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

Subscribe to CFS Updates

Daily News & Views Blog

Monday, May 20, 2019



Highlights

CFS Special Counselor and Johns Hopkins University professor Steve Hanke discusses his plan to deliver financial aid to Venezuelans, in Forbes' "Could A Cryptocurrency Service Help Save Venezuela?"

CFS Board of Advisor and creator of the American Financial Exchange (AFX) Richard Sandor discusses possible replacements to Libor in “The rates they are a changin': The world of new interest rate benchmarks” in “The Bond Buyer.”

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.

Bloomberg's Peter Coy quotes CFS President Lawrence Goodman on cryptocurrency in “Rethinking Currency: Finding a Better Way to Run an Economy.”

William A. Barnett was a keynote speaker at the 2018 China Meeting of the Econometric Society meeting, held in June in Shanghai.

CFS IN THE NEWS

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.

OEKB 28th Annual Roundtable - Lawrence Goodman presented “Global Financial Crises 10 Years On - How Resilient Are We Now?” at the Roundtable in Vienna, Austria.

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.

Investing in the Trump Era - Nicholas Sargen discussed his new book “Investing in the Trump Era: How Economic Policies Impact Financial Markets.”

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

2018 Symposium on Global Finance - Lawrence Goodman presented "Central Banking East and West since the Crisis" at the Changes of Pattern in Global Finance and their Implications conference in Shanghai, China.

Latest Research

CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.4% in March 2019 on a year-over-year basis versus 4.5% in February.   March Data Release

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

From China: Central Banking East and West since the Crisis

Remarks by Lawrence Goodman in Shanghai focus on the impact of the People's Bank of China on global liquidity and distortions to speculative activity in futures markets from the largest central banks.  More

CFS Financial Crisis Timeline

As the 10-year anniversary of the global financial crisis approaches, assessment of key events before, during, and since is essential. The CFS Financial Timeline covers more than 1,100 events since 2007 and provides a real time, free and easy to use resource.   See the Timeline

UK-US Financial Regulation: The Benefits of Greater Coherence

Authors Ike Brannon, Bob Jennings, and Julie Chon delve into the longstanding and seminal UK and US relationship from a financial regulatory perspective, illustrating the importance of “regulatory coherence” across borders.  More

Fed Balance Sheet Since 1914

Kurt Schuler and students of Steve Hanke at Johns Hopkins University present the first full digitized data of the Federal Reserve System’s system-wide weekly balance sheet from its beginning in 1914 in a spreadsheet workbook. (Paper | Accompanying Spreadsheets)

Unelected Power

The Center for Financial Stability (CFS) thanks Sir Paul Tucker - Former Deputy Governor, Bank of England and Chair, Systemic Risk Council, and Harvard Fellow - for “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.” “Unelected Power” is broad and deep. It is a joy to read — with priceless quotes and footnotes.

We are grateful to Paul for sitting down with CFS. View excerpts from the conversation.


 
 
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