now for the exciting session on monetary populism on Hungary from Julia Kiraly, ex deputy governor of MNB (Hungary central bank):

my friends from the left and right, be careful!
oh, someone has read my work on Eastern European carry-trades. Image
Hungarian monetary populism: central banking subordinated to politics, that is divorced from economic thinking, but subservient to Orban oligarchs (!!!!!)
monetary populism: central bank behaves like an active, omnipotent policy maker! Image
'a populist government together with a populist central bank is a bad idea'

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Daniela Gabor

Daniela Gabor Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @DanielaGabor

5 Feb
chief economist of the Slovakian central bank in conversation with @BJMbraun:

'there is nothing progressive about dismantling central bank independence and subjecting it to the will of the people' #nextgencentralbanking
reminded me of famous Mervyn King quote:

'central banks are often accused of being obsessed with inflation. This is untrue. If they are obsessed with anything, it is with fiscal policy' Image
Luis Garicano (EP): if @Isabel_Schnabel arguments wins the day and @ecb corrects market mispricing of climate risk, what next?
should ECB correct housing market imperfections? social/poverty imperfections?
Read 5 tweets
1 Feb
exciting central banking week ahead!
tomorrow, I will be giving evidence to @LordsEconCom on Bank of England's QE, a set of fascinating questions (and only one hour to discuss them!)
from Wednesday on, a three-day conference on central banking.

torturing language, New Keynesian distaste for fiscal policy edition
Read 4 tweets
29 Jan
remember those massive central bank purchases of governments bonds & 'we're here to close spreads' last year?

my new report 'Revolution without revolutionaries: the return of monetary financing'

argues we live in a world of Minsky without Keynes.

transformative-responses.org/wp-content/upl…
Historically, we can trace two regimes of monetary financing, subordinated MF vs shadow MF.

across (a) objectives of intervention, (b) targets, (c) institutional hierarchy, (d) macroeconomic paradigm, and (e) accumulation regime/distribution of political power.
Since 2008, central banks have quietly adopted shadow monetary financing. This is Minsky without Keynes: central banks upgrade tools to evolving financial system – shadow banking or market-based finance– without fiscal authorities reclaiming their Keynesian dominance.
Read 12 tweets
29 Jan
quite remarkable how often @FT reads like a PR rag for Blackrock

ft.com/content/e5b57e…
first 5! paras of this piece - Larry Fink, the green man, worried to see climate crisis marks in all the pristine places he flies to in his private jet
look journos of the world, this is how you greenwash Blackrock:

Step 1: set out the scene, the personal detail of the man in charge who really cares.
Step 2: note the fiduciary duties of the financial capitalist, which conflict with the personal beliefs of the green man
Read 15 tweets
28 Jan
Behind everything there is a collateral + settlement story.
Securities traders had the same problem in the 1980s with their repo financing, and the solution was for triparty repo providers to take the market on their balance sheet, basically providing intraday financing unsecured
I wrote about it here - and there is no neat, non systemic solution to time- critical liquidity problems
ft.com/content/4da3a0…
Read 5 tweets
20 Jan
bankers against Biden's fiscal plan could really do with some proper fact-checking before sending their op-ed to the FT.

We all understand 'it's ideology, stupid!', but no excuse for lazy arguments.

ft.com/content/d49b53…
apparently, the Gospel according to Morgan Stanley is that we havent had enough neoliberalism for the past 4 decades
if you click on BIS link, it tells you monetary policy, not higher deficits, are associated with wealth inequality.

Incidentally, unconventional monetary policy through which central banks basically rescued banks after they nearly destroyed the global financial system in 2008
Read 10 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!