Antonio Fatas
@antoniofatas.bsky.social
Professor of Economics at INSEAD. Interested in global macroeconomic issues.
A reminder: stablecoins do not truly trade at 1:1. Fees are not zero and can be higher than transfers using traditional banks (same currency). This is what Martin Wolf calls lack of singleness.
www.ft.com/content/a5f4...
www.ft.com/content/a5f4...
December 9, 2025 at 6:04 PM
A reminder: stablecoins do not truly trade at 1:1. Fees are not zero and can be higher than transfers using traditional banks (same currency). This is what Martin Wolf calls lack of singleness.
www.ft.com/content/a5f4...
www.ft.com/content/a5f4...
Second edition of the @cepr.org eBook on the economic consequences of the second Trump administration. Most chapters updated with what has happened since the first edition. Free to download.
Link: cepr.org/publications...
Link: cepr.org/publications...
December 1, 2025 at 4:34 PM
Second edition of the @cepr.org eBook on the economic consequences of the second Trump administration. Most chapters updated with what has happened since the first edition. Free to download.
Link: cepr.org/publications...
Link: cepr.org/publications...
You know you are in a bubble when financial advisors “hedge” their opinion by saying do not sell but hedge against the risk of a crash.
November 23, 2025 at 10:57 AM
You know you are in a bubble when financial advisors “hedge” their opinion by saying do not sell but hedge against the risk of a crash.
November 21, 2025 at 3:31 PM
The fact that Bitcoin's price has gone down despite very favorable regulatory views from the US administration proves the obvious point: valuations of assets without fundamentals can be very subjective
November 21, 2025 at 11:54 AM
The fact that Bitcoin's price has gone down despite very favorable regulatory views from the US administration proves the obvious point: valuations of assets without fundamentals can be very subjective
Very reassuring... (from the US peace plan). Source: www.ft.com/content/79ee...
November 21, 2025 at 11:51 AM
Very reassuring... (from the US peace plan). Source: www.ft.com/content/79ee...
If this is the best argument that Eric Schmidt can give to deny the existence of a bubble in AI stocks, then it is certainly a bubble. (source: www.ft.com/content/da16...)
October 16, 2025 at 3:00 PM
If this is the best argument that Eric Schmidt can give to deny the existence of a bubble in AI stocks, then it is certainly a bubble. (source: www.ft.com/content/da16...)
I guess the father is smart enough and does not need an explanation??? IMF, you can do better [from the Finance and Development latest issue]
September 9, 2025 at 7:52 AM
I guess the father is smart enough and does not need an explanation??? IMF, you can do better [from the Finance and Development latest issue]
The pressure on the independence of the US Federal Reserve is as bad as some of us had feared. I would love to understand what motivates this optimistic perspective from Raghuram Rajan
August 23, 2025 at 6:25 AM
The pressure on the independence of the US Federal Reserve is as bad as some of us had feared. I would love to understand what motivates this optimistic perspective from Raghuram Rajan
Mainstream? I think you mean science
August 7, 2025 at 7:07 PM
Mainstream? I think you mean science
The strategy of chaos
August 7, 2025 at 5:44 PM
The strategy of chaos
Is this the end of uncertainty that the EU said we were getting after signing a trade deal with the US?
August 5, 2025 at 1:23 PM
Is this the end of uncertainty that the EU said we were getting after signing a trade deal with the US?
When you need to justify a mystery (the value of cryptocurrencies), you refer to something else that you do not understand (blockchain). That sentence keeps appearing in article after article without any explanation of why this technology is needed for anything related to payments.
August 1, 2025 at 6:47 AM
When you need to justify a mystery (the value of cryptocurrencies), you refer to something else that you do not understand (blockchain). That sentence keeps appearing in article after article without any explanation of why this technology is needed for anything related to payments.
