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

Bubbles, Quantities and Short Sales

Lawrence Goodman spoke about bubbles, monetary quantities and short sales with his friend and former Salomon Brothers colleague, Larry Bernstein in his engaging "What Happens Next?" podcast.   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

CFS Divisia M4, which is the broadest and most important measure of money, grew by 28.9% in December 2020 on a year-over-year basis versus 27.7% in November.   December Data Release

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

Value Investing and Monetary Policy

Monetary largess is wreaking havoc with the investment strategy. The propagation of valuation distortions starve a wide spectrum of deserving companies and industries access to capital.  More

Now What? Three Vectors for Investors and Officials

At the Boston Economic Club, Lawrence Goodman discussed the evolution of three vectors that offer officials a blueprint to stabilize markets and asset managers a roadmap for investment decisions.   More

The Center for Financial Stability gathered policy makers, financial market participants, and academics at Bretton Woods to better understand present challenges and offer solutions for the future.  More

Inequality Perils from Lower Interest Rates

Robert Hormats and Yves-Andre Istel contend that low interest rate policies have become increasingly ineffective in fostering equitable growth and negative effects have been underestimated.  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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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 

News & Views

Friday, February 26, 2021

Highlights

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.

This Is The Best Outlook For GDP In Years, And We Know It Thanks To A New Way Of Counting Money, Raul Elizalde, founder, president, and CIO at Path Financial, wrote a thoughtful piece for Forbes that nicely frames CFS Divisia and offers his perspective on financial markets.

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

New ETF Resource for Investors, Officials, and the Public, After conducting a survey of highly knowledgeable participants in academia, investment management, and banking, the results were clear. More knowledge of ETFs and their impact on the financial system is vital. The Center for Financial Stability is pleased to unveil its all-new Exchange Traded Funds Library.

Why inflation might follow the pandemic, The Financial Times, Martin Wolf discusses the economic after-effects of the pandemic with, CFS  Advisory Board Member, Charles Goodhart. The piece also makes reference to the data released by CFS Divisia M4.

Aninat's Four Floors to Deal with 'an anxiety that consumes us all', (English) La Segunda, CFS Advisory Board Member Eduardo Aninat offers some words of comfort during times of high anxiety around the Covid-19 pandemic.

CFS IN THE NEWS

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

Private Virtual Roundtable: Sovereign Debt - CFS hosted a private virtual roundtable with David Beers on Trends in Sovereign Debt and Default.  View Slides

Private Virtual Roundtable: LIBOR Transition - CFS hosted a virtual roundtable on the transition away from LIBOR to SOFR, AMERIBOR and beyond. Guest Speakers included CFS Advisory Board Member Dr. Richard L. Sandor; Kevin Walsh, and Jennifer Imler.

Private Virtual Roundtable: Global Macro Drivers and Risk Management - Lawrence Goodman presents “Global Macro Drivers and Risk Management” at the 2020 North American Chief Risk Officer Council Virtual Conference.

Now What? Three Vectors for Investors and Officials - At the Boston Economic Club, Lawrence Goodman discussed the evolution of three vectors that offer officials a blueprint to stabilize markets and asset managers a roadmap for investment decisions.

CFTC Chair Tarbert Roundtable - CFS hosted a private roundtable with CFTC Chairman and Chief Executive Heath Tarbert.