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Gordon Kerr

Articles by this author (32)

December’14 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    11 December 2014    0

Despite the attention offered by the media to Russian banking and foreign exchange markets, tensions are growing in the ECB. Some ECB Board members are unconvinced of the stance the ECB President is taking, doubting that the introduced policy would be effective, let alone constitutional. We (...)


January’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    9 January 2015    0

Only two countries remain opposed to QE, although even they realise that measures about to be implemented are QE in all aspects but the name. Meanwhile, ground is being prepared for ECB to shift blame if “unconventional stimulus” ends up not working. Russian sanctions work. Or so we are led to (...)


February’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    14 February 2015    0

Is the standoff between the ECB and Greece in any sense subtle, or simply a car crash waiting to happen? We explain why being the first to defect may in fact benefit Greece. With low sympathy for formal (fiscal) debt forgiveness, we expect pressure to increase further on the ECB. Deutsche (...)


March’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    13 March 2015    0

The ECB’s deal with Greece still leaves it exposed. Despite the rhetoric that countries must get their own finances in order, the ECB’s sister agency has started work on a new programme of $319 bn of mutualised debt. US banks all pass their stress tests. However, that is not necessarily (...)


April’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    9 April 2015    0

Bank for International Settlements has labelled the impact of recent European quantitative easing as “unprecedented”. Worrying effects are not only the negative interest rates, but also very high price volatilities of asset. This development may soon hit not only economic, but also legal and even (...)


May’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    13 May 2015    0

Most media optimism, both in the US and Europe, continues to focus on the dizzy levels of stock and bond markets, but in our view these index levels have been driven up by professionals front-running QE in the US and Europe. In the past month, a Bulgarian court appointed two experts to (...)


June’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    13 June 2015    0

As the US vs European recovery story swings our way, what lessons can Europe learn from the strong swing to the centre right in Britain’s elections? Is there a possibility of Brexit? Banks have been hit with more fines, but more importantly, also with Criminal Convictions. Is this banking out (...)


Jul-Aug’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    14 July 2015    0

Ultra Low Interest Rates have destabilized the global Economy whose capital markets now show signs of Illiquidity. Stress testing of banks by central banking authorities has come to prominence as reliance on the traditional accounting standards has waned. Europe’s banking system was (...)


September’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    11 September 2015    0

China devalued its currency by 3%. Financial markets responded disproportionately, but we explain that it is quite understandable, given government policies in the rich countries. We then investigate the devaluation’s effect on the US and EU financial markets as well as on the currencies of (...)


October’15 Financial & Fiscal Features Newsletter

by Gordon Kerr, John Butler, with Enrico Colombatto    13 October 2015    0

Despite abundant and increasing evidence of loose monetary policies being the cause of emerging market economies moving from boom to bust, there are none so blind as those who refuse to see. Central Bankers want to abolish cash in order to be able to set substantially negative interest rates. (...)


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