English, PDF, 587kb
The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. Equities have rallied strongly too. This asset cycle is certainly helping banks reduce hidden losses on illiquid securities and could also help reduce the cost of equity.
English, PDF, 1,524kb
Competition authorities widely rely on leniency policies to detect, investigate and prosecute hard-core cartels. Jurisdictions that operate leniency programmes recognize the benefits of rewarding not only the first-in applicant who denounces the cartel but also subsequent applicants who provide useful corroboration or new evidence. This publication reviews the findings from a roundtable discussion held in October 2012.