During the past decade, a variety of factors including decimalization, Sarbanes Oxley, the dismantling of Wall Street research departments, and the consolidation of the boutique investment banks into behemoth Wall Street firms have conspired to create structural changes to the capital markets.
He believes that worldwide structural changes (increased mobility of capital and labour, the greater credibility of central bankers as inflation-fighters, the preference of ageing baby-boomers for fixed-income securities) have altered the equation, and that top-quality bond yields are, if anything, headed down.
The expansionary monetary policies pursued by Japan as well as the U.S. and European nations have thus far not been accompanied by fiscal reforms required to halt deficits and the accumulation of debt, or the fundamental structural reforms required in labor and capital markets to restore long term economic growth.
His victory over graffiti created confidence, lifted employee morale, and built the political capital that made a real structural overhaul possible.
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As part of the program, Cyprus will also have to raise taxes on capital gains and companies, introduce structural reforms and privatize some state assets.
The country's central bank said in a report on Monday that Sweden's banks are financially strong but must continue reducing structural liquidity risks and ensure they have enough capital to deal with potential future losses.
Mr Greenspan is right: Europe does need structural reforms to make its labour, product and capital markets work better.
Just before Christmas, the Hammersmith Flyover - part of the same route in and out of the capital - was closed for five months after structural defects were found.
The second is structural, as communication technology has enabled the distribution of human capital to global scale.
Historically, some of the most successful initiatives in our nation's capital have come when politicians were able to devote resources to structural challenges that had festered.
In a challenge to Chancellor George Osborne's central argument, Mr Cable says debt-funded capital spending "would not undermine the central objective of reducing the structural deficit and may assist in reviving growth".
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Instead, it thinks Japan must embrace structural changes: to its tax and banking systems, for instance, and to its labour and capital markets.
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