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Open questions in Financial System

how to separate Behavioural and Informational aspects of the markets?
Humans entangle information and liquidity by making efficiently inefficient markets ... see Stiglitz-Grossman

Bouchaud and Potters - data-driven understanding of human behaviour.

Crowding and collective narratives - Ben Hunt and Schiller. Avoid model overfitting

Liquidity and Tail risk and excess returns

and see Outstanding issues on liquidity

what is the problem of liquidity? Multiple formulations!?
see for instance, Eric Weinstein - polymath

Complexity paradox

There is thus a bizarre paradox in the 21st century world: namely while the global system is becoming more interconnected in some senses, the level of mental and structural fragmentation remains very intense.

The liquidity paradox

Pension crisis

Unfunded Pensions & Retirement Crisis (w/ Brian Reynolds) | Real Vision

see also Aaaron Brown on the topic

  • student loans?
  • USD and EM crises?

Passive investing bubble

  • Feedback Loops?

Financial repression or REAL rates INFLATION?

Narrative-Flows-Liquidity-Volatility FEEDBACK loop

Short-run versus long-run paradox

a paradox - not enough statistics but HOW to figure out an EDGE from short-run FOR the long run

MT notes

Information and Liquidity - smart networks
information-rich "implied order book