BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW NO. 116: BERNANKE REMARKS ON FED

September 30, 2009 at 1:29 pm | Posted in Economics, Financial, Globalization, Research, USA | Leave a comment

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BIS Review

Bank for International Settlements

BIS Review No 116 available

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Wed 9/30/09

Please find BIS Review No 116 attached as an Adobe Acrobat (PDF) file. Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 116 (30 September 2009)

Ben S Bernanke: Brief remarks – the Fed’s efforts with respect to diversity

Jean-Claude Trichet: Interview with Corriere della Sera

Joseph Yam: Reflections relevant to the banking profession in Hong Kong

Franz-Christoph Zeitler: How should banking regulation change?

K C Chakrabarty: Global crisis – genesis, challenges and opportunities unleashed

e-mail press@bis.org.

BIS Review

Bank for International Settlements

BIS Review No 116 available

http://www.bis.org/review/index.htm

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Wed 9/30/09

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DALLAS FED: “JUMP-STARTING THE SECURITIZATION MARKETS”

September 30, 2009 at 3:04 am | Posted in Economics, Financial, Globalization, Research, USA | Leave a comment

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Dallas Fed

TALF:

Jump-Starting the Securitization

Markets

Vol. 4, No. 6, August 2009

Federal Reserve Bank of Dallas

Dallas Fed Publications (dal.webmaster@dal.frb.org)

Tue 9/29/09

“TALF: Jump-Starting the Securitization Markets”

Economic Letter

This article finds that new securitization issues increased and risk spreads declined after the TALF began operations. While securitization activity might not grow as rapidly as earlier in this decade, even a smaller, more homogenized securitization sector is important for reviving lending for both consumers and small businesses and for contributing to an economic recovery.

Read more: http://dallasfed.org/research/eclett/2009/el0906.html

Federal Reserve Bank of Dallas

We welcome your comments, questions and suggestions.

Please e-mail us at dal.webmaster@dal.frb.org.

Federal Reserve Bank of Dallas 2200 N.

Pearl St. Dallas, TX 75201

Dallas Fed

TALF:

Jump-Starting the Securitization Markets

Vol. 4, No. 6, August 2009

Federal Reserve Bank of Dallas

Dallas Fed Publications (dal.webmaster@dal.frb.org)

Tue 9/29/09

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AUSTRALIA RBA: RESERVE BANK OF AUSTRALIA

September 30, 2009 at 2:38 am | Posted in Economics, Financial, Globalization, Research | Leave a comment

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The Reserve Bank of Australia (RBA)

RBA News: Media Release

WEBInfo (Webinfo@RBA.GOV.AU)

Tue 9/29/09

The Reserve Bank of Australia this morning issued a media release, which can be viewed at:

http://www.rba.gov.au/MediaReleases/2009/mr-09-21.html

Media Office
Reserve Bank of Australia

30 September 2009

Past media releases:

http://www.rba.gov.au/MediaReleases/

The Reserve Bank of Australia

RBA News: Media Release

http://www.rba.gov.au/MediaReleases/2009/mr-09-21.html

WEBInfo (Webinfo@RBA.GOV.AU)

Tue 9/29/09

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BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW NO. 115: BANKING REGULATION

September 29, 2009 at 4:22 pm | Posted in Development, Economics, Financial, Globalization, Research | Leave a comment

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BIS Review

Bank for International Settlements

BIS Review No 115 available

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Tue 9/29/09

Please find BIS Review No 115 attached as an Adobe Acrobat (PDF) file. Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 115 (29 September 2009)

Axel A Weber: The future of banking regulation

Svein Gjedrem: The outlook for the Norwegian economy

Philipp Hildebrand: Banking regulation – changing the rules of the game

Kevin M Warsh: Longer days, fewer weekends

Lorenzo Bini Smaghi: Macro-prudential supervision

Jaime Caruana: Deposit insurance core principles

e-mail press@bis.org.

BIS Review

Bank for International Settlements

BIS Review No 115 available

http://www.bis.org/review/index.htm

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Tue 9/29/09

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ATLANTA FED NEW WORKING PAPERS

September 29, 2009 at 2:07 am | Posted in Economics, Financial, Globalization, Research | Leave a comment

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Federal Reserve Bank of Atlanta (FRBA)

FRBA Working Papers 2009-21 through 2009-26 now online

AtlantaFed@frbatlanta.org

Mon 9/28/09

Working Papers 2009-21 through 2009-26

are now available on the Bank’s Web site.

