There is much talk about the sovereign-bank "doom loop". But the bank-to-bank relationship is just as widespread - and just as dangerous.
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Portugal's Espirito Santo Group shows that complex, opaque corporate structures with embedded banks create moral hazard and the risk of fraud.
Almost nobody actually understands how payment systems work. That is: if you “wire” funds to a supplier or “make a payment” to a friend, how does the money get from your account to theirs?
Acharya and Steffen (A&S), authors of “Falling short of expectations? Stress-testing the European banking system”, have written a confusing paper whose results are biased. Here's why.
For about five years now, Greece has been giving the euro area authorities a test in economics and politics. The test must be retaken until the authorities produce the right answers.
Visiting Professor of International Economic Policy, Princeton University10 articles | View profile
Immigration and the UK labour market - by @Frances_Coppola http://t.co/1TRHOZEyZZ
RT @ShodanAlexM: Good post > MT @Frances_Coppola Text of my talk at Manchester Univ’s PCES yesterday: “The failure of macroeconomics” http:…
Measuring housing need - by @resi_analyst http://t.co/EbsM2ey82l
The Coalition Government’s record on immigration - by @jdportes http://t.co/Kcb5AYE9kE
RT @resi_analyst: Magnetic London http://t.co/WBkygFyDxT