Center for Financial Stability
 Thought Leadership
Center for Financial Stability

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

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Daily News & Views Blog

Monday, October 21, 2019



Highlights

Barrons wrote a nice piece “Pioneer of Financial Futures Now Brings You Libor Alternative — And Futures To Match” about CFS Advisory Board Member Richard Sandor and his development of Ameribor and the American Financial Exchange.

CFS Special Counselor and Johns Hopkins professor Steve Hanke and John Greenwood had their commentary, “Hong Kong’s Economy Is Going Strong” published in The Wall Street Journal.

CFS Special Counselor and Johns Hopkins professor Steve Hanke writes of the importance of CFS' Divisia M4 in “The Fed's Misleading Money Supply Measures.” In this superb Forbes article, Hanke delves into important details and revealing common misconceptions about money.

CFS IN THE NEWS

Just before Bretton Woods: The Atlantic City Conference - CFS senior fellow Kurt Schuler spoke at an event organized by the Treasury Historical Association.

European Central Bank (ECB) Monetary Policy - Philipp Hartmann, Deputy Director General of the ECB, discussed the first 20 years of the ECB policy with emphasis on recent challenges, the wide range of monetary instruments in use today, defining new ones, and the strategic underpinning of its policy framework.

Economic prospects in the UK and EU and bank capital - roundtable with Tim Congdon, CBE. Tim was a member of the Treasury Panel of Independent Forecasters (the so-called "wise men"), which advised the Chancellor of the Exchequer.

Is Another Financial Crisis on our Doorstep? - Jack Malvey and Lawrence Goodman led a private workshop to delve into big picture issues that will shape the future of asset values and investment agenda.

SOFR/Ameribor - Richard Sandor discussed the new Secured Overnight Financing Rate (SOFR) and American Interbank Offering Rate (Ameribor).

Latest Research

CFS Divisia M4, which is the broadest and most important measure of money, grew by 5.9% in September 2019 on a year-over-year basis versus 5.4% in August.   September Data Release

Monetary Policy Realities Facing the ECB, Fed and BoJ: More Easing Won't Stimulate Economies

Mickey Levy - Berenberg Capital Markets and Shadow Open Market Committee member - digs into monetary transmission channels to assess growth implications and considers the risks of excessive reliance on monetary easing.  More

CFIUS and Silicon Valley: We’re Still Trying to Find a Cure!

Charles Schott addresses the history of the Committee on Foreign Investment in the United States (CFIUS) and a host of new issues for regulatory balance, technology and venture capital.  More

Financial Industry Transitions

Barbara Novick discusses financial industry transitions including indexed equity strategies, challenges of applying macroprudential tools to market finance, and potential risks to the US financial system.   More

Crisis Detection and Prevention

Lawrence Goodman discusses crisis detection and prevention in "The 10 Years After" the financial crisis volume published by the Reinventing Bretton Woods Committee. Views differ from many. He also offers eight actionable items for investors and officials.  More

Creation and Evolution of New Markets: The Case of Interest Rate Benchmarks

Richard Sandor shares his perspective on SOFR, Ameribor and financial innovation. Comments on LIBOR, financial innovation and the seven stages of market creation are especially noteworthy.  More


 
 
Events
 
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 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
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.

Future Prospects for the World‘s Foreign Exchange Rate System: Political Design vs. Evolution, Otmar Issing
Read remarks |  Read slides

Nice-Squared - Near an Internationally Cooperative Equilibrium, John B. Taylor  Read remarks |  See video

A Few Thoughts on the Current International Monetary System, Liu Mingkang  Read paper

Bretton Woods Reconsidered:The Dollar Standard and the Role of China, Ronald McKinnon   Read paper | Read slides

Marriner Eccles: Father of the Modern Federal Reserve, Spencer F. Eccles  Read remarks

Critical Issues for the Bretton Woods Institutions, William R. Rhodes  Read remarks

The 1944 Keynes Plan: An Idea Whose Time Has Now Returned?, Charles Goodhart  Read remarks

Summary and Next Steps, Randal K. Quarles  Read remarks

Thoughts on World War II in July 1944, Carole Brookins  Read remarks

What Have We Learned from Recent Research on Bretton Woods? Eric Helleiner, Eric Rauchway, and Kurt Schuler  Read paper