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Three pillars of policy tightening by central banks
Business, Paul Donovan, Published on 27/10/2014
» Central bank policy is already being tightened. The problem is that in the world after quantitative policy, central bank policy can no longer be represented by a simple interest rate line on a chart. Policy has become more complex, and that complexity is something that markets seem to overlook. Central bank policy now rests on three pillars, and tightening in any of these three policy areas will restrict economic activity.
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What happens when the taps turn off?
Business, Paul Donovan, Published on 19/07/2013
» The aftermath of the global financial crisis has been marked by two trends in economics. First, central banks have embarked on the aggressive printing of money. Second, some politicians and investors have misunderstood the financial market implications of those policy decisions.
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The japanese are coming (Sort Of)
Business, Paul Donovan, Published on 26/04/2013
» The Bank of Japan (BoJ) has a new governor and a new policy. Governor Haruhiko Kuroda plans to print money. Actually the BoJ has always printed money but now plans an explosive printing of money. If it prints money in an aggressive manner, then surely this means global liquidity will surge?
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Money pumping may lead to a currency war that leads to nowhere
Business, Paul Donovan, Published on 28/09/2012
» The US Federal Reserve, the European Central Bank (ECB) and the Bank of Japan have all applied additional easing measures to their monetary policy management in the past couple of months. The Bank of England got there first with additional easing announced earlier in the year. The Swiss National Bank is printing money on a scale that is almost Zimbabwean in its volume. Are these salvos in a war to devalue currencies _ a war that must ultimately fail (for you have to have one strong currency to devalue against)? Or are central banks trying to devalue their currencies against commodities such as oil?
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