Category Archives: Aides Memoire

How Income Inequality Leads to and Supports Political Capture

As can be seen in posts pondering the past, present and or future nature of the Chinese, Brazilian or Ancient Roman political economy, capture is inevitably a recurring theme in my analyses. More specifically, I have recently found myself leaning … Continue reading

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(European) Debt Mutualisation: Lessons from the USA

This post considers events in the history of the United Stated (USA) that involved the bailing out of state governments by the (newly created) federal government. This considerations are made because of their value as a template for  a reform … Continue reading

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ECB Market Intervention: The Securities Market Programme (SMP)

Update: As of September 6th, 2012, the SMP was discontinued and the assets held in its accounts were transferred assimilated by the Outright Monetary Transactions (OMT) accounts. For a preliminary assessment of the OMT, please check this blog post. Otherwise, … Continue reading

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ECB Market Intervention: Covered Bond Purchasing Programme (CBPP)

Having looked at the tools available to the ECB, at its balance sheet, and at the transmission of monetary policy into the interbank lending market.after considering financial market failures due to Fractional Reserve Banking, overlending and VaR, I would like … Continue reading

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ECB: Monetary Policy Transmission – Interest Rate Channel System, Reserves & the Interbanking Market

Having looked at the tools available to the ECB and at its balance sheet, after considering financial market failures due to Fractional Reserve Banking, overlending and VaR, I would like to turn my attention to the actual operation of monetary … Continue reading

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