Demand for Agency MBS in the Era of the Fed Balance Sheet Unwind

2019 ◽  
Keyword(s):  
Federal Reserve ◽  
Balance Sheet ◽  
2008 Financial Crisis ◽  
The Past ◽  
Mortgage Backed Securities ◽  
The Face ◽  
Declining Demand ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
One Year

Since the Federal Reserve signaled plans to gradually pare down its holdings of Treasuries and agency debt and mortgage-backed securities (MBS) accumulated in the aftermath of the 2008 financial crisis, investors have expressed concern over how the removal of the Fed as an active buyer would impact the government-sponsored enterprise MBS market. In addition, expectations for increased MBS issuance fueled by a strong labor market have added to worries about rising supply in the face of declining demand. It has been more than one year since the Fed began to shrink its balance sheet. This article examines how market conditions over the past year have affected the speed of Fed balance sheet normalization relative to expectations, as well as ongoing developments in the agency MBS market, and finds that feared market imbalances have largely failed to materialize.

scholarly journals Reimagining unfinished architectures: ruin perspectives between art and heritage

2018 ◽  
Vol 26 (2) ◽  
pp. 227-244
Author(s):  
Pablo Arboleda
Keyword(s):  
Financial Crisis ◽  
Broad Spectrum ◽  
Organised Crime ◽  
Public Works ◽  
Architectural Style ◽  
2008 Financial Crisis ◽  
Complex Issue ◽  
The Past ◽  
Single Solution ◽  
The 2008 Financial Crisis

For the past five decades, hundreds of unfinished public works have been erected in Italy as the result of inconsistent planning and the presence of corruption and organised crime. A third of these constructions are located in Sicily alone, and so, in 2007, a group of artists labelled this phenomenon an architectural style: ‘ Incompiuto Siciliano’. Through this creative approach, the artists’ objective is to put incompletion back on the agenda by viewing it from a heritage perspective. This article reviews the different approaches that the artists have envisaged to handle unfinished public works; whether to finish them, demolish them, leave them as they are or opt for an ‘active’ arrested decay. The critical implications of these strategies are analysed in order to, ultimately, conclude that incompletion is such a vast and complex issue that it will surely have more than one single solution; but rather a combination of these four. This is important because it opens up a debate on the broad spectrum of possibilities to tackle incompletion – establishing this as one of the key contemporary urban themes not only in Italy but also in those countries affected by unfinished geographies after the 2008 financial crisis.

Solidarity as Social Reconstruction

2020 ◽  
Vol 19 (6) ◽  
pp. 708-728
Author(s):  
Olivier Voirol
Keyword(s):  
Financial Crisis ◽  
Cultural Values ◽  
Social Issues ◽  
Social Reconstruction ◽  
2008 Financial Crisis ◽  
Individual Preferences ◽  
The Past ◽  
Social Reason ◽  
Market Approach ◽  
The 2008 Financial Crisis

Abstract The neoliberal agenda is based on the rejection of social objectivism and social reason, in favor of individual preferences and subjective values. Reforms carried out under this agenda destroy institutions and practices of solidarity. While the 2008 financial crisis has confronted neoliberalism with a legitimation crisis, an alternative agenda has yet to emerge. In the past decades, this “void” gave birth to the implementation of “regressive communities”. Instead of challenging the neoliberal agenda these communities function as mere authoritarian extensions. By rejecting social issues and defending cultural values they display contempt for social objectivity and reason. A path beyond the neoliberal “all market” approach as well as the subsequent triggerering of “regressive communities” is nowadays sought by social reconstruction through solidarity.

Green and Blue Economy

2020 ◽  
Vol 11 (2) ◽  
pp. 16-33
Author(s):  
Fabrizio Striani
Keyword(s):  
Sustainable Development ◽  
Policy Development ◽  
National Policy ◽  
Green Economy ◽  
2008 Financial Crisis ◽  
The Third ◽  
The Past ◽  
Blue Economy ◽  
International Attention ◽  
The 2008 Financial Crisis

The concept of green economy has received significant international attention over the past few years as a tool to address the 2008 financial crisis. Governments today are seeking effective ways to lead their nations out of the crisis and the green economy (in its various forms) has been proposed as a means for catalyzing renewed national policy development and international cooperation and support for sustainable development. The aim of this article is to define and highlight the importance of the green (blue) economy and compare it with the so-called greed economy. This article is divided into different sections: after a brief introduction is a systematic literature review; the second section is about sustainable development and the green economy concept; the third is about the green economy and blue economy concept; and the fourth compares greed economy to green (blue) economy. Finally, the author will draw conclusions.

Governmental management by trust communication: German organizational rhetoric in the 2008 financial crisis

2015 ◽  
Vol 23 (1) ◽  
pp. 33-45
Author(s):  
Jan C. L. König ◽  
Klaus-Peter Wiedmann
Keyword(s):  
Financial Crisis ◽  
Quantitative Research ◽  
Organizational Rhetoric ◽  
2008 Financial Crisis ◽  
Content Type ◽  
Rhetorical Action ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
Governmental Management ◽  
Practical Implications

