International
Covid-19 challenges IMF debt-restructuring framework
Process needs tweaking to address pandemic-related issues, former IMF general counsel says
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
Claudia Buch: ‘We need higher transparency’ on resolution
Bundesbank vice-president discusses progress towards ending ‘too big to fail’, evidence of fragmentation and how to fill information gaps
BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
BIS’s Hong Kong innovation hub launches trade finance competition
Solutions need to help current trade finance platforms communicate with one another, and help SMEs and emerging markets take advantage of existing opportunities
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
IMF publishes transparency code for central banks
Updated framework aims to help central banks rank themselves against best practice
Timothy Lane on CBDCs and why the private sector is no competition for central banks
The Bank of Canada deputy governor discusses the difference between a private-sector-motivated digital currency and a CBDC, and why finding a balance between privacy and regulation is such a challenge
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
IMF lifts limits on financial support facilities
Decision provoked debate among board members on whether fund should be taking additional risk
FSB study finds quantifying climate risks is still a challenge
Stocktake finds many jurisdictions integrating climate risks into their frameworks, but progress varies
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
People: National Bank of Ukraine appoints new deputy
Heletii has served as Ukraine’s deputy finance minister since July 2018; Jamaica appoints senior deputy governor, MAS has new leader for green finance; IMF names special adviser to Kristalina Georgieva
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
Book notes: The state of economics, the state of the world, edited by Basu, Rosenblatt and Sepúlveda
The 2016 contributions of Nobel Prize-winning economists and others remain relevant to today
IMF research highlights limits of exchange rate flexibility
New dataset sheds light on role of dominant-currency invoicing for exchange rate dynamics
BIS stats show surge in cross-border lending during pandemic
Most of the money flowed to advanced economies and offshore centres, BIS says
IMF and World Bank chiefs call for more action on debt relief
But G20 fails to agree extension to the Debt Service Suspension Initiative
Covid-19 boosts gold’s appeal among reserve managers
Central banks say gold helps replace negative-yielding sovereign bonds; equities cement position in reserve portfolios
Q&A: New York Fed’s Stiroh on climate change and Covid
Co-chair of Basel task force discusses possible supervisory approaches to climate risk
IMF suspends country assessments until April 2021
Resumption of assessments will need to be “gradual” and undertaken flexibly, says fund
Chinese banks’ dollar needs are large but unclear – BIS research
Swap lines meet most banks’ dollar needs, but firms may still struggle to access dollars, authors warn