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  • December 2023
  • Article

Intermediary Balance Sheets and the Treasury Yield Curve

By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual... View Details
Keywords: Bonds; Financial Markets; Financial Crisis; Asset Pricing
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  • 20 Oct 2010
  • Op-Ed

Export Competitiveness: Reversing the Logic

Porter, Scott Stern (2009), Clusters, Convergence, and Economic Performance, mimeo. Dollar, D. and A. Kraay. 2003. "Institutions, Trade, and Growth." Journal of Monetary View Details
Keywords: by Christian Ketels
  • 23 Sep 2014
  • First Look

First Look: September 23

certain types of transactions. Bitcoin is of interest to economists in part for its potential to disrupt existing payment systems and perhaps monetary systems, and also for the wealth of data it provides about agents' behavior and about... View Details
Keywords: Sean Silverthorne

    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • 24 Sep 2020
    • Research & Ideas

    Financial Meltdowns Are More Predictable Than We Thought

    Are financial crises predictable? Former United States Federal Reserve Chair Ben S. Bernanke has had his doubts. Economics can show policymakers “precisely why the choices they made in the past were wrong,” he told Princeton University... View Details
    Keywords: by Danielle Kost; Financial Services
    • February 2016 (Revised July 2017)
    • Case

    Leadership and Independence at the Federal Reserve

    By: David Moss and Marc Campasano
    “From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy.” Ron Paul, a Republican from... View Details
    Keywords: Government Legislation; Central Banking; Policy; Financial Crisis; Business and Government Relations; Banking Industry; Public Administration Industry; United States
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    • 01 May 2006
    • What Do You Think?

    Who Will Cast a Longer Shadow on the 21st Century: Friedman or Galbraith?

    Friedman's view may be more applicable in economically uniform societies. I hope that the later part of this century will be more suitable for Friedman's views." Ruth Rama was more succinct: "Friedman will prevail in the U.S.;... View Details
    Keywords: by James Heskett
    • July/September 2005
    • Article

    Le consensus de Paris: la France et les règles de la finance mondiale

    By: Rawi Abdelal
    This article is about the institutional foundations of the globalization of finance. These institutional foundations are both informal and formal. Until the 1980s the formal rules of the international financial architecture – most consequentially in the European Union... View Details
    Keywords: Policy; International Finance; Globalization; France; European Union
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    • 30 Aug 2012
    • Working Paper Summaries

    Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers

    Keywords: by Shawn Cole, Martin Kanz & Leora Klapper
    • August 2018
    • Case

    Christine Lagarde (B): Being a Public Servant

    By: Julie Battilana and Carin-Isabel Knoop
    This case covers the career of Christine Lagarde from 2005 to 2011 after she joins the French Government. After serving several grueling years as Finance Minister during the financial crisis that started in 2007/2008, she is being considered as the next Managing... View Details
    Keywords: Personal Development and Career; Government and Politics; Financial Crisis; Power and Influence
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    • 17 Nov 2009
    • First Look

    First Look: Nov. 17

      Working PapersUser, and Open Collaborative Innovation: Ascendent Economic Models Authors:Carliss Y. Baldwin and Eric von Hippel Abstract In this paper we assess the economic viability of innovation by... View Details
    Keywords: Martha Lagace
    • 04 Jan 2012
    • What Do You Think?

    Income Inequality: What’s the Right Amount?

    stepped in with the intent of providing an added boost to a remarkable period of economic development by reducing inequality through the distribution of money to one-fourth of that nation's population. In Brazil, the government maintained... View Details
    Keywords: by Jim Heskett
    • 19 Mar 2007
    • Research & Ideas

    Handicapping the Best Countries for Business

    changes, of political instability, of corruption, etc. Q: If you were to boil down the key ingredients needed by a country to create successful economic growth, what would they be? A: Key ingredients (also described in my book's... View Details
    Keywords: by Sean Silverthorne
    • 13 Feb 2018
    • First Look

    New Research and Ideas, February 13, 2018

    2005 book Jealousy of Trade, which explores the birth of economic nationalism and other social effects of expanding eighteenth-century markets. Markets, Morals, Politics brings together a celebrated cast of Hont’s contemporaries to assess... View Details
    Keywords: Sean Silverthorne
    • 22 Apr 2015
    • Op-Ed

    Reforming Greece: Myths and Truths

    totaling 950 million euros to the International Monetary Fund by May 12. However, major confusion exists about what has happened in this period and why we are still talking about Greece being at the Eurozone's exit door and at the brink... View Details
    Keywords: by George Serafeim
    • May 2004 (Revised November 2005)
    • Case

    Turkey: Securing Stability in a Rough Neighborhood

    By: Richard H.K. Vietor and Emily Thompson
    After suffering years of volatility and crises, Turkey desperately sought macroeconomic and political stability in an ever-worsening region of the world. In the short term, Turkey had to repay its debt, which amounted to more than 80% of GDP. By January 2004, Turkey... View Details
    Keywords: Public Sector; Inflation and Deflation; Macroeconomics; Borrowing and Debt; Banks and Banking; International Finance; Privatization; Religion; Turkey; European Union
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    • Forthcoming
    • Article

    Digital Lending and Financial Well-Being: Through the Lens of Mobile Phone Data

    By: AJ Chen, Omri Even-Tov, Jung Koo Kang and Regina Wittenberg-Moerman
    To mitigate information asymmetry about borrowers in developing economies, digital lenders use machine-learning algorithms and nontraditional data from borrowers’ mobile devices. Consequently, digital lenders have managed to expand access to credit for millions of... View Details
    Keywords: Informal Economy; Digital Banking; Mobile Phones; Developing Countries and Economies; Mobile and Wireless Technology; AI and Machine Learning; Analytics and Data Science; Credit; Borrowing and Debt; Well-being; Banking Industry; Kenya
    Related
    • 2009
    • Chapter

    Behavioral Aspects of Price Setting, and Their Policy Implications

    By: Julio J. Rotemberg
    This paper starts by discussing consumers' cognitive and emotional reaction to posted prices. Cognitively, some consumers do not appear to make effective use of price information to maximize their consumption-based utility. Emotionally, prices can induce regret and... View Details
    Keywords: Inflation and Deflation; Price; Policy; Laws and Statutes; Demand and Consumers; Business and Government Relations
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    • 2012
    • Working Paper

    Mexico's Financial Crisis of 1994-1995

    By: Aldo Musacchio
    This paper explains the causes leading to the Mexican crisis of 1994-1995 (known as "The Tequila Crisis"), and its short- and long-term consequences. It argues that excessive enthusiasm on the part of foreign investors, not based on Mexico's fundamentals, and weak... View Details
    Keywords: Financial Crisis; Foreign Direct Investment; Banks and Banking; Government and Politics; Currency Exchange Rate; Banking Industry; Mexico
    Related
    • 22 Aug 2024
    • Research & Ideas

    Reading the Financial Crisis Warning Signs: Credit Markets and the 'Red-Zone'

    credit market dynamics—and investor behavior. HBS Working Knowledge spoke with Robin Greenwood, the George Gund Professor of Finance and Banking at Harvard Business School, about the role markets may play in shaping economic conditions.... View Details
    Keywords: by Rachel Layne; Banking