Discover and read the best of Twitter Threads about #ShadowBanking
Most recents (14)
Today's Twitter threads (a Twitter thread).
Inside: Solving the Moderator's Trilemma with Federation; and more!
Archived at: pluralistic.net/2023/03/04/pic…
#Pluralistic 1/
Inside: Solving the Moderator's Trilemma with Federation; and more!
Archived at: pluralistic.net/2023/03/04/pic…
#Pluralistic 1/
On 3/7 I'm doing a remote talk for #TUWein:
informatics.tuwien.ac.at/news/2373
On 3/9, I'm in person in #Austin at @utsdct:
eventbrite.com/e/the-buckman-…
And remote at #UManitoba:
eventscalendar.umanitoba.ca/site/science/e…
On 3/10, @Rgibli and I kick off the @SXSW reading series:
schedule.sxsw.com/2023/events/PP… 2/
informatics.tuwien.ac.at/news/2373
On 3/9, I'm in person in #Austin at @utsdct:
eventbrite.com/e/the-buckman-…
And remote at #UManitoba:
eventscalendar.umanitoba.ca/site/science/e…
On 3/10, @Rgibli and I kick off the @SXSW reading series:
schedule.sxsw.com/2023/events/PP… 2/
Solving the Moderator's Trilemma with Federation: You CAN please all of the people all of the time (sorta).
3/
3/
in another Alice in Euroland moment, the High Expert Panel urging the revival of #CapitalMarketsUnion has managed to write 120 pages without addressing the question of fragmented sovereign bond markets in the Euroarea.
ft.com/content/7c70a8…
ft.com/content/7c70a8…
while @Lagarde tells European Parliament that sovereign bond fragmentation tightens private financing conditions asymmetrically - hence 'target the spread'
the single most important European initiative on capital markets embraces 'if we dont talk about it, maybe it will go away' approach.
when it mentions sovereign bonds, it is to promote deregulation (of market makers) and securitisation (of sovereign bonds) or #shadowbanking
when it mentions sovereign bonds, it is to promote deregulation (of market makers) and securitisation (of sovereign bonds) or #shadowbanking
good morning from @bankofengland with a reminder we still live in financial capitalism, and we wouldnt be without central bank bailouts in March.
ah, fond memories of 'what leverage in pension funds? there are patient investors' talking points from the industry #shadowbanking
maybe @bankofengland can do @bundesbank a favour and translate this picture of runs on government bond markets into German, so they can in turn send it to #BVerfG
Is #shadowbanking stigmatized in China? Maybe a more active, positive and supportive approach could be adopted to guide the industry to develop in a more market-oriented way, according to Wu Ge: cf40.org.cn/uploads/201910…
Issues related to shadow banking are so complicated that it confuses many practitioners from the financial sector even today. This article talks about shadow banking from the following three perspectives:
1. From the perspective of liberalizing the interest rate, the development of shadow banking should not be excluded. Financial disintermediation can accelerate the marketization of interest rate.
a reminder that:
1. pension funds are important actors in #shadowbanking
2. GPIF has led climate change fight in institutional investor world
3. GPIF is doing exactly what a patient investor should be doing: buy to hold, not buy to lend.
ft.com/content/8d61bd…
1. pension funds are important actors in #shadowbanking
2. GPIF has led climate change fight in institutional investor world
3. GPIF is doing exactly what a patient investor should be doing: buy to hold, not buy to lend.
ft.com/content/8d61bd…
move by GPIF is stronger than 'ESG required':
1. pension fund is taking a clear view on what G means, instead of relying on the G metrics of private providers.
2. it applies ESG framework to itself as opposed to equity/fixed income assets in portfolio.
1. pension fund is taking a clear view on what G means, instead of relying on the G metrics of private providers.
2. it applies ESG framework to itself as opposed to equity/fixed income assets in portfolio.