Sector-Specific Human Capital and the Distribution of Earnings

Eric Smith

Working Paper 2009-21

Examining how assignment frictions and specialization affect human capital acquisition, aggregate output, and distribution of income, the author finds that training, output, and specialization increase as the extent of the market increases.

http://www.frbatlanta.org/invoke.cfm?objectid=9A00632A-5056-9F12-12113669D32EE2FF&method=display

Wage Dispersion and Wage Dynamics within and across Firms

Carlos Carrillo-Tudela and Eric Smith

Working Paper 2009-22

Studying labor turnover and wage mobility, the authors demonstrate that observed inconsistencies may stem from the underlying specification of search frictions rather than from the general search approach.

http://www.frbatlanta.org/invoke.cfm?objectid=9A1C7090-5056-9F12-1230555B87C74AA1&method=display

Cointegrated TFP Processes and International Business Cycles

Pau Rabanal, Juan F. Rubio-Ramirez, and Vicente Tuesta

Working Paper 2009-23

Real exchange rates are highly volatile. The authors use an international real business cycle model with cointegrated total factor productivity shocks to explain this high volatility. http://www.frbatlanta.org/invoke.cfm?objectid=9A239888-5056-9F12-1208E996617EBD23&method=display

Overborrowing and Systemic Externalities in the Business Cycle

Javier Bianchi

Working Paper 2009-24

Credit constraints that link a private agent’s debt to market-determined prices can lead to overborrowing. The authors quantify the effects of this inefficiency, finding that it can increase the probability and the severity of a financial crisis.

http://www.frbatlanta.org/invoke.cfm?objectid=9A6C1E7B-5056-9F12-120CF78CD991BC53&method=display

Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting

Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen

Working Paper 2009-25

Using data from Massachusetts between 1989 and 2008, the authors estimate the sensitivity of foreclosures to house price movements. The current foreclosure crisis was primarily driven by the severe decline in housing prices that began in 2005, they find.

http://www.frbatlanta.org/invoke.cfm?objectid=9A72D7AC-5056-9F12-12A49CC9FF112024&method=display

Inflation and Monetary Regimes

Gerald P. Dwyer and Mark Fisher

Working Paper 2009-26

Why does the correlation of inflation and money growth increase when data are averaged over longer periods and higher-inflation countries are included? The authors show that inflation persistence is the answer.

http://www.frbatlanta.org/invoke.cfm?objectid=E6E6E2D9-5056-9F12-125F2212B3F17568&method=display

Visit our Web site www.frbatlanta.org

www.frbatlanta.org/rss/rss.cfm

For a list of items recently posted to the Atlanta Fed’s Web site, go to www.frbatlanta.org/whatsnew.cfm

We welcome your comments, questions, and suggestions.

Please e-mail us at webmaster@frbatlanta.org.

Federal Reserve Bank of Atlanta (FRBA)

FRBA Working Papers 2009-21 through 2009-26 now online

www.frbatlanta.org

AtlantaFed@frbatlanta.org

Mon 9/28/09

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PREDICTING FINANCIAL CRISES

September 29, 2009 at 12:42 am | Posted in Economics, Financial, Globalization, History, Research | Leave a comment

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FRBSF Economic Letter:

Predicting Crises Part II:

Did Anything Matter (to Everybody)?

Researchpubs.sf@sf.frb.org

Mon 9/28/09

Predicting Crises Part II:

Did Anything Matter (to Everybody)?

by Andrew K. Rose and Mark M. Spiegel

The enormity of the current financial collapse raises the question whether the crisis could have been predicted.

This is the second of two Economic Letters on the topic. This Letter examines research suggesting that early warning models would not have accurately predicted the relative severity of the current crisis across countries, casting doubt on the ability of such models to forecast similar crises in the future.

Welcome to the new online edition of FRBSF Economic Letter.

Download attached pdf or read full article

Index of recent Economic Letters

FRBSF Economic Letter:

Predicting Crises Part II: Did Anything Matter (to Everybody)?

read full article

Researchpubs.sf@sf.frb.org

Mon 9/28/09

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CAMBRIDGE FORECAST GROUP ESSAY: MUSLIMS AND JEWS IN THE WORLD-SYSTEM IN SEPTEMBER 2009

September 25, 2009 at 5:24 pm | Posted in Arabs, Development, Economics, Financial, Globalization, History, Iran, Islam, Israel, Middle East, Palestine, Third World, World-system, Zionism | Leave a comment

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MUSLIMS AND JEWS IN THE WORLD-SYSTEM IN SEPTEMBER 2009

The Long View of the Current “Global Traffic Jam”

We have already described how Muslims and Jews were “twisted up” by the colonial experience, using Algeria 1830-1962 as  one example.

