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Articles by Toos Daruvala
Financial globalization: Retreat or reset?
Cross-border capital flows remain 60 percent below their precrisis peak, and growth in financial assets around the world has stalled. Continued retrenchment could jeopardize investment and recovery unless policy makers can "reset" the financial system for a healthier flow of financing that supports economic growth.
Why US banks need a new business model
Investors want radical plans to boost ROE above the cost of capital. This autumn, many US banks reported a respectable improvement in earnings for the third quarter: more than 80 percent of the largest beat the market’s consensus forecasts, and a similar proportion showed year-on-year increases. The second quarter was equally impressive.
Debt and deleveraging: Uneven progress on the path to growth
Reducing debt in mature economies continues to be a long and slow process. But lessons of history show that with the right reforms during deleveraging, countries can return to robust long-term growth. Safely reducing debt and clearing the way for economic growth in the aftermath of the global credit bubble will take many years and involve difficult choices, as MGI’s 2010 report showed. Two years later, major economies have only just begun deleveraging.
What’s next for US banks
Two different kinds of accounting—fair value and hold to maturity—have created two different kinds of crises. One is almost over. The other is only beginning. With the completion of the US government’s banking “stress tests,” the rebound in first-quarter 2009 bank earnings, and the recent rise in the US stock market, it is fair to ask if we can now see a clear path out of the credit crisis.
A better way to fix the banks
Here’s a plan that could solve the toxic-asset pricing problem voluntarily—without requiring Uncle Sam to nationalize the whole industry—and make (pretty much) everyone a winner. This short essay is a Conversation Starter, one in a series of opinions on topical issues. Read what the authors have to say, then let us know what you think.
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