Follow-up na moj petkov komentar v Financah glede koristnosti finančne integracije in o razmisleku glede vračanja kapitalskih kontrol. Debata med ekonomisti je živahna. Zunaj je nov članek “Capital Control Measures: A New Dataset” (Andrés Fernández, Michael W. Klein, Alessandro Rebucci, Martin Schindler & Martín Uribe), ki predstavljajo bazo podatkov in jo dajejo na voljo raziskovalcem. Najprej pa nekaj evolucije tega fenomena:

International capital flows are central to international macroeconomics. The interaction between the monetary and exchange rate policies of a country depends upon its stance towards capital mobility, as described by the policy trilemma. The ability of a government and its citizens to borrow and lend abroad allows domestic investment to diverge from domestic savings, which can promote economic efficiency and growth. International portfolio diversification is a potentially important means by which individuals can smooth consumption and undertake risky investments that would otherwise be unattractive. On a less salutary note, international capital flows are also blamed as an important vector through which economic disturbances are spread across countries, or as a means by which investors prompt a sudden stop that causes an economy to crash.

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Bine Kordež

Prebrali smo lahko izjave in zadovoljstvo prvega moža NLB, kako so s svojo angažiranostjo pomembno izboljšali položaj naše največje banke. Banke, ki je bila zrela za stečaj, sedaj pa konkurenčno tekmuje z ostalim bankami na domačem trgu. Po predlanski 1,44 milijardni izgubi so prvič po letu 2008 poslovali z bruto dobičkom 69 milijona evrov. Seveda je zadovoljstvo pričakovano, a za realno primerjavo dosežkov banke je potrebno pogledati rezultate pred slabitvami. Torej kako banka posluje preden oceni izgube na portfelju ter tudi, kako je na rezultate vplivala zadnja dokapitalizacija ter odpis podrejenih obveznic. Nadaljujte z branjem→

Winston Churchill je pred devetdesetimi leti izjavil »Raje bi videl finančni sektor manj ponosen in industrijo bolj trdno«. Ta znameniti stavek danes vsi radi citirajo, vendar v različnih kontekstih. Churchill je leta 1925 ta stavek uporabil, ker je nanj pritiskal finančni sektor, naj Velika Britanija ponovno uvede zlati standard, od katerega je odstopila med prvo svetovno vojno. Britanija se je pravkar izvila iz depresije, finančni sektor je spet cvetel, toda brezposelnost je ostajala zelo visoka, kar je Churchillu porajalo hude dvome. Ne glede na to je aprila 1925 kot finančni minister napovedal, da Britanija spet uvaja zlati standard, in sicer na predvojni pariteti. To je bila Churchillova najbrž največja politična napaka, ki jo je kmalu obžaloval, saj je to Britanijo potegnilo v deflacijo in depresijo. John Maynard Keynes je takoj po tej odločitvi napisal knjigo »The Economic Consequences of Mr. Churchill«, kjer je takšne posledice tudi napovedal. Nadaljujte z branjem→

Aleš Praprotnik

Frances Coppola je na svojem blogu objavila zanimiv govor, ki ga je imela na Univerzi v Manchestru (znani po gibanju za prenovo ekonomske vede Post-Crash Economics Society), v katerem razgrinja razloge, ki so po njenem mnenju ključni za neuspeh makroekonomije. Po eni strani izpostavi linearnost modelov, ki nerealno temeljijo na racionalnih posameznikih, stalnem ravnovesju in eksogenih šokih, po drugi pa ignoriranje pomembnosti finančnega sektorja (in dolga), ki do sedaj v ekonomskih modelih sploh ni bil zajet:

»...a blanket condemnation of “economics” as having failed is I think too wide. I therefore wish to narrow the framing. There are many economists out there doing important work, both in industry and in academia, on labour markets, on the behaviour of firms and households, on trade dynamics, on market functioning. I do not by any means wish to suggest that these have failed. Microeconomics, as a discipline, is going from strength to strength. My beef is with macroeconomics.

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Dva izmed najboljših rock albumov 1980-ih, v avtorstvu bratov Reid iz škotske skupine The Jesus and Mary Chain. Nanju sem se spomnil prej v avtu, ko sem šaril po “Alter” folderju v iPodu. Prvenec “Psychocandy” je bil prava osvežitev. Psihedelična mešanica hrupa kitar in nežnih vokalov. “Just like honey” je prijazna vstopnica v ta svet. Za ta album sem zbrskal zadnje dinarje, ravno toliko, da sem še imel za vlak od Ljubljane do doma.

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A newly released 650-page report by the Senate’s Permanent Subcommittee on Investigations  highlights the role that Germany’s largest bank played in fueling the mortgage investment frenzy that sparked the U.S. housing meltdown and led to a global financial crisis.

Additional data compiled by iWatch News from securities filings and other sources shows that Deutsche Bank was more than just a salesman of mortgage-related investments.

During the boom years, the bank was an important patron of the U.S. subprime industry, providing billions in working credit to on-the-ground lenders and helping them package nearly $100 billion in mortgage-backed securities.

Deutsche Bank was “hugely involved in the securitzation of garbage loans” from an array of lenders, Irv Ackelsberg, a Philadelphia-based consumer attorney who investigated Ameriquest and other subprime lenders, said.

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