Warning Signals


Cahiers graphique Macrobond WS/BSI: juin 2015

Risque de change, taux d'intérêts et dette publique. BSI Economics s'associe avec Macrobond et Warning Signals pour fournir ce premier cahier graphique.     Accéder au document [...]


Digital Currencies : Risks and Opportunities

Introduction   Virtual currencies (VCs), i.e., decentralized and electronic currencies, have an increasing role as a new way to transact between people. In January 2015, Coinbase – a Californian bitcoin wallet- received a US$75 million investment from the New York Stock Exchange, and several banks, "apparently the first time any traditional financial institutions have taken direct [...]


Global Governance: the importance of regionalism

As economies are (slowly) exiting from the global financial crisis, a re-assessment of the role of international institutions is taking place. This blogspot reviews the current debate. International institutions are relatively specialized in their activities, and simplifying, the World Bank (WB) focuses on development, the International Monetary Fund (IMF) on macrofinancial issues, the Worl [...]


Greece: a new agreement

The Eurogroup reached an agreement on Greece last week (with the Greek government’s comment), reviewed in details in EuroIntelligence:   · The deal extends the Master Financial Assistance Facility Agreement (MFAFA) for up to four months (end of June), which is two months short of what Athens requested. There is no mention about any third bailout program, neither [...]


The uncertain investment plan

The uncertain investment plan   The leaked investment plan—With investment trending down in the euro area (Guntram Wolff), the Juncker’s forthcoming €300bn investment program, called “Invest in Europe,” is gathering a lot of attention. Details are emerging. The FT (hat-tip EuroIntelligence) describes it as a massive collateralized debt obligation, with a built-in leverage fact [...]


Inventory of Central Banks' Challenges in Times of Secular Stagnation

With nominal interest rates at (or close to) 0 in major economies since 2009 (IMF, 2009), risks of secular stagnation raise a key question: what are the challenges central banks face to support recoveries and foster long-term growth?   The Zero Lower Bound Constraint: UMPs and Exit Strategy   What alternative monetary policy tools at the zero lower bound?The zero lower [...]