Historically, the CIP relationship was so stable across countries that it came to be regarded as one of the few binding laws in economics. Prior to the 2007–2008 financial crisis, the cross-currency basis was close to zero for all pairs, but after the crisis began, large violations of CIP were present, especially with respect to the U.S. dollar. When the European sovereign debt crisis arose in early 2010, the cross-currency basis also widened, but then flattened out by late 2012.
This article examines the recent proposition that the decline in Canada's standard of living relative to that of the United States is causally related to the decline in our exchange rate. The authors…
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Section 1044 of Dodd-Frank provides a set of rules to govern the preemption of "state consumer financial laws."180 In so doing, Section 1044 defines the term "state consumer financial law" to mean "a State law that does not directly or indirectly discriminate against national banks and that directly and specifically regulates the manner, content, or terms and conditions of any financial transaction .
In affirming a lower court injunction against the OFIS, the Court explained that "in analyzing whether state law hampers the federally permitted activities of a national bank," the proper inquiry "focuse[s] on the exercise of the bank's powers
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The OCC's 2004 preemption rules have attracted criticism. Beginning in 2008, the United States experienced a financial crisis widely believed to have been caused in part by reckless subprime mortgage lending and a collapse in the real estate market.174 Commentators have debated the role that the preemption of state antipredatory lending laws played in the crisis. Some observers contend that national banks played a significant role in the type of predatory lending that arguably led to the crisis, and that federal preemption "effectively gut[ted] states' ability to legislate against predatory lending practices.
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A provision of the NBA providing that "[n]este national bank shall be subject to any visitorial powers except as authorized by Federal law" has also been at the center of two major Supreme Court decisions concerning federal preemption of state banking law.131 In Watters v. Wachovia Bank, N.A.
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The key factor behind the recent widening of the cross-currency basis is the surge in demand for assets denominated in U.S. dollars, a situation that stems from international monetary policy differences and related interest rate differentials between the United States and other countries. This demand effect, coupled with U.S. banks reducing their participation in the FX swap market, means that the supply of dollars is pelo longer perfectly elastic. This situation has created a higher forward premium beyond what is predicted under the CIP condition.
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