Word: debts
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...Iceland. The result is what economists call “carry trade”—currency arbitrage and speculative investment highly susceptible to liquidity crises. Whereas banking sector assets accounted for 96 percent of GDP in 2000, they were over 10 times GDP this year. Furthermore, external debt in the form of foreign deposits in Icelandic banks was over 20 times the government’s debt. Effectively, the banks had become too big for the government to protect.Despite the fact that countries like Switzerland and Britain have survived for centuries with a similar discrepancy between banking assets...
...Despite the U.S. housing debacle - and the huge losses derivatives linked to bad mortgages have caused across the globe - introducing them to China was high on western banks' wish list. They argue that relatively straightforward derivatives deepen the liquidity of both debt and equity markets, and provide investors with useful hedging vehicles. "The Chinese understand all that," says Nicholas Lardy, an economist at the Peterson Institute for International Economics in Washington. "But the Chinese really want to study how this happened [in the U.S.], what derivative's role was, and how they can avoid it in the future. That...
...those cuts, Wall Street bonuses may still look inflated in light of the industry's dismal performance in 2008. For example, so far this year, Wall Street has underwritten $1.5 trillion in bonds. Sounds like a lot. But it is $500 billion less than what Wall Street did in debt back in the same time period in 2002, which was the last time Wall Street had a significant downturn. And that year Wall Street bonuses were just $8.6 billion, or $5.4 billion less than they are expected to be this year...
...underlying economic problems of modern recessions have been more complex and therefore more difficult to solve. Levy thinks the same dynamics are in play now as the economy struggles to regain its footing after being sunk by complicated issues such as capital flows and deflation of assets and debt - all of which choke off cash flows among big employers, who then trim payrolls. "You can't just clean these things up by having the economy go through a year of cutting inventories and dropping interest rates," says Levy. "The problems linger...
...exciting for me,” said Kagan, who has made the expansion of the Law School’s financial aid program a priority during her deanship. Historically, 50 to 60 graduates have pursued public service jobs each year. In 2008, Law School students graduated with an average debt of $109,000, a Law School official said. Administrators said they hope the public service program will reduce the financial pressure to take lucrative corporate jobs for students interested in lower-paying positions in government and non-profit organizations. The initiative was originally projected to cost $3 million each year...