The first part of my new MFin elective Understanding the World Economy and Financial System next term will explore the question, why are some countries richer than others? * One of the most important, interesting but hotly contested questions in economics … Continued
Former IMF Chief Economist Eswar Prasad’s excellent book Gaining Currency – The Rise of The Renminbi starts with a fascinating chapter on China’s monetary history, the longest by far of any country. The book is ultimately a persuasive answer to the … Continued
It’s generally agreed that we face an unusually uncertain outlook this year: elections in France and Germany, the path for the UK’s leaving of the European Union and above all, how will President Trump act? Underneath the political fog there … Continued
Every year is getting shorter, never seem to find the time.Plans that either come to naught or half a page of scribbled lines.Hanging on in quiet desperation is the English way.The time is gone, the song is over, thought I’d … Continued
Single cause explanations of events such as Brexit or the Trump victory are too simple. But there is an important and worrying economic background fact to both, which is that the Anglo-US style of western capitalism seems to have stopped … Continued
China’s corporate debt is high and rising fast. Most of it is in the state owned enterprise sector and is borrowed from state owned banks. So the debt problem and the responsibility for fixing it lies with the government. * Despite … Continued
The possibility that central banks might resort to extreme monetary measures, including helicopter money, is much debated in monetary policy circles. But what is “helicopter money”? * In normal times, central banks in developed countries try to control inflation and … Continued
A bond is a long term debt security, which can be issued by a government, company or even a charity. This post describes the main features of bonds. * A bond is a debt security for which the term (maturity) … Continued
Financial services are provided mainly in two ways: by banks and by markets. Here we outline the key features of financial markets * A market is a very general concept of any arrangement which brings together users for mutual advantage. … Continued
One of the three purposes of a financial system is to join savers to investors, to allow funds to flow from people who have a surplus to those who have a deficit (the others are to manage risk and to facilitate … Continued
There are two generic ways in which a company can raise long term funding, which we call capital: debt and equity. Combinations of these, called hybrid capital, are also possible but rare outside venture capital. Any economic agent, including individuals, … Continued
Securities are a very important and useful piece of financial technology, including bank notes, shares and bonds. They make possible a wide range of financial transactions and provide competition to the other main source of funding, banks. * A security … Continued
http://www.cambridge-tv.co.uk/dr-simon-taylor-nuclear-power/
The story of the proposed Hinkley Point C new nuclear power station in the UK has turned into a soap opera: a long running drama in which new plot developments occur regularly. The latest twist was that on the same … Continued
August 27, 1956: All systems glow – Simon Taylor on the opening of Britain’s Calder Hall nuclear power station It’s nearly 60 years since the UK switched on the first full scale nuclear power station in the world, Calder Hall, in … Continued