This article defines the four phases of the credit cycle, then details how investors should position credit portfolios to profit from coming phases.
The question of whether Australian house prices are excessive is increasingly being asked. This article briefly reviews the theory and history of housing bubbles, before analysing Australian house prices and what impact a bubble could have on Residential Mortgage Backed Securities (RMBS).
The Basel 3 bank reforms were proposed as a response to the problems of 2007-2009, with the changes intended to substantially lessen the likelihood of another round of global bank bailouts. This article examines the key reforms and puts forward an alternative view of what will best protect taxpayers from bearing the costs of future bank bailouts.