Purpose – The purpose of the authors of this paper is to observe the German Government’s rhetorical communication measurements during the 2008 financial crisis. Design/methodology/approach – The authors compiled approaches of organizational rhetoric and pragma-linguistics first to offer a consistent concept and method for observation and analysis. Later on, they give an overview of the problem of trust and confidence according to Luhmann’s approach and its meaning for crisis rhetoric and marketing and managing approaches. Findings – In the following case study, the authors offer a rhetorical text analysis, combined with a pragmatic perspective of accompanying legal measurements of the government as non-verbal communication. The authors show how the government re-established trust among German consumers and eventually overcame the crisis mainly by rhetorical action. Research limitations/implications – Regarding future crises, the authors suggest that the interaction of trust, financial markets and rhetorical approaches could be better understood. This could include both more quantitative research and qualitative rhetorical approaches. Practical implications – Practical implications clearly show the importance of rhetorical education, especially for crises. This counts for governmental managers, as well as entrepreneurs and spokesmen. Social implications – The authors also revealed the problem of unjustified trust which can become dangerous for social welfare, even if it is only produced by misleading communication. This problem can only be solved by a careful public regulation. Originality/value – Finally, the authors could describe the importance of effective language and communication as a tool for the German Government in the financial crisis in 2008. It can be also described as an example for decision-makers in similar situations.

scholarly journals Unwinding: A Tale of Corridors and Floors

2017 ◽  
Vol 241 ◽  
pp. R70-R73 ◽  
Author(s):  
Roger E.A. Farmer
Keyword(s):  
Monetary Policy ◽  
Balance Sheet ◽  
Central Banking ◽  
2008 Financial Crisis ◽  
Policy Makers ◽  
Monetary Policy Committee ◽  
The 2008 Financial Crisis ◽  
The Interest Rate ◽  
The Stability ◽  
The Uk

I discuss six tools available to monetary policy makers. Three of these have been used since the inception of central banking. Three are new and were introduced in the aftermath of the 2008 financial crisis. I argue that, when the UK Monetary Policy Committee raises the interest rate, it should maintain a large balance sheet that consists of both risky and safe assets. Further, the Bank should trade the risk composition of its balance sheet to promote the stability of asset prices.

scholarly journals DID THE 2008 GLOBAL FINANCIAL CRISIS AFFECT THE BANKING CREDITS? A CASE OF REGIONS OF TURKEY

2020 ◽  
pp. 74-82
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Annual Data ◽  
2008 Financial Crisis ◽  
Dummy Variable ◽  
The Us ◽  
The World ◽  
The 2008 Financial Crisis ◽  
One Year

In 2008 the world faced a global crisis which is started from the US; thus it is named as a “US Great Recession. In this paper, we investigate whether the 2008 financial crisis has an effect on Turkish banking credits in regional case. For this aim we use Non-specialized Loans Deposit which is collected from The Banks Association of Turkey as an annual data. The period of the paper is 2004-2014. The selected regions are 11 NUTS1 regions; thus we have panel data with 121 observations. We use two dummy variable; first dummy values are 1 for 2008 and 0 for other years, a second dummy variable is 1 for 2008 and successor years; 0 for other years. The first dummy shows if the crisis affects only one year, the second dummy shows if the crisis affects crisis year and successor years.

Shock to the system? Journalism in Irish public service media after the crash

2020 ◽  
Vol 28 (2) ◽  
pp. 116-142 ◽  
Author(s):  
Mark Cullinane
Keyword(s):  
Public Service ◽  
The Political ◽  
Public Confidence ◽  
2008 Financial Crisis ◽  
Policy Responses ◽  
Professional Norms ◽  
Cultural Systems ◽  
The Face ◽  
The 2008 Financial Crisis ◽  
Journalistic Professionalism

The political and economic disjunctures associated with the 2008 financial crisis and the policy responses to it have coincided with the deepening of professional journalism’s cultural crisis of authority and legitimacy, associated with declining public confidence in the hegemonic norms underpinning journalism practice. This paper presents the findings of research undertaken in the newsroom of Ireland’s main public service media organisation aimed at exploring the durability of key tenets of journalistic professionalism as its practitioners negotiated the crisis. In demonstrating evidence from interview testimony of limited editorial responses to crisis, enduring support for dominant professional norms and prevailing practices of representation, inclusion and participation, the findings are suggestive of a broad normative resilience in the face of crisis. Such stability, it is argued, reflects the ideological enmeshment of public service media and journalistic professionalism within the political and cultural systems of their host states but offers few resources for extricating public service journalism from deepening professional and institutional cultural crises.

Fiscal Policy in Europe

2007 ◽  
Vol 201 ◽  
pp. 33-36 ◽  
Author(s):  
Ray J Barrell ◽  
Sylvia Gottschalk
Keyword(s):  
Budget Deficit ◽  
Stochastic Simulations ◽  
Forecast Errors ◽  
Budget Deficits ◽  
Government Budget ◽  
The Past ◽  
Large Numbers ◽  
The Difference ◽  
The Government ◽  
One Year

In the past twelve months the government budget situation in Germany has improved markedly, and the budget deficit has moved from 3.2 per cent of GDP in 2005 to 1.7 per cent in 2006, with further improvements in prospect. Over the same period in France, the budget deficit moved marginally from 3 per cent of GDP in 2005 to 2.5 per cent of GDP in 2006. The prospects for further improvement appear limited as the new government plans to cut taxes to stimulate the economy. Projections for budget deficits are very uncertain, as they are the difference between two large numbers (receipts and spending) that are difficult to predict accurately. Figures 1 and 2 plot the errors around our budget projections for France and Germany based on stochastic simulations on NiGEM. The 95 per cent confidence limit for our forecast one year ahead is around 1 per cent of GDP around our central forecast, and uncertainty increases into the future. As we can see from figures 3 and 4, our forecast errors for France and Germany have been well within the 95 per cent bands in the past three years, except for our one year ahead forecast for Germany for 2006. The budget improved by 1.5 per cent of GDP more than we had anticipated, and this appears to have been due to unexpectedly high tax receipts, rather than to changed policy.

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