MUSLIMS AND JEWS IN THE WORLD SYSTEM: THE EXAMPLE OF ALGERIA (1830-1962)

http://cambridgeforecast.wordpress.com/2008/04/26/muslims-and-jews-in-the-world-system-the-example-of-algeria/

See also: http://www.cambridgeforecast.org

“Muslims and Jews in the World-System”

The question becomes: how does this “triple helix” of Muslims, Jews, Western Imperialism, come out today in 2009.

The answer is:

There are two radical “anti-system” groupings, one Jewish, one Muslim that want to overturn the world:

  1. Al-Qaida
  2. Neocon/Zionists (who brought us the Iraq War and now want the Iran War)

The “empire” now represented by America, senses that it needs to move into a kind of developmental/ G-20 Summit/ Third World growth direction but is blocked from this avenue because:

  1. Washington policy is still fundamentally under the control of Israel and the neocons who want America/Israel to subjugate the world (Bush-Cheney were the crystallization of this fantasy)
  2. the American “political class” under Obama still believes that there might be a cheap neocolonial way to extract dominion and economic benefits from the Third World although the economic meltdown has made this option confused and murky.

In other words, the US keeps entering and re-entering a “global traffic jam” created by the neocons/Israel alliance resonating with the last stand of American colonial attitudes which have replaced their French and British predecessors.

The hinge or pivot of a new world direction is of course Palestine because it is the global symbol of neocolonial subjugation, dispossession, ethnic cleansing and land-grabbing.

Globalization made practical needs a post-Zionist lens and framework.

Until and unless President Obama comes to grip with this reality, there cannot be a successful global coordination which would break out of the current “global traffic jam.”

That means a nonstable world-economy ad infinitum.

MUSLIMS AND JEWS IN THE WORLD-SYSTEM IN SEPTEMBER 2009

The Long View of the Current “Global Traffic Jam”

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BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW No. 114: AGRICULTURE AND RURAL DEVELOPMENT

September 25, 2009 at 4:50 pm | Posted in Development, Economics, Globalization, Russia, World-system | Leave a comment

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BIS Review

Bank for International Settlements

BIS Review No 114 available

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Fri 9/25/09

Please find BIS Review No 114 attached as an Adobe Acrobat (PDF) file. Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 114 (25 September 2009)

Njuguna Ndung’u: Kenya’s vision for a strong and accessible financial sector

Perks Ligoya: Co-ordinated regulations for the SADC region

L Wilson Kamit: Opening up opportunities for agriculture and rural development

Jürgen Stark: Short address at the opening ceremony for the “Language of Money” exhibition

Spencer Dale: Separating fact from fiction – household balance sheets and the economic outlook

e-mail press@bis.org.

BIS Review

Bank for International Settlements

BIS Review No 114 available

http://www.bis.org/review/index.htm

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Fri 9/25/09

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“LIQUIDATED: AN ETHNOGRAPHY OF WALL STREET”: KAREN HO BOOK

September 25, 2009 at 5:06 am | Posted in Books, Economics, Financial, USA | Leave a comment

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Liquidated: An Ethnography of Wall Street

by Karen Ho (Author)

(a John Hope Franklin Center Book) (Paperback)

Editorial Reviews

From Publishers Weekly

The timely question, What caused the current global financial crisis? provokes answers usually aimed at the level of institutions and the more abstract market logic. Ho’s refreshing ethnography of the daily lives of Wall Street investment bankers takes another tack and outlines a web of practices, beliefs and structures that may be vital to understanding what keeps the market system in place despite built-in instabilities. Ho, a former business analyst and now an associate professor of anthropology at the University of Minnesota, unpacks constant downsizing, high risk/high reward job liquidity, shortsighted compensation structures, prestige and the ruse of shareholder value. Her keen eye for the significance of space illuminates workplace narratives, e.g., segregating staff by floor, function and prestige; constant and lavish recruiting events at Princeton and Harvard; and anticlimactically tawdry office space for most workers. The author exposes how elite undergraduates are immersed in a culture promoting finance as the only legitimate job, how educational pedigrees reinforce the financial world’s self-image—while the actual jobs remain rigidly hierarchical (stratifying women, people of color and non–Ivy League graduates), highly unstable and isolating, encouraging a culture in which making money is the only value.

