The financial road less traveled
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I--
I took the one less traveled by,
And that has made all the difference.
Robert Frost
BIS Working Paper No. 193, ponders the profound question, Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework? Very deep. Very serious. But, if you chip away at the big words, breaking them down to a level of tangible meaning the paper admits and then almost asks, the system is broke, should we fix it? I say almost asks because it seems to me the listed "fixes" are just variations of the same themes that created the mess in the first place. Read More.
Somewhere ages and ages hence:
Two roads diverged in a wood, and I--
I took the one less traveled by,
And that has made all the difference.
Robert Frost
BIS Working Paper No. 193, ponders the profound question, Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework? Very deep. Very serious. But, if you chip away at the big words, breaking them down to a level of tangible meaning the paper admits and then almost asks, the system is broke, should we fix it? I say almost asks because it seems to me the listed "fixes" are just variations of the same themes that created the mess in the first place. Read More.