Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 22. Juni 2009

Financial Crisis – the gloomy new report from the World Bank

Posted by hkarner - 22. Juni 2009

June 22, 2009—An unprecedented global economic crisis demands unprecedented initiatives to restore growth. The World Bank Group is helping with the financial rescue but believes that we must remain focused on the human rescue for the many millions left behind. The Bank is calling for developed countries to pledge the equivalent of 0.7 percent of their stimulus packages, or as much as they can in additional money, to a global vulnerability fund to help developing countries, which can’t afford bailouts and deficits.

Financial Crisis Facts & Figures Den Rest des Beitrags lesen »
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The risks of a double-dip, W-shaped recession may be growing

Posted by hkarner - 22. Juni 2009

Von Nouriel Roubini, aus der Taipeh Times, 21/6

In the past three months, global asset prices have rebounded sharply: Stock prices have increased by more than 30 percent in advanced economies and by much more in most emerging markets. Prices of commodities — oil, energy, and minerals — have soared; corporate credit spreads (the difference between the yield of corporate and government bonds) have narrowed dramatically, as government-bond yields have increased sharply; volatility (the “fear gauge”) has fallen; and the dollar has weakened as demand for safe dollar assets has abated. Den Rest des Beitrags lesen »

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Economist Paul Krugman on being surprised by the spread of the downturn

Posted by hkarner - 22. Juni 2009

Interview aus der Juni Harvard Business Review

HBR06_09 Forethought Economist Paul Krugman on being surprised by the spread of the downturn

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Too Big to Fail? How About Too Big to Exist?

Posted by hkarner - 22. Juni 2009

In the financial system, this means limiting how big companies are allowed to become.

As governments struggle to fix the crisis, plenty of experts have weighed in on its causes, from excess leverage to lax oversight to faulty compensation structures. These explanations can account for how individual banks, hedge funds, and so on got themselves into trouble, but they gloss over the larger question of how all these institutions, acting independently, managed collectively to put trillions of dollars at risk without being detected.

Aus der Juni Harvard Business Review

HBR06_09 Forethought Too Big to Fail How About Too Big to Exist

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European-Wide Financial Regulation: Leaders Give Backing

Posted by hkarner - 22. Juni 2009

 
 June 19: Following a two-day European Council, EU leaders reached a compromise over the Commission’s financial supervision proposals. The agreed text provides more power to the General Council comprised of EU central bank governors. It also allows for a significant concession of national powers „in case of disagreement between the home and host state supervisors“

The European Commission’s proposed overhaul of Europe’s system for supervising banks and insurers draws heavily on the two-tier approach suggested by Jacques de Larosiere (see de Larosiere Report). In particular, the commission is advocating the creation of a European Systemic Risk Council, to assess and warn about threats to financial stability in the region. Not all parties were in favor initially, with the UK especially concerned about ceding binding authority to non-national bodies (Financial Times)

 

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States Turning to Last Resorts in Budget Crisis

Posted by hkarner - 22. Juni 2009

Aus der heutigen New York Times:

In Hawaii, state employees are bracing for furloughs of three days a month over the next two years, the equivalent of a 14 percent pay cut. In Idaho, lawmakers reduced aid to public schools for the first time in recent memory, forcing pay cuts for teachers.

And in California, where a $24 billion deficit for the coming fiscal year is the nation’s worst, Gov. Arnold Schwarzenegger has proposed releasing thousands of prisoners early and closing more than 200 state parks. Den Rest des Beitrags lesen »

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