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

CFS Divisia money growth soared across the board - hitting a historic high not witnessed in the 53-year period analyzed by our Advances in Monetary and Financial Measurement (AMFM) team. CFS Divisia M4, which is the broadest and most important measure of money, grew by a record 22.0% in April 2020 on a year-over-year basis versus an unrevised 10.0% in March 2020.  April Data Release

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 Washington Consensus in History: An Interview with John Williamson

CFS is delighted to present an interview with the eminent international economist John Williamson, reviewing his more than five decades of work in the field.   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

The Monetary Policy Challenge

Jacques de Larosière shares his latest thinking on inflation targets and the unintended consequences from excessively accommodative monetary policy.  More

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


 
 
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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The Honorable Carole L. Brookins

It is with profound sadness to inform you that our CFS Board member and cherished friend, Carole Brookins passed away from complications associated with COVID-19.  More 

Read her speech to the Bretton Woods 2014 conference, “Thoughts on World War II in July 1944”.

 
News & Views

Thursday, May 28, 2020

Highlights

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 (May 19, 2020).

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 (May 20, 2020).

The faultlines of the crisis are complex and varied CFS President, Lawrence Goodman wrote a letter published in the Financial Times (5/4/2020) in response to Martin Wolf's "Coronavirus crisis lays bare the risks of financial leverage, again" (May 1, 2020).

Prof. Dr. Steve Hanke's Five Part Exclusive Interview with Petia Minkova, Deputy Editor in Chief of 168 Hours CFS Special Counselor and Johns Hopkins professor Steve Hanke, reveals some personal life facts as well as his views on Bulgaria’s government, its imploding corruption scandals and the effects on both currency and the country as a whole (April 2020).

“Summary Remarks / Shanghai Research and Development Foundation conference” by Lawrence Goodman at the Paradigm Shifts in Global Finance Conference in Shanghai, China (November 19, 2019).

“Lessons for Today from Bretton Woods Yesterday” Keynote Address by Lawrence Goodman at the 8th International Conference "The Austrian School of Economics in the 21st Century at Oesterreichishe Nationalbank, OeNB in Austria (November 13, 2019).

CFS IN THE NEWS

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.