Economics of Knowledge And Social Intelligence
How to define pro-cyclicality Procyclicality is used in the context of discussing the effects of Basel II on the financial system. A simplified definition of pro-cyclicality is: International rules have encouraged banks to act more aggressively when the economic cycle … Continue reading →
06. May 2008 by kasi
Categories: Discussions |
Tags: basel II, bis, central banks, Claudio Borio, Craig Furfine, credit rating agencies, definition, Dimitrios P Tsomocos, Eva Catarineu-Rabell, financial regulation, financial stability, fsa, George G. Pennacchi, ias, iasb, Jose Vinals, monetary policy, Nancy Masschelein, Patricia Jackson, Philip Lowe, Philip Turner, pro-cyclicality, regulators, subprime crisis, William R White |
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Claudio Borio, Craig Furfine and Philip Lowe discuss concepts of risks in their article “Pro-cyclicality of the financial system and financial stability: issues and policy options“: They distinguish several types of risk: expected and unexpected losses (in the statistical sense) … Continue reading →
04. May 2008 by kasi
Categories: Discussions |
Tags: bis, Claudio Borio, Craig Furfine, financial stability, Philip Lowe, pro-cyclicality, risk, risk management, systemic risk |
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Economist: ‘The golems are capable of doing the work per day of one hundred and twenty thousand men.’
— Terry Pratchett
Politician: ‘Think of what they could do for the city.’
Economist: ‘To begin with, they would put one hundred and twenty thousand men out of work. They do not require food, clothing or shelter. The demand for many things woupld drop. Circulation is everything. The money goes around creating wealth as it does so.’
Politician: ‘Then what course of actions do you propose?’
Economist: ‘I did not know that I had to find solutions as well.’
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