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David Zervos

Showing 1–5 of 5 transcripts.

  1. Milken Institute59 min

    Monetary Policy: Out of Ammunition?

    David Zervos, Joachim Fels, Pippa Malmgren, James McCormack, Stephen S. Poloz

    At the Milken Institute panel, David Zervos, Joachim Fels, Jakob Frenkel, and Pippa Malmgren analyzed the diminishing efficacy of traditional monetary tools and the potential for central bank coordination following the 2016 G20 Shanghai meeting. The experts debated the risks of unconventional strategies such as negative rates, "helicopter money," and sovereign debt monetization while contrasting their impacts on global currency dynamics and emerging market stability. Furthermore, the discussion highlighted a divergence between improved bank solvency due to regulation and persistent systemic vulnerabilities within the shadow banking sector, alongside arguments for prioritizing private-sector innovation over state-led fiscal stimulus to address sovereign debt burdens.

  2. Milken Institute55 min

    2014 London Summit - Have Central Banks Created an Asset Bubble?

    Willem Buiter, Ousmène Mandeng, Robert Seminara, Zak Summerscale, Staci Warden, David Zervos, Wilhelm Stelzenmüller

    Panelists led by Wilhelm Stelzenmüller argue that asset bubbles stem from private sector responses to forced central bank liquidity due to fiscal paralysis, rather than direct central bank creation. The discussion contrasts risks in leveraged private equity and covenant-lite loans with the broader credit market, while identifying ineffective post-2008 monetary frameworks and Eurozone structural deficits as key drivers of stagnation. Experts conclude that sustainable recovery requires comprehensive fiscal stimulus and structural reforms, warning that reliance on monetary expansion alone will eventually force a burst of the current credit bubble.

  3. Milken Institute1h 7m

    MI Summit 2013 - London: Global Capital Markets: The Forces Shaping the Future of Finance

    Leon D. Black, Tom Finke, Mitchell Julis, Scott Minerd, David Zervos, Michael Milken, Mike Clouton

    The panel analyzed how central bank policies incentivizing risk-taking are driving a structural shift from traditional banking to shadow banking and alternative asset classes like collateralized loan obligations. Industry leaders from Apollo and other institutions discussed strategies to navigate these changes, highlighting the need for insurers and Japanese households to move away from cash hoarding toward real assets and structured credit to meet yield targets. Despite the opportunities for innovation, speakers warned that prolonged quantitative easing creates market distortions and political risks that could lead to future inflationary instability.

  4. Milken Institute55 min

    MI Summit 2013 - London: Quantitative Exiting: The Road Ahead for Monetary Policy

    Laurence Boone, Jason Cummins, Spencer Dale, Brian Sack, David Zervos

    Senior officials from the Federal Reserve, Bank of England, and ECB discussed the $10 trillion expansion of global central bank balance sheets, highlighting that future limits are defined more by political legitimacy and market stability than strict GDP thresholds. Panelists explained that recent policy shifts prioritize keeping interest rates low to stimulate growth, with the Fed planning to maintain a massive balance sheet until at least 2020 while the Bank of England commits to eventually selling sovereign assets to preserve credibility. While experts agree that the expanded monetary base poses limited inflation risk through tools like reverse repos, they acknowledge the trade-offs include a "Faustian bargain" of accepting asset bubbles to achieve macroeconomic stability.

  5. Milken Institute1h 1m

    Central Banks: Is Quantitative Easing Becoming Quantitative Exhaustion?

    James McCaughan, Cliff Noreen, Tad Rivelle, Aram Shishmanian, Kevin Warsh, David Zervos, Jim McLaughlin

    A panel of financial experts consensus agrees that while aggressive quantitative easing was necessary to prevent a 2008 collapse, the policy subsequently shifted to generating diminishing returns and exacerbating wealth inequality. Speakers like Kevin Warsh and Jim McLaughlin warn that continued reliance on monetary stimulus has stalled structural reforms, distorted asset prices, and risked a deglobalization wave driven by competitive currency devaluations. Consequently, investors are urged to adjust strategies toward non-traditional fixed income and hedging instruments in anticipation of eventual rate hikes and an exit from the current era of central bank dominance.