Saturday , September 21 2019
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Amol Agrawal: Mostly Economics

Mostly Economics is an India focussed economics research blog run by Amol Agrawal. He covers a wide range of economic topics while frequently updating his audience on the Indian economy.

Hong Kong as a risk management hub

Amidst all the developments in financial markets, the thing of international financial centres competing with each other remains on the sidelines but is an exciting area. Mr Norman T L Chan of HKMA discusses how HK’s international financial centre is shaping as a risk management hub: About 15 years ago, a senior banker suggested to me that, in order to further promote Hong Kong’s position as an international financial centre (IFC), we should turn Hong Kong into a “risk management hub”...

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How advent of pension policy led to lower education in children: Case of Indonesia and Ghana

Prof Natalie Bau of UCLA in this voxeu piece point to really interesting findings from her new research. She says that families funded children’s education so that latter could take care of former during old age. However, as pension policy was introduced, this old age care was not needed which led to decline in education! In the paper, I examine whether the introduction of government pension plans changed cultural practices in Indonesia and Ghana. I study a set of cultural traditions...

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Differences between Euro and Libra: Good way to think about digital money..

Just a few days back, ECB member Yves Mersch criticised Libra vehemently asking Europeans to reject the treacherous sirens of Facebook’s Libra currency. After a few days,. another ECB member Benoît Cœuré in another speech is more hopeful of benefits of Libra. Price stability remains, and will remain, a precondition for a currency to gain widespread use, whether digital or not. For this reason, central banks worldwide have adopted price stability as their primary mandate. And this is why...

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A brief (and fascinating) history of currency counterfeiting: Focusing on Australia and some other cases

Richard Finlay and Anny Francis of RBA in this research note give a fascinating account of currency counterfeiting. They focus on Australia but pull examples from other countries too. Perhaps one of the best things that have read in this year so far. Counterfeiting has a rich and varied history going back to the very earliest forms of money. It has been pursued for personal gain – although at the significant risk of jail time, or, in the past, death – as well as for economic and...

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Sweden-based Indian couple, have named their daughter after Korean based Mutual Fund!

Talk about globalisation! A Sweden-based Indian couple, have named their daughter after Mirae mutual fund. The couple was a regular investor in MF and were happy with the reurns: A Sweden-based Indian couple, have named their daughter ‘Mirae’ drawing inspiration from Mirae Asset Mutual Fund, in a testament to the growing popularity of mutual funds in India. Mirae Asset Mutual Fund has been one of the top performers with two of its funds in particular, Mirae Asset Large Cap Fund and Mirae...

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Let hundred Dwijendra Tripathis (business historians) bloom

This post reviews the proceedings of ‘The International Conference on Indian Business and Economic History’ held at IIM Ahmedabad on 29-31 Aug 2019. The conference was held in the memory of Prof Dwijendra Tripathi, who taught business history in IIMA for four decades. Prof Tripathi passed away last year on Teacher’s day! It was a tragedy that the course was not taught for next 25 years before Chinmay Tumbe started teaching it once again in IIMA. This conference was organised by a team...

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If You Don’t Understand Banks, Don’t Write About Them

Frances Coppola in this piece reviews this book and laments how little scholars who work on banking know: You’d think, after all the soul-searching in finance and economic circles over the last decade, that people writing about banks and money creation would, now, know how they work. After all, it is more than five years since the Bank of England produced its authoritative paper on money creation and Admati & Hellwig published their book on bank capital. But money creation myths...

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Opening the toolbox: how does the Reserve Bank of NZ analyse the world?

Team of RBNZ econs in this article: This article describes how the Reserve Bank analyses international shocks and their implications for monetary policy. As a small open economy, New Zealand is particularly vulnerable to international shocks. The Bank has a long tradition of using a wide range of models to assess the impact of different types of international shocks and their spillovers to New Zealand through various channels. This modelling has explored the transmission of these shocks...

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Will the digital money be like the one-sided coin? History of one-sided and two-sided coins..

Superb speech by Johannes Beermann of Bundesbank. She says the advent of digital money is like a toss with the coin still hanging in the air. Which way it will land we have to see. She starts with how football matches are started with the toss of a coin and why two sided coins matter: Welcome to the Seehaus right at the heart of the English Garden. This park is a true landmark of the city of Munich, with a design inspired by British landscape architecture. It probably comes as no...

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Lesson from history of Rothschilds and US free banking

Lars Rhode, Governor of Denmark Central bank in this speech speaks on trust in financial services (what else to talk!). My topic is trust and transparency in the financial system. In recent years, the topic has surfaced again following a number of unfortunate issues that have accumulated since the financial crisis. For a long time we may have thought that this was primarily a problem that existed outside Denmark’s borders. But then cases emerged in Denmark too. There have been money...

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