Archive for April 18th, 2012

A primer on ECB/Eurosystem accounts and balance sheet

April 18, 2012

A very very useful article by ECB on its accounts and balance sheet in its April-12 Bulletin (click on this if first link does not work).

After working on RBI’s WSS (part-I and part- II) and ECB’s TARGET2 Balances, I am getting really interested in the central banking operations and balance sheets.

But I don’t think anything beats ECB and Eurosystem balance sheet in terms of complexity. Eurosystem balance sheet is humongous, summing ECB operations with 17 economies’ national central banks.

This primer should help clarify some doubts and lead to some more. Read this report keeping the ECB balance sheet in front for more clarity..

RBI econs should help us with a similar product….

What Isn’t for Sale?…Do we want a market economy, or a market society?

April 18, 2012

What Isn’t for Sale? is the title of a new book by Harvard Philosopher – Michael Sandel. I was ignorant but Sandel is a huge rockstar. His course on Justice is one of the most sought in Harvard.

Atlantic prints a snapshot from the book which is quite a read. He says these days almost everything is up for sale.

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Temasek and Singapore Puzzle – Is it another Madoff crisis in making?

April 18, 2012

Christopher Balding of HSBC School of Business writes this riveting piece. He titles this paper interestingly as  -  “Brief Research Note on Temasek Holdings And Singapore: Mr. Madoff Goes to Singapore”. 

The paper makes two points.

First, there are some issues with Temasek’s financial reporting. It seems to be showing a much higher return on its portfolio since inception than most of the equity indices in the period.

Second, there is this interesting puzzle. Singapore has been running high fiscal surpluses but its public debt keeps going up. Perhaps the only country in human history to have such a record:

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