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I’ve noticed an interesting interpretation of the Open Bank Resolution going around New Zealand, and the world, where it is seen as a replacement for the lender of last resort function and deposit guarantees. This has caused outrage among some – even I’ve received some emails and facebook messages from people on it. But the […]
There has been some discussion of deposit insurance, the open bank resolution plan, and the types of risks being faced by New Zealand savers. This is actually a hugely important issue, and as a broad matter of principle I actually find myself agreeing more with Labour and the Greens than National and the Reserve Bank. […]
Via this excellent review by John Cochrane, I decided to read “the banker’s new clothes“. I’m only a small way in, but it already seem like a pretty good book, written for a non-technical type of audience. Excellent. My view has been that there is potentially some type of externality from bank’s actions (systemic risk […]
Fascinating post by Stephen Williams, who is a great monetary economist. In it, he goes through speeches at the Federal Reserve from September 2007 – a few months into the burgeoning credit crisis. In it he shows that there was a debate between the views of “inherent instability” and “induced fragility” for what was going […]
In New Zealand there are often complaints that bank profits are exorbitant – especially given that profitability rose during a massive financial crisis. While there is an argument that banks are backed by a lender of last resort, and that they should pay for this (such as through a tax) this doesn’t tell us too […]
Over at Rates Blog the trilogy of articles I’ve put up about the GFC has been completed with this one. The first two artices are here and here, and the blog post I did on them are here and here. Infometrics will be popping up some more articles on Tuesday’s, but they won’t be on […]