Category Archives: Economics

Social Impact Bonds

By benbansal Posted in Asset management, Economics 4 Replies

I don’t get many comments on this blog but one of the few I did get urged me to look at social impact bonds (SIBs). It came in response to a critical post I wrote on impact investing. SIBs are a potentially major instrument in impact investing in which payback is linked to a pre-defined (social) outcome. Most of them don’t deserve the name bond as they exhibit more option-like characteristics. But that is not the only source of my theoretical confusion surrounding SIBs.

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Again for a lack of a better photo – view down Broad Street, downtown Manhattan

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Export Germany

By benbansal Posted in Economics, Germany Leave a reply

Germany has been the target of some stinging criticism as of late. The US Treasury and the IMF accused the Germans of running too large trade and current account surpluses. Germany is hence fuelling huge global imbalances, as these surpluses must by definition lead to equivalent deficits elsewhere. Is there any merit to this argument?

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Berlin – TV Tower / Fernsehturm on foggy day

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China learning from Japan

By benbansal Posted in China, Economics, Japan Leave a reply

I went to a presentation by Stephen Roach (former chief economist of Morgan Stanley) a couple of weeks ago. He started off with a good overview of current global financial imbalances. Yet I felt he fell short on delivering on the presentation title’s promise – showing how China can learn from Japan – in good ways and in bad. Some of the topics I would have liked to be seen addressed after the jump.

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Shanghai haze viewed from Pudong

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Global Frontiers Inc.

By benbansal Posted in Asset management, Economics, Future ideas, Past occupations Leave a reply

One of my favourite aspects of working in emerging market fund management was the frequent travel across the world for on-the-ground research. I would meet thoughtful people and return home with lateral insights, helping our team invest more profitably at less risk. A former business contact of mine set up a business that designs such trips for institutional investors. I joined him a few weeks back.

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Impact investing

By benbansal Posted in Asset management, Economics, Future ideas, Past occupations 2 Replies

Triggered by a visit to a recent meet up here in New York, I have been thinking about the impact investing industry. In one way or another, much of my finance career had something to do with it. The question now – is it the future and worth much more of my personal focus? I can’t help but being skeptical of the industry. Some pointers on why below the jump.

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For lack of a better photo (?) – Kashgar cattle market, western China, 2004

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Harlem Gentrification

By benbansal Posted in Economics, History, New York, USA 2 Replies

It’s good to call a place home after quite a few months on the road. I’m very happy we ended up in Harlem to do that. The neighbourhood is oozing history at every street corner. It’s also not as “gentrified” as other areas in New York, but fast becoming so thanks to people like me. Let me elaborate.

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Riverside Drive / 145th Street

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State Intervention

By benbansal Posted in China, Economics, Japan, USA Leave a reply

The proximity to Columbia University and my flexibility as a freelancer allow for plenty of visits to public lectures. So today I went to this mini-conference on state intervention and private enterprise in the US, Japan and China. What promised to be an intriguing event left a lot to be desired. The following lines are some casual and possibly incongruous observations.

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For the lack of a better photo: Chandler and Northwest Corner Building at Columbia University

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High-Speed China

By benbansal Posted in China, Economics Leave a reply

It’s nearly a year ago that I first used China’s new high-speed rail (HSR) when travelling from Beijing to Hangzhou. It was a fascinating experience. A New York Times article again drew my attention to the perhaps most ambitious infrastructure project a single nation has ever undertaken. It also made me dig out the one and only photo of a train I took. And no, I have no idea who this person is.

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Financial Heretics

By benbansal Posted in Economics, Publishing Leave a reply

I finished my friend Brett’s book The Heretic’s Guide to Global Finance: Hacking the Future of Money a while back. I wanted to post my observations a back then already, but the big move to the US came in between and I dropped the ball. But Brett’s recent piece in Aeon Magazine was a timely reminder. So herewith, though unfortunately not as fresh as I would like them to be, some reflections.

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NYC housing

By benbansal Posted in Economics, New York

Another big issue in New York – and perhaps more so than in other big cities – is the scarcity of affordable housing. The Democratic mayoral candidates have all come forward with ambitious plans to increase the supply of subsidised units. Is that the best way to address the overall problem?

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