Matteo Maggiori on the Global Capital Allocation Project, Exorbitant Privilege, and Dollar Runs
Macro Musings with David Beckworth
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The Banker of the World View
Yeung: We have all these risky assets in china more than we thought. Banker, i guess, after the financial cases, is obvious to everybody. When you mention banker, people think instability. But actually the term was originally coined by kindel berger in the seventies as a response to triftin and it was supposed to be super safe. Yeung: If you are comy with a very big financial system with low financial frictions, you tend to lever up. And that's where that paper was trying to go. It took the banker to the world view, but we took a different view of the world.
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