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Archive for 13. März 2017

Der Bankkredit wird zum Auslaufmodell

Posted by hkarner - 13. März 2017

Christoph Urbanek, 13. März 2017, 18:38 derstandard.at

 Strenge Regulierung und Zinslandschaft machen es Banken schwer, langfristige Immobilienkredite zu vergeben

Wien – Immobilientransaktionen, seien es der Erwerb oder der Bau eines privaten Eigenheimes oder gewerbliche Projekte, sind langfristige Unterfangen und benötigen in der Regel auch langfristige Finanzierungen. Das sollte eigentlich auch den Geschäftsstrategien österreichischer Banken entsprechen, die als Folge der Weltfinanzkrise dazu angehalten werden, ihre Kreditrisiken zu reduzieren oder andernfalls umfangreiche Risikovorsorgen zu bilden. Und langfristige Finanzierungen erweisen sich oft als risikoärmer und weisen daher auch tendenziell niedrigere Zinsen auf. Doch derzeit ist das Gegenteil der Fall. Sowohl im privaten als auch im gewerblichen Bereich geht der Trend in Richtung kurzläufiger Kreditfinanzierungen – ein Thema, das bei der Immobilienmesse Mipim in Cannes diese Woche viel zur Sprache kommen dürfte. Den Rest des Beitrags lesen »

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Debunking 5 Myths About Frexit

Posted by hkarner - 13. März 2017

Posted on March 12, 2017 by , Naked Capitalism

Yves here. This post drills into some of the claims made about the advantages of France leaving the Eurozone, as in a Frexit, and finds many of them wanting. Reader input and reactions are very much encouraged.

From my vantage, author Grégory Claeys needs to get up to speed on Modern Monetary Theory. His third concern, regarding how much deficit spending France could do, is based on the misapprehension that France would need to borrow to run deficits. He’s thus managed to miss the big point of exiting the Euro: as a monetarily sovereign nation, French deficit spending would be limited by the need to avoid generating too much inflation, which in turn reflects how much demand needs to be created to employ otherwise slack resources.

The flip side is his final point focuses on the economic dislocation of a Frexit. As we, aided by many bank IT experts, in particular Clive but also seasoned members of the commentariat, have stressed, the technology implementation of a new currency is a very long lead time process due to the fact that:

1. There is tons of code involved, including lots of legacy code that can only be inspected and changed line by line

2. There are numerous parties involved. Any task requiring coordination is far more cumbersome and time consuming than one that can be accomplished internally

3. Banks are already very thinly staffed in their IT areas and the guys who know their way around the legacy code have been and are continuing to retire, which does not bode well for banks and other financial players being able to mobilize enough resources even if they decided to throw a lot of budget dollars at it

By Grégory Claeys, an Associate Professor at the Conservatoire National des Arts et Métiers in Paris where he is teaching macroeconomics in the Master of Finance. He previously taught undergraduate macroeconomics at Sciences Po in Paris. Originally published at Bruegel Den Rest des Beitrags lesen »

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With #Trump : The Pax Americana Comes to an End

Posted by hkarner - 13. März 2017

Saturday, March 11, 2017, Nouriel Roubini

NEW YORK (Project Syndicate) — Donald Trump’s election as president of the United States does not just represent a mounting populist backlash against globalization. It may also portend the end of Pax Americana — the international order of free exchange and shared security the U.S. and its allies built after World War II.

That U.S.-led global order has enabled 70 years of prosperity. It rests on market-oriented regimes of trade liberalization, increased capital mobility, and appropriate social-welfare policies; backed by American security guarantees in Europe, the Middle East, and Asia, through NATO and various other alliances. Den Rest des Beitrags lesen »

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Greek Parties: Adjust Your Programs To What Voters Really Want!

Posted by hkarner - 13. März 2017

Friday, March 10, 2017, Observing Greece

A frequent experience with management consultants is that their beautifully phrased ideas and proposals, all in PowerPoint format, don’t work so well during implementation. Many times the reaction to that is to involve the consultants even more, based on the belief that, eventually, their beautifully phrased ideas and proposals simply had to show results.

Every once in a while a common sense manager asks a different kind of question, namely: „If we want to increase efficiency in, say, Operating Division A, why don’t we ask the people concerned how they think we could accomplish that?“ More often than not, the result of such common sense is miraculous.

The non-profit think tank Dianeosis made a survery where they tried to find out „What Greeks believe“. The results are astonishing! Here are some excerpts: Den Rest des Beitrags lesen »

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