Special Report

Incentives ingrained in the U.S. higher-education system have contributed to an alarming escalation in student debt over the last 15 years. About 43 million Americans owe a total of almost $1.2 trillion for their education, making…

Special Report

Highlights China's rising debt-to-GDP ratio is the mirror image of rising assets, due to a combination of rising capital intensity in the economy, falling returns on assets, falling profit margins and declining efficiency. The…

Special Report

Investors are overstating the legal and political constraints to "helicopter money"; The BoJ and BoE have few legal hurdles, whereas the ECB would have to get creative to stay within the existing law; Inflation-phobia in…

Special Report

In China and the majority EMs, credit impulses will be negative over the next 12 months as and if their credit growth converges towards their current nominal GDP growth. These negative credit impulses will dampen EM/China growth and…

Our primary argument for continued EM/China growth disappointments is that their credit growth is set to decelerate further and credit impulses will remain negative, depressing economic growth. Rising LIBOR could lead to a stronger U…

Special Report

This week, we are sending a Special Report written by BCA's Chief Global Strategist Peter Berezin, discussing the end of the 35-year global bond bull market.

Special Report

The fundamental reason behind the debt buildup in the Chinese economy is rooted in its high savings and banking-centric intermediation system. It is wrong to focus solely on the liability side of the economy. Viewed from a balance…

Special Report

The median voter theory is one of the few genuine theories of political science. It assumes that voters have limited policy priorities and that politicians want power. Therefore the latter will adjust their stances to satisfy the…

The median voter theory is one of the few genuine theories of political science. It assumes that voters have limited policy priorities and that politicians want power. Therefore the latter will adjust their stances to satisfy the…

Special Report

Abenomics has disappointed, but not failed. The Bank of Japan could move to debt monetization next year, which would be positive for Japanese equities and negative for the yen.