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Posted on May 20th, 2012
This paper investigates the causes behind the euro debt crisis, particularly Germany’s role in it. It is argued that the crisis is not primarily a “sovereign debt crisis” but rather a (twin) banking and balance of payments crisis. Intra-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give [...]
Posted on May 20th, 2012
Unsustainable debt along Europe’s periphery is bringing the euro to breaking point. But this column argues that this is not simply the result of fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal crisis to a balance-of-payments crisis – with different prescriptions for policy.
Source: VOX
Posted on May 17th, 2012
This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. It shows that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market development appears to have been the [...]
Posted on May 14th, 2012
Contents:
1.Equity markets
2.Fixed income
3.Money markets and FX reserves
4.Foreign exchange
5.Real economy
6.Banking sector
7.Sovereign risk ratings
Posted on May 13th, 2012
The Swiss economy is fundamentally strong, but is facing a number of challenges. Headwinds from the euro area debt crisis and a strong currency have slowed growth, created deflationary pressures, and forced the central bank to abandon the floating exchange rate regime. The financial sector is adapting to the new, more stringent regulatory environment but [...]
91 pages
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The Eurozone crisis: Fiscal fragility, external imbalances, or both?
Topics: currencies, indebtedness, regional / country study
Unsustainable debt along Europe’s periphery is bringing the euro to breaking point. But this column argues that this is not simply the result of fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal crisis to a balance-of-payments crisis – with different prescriptions for policy.
Source: VOX
When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets
Topics: currencies, financial markets
This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. It shows that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market development appears to have been the [...]
CIS Monthly Monitor – April 2012
Topics: currencies, economic growth, financial markets, regional / country study, securities
Contents:
1.Equity markets
2.Fixed income
3.Money markets and FX reserves
4.Foreign exchange
5.Real economy
6.Banking sector
7.Sovereign risk ratings
Switzerland: 2012 Article IV Consultation – Staff Report; Public Information Notice on the Executive Board Discussion; Statement by the Executive Director for Switzerland
Topics: currencies, economic growth, financial centers, inflation, regional / country study
The Swiss economy is fundamentally strong, but is facing a number of challenges. Headwinds from the euro area debt crisis and a strong currency have slowed growth, created deflationary pressures, and forced the central bank to abandon the floating exchange rate regime. The financial sector is adapting to the new, more stringent regulatory environment but [...]