GPIF has been at forefront of battle to climate-align institutional investor portfolios for a while - worked with @WorldBank to develop ESG framework for fixed income (much more difficult) worldbank.org/en/news/press-…
The business of #shadowbanking is something that traditional financial institutions cannot do, which involves what some regulators regard as part of the “virtual economy” such as the #realestate sector and over-capacity，said CF40 member Wu Ge,1/6 cf40.org.cn/uploads/201910…
This reflects the problem of insufficient financial supply in China. Currently, the central government has proposed to promote the structural reform of the financial supply side. 2/6
This has emphasized the need for more diversified entities to provide financial products and services, rather than “eliminating” the financial supply side. 3/6
Question——who should be the main driving force of the process of marketization of #interestrate? Should it be the #centralbank or market itself as a result of factors like financial disintermediation? By CF40 member Wu Ge, 1/6 cf40.org.cn/uploads/201910…
There is a natural connection between interest rate liberalization and financial disintermediation. Recently, the central bank took the lead in releasing the new LPR (Loan Prime Rate) mechanism. 2/6
Previously, it also launched a mechanism in which points are added to the MLF (Medium-term Lending Facility) rate to improve transparency for quoting. 3/6
Issues related to #shadowbanking are so complicated that it confuses many practitioners from the financial sector even today，said CF40 member Wu Ge,1/6 cf40.org.cn/uploads/201910…
Rather than #discriminating against this sector, a more active, positive and supportive approach should be adopted in order to guide the industry to develop in a more market-oriented way. 2/6
From the perspective of #liberalizing the interest rate, the development of shadow banking should not be excluded. Financial disintermediation can accelerate the marketization of interest rate. 3/6
As I wrote in my Jacobin piece on 'why #shadowbanking is bigger than ever', where I understand shadow banking as financial globalisation, there are three reasons for its resilience in the age of authoritarian/nationaist regimes. jacobinmag.com/2018/11/why-sh…
1. A sensationalist narrative of GFC that downplayed its structural roots.
Since 1980s, states encouraged shift towards market-based, globalised finance as necessary infrastructure of new anti-Keynesian macroeconomic order.
Since 1980s, states encouraged shift towards market-based, globalised finance as necessary infrastructure of new anti-Keynesian macroeconomic order.
why: competing for global investors in government bond markets, replacement of welfare state with asset-based welfare via pension funds/insurance co, tax revolt of elites and corporations.
a thread on #DeutscheBank evolution from to and from 'behemoth that relies heavily on global securities markets', and its role in changing German and European macro-finance (from @euromoney archives)
it's 1999, and #DeutscheBank men - sumo wrestlers, "straight out of central casting" - are changing business model to confront more aggressively the US investment banks
investment banking, they argue, will pay for low-returns retail banking (note the irony)
China gets increasingly plugged into global financial cycle - the biggest change in global capital markets in anyone's lifetime . . . there has never been a bond market this large in the history of the world that is not including in an index ftalphaville.ft.com/2019/04/01/155…
lots to be done still - this is a very controlled plugging in, and rightly so, given loss of monetary policy autonomy
in a paper I published last year, I argued that China's turn to securities markets is strategy of harnessing reform of #shadowbanking into RMB internationalization
my @FTAlphaville guest post - @WorldBank's Maximising Finance for Development agenda is constructing a new financial world order with #shadowbanking at its core @KevinPGallagher @AnnPettifor @BJMbraun @ingridharvold @eurodad ftalphaville.ft.com/2018/10/29/154…
post develops at greater lengths ideas of our open letter to #am2018bali , signed by 120 scholars from Global North & South, also addressing questions from @CarterPaddy criticalfinance.org/2018/10/10/the…
I also ask whether the African Development Bank's synthetic securitisation deal deserves the kind of unreserved celebration it has received - what kind of development agenda does it finance @SonyKapoor
Be wary of CLOs nytimes.com/2018/10/19/bus… says @NYTimes ... @lisaabramowicz1 has already warned... #levereagedlending #ShadowBanking #Risk ...
The hesitation highlights uneasiness among banks that have been challenged by regulators over the risks they’re taking in the $1.3 trillion leveraged-loan market. #LeveragedLending bloomberg.com/news/articles/…
