Previously
on MoreLiver’s:
W/E: Weekly Support (updated!)
EUROPE
Tracking the causes
of Eurozone external imbalances: New evidence – voxeu.org
External imbalances within the Eurozone grew substantially between the
introduction of the euro in 1999 and the global financial crisis of 2008–09.
Using new empirical evidence, this column argues that imbalances in the
Eurozone periphery were mainly driven by a domestic demand boom, triggered by
greater financial integration, with changes in the periphery’s competitiveness
playing only a minor role. Internal devaluation may thus have been of limited
effectiveness in restoring external balances, although better external competitiveness
may eventually boost medium-term growth.
UNITED STATES
Rating Agencies
Differ on Impact of Debt-Ceiling Deadline – WSJ
Six Ways Debt Ceiling
Brinkmanship Can Hurt the U.S. – WSJ
Washington’s repeated brawls over raising the federal borrowing limit
all ended without causing economic disasters. They haven't ended without
economic damage altogether.
Market Cap to GDP:
The Buffett Valuation Indicator – dshort
The most important
number in Friday’s jobs report – WaPo
Fed’s Plosser: QE Should End Before Unemployment Rate Hits 6.5% - WSJ
Plosser Sees 3% Growth in 2014 Warranting Faster QE Taper – BB
Fed’s Lockhart: Bond Taper Likely to Continue, Buying Ended by Fourth
Quarter – WSJ
Fed’s Tarullo Says Efforts Needed to Curb Too-Big-to-Fail Risk – BB
Trade Deficit Widens
More Than Forecast as Exports Decrease – BB
Trade Deficit increased
in December to $38.7 Billion – Calculated Risk
U.S. trade deficit
widens in December as exports fall – Reuters
Jobless claims fall,
weak exports push up trade deficit – Reuters
EMERGING MARKETS
Emerging Market
turmoil and the canary in the coal mine – Money
Matters
How Fragile are
Emerging Markets? – Project
Syndicate
Kenneth Rogoff: Unlike in the 1990’s, when fixed exchange rates were
widespread, most countries now have shock-absorbing flexible rates. Indeed,
today’s drama can be interpreted, in part, as a reflection of these shock
absorbers at work.
EMEA Weekly, Week 7 – Danske
Bank
OTHER
Business Cycle
Monitor: Global growth set for moderation in H1 14 – Danske
Bank