Perfect headline to cap the year.
Prediction for 2023 (and all futures years): Pensions will remain the elephant in the macrofinance room.
Benjamin Braun
@bjmbraun
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Political economist at MPIfG Cologne | Central banking, asset management, green macrofinancial regimes & more
Not convinced that "piping financial data into Excel" is why Microsoft bought a stake in the London Stock Exchange...
https://www.ft.com/content/b8ffa049-cf19-45ec-aaf6-36adc613412e
https://www.ft.com/content/b8ffa049-cf19-45ec-aaf6-36adc613412e
Haven't seen this data before: All but three of the biggest global banks increased their bond underwriting of high-emissions industries between 2019 and 2021. Grim.
https://www.ft.com/content/8d0c1064-881e-42b4-9075-18e646f3e1ad
https://www.ft.com/content/8d0c1064-881e-42b4-9075-18e646f3e1ad
Great long read but it fails to mention the crux: A funded pension system in which all pension funds want is liquidity (i.e. government bonds) – that's just an extremely inefficient version of a PAYGO system. Which is a better system.
https://www.ft.com/content/1854d64f-491d-432e-9899-2fd565e7ff06
https://www.ft.com/content/1854d64f-491d-432e-9899-2fd565e7ff06