Review
“We’re pretty familiar with the economic rationale for the regime of cost-cutting and downsizing throughout corporate America in recent decades. But Karen Ho’s research greatly enriches our understanding of how Wall Street’s own peculiar culture of transient relationships and relentless competition has contributed to the shareholder revolution. And, along the way, her interviews and fieldwork offer a very revealing picture of the mind of Wall Street. A fascinating and important book.” Doug Henwood, editor of Left Business Observer

Product Details:

  • Paperback: 392 pages
  • Publisher: Duke University Press (2009)
  • Language: English
  • ISBN-10: 0822345994
  • ISBN-13: 978-0822345992

Karen Z. Ho is an anthropologist who did ethnography on Wall Street in the time leading up to the current financial crisis. She studied the “culture” of high finance in the largest Wall Street firms, while working in one of the largest. She documents in excruciating detail the fact that Wall Street is not just a neutral market place. It has a definite culture, and that culture led to the financial meltdown in 2008-2009. Among other points she makes is that American high finance placed an extreme priority on liquidity–that everything tangible had to be turned into liquid assets–sliced, diced and homogenized into negotiable commodities. It is thus that mortgages got turned into credit swap defaults and other esoteric commercial paper. Once that had been done, not only could the resulting products be bought and sold, they could be sold two and three times, and shorted.

Liquidated: An Ethnography of Wall Street

by Karen Ho (Author)

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SUSTAINABLE OCEAN SUMMIT

September 25, 2009 at 2:20 am | Posted in Earth, Globalization, Science & Technology, World-system | Leave a comment

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World Ocean Council

“Sustainable Ocean Summit” Set for June 2010

on behalf of Paul Holthus

(paul.holthus@oceancouncil.org)

Thu 9/24/09

The “Sustainable Ocean Summit

NEWS RELEASE

World Ocean Council

“Sustainable Ocean Summit

Set for June 2010

Corporate Ocean Responsibility” leaders to meet in Belfast (15-17 June, 2010)

Honolulu, 22 September, 2009 –

The “Sustainable Ocean Summit” - the first international, cross-sectoral ocean sustainability conference for the private sector – will catalyze the growing interest among ocean businesses for more effective leadership and collaboration in addressing ocean environmental challenges.

The World Ocean Council (WOC), an international business leadership alliance on ocean sustainability and stewardship, is generating significant attention from a range of industries worldwide, including shipping, oil and gas, fisheries, aquaculture, ports, mining, insurance, finance, renewable offshore energy, tourism, shipbuilding, dredging, marine technology and others.

“Companies and industry associations around the world are expressing strong interest in coordinated international private sector leadership on ocean environmental and governance issues”, noted WOC Executive Director Paul Holthus, adding that many companies see the business benefits and sustainable development value in collaborative efforts on Corporate Ocean Responsibility.

With the theme of “Reducing Risk, Increasing Sustainability: Solutions through Collaboration”, the Sustainable Ocean Summit (SOS) will bring together the wide range of industries that use marine space and resources. The event is organized in partnership with Golder Associates and will be held in Belfast, UK (15-17 June, 2010).

The conference kicks off with the inaugural “Roundtable of Ocean Industry Association Leaders” (ROIAL) at the SOS opening plenary. This unprecedented gathering of international industry associations will consider the major ocean policy developments and sustainability challenges affecting the future of responsible commercial activities in the seas.

“Marine Spatial Planning – What Ocean Industries Need to Know” will be the focus of a special half-day seminar added on 17 June 2010 to highlight this emerging approach to marine governance.

The main conference theme sessions will address priorities for cross-sectoral ocean industry action, including: offshore renewable energy interaction with other industries; the Arctic Ocean; climate change and ocean science; biosecurity and invasive species; fisheries and aquaculture interaction with other industries; the role of finance, insurance and legal sectors in sustainability; sustainable ports; sound and ship strike impacts on marine mammals; marine debris; decommissioning ships and structures.

Limited opportunities are available for speakers to address the themes above. Interested speakers are encouraged to contact the WOC as soon as possible.

(The Sustainable Ocean Summit was initially planned for June 2009, but was rescheduled to 2010).

See www.oceancouncil.org for information on World Ocean Council and the “Sustainable Ocean Summit”, or contact: paul.holthus@oceancouncil.org +1 (808) 277-9008

- http://www.climate-l.org – A knowledgebase of International Climate Change Activities, provided by IISD in cooperation with the UN Chief Executives Board for Coordination (CEB) Secretariat

- IISD for environment and sustainable development policy professionals at http://www.iisd.ca/email/subscribe.htm

NEWS RELEASE

World Ocean Council “Sustainable Ocean Summit

Set for June 2010

Corporate Ocean Responsibility” leaders to meet in Belfast

(15-17 June, 2010)

Honolulu, 22 September, 2009 –

www.oceancouncil.org

paul.holthus@oceancouncil.org

+1 (808) 277-9008

World Ocean Council “Sustainable Ocean Summit

Set for June 2010

Thu 9/24/09

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