Bloomberg - 9 Aug 2018
The former banker explains why, in his opinion, measures taken to prevent another financial crisis may just be adding new risks. He’s particularly concerned about the focus on banks having to raise collateral requirements. This short article (reads in 4-6 min) may be a bit technical, but it is an important read at a time when the collapse of the Turkish Lira is raising fears of losses spreading to European banks and beyond.
Published in Weekly selection 11 August 2018
Project Syndicate - 19 Jun 2018
This is an article that will fuel the concerns of all those who fear that the next crisis will come from high-yield corporate bonds. Since the beginning of the global financial crisis ten years ago, the value of nonfinancial companies' outstanding bonds has nearly tripled, as the result not least of growth in corporate debt in emerging markets. A correction seems likely as defaults rise, but as the McKinsey consultant shows, the broad shift toward bond financing might actually be a welcome development (reads in 6-7 min, with lots of charts).
Published in Weekly selection 23 June 2018
Bloomberg View - 11 Dec 2017
The columnist reviews three books that chronicle how financialization has transformed the world over the past 30 years. Accompanied by the rapid enrichment of a few and stagnation and disappointment for the many, it has destabilized political life on all continents. The problem can be captured in just one sentence: “Wall Street hasn’t made room for Main Street” (reads in 4-5 min).
Published in Weekly selection 15 December 2017