Center for Financial Stability

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The Center for Financial Stability is an independent, nonpartisan, and nonprofit think tank focused on financial markets for the benefit of investors, officials, and the public.  More

Latest Research

New Report Highlights Rising Sovereign Credit Risks

CFS Senior Fellow David Beers and co-authors Elliot Jones, Zacharie Quiviger and John Fraser Walsh update the BoC-BoE sovereign default database and related research. They highlight that globally, the value of sovereign defaults reached an estimated US$443 billion last year, up from US$300 billion in 2019. The authors expect defaults to continue to grow this decade and strain the ad hoc multilateral framework for resolving them.  More

Now, Inflation is Clear and Global

Across the board higher consumer price inflation in the United States removes any ambiguity or doubt regarding the existence of price pressures beyond transitory or base effects. The phenomenon also extends well beyond simply the United States. It is global.   More

CFS Divisia M4, which is the broadest and most important measure of money, grew by 7.0% in May 2021 on a year-over-year basis versus 12.2% in April.   May Data Release

New Money Growth and Inflation

Charts highlight how 1) broad money growth is beginning to accelerate and 2) Inflation will likely stretch beyond the Fed’s comfort zone.   More

Post-Pandemic Economic Risks

Professor William A. Barnett - Director of Advances in Monetary and Financial Measurement at CFS - highlights how the post-pandemic period could see a conflict between Treasury's desire to minimize the cost of government debt finance and the Fed's need to moderate inflation.  More

Inflation Fears Offers the Fed a Chance to Modernize with Money

Since 2012, CFS has offered the public alternative monetary measures - pioneered by Professor William A. Barnett. From this work, we now know that measuring activity in the financial system better predicts both inflation as well as financial instability risks.  More

Rhodes on Debt for Vaccines program

CFS Chairman of the Advisor Board William R. Rhodes and World Health Organization epidemiologist Cristina Valencia offer an intriguing idea to help ameliorate the COVID-19 pandemic in Latin America... debt for vaccine swaps.   More

The Future of Risk Management

CFS special counselor David X Martin and David R. Koenig, founder of the Directors and Chief Risk Officers group (DCRO) offer perspective on how boards and organizations can foster a positive embrace of risk taking. Risk management and crisis prevention are longstanding core objectives and activities at CFS.  More

Robinhood and GameStop: Essential Issues and Next Steps for Regulators and Investors

Lost in the hullabaloo surrounding GameStop and Robinhood is the issue of greatest concern to all - financial stability. A group of Center for Financial Stability (CFS) experts examines essential issues and proposes next steps.   More

Corporate Debt 'Relief' Is an Economic Dud

The Wall Street Journal published the op-ed by CFS Advisory Board Member Sheila Bair and President Lawrence Goodman. Capitalism doesn't work unless capital costs something and markets don't work unless they are allowed to rise and fall.   More

After Coronavirus: Deflation or Inflation?

CFS Advisory Board Member Charles Goodhart, former member of Bank of England's Monetary Policy Committee, offers his thoughts on inflation after coronavirus. Topics include understanding the past, assessing "low for longer" and "inflation is a monetary phenomenon?", and offering potential future pathways.   More


 
 
Events
 
Future of the Global Monetary and Financial System:
75 years after Bretton Woods

Bretton Woods 2019 Conference Image
Bretton Woods 2019 Conference Image
Bretton Woods 2019 Conference Image
Bretton Woods 2019 Conference Image
Bretton Woods 2019 Conference Image

The conference commemorated the 75th anniversary of the Bretton Woods agreement by gathering high-level thinkers from all over the world to evaluate extraordinary monetary policies, spillovers, financial innovation, and the IMF.

Please see more about the roundtable agenda or summary.

 
The Global Financial Crisis: Lessons for the Future

This conference, co-sponsored by CFS, the Central Bank of Iceland and the University of Iceland, examined the causes of the 2008 crisis, regulatory responses, and lessons for the future.

Please see more about the conference including program and presentations.

 
Bank of England Conference in Honor of William A. Barnett

Discussions at the “Financial Services Indices, Liquidity and Economic Activity” conference focused on understanding and assessing the macroeconomic implications of liquidity, the liquidity creation process, and the impacts of liquidity on financial markets and economic activity.

Please see more about the conference including program and presentations.

 
Bretton Woods 2014 Conference Image

Bretton Woods 2014 gathered prominent leaders from government, business, and academia in a working-group environment to focus on the future of finance and the international monetary system. Please see more about the conference to see other remarks, presentations, and photos from the conference.

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News & Views

Tuesday, July 27, 2021

M. Shafik Gabr

(New York, NY – December 10, 2020)
The Center for Financial Stability (“CFS”), today, announced the appointment of M. Shafik Gabr to its distinguished Advisory Board.  More

Joyce Chang

(New York, NY – November 24, 2020)
The Center for Financial Stability (“CFS”), today, announced the appointment of Joyce Chang to its distinguished Advisory Board.  More

Sheila C. Bair

(New York, NY – July 29, 2020)
The Center for Financial Stability (“CFS”), today, announced the appointment of Sheila C. Bair to its distinguished Advisory Board. Ms. Bair will also serve as a CFS Senior Fellow, contributing to research and policy offerings. More

William R. Rhodes

(New York, New York - June 29, 2020)
The Center for Financial Stability ("CFS"), today, announced the appointment of William R. Rhodes as the first Chairman of the Organization's distinguished Advisory Board.  More 

Highlights

Congratulations to William R. Rhodes - CFS Advisory Board Chairman - for his promotion to the rank of Commander in the Legion of Honor by France. Read his remarks at the ceremony.

Analysis: Economists eye surging money supply as inflation fears mount - Bill Barnett is quoted in a story by Karen Brettell of Reuters on inflation and money supply as measured by the CFS Divisia M4.

Congratulations to Professor Charles Goodhart for earning Central Banking's lifetime achievement award. Central Banking chronicles many of Charles' monetary policy and financial stability achievements.

Robinhood and GameStop: Essential Issues and Next Steps for Regulators and Investors, The Harvard Law School Forum on Corporate Governance published CFS analysis of Robinhood and GameStop.

CNBC's Kelly Evans discusses Why the Fed's corporate relief tools may not be working with CFS Advisory Board Member Sheila Bair.

CFS IN THE NEWS

Post BREXIT Risk Conference  - CFS Director of Advances in Monetary and Financial Measurement (AMFM) Professor William A. Barnett will be delivering a keynote lecture "Is the BREXIT Bifurcation Causing Chaos in the United Kingdom?." (See the conference program.)

Private Virtual Roundtable: Gamestop, Robinhood, and Regulation - Steven Lofchie, Senior Fellow of Legal Studies at the CFS participated in a discussion at the Federalist Society.

Private Virtual Roundtable: Time Diversification: Dynamic Risk Management - CFS hosted a private virtual roundtable with Myron Scholes.

Private Virtual Roundtable: The Great Demographic Reversal: Aging Societies, Waning Inequality, and an Inflation Revival - CFS hosted a private roundtable discussion with CFS Advisory Board Member Charles Goodhart and his co-author Manoj Pradhan. The two addressed head-on demographic forces and the findings from their newly released book, “The Great Demographic Reversal.” View Slides