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How fintech will eat into banks business

“T HE DISTINCTIVE function of the banker ‘begins as soon as he uses the money of others’; as long as he uses his own money he is only a capitalist,” wrote Walter Bagehot in 1873, quoting Ricardo. This distinction may seem outdated. Institutional investors (hedge funds, mutual funds, pension funds, private equity) all use other people’s money. Yet Ricardo’s point matters. Listen to this story Enjoy more audio and podcasts oniOSorAndroid. Modern institutions are the interface between individuals and their capital. Gains (or losses) are returned to individuals. By investing in this way, people typically deploy their own money, with the fund acting as a mere tool. Banks also use deposits, the money of others, to extend loans. But customers expect to get their deposits back in full: they do not expect to bear the bank’s loan losses in bad years, nor to reap greater rewards in good ones. It is the banks that take both losses and gains.

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When interest rates turn negative

B ANKING COULD be called the business of time travel. When savers deposit money in a bank, they postpone consumption. When borrowers take out loans they pull future consumption forward. Banks facilitate this by the magic of interest. When they make loans and charge interest, or pay interest on deposits, they are really putting a price on time itself. But when interest rates are zero, or even negative, this trick becomes much harder to pull off. Listen to this story Enjoy more audio and podcasts oniOSorAndroid. This phenomenon is not new. Interest rates have trended lower for decades and have been below zero in Japan and Europe for half a decade. “We have complained for years about the low interest-rate environment, and I cannot hear that any more”, says Christian Sewing, boss of Deutsche Bank in Germany. “This is a new normal.”

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What are the new inflation hawks thinking?

What are the new inflation hawks thinking?
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What are the new inflation hawks thinking?

Ökonom Markus Brunnermeier: Ab wann Inflation wehtut

Ökonom Markus Brunnermeier: Ab wann Inflation wehtut
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