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FMG in the news 2013

Asset prices: not fully inflated
economist.com, 7 December 2013
Once again talk of bubbles is in the air and recent signs indicate that wealthy investors have become increasingly confident. The question asked in this article is whether they are right to be? Research by Dimitri Vayanos and Paul Woolley (both of the Paul Woolley Centre), in which they suggest that problems of agency contribute to bubbles, is quoted in the article.

Currency dealers said to enlist day traders for private bets
, 20 November 2013
It has recently come to light that currency dealers in London are giving information about client orders to day traders, who are then making bets on their behalf and in doing so are sidestepping restrictions on personal trading. Tom Kirchmaier (FMG) is quoted.

India entering JPMorgan bond index
16 November 2013
In a recent interview for CNBC-TV18 Charles Goodhart (FMG) gave his views on whether India should be included in one of the global emerging market government bond indices, like the JPM emerging market government bond index.

Criticism of short-term investing grows after Woodford departure
18 October 2013
Dr Paul Woolley (PWC) is quoted in this article talking about his definition of short-termism.

Quoted by Royalty
17 October 2013
Following his appearance at The Prince’s Charities Event – Resilience and the Long-term: Rethinking Portfolio Strategy, Dr Paul Woolley (founder of the Paul Woolley Centre) has been quoted by Prince Charles in a speech to the National Association of Pension Funds (NAPF).

If the CEO Favours Pet Analysts, Sell the Stock
finance.yahoo.com , 17 October 2013
A recent paper by Dong Lou (Department of Finance and FMG) is quoted in a Yahoo Finance article about the real role analysts play in conference calls. Read more.The global reform of financial regulation and architecture: how to balance safety and efficiency conference

The Global Reform of Financial Regulation and Architecture: How to Balance Safety and Efficiency
On Tuesday the 17 September 2013, the FMG and SRC, with support from The Clearing House and the Economic and Social Research Council, organised a conference entitled "The global reform of financial regulation and architecture: how to balance safety and efficiency". The event assembled thought leaders, including; Peter Praet (European Central Bank), Paul Tucker (Bank of England), Darrell Duffie (Stanford University) and Paul Saltzman (The Clearing House), to reflect upon the complex dynamics of change in the financial sector. Press articles relating to the conference are available below:

ECB starts outlining test for top euro zone banks
17 September 2013

EU lags U.S. in tools to let big banks fail -Bank of England's Tucker
17 September 2013

BOE's Tucker: EU Regulators Not Prepared for New Bank Failure
online.wsj.com, 17 September 2013

BoE's Paul Tucker: Banks 'Too Big to Fail' Is Still a Problem for Europe
18 September 2013  

German plan may weaken European banking union
16 September 2013
Germany has suggested that a new "resolution" agency to wind down or salvage bad banks should have power only over the euro zone's largest lenders, scaling back its reach to around 130 institutions, rather than all 6,000 in the currency bloc. This would be vastly different to what European leaders originally envisaged as their response to the 2008 financial crisis, leaving small but risky banks outside the scheme. Charles Goodhart questions the wisdom of excluding small banks in this article.

The strange death of the British middle class
spectator.co.uk, 24 August 2013
Michael Boehm, an FMG student, is quoted in this article which looks at the phenomenon that is the shrinking and sinking of the British middle class.

The message is loud and clear: don't touch rates
The Times , 31 July 2013, p.35
Charles Goodhart is quoted in this article discussing the interest rate changes that Mark Carney is expected to make. Also quoted in www.telegraph.co.uk (3 August 2013).

King takes up teaching post in New York
Guardian.co.uk , 23 July 2013
Sir Mervyn King (co-founder of the FMG) handed over the reigns as governor to Mark Carney at the end of June. King has since announced that from Autumn 2013 he will take up a teaching post at NYU's Stern School of Business and School of Law.

Managing volatility
FM magazine
, 16 July 2013
Why do economies blunder from one bubble and recession to another with such frequency and why do these cycles keep getting shorter? This article for FM magazine discusses Paul Woolley's (founder of the Paul Woolley Centre) explanation.

Fund managers, think outside the bonus
, 4 July 2013
On Thursday 27 June, Dr Paul Woolley (Founder of the Paul Woolley Centre) was invited to speak at St James’s Palace under the aegis of Prince Charles’s Accounting for Sustainability project. Dr Woolley spoke at length about his belief that the fund management industry has lost its way.

Why we should remain sceptical about the rise of the banking bail-in
, 28 June 2013
"We probably will try this bail-in lark … When we find that's a total disaster we will have to try something else." Said Charles Goodhart in response to the new rules, introduced by EU finance ministers, to bail out banks in trouble with 'bail-ins'.

Traders said to manipulate currency rates to profit from clients
futuresmag.com , 11 June 2013
Tom Kirchmaier (FMG Fellow) is quoted in this article which claims that traders at some of the world’s biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments.

Europe just as entrepreneurial as the US, says London CV survey
A recent paper by Ulf Axelson (Reader in the Department of Finance/FMG, LSE) and Milan Martinovic (FMG, LSE) uses data and empirical evidence, to challenge the enduring view among institutional investors and policymakers that Europe is lagging behind the US in respect to the financing of entrepreneurship.

Sir Mervyn King: global crises far from over
26 March 2013
Last night LSE was host to an impressive panel of speakers debating 'what should economists and policy makers learn from the financial crises?' Sir Mervyn King, one of the founders of the FMG, was joined by Ben Bernanke, Olivier Blanchard, Lawrence H. Summers and Axel Weber.

A case to reset basis of monetary policy
The Financial Times , 7 February 2013
Charles Goodhart (FMG, LSE) is mentioned in this article which debates the need for reform of monetary policy. To read this article in full you will need a subscription to the Financial Times.

The official launch of the Systemic Risk Centre, on Wednesday 16th January 2013, has been widely reported in the press.

New centre for Macroeconomics launched at LSE
finchannel.com, 17 January 2013

New centre for Macroeconomics launched at LSE
Automatedtrader.net, 17 January 2013

You can read the Economic and Social Research Council's (ESRC) announcement here.

The LSE's announcement is available here.

Goodhart says Carney to shift BOE communication rather than goal
Bloomberg.com , 09 January 2013
The Bank of England is more likely to change communication policy than its inflation target once Mark Coney becomes governor in July, said Morgan Stanley economists including former central banker Charles Goodhart (FMG,LSE).