Tag Archives: Financial reform

The 10th anniversary of the September collapse of the US financial system has led to a number of commentaries on the causes of the Lehman bankruptcy and cures for its aftermath. Most tend to focus on identifying the proximate causes of the crisis in an attempt to assess the adequacy of the regulations put in place after the crisis to prevent a repetition. It is interesting that while Hy Minsky’s work became a touchstone of attempts to analyze the crisis as it was occurring, his work is...

M&A rather than IPOs, stock buybacks. Primary investment is lagging. The environment for investment must be addressed. Deregulation for its own sake. Removing bank regulation was a factor in the financial crisis. Regulation needs to be revisited from the perspective of lessons learned. Control fraud and criminogenic environment were promoted by hands-off policy in regulation and oversight. Well-Functioning markets require appropriate regulation and supervision. Wall Street On...

Jan Kregel opened this year’s Minsky Conference (which just wrapped up yesterday) with a reminder that the broader public challenges we face today are still in many ways an echo of those that faced the nation in 1930s. What follows is an abridged version of those remarks: This year’s conference takes place in an increasingly charged and divisive economic and political atmosphere. Sharp differences in approach are present within the new administration, within the majority party, and even...

Participants Lakshman Achuthan, Cofounder and Chief Operations Officer, Economic Cycle Research Institute Robert J. Barbera, Codirector, Center for Financial Economics, The Johns Hopkins University Fernando J. Cardim de Carvalho, Senior Scholar, Levy Institute; Emeritus Professor of Economics, Federal University of Rio de Janeiro (UFRJ) Michael E. Feroli, Chief US Economist, JPMorgan Chase & Co. Scott Fullwiler, Professor of Economics, University of Missouri–Kansas City Esther L. George,...

Michael Stephens | November 15, 2016 In a presentation here at the Levy Institute, Emilios Avgouleas argued that financial regulatory changes since the crisis have become so complex they represent a source of financial instability, and that new liquidity and capital requirements have contributed to the problem of “short-termism” in finance. Avgouleas proposed regulatory simplification and a reorientation that would create...

So Brazil (or here about Petrobras, the State oil company) lost its investment grade status with Standard & Poor's. You would think this is huge given the media attention in Brazil. If you read S&P's actual rationale for the downgrading (here) it is essentially about the fiscal situation. They say: "We now expect the general government deficit to rise to an average of 8% of GDP in 2015 and 2016 before declining to 5.9% in 2017, versus 6.1% in 2014. We do not expect a primary fiscal...