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The UK's External Balance Sheet.pdf. Lack of secondary market liquidity exacerbates sell-off /Euromoney magazine. Amid the market turbulence this week as investors panicked about slowing growth in Europe and around the world, equity markets sold off sharply and panic-buyers drove down 10-year US treasury yields, market sources reported surprisingly thin liquidity, even in benchmark US government bonds. With dealers unwilling to position risk ahead of Fed stress tests and amid heightened regulatory reporting requirements on Volcker rule compliance, even in the supposedly most liquid bond markets prices gapped around. Harvey Schwartz, chief financial officer of Goldman Sachs, reviewing the impact of Volcker rules and increased capital charges on liquidity provision as US regulators now require more detailed reports from US banks, says: "I'm talking about [in] normal market functioning times, not in stress market functioning times, definitely balance sheet has felt scarce.

And I think under periods where clients want more liquidity, it may be more difficult to find. " Structure 'broken' Daily chart: Taking the king's coin | The Economist. RBA: Bulletin February 2001-Statement on Monetary Policy. Reserve Bank Bulletin – February 2001 Download the complete Statement [PDF 771K] Go To International economic conditions have weakened in recent months and are likely to provide a less favourable environment for the Australian economy in the coming year. The United States in particular is now in a period of considerably slower growth, and this has prompted a broader reassessment of international economic prospects, with most observers in recent months revising downward their expectations for global growth. This shift in expectations has been reinforced by renewed concerns about the durability of economic recovery in Japan.

The slowing now under way in the US economy comes after a period of exceptional strength, both in terms of the length of the economic expansion to date and the average pace of growth recorded in the past few years, with growth being particularly strong in the first half of 2000. Inflation in Australia remains well contained. International Economic Developments Graph 1. Mohamed El-Erian offers six reasons why business investment has stalled, de. NEWPORT BEACH, CALIFORNIA – Some economists, like Larry Summers, call it “secular stagnation.” Others refer to it as “Japanization.” But all agree that after too many years of inadequate growth in advanced economies, substantial longer-term risks have emerged, not only for the wellbeing of these countries’ citizens but also for the health and stability of the global economy.

Those looking for ways to reduce the risks of inadequate growth agree that, of all possible solutions, increased business investment can make the biggest difference. And many medium-size and large companies, having recovered impressively from the huge shock of the 2008 global financial crisis and subsequent recession, now have the wherewithal to invest in new plants, equipment, and hiring.

However one looks at it, the corporate sector in advanced economies in general, and in the US in particular, is as strong as it has been in many years. First, companies are concerned about future demand for their products. Währungsfonds in der Kritik: „Man muss den IWF abschaffen“ - Deutschland. Steuerzahlerbund rüffelt Schlagloch-Politiker Geht es um die Reparatur kaputter Straßen, ist die Politik mit Abkassiermodellen schnell bei der Sache.

Experten wie der Steuerzahlerbund oder der Bundesrechnungshof haben dafür kein Verständnis. Kiew startet neuen „Anti-Terror“-Einsatz Der ukrainische Übergangspräsident Turtschinow hat eine Fortsetzung der Anti-Terror-Einsätze angekündigt. Und während die USA Truppen im Baltikum in Stellung bringen, beschießen Separatisten ein Flugzeug. Gabriel darf Bürgerrechtler nicht treffen Es scheint schon fast zu platt, um wahr zu sein, doch offenbar müssen Chinas Mächtige unangenehme Informationen mit radikalen Maßnahmen vertuschen: Sicherheitskräfte hindern Vizekanzler Gabriel, Bürgerrechtler zu sehen. Blinded by Pro-European Bias? The IMF and the Doyle Debacle. The Bank Of International Settlements Warns The Monetary Kool-Aid Party Is Over.

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QE3 Coming Soon? TIPS Say No- Macro Story. Are Ever Larger Global Booms and Busts Really Inevitable? — jaredbernsteinb. I’ve been meaning to respond to this piece by Eduardo Porter from a few days ago on both recent and historical stirrings in global financial markets. I found it to be unduly depressing and defeatist. At least, I think it’s “unduly” so—there’s a chance the Porter’s right. The piece argues that the future holds bigger and badder bubbles and busts and there’s just not much that anyone can do about it.

What’s driving this unfortunate cycle is the interaction of savings imbalances, skittish global capital, and aggressive central banks. The US housing bubble contains all the features of the story. Economists quoted in the piece point out that such booms and busts are “older than the hills” and are likely to get worse before they get better…actually, none of them said anything about getting better. “It’s not even clear,” Porter argues, “what governments should do about presumed bubbles. In fact, the key word a few ‘grafs up is “unregulated.” Porter mentions that “macroprudential rules.” ViewsWire. GMO LLC - Home. GMO is a global investment management firm committed to providing sophisticated clients with superior asset management solutions and services.

We offer a broad range of investment products, including equity and fixed income strategies across global developed and emerging markets, as well as absolute return strategies. Our client base includes endowments, pension funds, public funds, foundations and cultural institutions. GMO is a private partnership that employs more than 550 people worldwide. Investment management is our only business. Our global offices include the firm's headquarters in Boston and offices in San Francisco, London, Amsterdam, Zurich, Singapore, and Sydney. To read GMO's 4Q 2013 Letter, which contains Jeremy Grantham's "Year-End Odds and Ends" and Ben Inker's "Divesting When Discomfited," please click the blue highlighted link.

(To open file, please ensure you have the most recent version of Acrobat Reader installed.) Big ups and downs give daytraders a way to thrive. Australia learns, as Dutch did in 1960s, that resource boom has downside | BEWARE Dutch disease. No, this is not a travel warning for tourists visiting the seedier parts of Amsterdam. It's a history lesson about how commodities booms can become double-edged swords for resource-rich countries, a lesson that Australia is now learning as a strong Australian dollar becomes an unbearable burden for much of its economy. Coined after a surging Dutch guilder eviscerated Holland’s manufacturing industry in the aftermath a giant natural gas discovery in 1959, 'Dutch Disease' refers to the loss of competitiveness that labor-intensive industries suffer when a currency appreciates on the back of rapid growth in a capital-intensive resource sector. Companies that extract and market the commodity do well, but the rising currency also causes downstream manufacturing exporters to lose market share to foreign competitors while foreign investment inflows associated with the boom push local asset and consumer prices ever higher.

The "Lehman" Moment | ZeroHedge. Via Peter Tchir of TF Market Advisors Lately it is hard to avoid talk about the Lehman "Moment". It almost makes you think that the world fell apart the weekend Lehman filed for bankruptcy protection. But that's not the case at all. Stocks sold off that first day, bounced the second, had another sell off, but by the Thursday, they actually closed higher than the Friday before Lehman filed.

From there they generally went down. Often painfully swiftly, though the rallies were just as sharp. It wasn't until March of the following year that we hit the lows - a full 6 months after Lehman. IG9 was trading at the time. It was not as wide as it had been right ahead of Bear Stearns weekend as we came into the Lehman weekend. Although it has become popular to blame the entire sell-off on Lehman, it took a long time for the contagion to play out. Greece clearly didn't default today, but there is growing sentiment that it should and it will. George Dorgan sur Twitter : "thanks to @Macronomics1 another chart documenting that #NeoKeynesian rules are collapsing. Here #OkunsLaw. 2011 Greatest Hits: Presenting The Most Popular Posts Of The Past Year. Capital instruments | UBS Global home. You declare that you will not engage in any activities related to content of the Website that are contrary to applicable law or regulation or the terms of any agreements between you and UBS AG and/or any branch, group, subsidiary or affiliate of UBS AG (UBS).

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