To state the obvious, the US economy has slowed down in 2025. Growth rates by semester (to remove the noise associated to imports/inventories dynamics in first two quarters)
July 30, 2025 at 1:14 PM
To state the obvious, the US economy has slowed down in 2025. Growth rates by semester (to remove the noise associated to imports/inventories dynamics in first two quarters)
Germany is deliberately alternating between positive and negative growth each quarter just to mock those fixated on the technical definition of a recession.
July 30, 2025 at 8:48 AM
Germany is deliberately alternating between positive and negative growth each quarter just to mock those fixated on the technical definition of a recession.
I guess that part of the EU budget will be now spent on paying for these tariffs...🤦♂️
July 29, 2025 at 8:22 AM
I guess that part of the EU budget will be now spent on paying for these tariffs...🤦♂️
Define “dramatically”. Even if 2025Q2 looks like that, growth in the first 6 months of the year would be less than half of the previous 6 months.
July 28, 2025 at 6:41 PM
Define “dramatically”. Even if 2025Q2 looks like that, growth in the first 6 months of the year would be less than half of the previous 6 months.
This is where we are in our market analysis: overvaluation is not as bad as the largest historical episodes of stock market bubbles. Reassuring, it is not the Great Depression.
(Source: www.ft.com/content/a8bd...)
(Source: www.ft.com/content/a8bd...)
July 28, 2025 at 6:48 AM
This is where we are in our market analysis: overvaluation is not as bad as the largest historical episodes of stock market bubbles. Reassuring, it is not the Great Depression.
(Source: www.ft.com/content/a8bd...)
(Source: www.ft.com/content/a8bd...)
Nice chart from IMF note to G20 on demographics. Massive gap in GDP performance between US and Japan mostly due to demographics. GDP per working age population (WAP) almost grew at the same rate.
Source: www.imf.org/en/Research/...
Source: www.imf.org/en/Research/...
July 20, 2025 at 11:21 AM
Nice chart from IMF note to G20 on demographics. Massive gap in GDP performance between US and Japan mostly due to demographics. GDP per working age population (WAP) almost grew at the same rate.
Source: www.imf.org/en/Research/...
Source: www.imf.org/en/Research/...
Jakarta will pay 19%? Seriously, @financialtimes.com?
July 15, 2025 at 6:39 PM
Jakarta will pay 19%? Seriously, @financialtimes.com?
Correct. But the narrative remains: "it could be much worse". Until the narrative stops. Reminds me of the quote (CNBC, Nov 16 2009) by Dennis Gartman about gold prices.
July 10, 2025 at 8:44 AM
Correct. But the narrative remains: "it could be much worse". Until the narrative stops. Reminds me of the quote (CNBC, Nov 16 2009) by Dennis Gartman about gold prices.
Alternatively this is the sidebar of shame. The fact that @financialtimes.com and many others continue to post on X and it is the first suggested social media to repost article.
July 10, 2025 at 8:13 AM
Alternatively this is the sidebar of shame. The fact that @financialtimes.com and many others continue to post on X and it is the first suggested social media to repost article.
Moldova got a discount relative to Algeria. Makes sense. 🤔
July 9, 2025 at 5:42 PM
Moldova got a discount relative to Algeria. Makes sense. 🤔
Funding for public science in the US in 1965 was 2% of GDP (down to 0.5%). I knew it had gone down but I did not realize how much. From @pkrugman.bsky.social substack conversation with Jonathan Gruber.
July 6, 2025 at 8:06 AM
Funding for public science in the US in 1965 was 2% of GDP (down to 0.5%). I knew it had gone down but I did not realize how much. From @pkrugman.bsky.social substack conversation with Jonathan Gruber.
The @financialtimes.com article forgets to mention that Tether pays 0% interest on USD/Tether balances. Neobanks pay market rates and charge 0% commission on national and cross-border transactions.
July 3, 2025 at 2:59 PM
The @financialtimes.com article forgets to mention that Tether pays 0% interest on USD/Tether balances. Neobanks pay market rates and charge 0% commission on national and cross-border transactions.