Economics professors Carmen M. Reinhart and Kenneth S. Rogoff document that the public and private debts of industrialized nations have grown to unprecedented levels relative to their GDPs. They find that a large public debt burden slows macroeconomic growth, even without explicit sovereign debt default.
With much of the developed world in a sovereign debt crisis, what implications will this have on your portfolio risk profile, benchmark, and asset allocation? Having spent his entire career in emerging market and non-U.S. investments, Jeffrey P. Davis, CFA, describes what he believes is a fundamental shift in the global market portfolio.
The European sovereign debt crisis has been occupying a disproportionate amount of investor mindshare over these past many months. Yet there is another potential debt crisis in Europe that is receiving… READ MORE ›
Most commentators trace the beginning of the European sovereign debt crisis to 5 November 2009, when Greece revealed that its budget deficit was 12.7% of gross domestic product (GDP), more than twice what the country had previously disclosed. However, the real origins of the crisis can be traced to the very structures that govern Europe's institutions.
General Tenor: Bearish. Almost all of the speakers at the conference expressed concern about the direction of the global economy. Specifically, bearishness was expressed for:
The European sovereign debt crisis
The U.S. Congress’s political gridlock and inability to resolve the U.S…. READ MORE ›
When it comes to fixed income, Canada is the cleanest shirt in the hamper.
The reason, says Ed Devlin, executive vice president and head of Canadian portfolio management at Pacific Investment Management Company, is that Canada engages… READ MORE ›
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