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Financial Cycles: Sovereigns, Bankers, and Stress Tests - download pdf or read online

By Dimitris N. Chorafas

ISBN-10: 113749798X

ISBN-13: 9781137497987

ISBN-10: 1349698164

ISBN-13: 9781349698165

Chorafas argues that to beat the extra slender limits of the company cycle, we have to transcend its conventional six to seven 12 months concentration and tackle the longer term.

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Extra resources for Financial Cycles: Sovereigns, Bankers, and Stress Tests

Example text

For evident reasons, both approaches have been opposed by the profligates. Neither are the TARGET2 imbalances the only way good money runs after bad money. Rumor has it that the ECB continues to buy Italian sovereign bonds outside its own outright monetary transactions (OMT) program. With this, Rome is avoiding any supervision of its budget deficits and how Euroland’s money is spend. This is not the way Greece and Portugal are treated by the troika (a supervisory committee comprising the ECB, EU, and IMF).

Printed paper, the fiat money, is not backed by real assets and very few people have confidence in it. ”—is not a positive one. It is not outright negative because some of the elements that are necessary are available—but they are not being used. Neither are governments, particularly Western sovereigns, taking the proverbial long, hard look. “Solutions” have descended to the level of petty policies and this is, indeed, quite a pity. 2 Financial Stability 1. Financial Stability Defined Financial stability is a condition in which the system of intermediaries, markets, and market infrastructures is capable of withstanding shocks, as well as major imbalances, without falling apart.

To Pasteur those infinitely small germs looked infinitely big. He saw them as being ever present as agents of decomposition charged with the mission of returning living matter to the original status of dead matter. Nature uses this raw material to restart the cycle of life and decay. An economic, financial, or business cycle emulates this cycle of nature. FINANCIAL CYCLES 19 Confronted with the problems of the origin of life, Louis Pasteur said that all hypotheses are open since the truth about it has not been proven.

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Financial Cycles: Sovereigns, Bankers, and Stress Tests by Dimitris N. Chorafas

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