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From LIBOR to Fed Funds: Five facts about the US interbank lending market
Given its importance, here are some facts about the interbank lending market in the US.
Italy and Spain find creative ways to increase bank capital
European banks continue to be engaged in deleveraging. It is partly driven by new capital requirements and partly by preparing for the next year's ECB's asset quality review and stress test. The deleveraging process includes reducing…
Improved macro data as year heads into final stretch
The news flow over the Thanksgiving weekend and starting this week has been positive. I believe the data support continued global recovery, even in Europe where the data have been the weakest as the latest batch of economic data show…
Malinvestment and the endogeneity of money
So much has been written about the endogeneity of money that I thought it was now widely accepted. But recent exchanges have shown me that people STILL aren't getting it. Most recently, there have been two themes doing the rounds that…
ECB contemplating new LTRO – with a twist
This lack of credit expansion is a dangerous trend that could result in years of Japan-style stagnation. In order to address it, one approach the ECB is contemplating is forcing the banking system to use the new LTRO proceeds to provide…
Macro Drivers for the Week Ahead, 2 Dec 2013
Five central banks from high income countries meet this week: Australia, Canada, Norway, Britain, and the euro area. None are expected to announce a change in policy – but if there is a surprise, it would most likely come from the The US…
Developed economy house price-to-rent ratios from Canada to Japan
Drawing on research by the IMF's Hites Ahir and Prakash Loungani, the chart compares the house-price-to-rent ratio compared with the historical average. This is a standard measure of valuation. Clearly by such a metric, the recovery in…
Brent-WTI spread widens again, discount shifts to the Gulf
The spread between crude oil traded in the international markets and the US benchmark, the so-called Brent-WTI spread has blown out once again. It's now approaching levels not seen since February.