Archive for November, 2005
100 years ago, 1905 was the “annus mirabilis”, the miraculous year when Albert Einstein made some of his major and most revolutionary scientific discoveries, some of which – especially the special theory of relativity – later led to the general theory of relativity; thus, a new view of the laws of gravity emerged that radically challenged the traditional Newtonian laws of […]
I was recently in Paris for the annual meeting of LACEA (the Latin American and Carribean Economic Association). There I was a speaker in a panel on a Post-Mortem on the Argentine Debt Restructuring where Federico Sturzenegger, Sebastian Palla, Roberto Frenkel and Arturo Porzecanski presented a variety of – at times highly divergent – views on […]
The “Game of Chicken” (or Roosters?) between the ECB and the EU fiscal authorities..and how will Bernanke deal with the US fiscal time bomb?
There are different ways to interpret the decision by the ECB to make explicit that it will not accept bonds with a credit rating below A- as collateral against the liquidity that it provides (via Repos and other collateralised lending operations) to commercial banks. One interpretation is that market discipline to discriminate between the bond […]