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03/04/2013 - The liquidity of gold under proposed EBA liquidity tests: An analysis for the World Gold Council

Europe Economics was recently commissioned by the World Gold Council to investigate the performance of gold relative to other asset classes on liquidity measures to be used by the European Banking Authority (EBA) in determining assets eligible for the Liquidity Coverage Ratio (LCR) as part of the Capital Requirements Directive (CRD-IV).  CRD-IV is the implementation of Basel III recommendations at the EU level.  We lay out a theory of liquidity, critique the EBA’s proposed analysis in light of our theory, and offer some quantitative measures of theoretical aspects of liquidity not covered by the EBA.  We find that gold performs very well on the “correlation of price with need to sell” measure of liquidity and comparably to equities and fixed income on relative spread measures.  We also discuss why we believe gold would perform very well on the “diversity of asset holders” aspect of liquidity.  Taken as a whole, our research argues that to ignore certain key aspects of liquidity currently not covered by the proposed EBA assessment would bias the assessment against gold and potentially render the LCR inadequate in assuring liquidity in times of financial stress.

06/03/2013 - Transfer of the Consumer Credit Regime: Costs and Firm Behaviour

The UK Government intends to transfer responsibility for the regulation of consumer credit from the Office of Fair Trading to the Financial Conduct Authority. Europe Economics has worked in collaboration with Policis to understand the implications of the new regime.  This report contains Europe Economics’ analysis of the impacts on the incremental costs of compliance and the impact of these cost changes on expected firm behaviour.

05/10/2012 - The WGC Proposal: Gold as Collateral for Eurozone Sovereign Debt

The World Gold Council (WGC) has commissioned Europe Economics to provide a politico-economic assessment of its proposal for the use of gold as collateral for Eurozone sovereign debt, especially the debt of Italy and Portugal. The executive brief, which summarises the WGC’s proposal, considering its merits relative to other ECB schemes such as the Outright Monetary Transactions (OMT) programme, may be downloaded here.

07/08/2012 - Supermarkets, suppliers and consumers (main report)

Europe Economics and Consumers International have recently collaborated on a paper dealing with supermarkets and their relationships with suppliers and consumers.  Bob Young of Europe Economics recently spoke on this topic at a conference organised by the Oxford University Faculty of Law (the Centre for Competition Law and Policy).  The full paper runs to thirty pages and the summary to ten. Both may be downloaded here.  

07/08/2012 - Supermarkets, suppliers and consumers (summary)

Europe Economics and Consumers International have recently collaborated on a paper dealing with supermarkets and their relationships with suppliers and consumers.  Bob Young of Europe Economics recently spoke on this topic at a conference organised by the Oxford University Faculty of Law (the Centre for Competition Law and Policy).  The full paper runs to thirty pages and the summary to ten. Both may be downloaded here.