First Europe, US, Asia - followed by some Economics and Markets.
Previously on MoreLiver’s:
EUROPE
(Video) Take 15: Eurozone Crisis: Is the End in
Sight? – CFA
Institute
Wolfgang
Münchau, the European economic columnist for the Financial Times and the
managing director at Eurointelligence.com, discusses the current state of the
eurozone crisis and potential resolutions. He explains potential implications
of a breakup and the costs and benefits to various countries across the region.
(recorded 7-Nov)
Budget
troubles, France is downgraded, and are European
young farmers facing extinction?
Should Europe Emulate the US? – bruegel
Europe, by contrast, put early emphasis on
restoring fiscal sustainability, but neglected its private-sector maladies… As
a result, Europe emerged from the recession with too
many zombie banks, wounded households, and struggling companies. In Germany, the private economy was fit enough
to recover, but this was less true in southern Europe or even France.
The
Eurozone is moving towards a banking union, with the ECB at its centre. This
column argues that there are worrying problems with the proposals, suggesting
that the ECB ought to follow a principle of ‘constructive ambiguity’ if it
wants to maintain and improve its credibility as a supervisor.
Leaders break off EU budget talks – euobserver
EU leaders
on Friday decided to break off 2014-2020 budget negotiations after a second
compromise attempt failed to reconcile those wanting cuts and those asking for
more money.
Overview of Liquidity Conditions in Euro Area – Marc
to Market
GERMANY
Bundesbank's Financial Stability Review - the
risks to the German financial system – BIS (pdf)
Speech by
Dr Andreas Dombret / Bundesbank
Bundesbank's Financial Stability Review - the
risks to the German financial system – BIS (pdf)
Opening
statement by Ms Sabine Lautenschläger / Bundesbank
SPAIN
All eyes on Catalan election – euobserver
Catalans
will cast their vote for a new regional assembly on Sunday in an election that
could have considerable consequences for Catalonia and the rest of Spain.
Rising tensions before Catalan vote – alphaville
/ FT
GREECE
After The Fat Lady Sings – A Fistful of
Euros
The curious
thing about the holdup in this case is that it isn’t the result of a stand-off
between the Troika and the Greek government.
Last week the Greek parliament passed the final set of budget decrees
required by the international lenders to enable the transfer. No, in this case
the dispute is an “internal affair” between the rival parties which make up the
Troika, and in particular between the German government and the IMF.
On Europe's Apparent Utopia – ZH
Credit
Suisse: The inability, yet again, of the Eurogroup to reach an agreement in the
absence of market stress we don’t think bodes well for the ECB-backed positive
market environment to be sustained into 2013.
The Greek Debt Buyback 'Boondoggle' - Questions
Answered – ZH
UNITED STATES
Why We Can't Take Inflation Hawks Seriously – Tim
Duy’s Fed Watch
Economic
growth has been regarded as a continuous process that will persist forever. But
there was virtually no economic growth before 1750, suggesting that the rapid
progress made over the past 250 years could well be a unique episode in human
history rather than a guarantee of endless future advance at the same rate.
Whenever I
point out how well America did with strong unions and highly
progressive taxation after World War II, I can count on conservatives trying to
resolve their cognitive dissonance by saying “but it was easy then
ASIA
ECONOMICS
Macroeconomic adjustment and the history of
crises in open economies – voxeu.org
Are
countries that have previously experienced banking crises less vulnerable to
them in the future? This column argues that, in fact, previous crises might
make future crises more likely. There isn’t much evidence of a learning process
from past mistakes because the regulator often lags behind banking’s pace of
innovation. Preparing to prevent the last crisis does not prevent the next and
it seems that the ‘too big to fail’ doctrine provides cover for banks, delaying
the day of adjustment.
http://www.voxeu.org/index.php?q=node/8738
Accounting
rule changes and official indulgence in kicking non-performing loans down the
road through “amend and pretend” measures mean that there’s a lot further to go
before the mountain of unsupportable debt is resolved. And until it is,
economies will continue to struggle on.
Monetary policy – Free
exchange / The Economist
Making
better institutions, in America and Europe
MARKETS
Citi ends its decade-long ill-fated love affair
with hedge funds – Sober
Look
Infographic on hedge fund industry – Market
Folly
New Trading Case Casts a Deeper Shadow on a
Hedge Fund Mogul – DealBook
/ NYT
Another Overnight Return Puzzle – Falkenblog
Dark Trading: Is It Hurting Market Quality? – CFA
Institute
Equity Portfolio Optimization with Factor Tilts – dshort
Why is housing such a popular investment? A new
psychological explanation – voxeu.org
Despite its
meagre real returns in the long run, many people still think that investing in
housing is a good idea. This column argues that a major reason for the tendency
to buy houses is that it’s rare to lose money. Recent research shows people’s
perceptions of housing transactions to be shaped by whether they gain or lose
money – above and beyond the real returns.
Still think you can beat the market? – Tim
Harford
The search
for anomalies covers an almost unlimited number of potential patterns. Some of
them may be real, but many emerge by chance alone