bini Smaghi, E.C.B. “useful in understanding why the ECB has proceeded speedily in some areas while taking the necessary time to reflect on others.” // Continue reading
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Geithner’s Plan: More Than 100 Unique Applications From Potential Fund Managers
The Treasury Department announced the receipt of more than 100 unique applications from potential fund managers interested in participating in the Legacy Securities portion of the Public Private Investment Program (PPIP). A variety of institutions applied, including traditional fixed income, … Continue reading
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GDP: Change in Private Inventories (Pictures)
Below, Change in private inventories. 6th down quarter in a row. Gross private domestic investment (blue) and Fixed investment (red). (The difference between the two is “Change in private inventories”) Add: gross private domestic investment is at a 12-years low. … Continue reading
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Changes in Claims of BIS Reporting Banks: Largest Reduction E.V.E.R.
After a relatively small change in total outstanding stocks in the third quarter, banks’ external claims shrank by 5.4% in the fourth quarter of 2008 ($1.8 trillion at constant exchange rates), to $31 trillion. This was the largest reduction ever … Continue reading
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GDP: Not THAT Bad
The real change in private inventories subtracted 2.79 percentage points from the first-quarter change in real GDP after subtracting 0.11 percentage point from the fourth-quarter change. This is a good thing. // Continue reading
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TBAC Report and Minutes
Tax receipts are collapsing amid economic malaise. Revenue is down by nearly 14% in the first half of FY09 and April receipts are tracking their weakest level in years. At the same time, public expenditures continue to surge as automatic … Continue reading
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Proposed Merger Between LCH.Clearnet and DTCC NOT Proceeding
LCH.Clearnet has not agreed on a basis for consummating the proposed merger with DTCC and, after consultation with our Board of Directors, regrettably DTCC sees no choice but to pursue other strategic alternatives to develop seamless transatlantic clearing services to … Continue reading
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