Playing with Fire

Originally published in the June 2009 edition of ‘Finance & Development’ (International Monetary Fund) Firms across the spectrum of emerging markets entered into exotic derivative contracts that caused massive losses The names sound as if they were toys or children’s stories—KIKO in Korea, TARN in Brazil and other countries. But they are part of a […]

My Road Trip

This summer, road trips are back, mainly because most of us can’t afford to fly anywhere for a vacation, let alone pay for a resort hotel or a trip abroad. But in my book, road trips are just about the best form of vacation ever invented. Tomorrow morning I’m heading off on my own road […]

The Value of (Not Having) the Public Plan

This guest post was written by Arindrajit Dube, an economist at UC Berkeley Institute for Research on Labor and Employment who is joining the Department of Economics at the University of Massachusetts, Amherst. His work focuses on labor and health economics topics, as well as political economy. Why have pivotal members of the Congress been […]

What Is Josef Ackermann’s Point?

Writing in the Financial Times yesterday, Josef Ackermann – CEO of Deutsche Bank – argued that larger banks are not more dangerous to the health of financial system (and thus to taxpayers) than smaller banks.  According to him, system danger arises primarily from the degree to which banks are “interconnected”. Inadvertently, Mr. Ackermann makes a strong […]

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