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GFC 10 years on - More debt money printing has covered up a debt crisis

September 13, 2018
The 15th September will mark ten years since Lehman Brothers filed for Chapter 11 bankruptcy protection, a cataclysmic event which reverberated throughout financial markets and led to the “Global Financial Crisis“. This laid the foundations for an extraordinary period for central bank activity and therefore financial markets. It’s still not clear if lessons from the GFC have been learned. In our 2017 Long Term Study “The Next Financial Crisis” we argued that the global financial system post Bretton Woods remains vulnerable to financial crises, and their frequency has been higher in this period than across all prior financial history. The GFC was clearly an extreme case and likely a once-in-a-lifetime event. However, in solving this crisis we have added more debt to an already heavily indebted system and our central banks have imposed a decade of extraordinary measures, from which most still struggle to withdraw. [more]

53 Documents
June 25, 2019
Analyst:
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For the first time ever the Fed is undertaking a thorough academic review of its policy strategy, tools, and communication practices. The reviewers are some 30 academic experts on monetary policy and macroeconomics. Listen to Peter Hooper, Global Head of Economic Research, discussing the background to the review, the low-rate monetary policy and what a downturn could mean for financial stability. [more]
May 15, 2019
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Who pays when a tariff is imposed on an imported product? Formally, of course, it is the importer that is assessed the tariff. But if the exporter has lowered her price, the tariff-inclusive price may not be higher than the prevailing price before the tariff was introduced. [more]
May 8, 2019
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China's USD 12-trillion stock market is a vast and complicated panoply of different share types across a wide variety of markets, exchanges and share classes. With the rising role of A-shares amongst international emerging markets (EM) indices, understanding the market dynamics of China's equity markets will be increasingly critical, as Chinese equities are set to become an increasing proportion of the global opportunity set, driven by their increasing role in EM equities. Deutsche Bank’s research team looks at the distinguishing features of China's onshore and offshore markets. [more]
April 4, 2019
Analyst:
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April 1 marked an important milestone for China’s financial markets, as Chinese Yuan-denominated bonds are to be included in the Bloomberg Barclays Global Aggregate Bond Index. According to Bloomberg, the index will include over 360 eligible bonds, with a c.6% weight, making it the fourth-largest currency component in the index, after the USD, the EUR and the JPY, and the inclusion will take place over a 20-month period. [more]
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