With inflation dipping down to only 0.5% in March there is much speculation about whether the European Central Bank (ECB) will finally embrace quantitative easing (QE). The pundits are busy pondering whether it will belatedly follow other central banks in taking unconventional monetary measures to stave off deflation. This is a misleading way to discuss the [...]
This is the text of a box within my latest Fund Strategy cover story on Japan. Tensions between Japan and its regional neighbours represent one of the greatest threats to any positive scenario for the country’s recovery. Strains in Asia more generally represent one of the gravest threats to global stability. The rows between Japan, [...]
This is the main text of my recent Fund Strategy cover story on Japan’s experiment with “Abenomics”. Note that I had to be a guarded in expressing my own opinion as my brief was to write a feature based on the views of others. Three arrows held together cannot be broken, according to a Japanese [...]
My latest Fund Strategy column examines the worrying trend towards slower economic growth in emerging economies. By coincidence the World Bank today revised downwards its forecast for growth in East Asia. A disturbing new tag has become attached to the emerging world in recent months. The term “fragile five” has started to compete with Brics and [...]
Economics may have ignored financial markets in the past but it has gone way too far in the opposite direction. Nowadays finance has become an obsession while there is little talk about the real economy. I was reminded of this trend while listening to a recent BBC Radio 4 Analysis programme presented by Duncan Weldon. At [...]
It is widely held that the devastating economic crisis of recent years was the result of the bursting of an economic bubble. Ironic then that the authorities seem intent on inflating another one. One of Britain’s sharpest economic commentators concluded that the Bank of England will never unwind quantitative easing after hearing Mark Carney, the [...]
This is the final box for my cover story on five years of unconventional monetary policy in Britain. It is essentially a glossary. Extraordinary monetary policy has in turn spawned a new financial vocabulary. These are some of the main terms. Forward guidance. An indication by a central bank of how it is likely to [...]
It is five years since the introduction of quantitative easing (QE) in Britain. This chronology is from my latest Fund Strategy cover story. QE was first implemented in Britain five years ago. However, there were precedents in other countries. The Bank of Japan implemented a form of QE from 2001 to 2006. In November 2008 the Federal [...]
This is the main text for my Fund Strategy cover story on five years of extraordinary monetary policy in Britain. I will post the accompanying boxes over the next couple of days. It is easy to forget how much Britain’s financial architecture has changed in just five years. Back in early 2009 the term quantitative [...]
Adair Turner is probably the closest the British establishment has to a go-to guy on finance and much else besides. During his long career he has provided both intellectual and practical leadership on some of the thorniest problems Britain faces. His CV is remarkable. After many years at McKinsey, one of the world’s top management [...]
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