The market reaction to the Brexit shock has been mild compared to two other recent episodes of global financial volatility: The summer of 2015 (following fears of a Chinese hard landing) and the first two months of this year (following renewed worries about China, along with other global tail ris
August 02, 2016
With most advanced economies experiencing anemic recoveries from the 2008 financial crisis, their central banks have been forced to move from conventional monetary policy — reducing policy rates via open-market purchases of short-term government bonds — to a range of unconventional policies.
April 03, 2016
The question I am asked most often nowadays is this: Are we back to 2008 and another global financial crisis and recession?
March 07, 2016
At the cusp of the New Year, we face a world in which geopolitical and geo-economic risks are multiplying. Most of the Middle East is ablaze, stoking speculation that a long war could be at hand.
January 05, 2016
Among today’s geopolitical risks, none is greater than the long arc of instability stretching from the Maghreb to the Afghanistan-Pakistan border. With the Arab Spring an increasingly distant memory, the instability along this arc is deepening.
October 05, 2015
Recent market volatility — in emerging and developed economies alike — is showing once again how badly ratings agencies and investors can err in assessing countries’ economic and financial vulnerabilities.
August 30, 2015
A paradox has emerged in the financial markets of the advanced economies since the 2008 global financial crisis. Unconventional monetary policies have created a massive overhang of liquidity.
June 04, 2015
WHO would have thought that six years after the global financial crisis, most advanced economies would still be swimming in an alphabet soup — ZIRP, QE, CE, FG, NDR, and U-FX Int — of unconventional monetary policies?
February 03, 2015
Technology innovators and CEOs seem positively giddy nowadays about what the future will bring. New manufacturing technologies have generated feverish excitement about what some see as a Third Industrial Revolution.
January 04, 2015
The recent decision by the Bank of Japan (BoJ) to increase the scope of its quantitative easing is a signal that another round of currency wars may be under way.
December 02, 2014