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Specials

BoE: Hawks Caught on Inconsistencies (4 min read)

By Philip Rush | June 27, 2019

Bank of England policy was kept unchanged at the recent June meeting and the Monetary Policy Committee (MPC) kept its hawkish guidance.  Dismal UK manufacturing data for April prompted only a small downgrade to growth expectations, while the MPC’s other

Central Banks — Misusing Local Tools for Global Problems (5 min read)

By Jonas Ahlander | June 27, 2019

Despite the extreme and experimental monetary policy and the tight labour markets witnessed over the past decade, price and wage inflation have been far lower than expected. Central bankers have been obsessed by decimal point deviations from the inflation target,

Alternative Data to Generate Alpha (3 min read)

By Saeed Amen | June 20, 2019

In recent years the availability of new alternative datasets for financial markets has expanded enormously, potentially giving investors an informational edge. These can range from consumer transaction data to satellite data, and even on occasion news data. Unlike traditional market

Best of the Web

The IMF’s Latest Victims (Project Syndicate, 3 min read)

August 16, 2019

(You can read the article by clicking here) Continuing our recent discussion of Argentina’s woes from our specials this week, we picked this piece by Jayati Ghosh, a Professor of Economics at Jawaharlal Nehru University in New Delhi, who blames the International

Tracking Foreign Capital (Bank Underground, 4 min read)

August 16, 2019

(You can read the article by clicking here) A new paper by the Bank of England explores how foreign capital inflows specifically aimed at UK banks and financial institutions are channeled at home. Such flows can be large (they reached 100% of

Why we can’t just blame rising inequality for the growth of populism around the world (The Conversation, 4 min read)

August 16, 2019

(You can read the article by clicking here) Trump’s triumph is commonly attributed to the marginalised voters favouring his populism, fuelled by a rage against rising income inequality. This research by Brian Nolan, Professor of Social Policy at Oxford University,

China Digest from the Web

Smart home tech makes inroads into China’s emerging elderly care market (Reuters, 4 min read)

August 16, 2019

(You can read the article by clicking here) China, similarly to Japan and many Western countries, has an aging population and start-ups are waking up to huge market potential. With millennials too busy to look after their parents and retirement

Stimulus Prep or Prelude to Deflationary Crisis: China Tightening Screws on Real Estate (Investing in Chinese stocks, 4 min read)

August 16, 2019

(You can read the article by clicking here) Real estate prices are rallying due to loose buying restrictions in Chinese localities and Central Government stimulus. Meanwhile, credit has failed to flow to SMEs and other industries. But the situation may

Inside China’s vast influence network – how it works, and its reach in Australia (The Conversation, 4 min read)

August 16, 2019

(You can read the article by clicking here) Garry Groot, a Senior Lecturer in Chinese Studies at the University of Adelaide, outlines the little-known Chinese United Front Work Department within the Communist Party, designed to reach out to and influence

Podcasts

The Myth of Meritocracy (Weekly Economics Podcast, 29 mins)

August 13, 2019

(You can listen to the podcast by clicking here) With Boris Johnson making the 20th Prime Minister to have attended Eton (considered the most prestigious private school in the UK), concerns are heightening around stagnating social mobility and class privilege. Data

How Robots Will Feed Our On-Demand Culture (The Future of Everything by the WSJ, 14 mins)

August 13, 2019

(You can listen to the podcast by clicking here) Nuro is a start-up aiming to bring autonomous vehicles into home delivery, and it’s backed a $1bn investment from Softbank’s Vision Fund. In this short interview, the founder, Dave Ferguson, who

Peak Energy, Peak Oil, and the Rise of Renewables: An Executive’s Guide to the Global Energy System (The McKinsey Podcast, 31 mins)

August 13, 2019

(You can listen to the podcast by clicking here) This podcast continues the discussion around oil that we initiated last week, with McKinsey Partners examining the deceleration in conventional energy demand. The composition of GDP is changing – services will overtake

Freshly Squeezed Working Papers

Alternative Data to Generate Alpha (3 min read)

June 20, 2019

In recent years the availability of new alternative datasets for financial markets has expanded enormously, potentially giving investors an informational edge. These can range from consumer transaction data to satellite

Give Credit Where Credit Is Due: What Explains Corporate Bond Returns?

May 21, 2019

Give Credit Where Credit Is Due: What Explains Corporate Bond Returns? AQR paper finds finds that options markets explain a great deal of credit returns. Two features of corporate bonds

The Risk of Returning to the Zero Lower Bound

May 21, 2019

The Risk of Returning to the Zero Lower Bound San Fran Fed writes “that there currently appears to be a low risk of the economy returning to the zero lower bound

Investor Positioning

August 13, 2019

Forecasts: US 10y Yields

August 13, 2019

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