Archive for October 14th, 2010

The value of political connections in Washington

October 14, 2010

Some kind of papers just take you by a surprise for their interesting application and results.

Jordi Blanes i Vidal,  Mirko Draca  and Christian Fons-Rosen have this paper (see this voxeu for summary) which measures the amount of lobbying in US. Or importance of knowing politicians in US. The interesting bit is how they do it?

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Will Bernanke apply lessons from Japan?

October 14, 2010

Jon Hilsenrath of WSJ has a superb article on how Bernanke lectured Japan in 1990s and 2000s and faces a similar situation in US. He had several suggestions for Japan and will be interesting to see whether he can apply them on his own country.

As a Princeton professor in the 1990s, Ben Bernanke lectured Japanese officials for mishandling their economy.

Today, Tokyo’s economic problems are more than academic for the Federal Reserve chairman. They are a window into his own situation as he stares at what could be a long period of slow growth, high unemployment and declining inflation in the U.S.

Mr. Bernanke is preparing for a potentially important policy speech Friday, when he could detail his thinking on the Fed’s next steps at a conference sponsored by the Federal Reserve Bank of Boston on monetary policy in a low-inflation environment. The conference is a reprise of a 1999 conference at which Mr. Bernanke and other academics took Japanese officials to task for failing to get their economy moving.

Buried in Mr. Bernanke’s earlier writings on Japan are hints of how he is shaping the Fed’s responses to today’s slow recovery.

Much of it is similar to a post I had written a while back. Though this has more insights.

Capital Inflows Deluge: What are the options for India

October 14, 2010

This is the title of a new paper I have written.

It looks at how capital inflows have shaped up during the crisis, impact on India and policy options for India.

Let me know of your comments.

Taleb says investors should sue the Nobel Prize Committee

October 14, 2010

Prof. Richard Warr of Finance Clipping Blog points to this article where Taleb blames the Nobel Economics Committee for the crisis:

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UBS releases transparency report

October 14, 2010

UBS is one bank which has taken the crisis very seriously. It has regularly issued reports trying to understand the crisis and improve its policies. It first released a report to shareholders in Apr-2008 explaining hos the crisis impacted UBS (I didn’t understand the report then because of financial complexity, I don;t understand it even now). Then there was  a compensation report where it looked to improve its wage policies which looked at taking on short-term risks. It also appointed a chief communication officer to improve its policies.

Now it has released a transparency report (pdf here) which is another attempt to summarise the crisis, impact on UBS and steps taken to improve its policies.

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