International
Book notes: The art of economic catch-up, by Keun Lee
Rather than merely catch-up, the book offers countries advice in making a sea change in their economic statuses
IMF-World Bank spring meetings to go virtual
Institutions opt not to bring thousands of delegates to Washington, DC, but key meetings and document releases will go ahead
ECB’s asset purchases had global spillovers – IMF research
Eurozone investors significantly rebalanced into foreign advanced-economy securities, researchers find
BIS research finds 20% drop in active correspondent banks
Retreat from correspondent banking could drive people into “unregulated channels”, authors warn
G7 leaders avoid committing to co-ordinated virus response
Central bankers and finance ministers “stand ready”; Carney says BoE has launched contingency measures
Major central banks ready to respond to coronavirus
Fed, ECB and Bank of Japan say they are willing to act; central bank events disrupted
BIS paper lays out ‘crucial’ design choices for CBDC
Challenge is to design a currency that balances credibility and convenience, says Hyun Song Shin
Ghana’s Addison on banking reform, innovation and the future of the eco
The Bank of Ghana governor speaks about the next steps in banking reform and why West Africa may need more time to start using a common currency
Book notes: After the crash, by Sharyn O’Halloran and Thomas Groll
The book seeks to identify seeds of the next crisis, and the overriding impression is a plea for more regulation
Policy responses to Covid-19
The coronavirus outbreak poses a real threat to the global economy, writes Sayuri Shirai
Fintech creating data gaps, BIS survey finds
New players do not always fit neatly into current statistical frameworks
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Finance firms must take further steps on climate change – Carney
BoE governor calls for broadening of climate effort, including push for better risk management
Too early to speculate on coronavirus impact – Fed vice-chair
Experts urge Americans to brace for “inevitable” spread of the virus in the US
Georgieva backs Antoinette Sayeh as IMF deputy managing director
Liberian economist formerly headed up fund’s Africa department
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
IMF chief warns of ‘dire’ coronavirus scenarios
Virus has already impacted global growth but effect could worsen if containment fails
Some countries’ macro-pru measures have reduced systemic risk – IMF paper
Denmark and Czech Republic particularly successful in cutting mortgage risk, researchers find
International investors shaping housing markets – DNB paper
External investment playing larger role but national differences still significant, paper says
BIS appoints heads of Switzerland and Singapore tech hubs
Cœuré says BIS’s Hong Kong hub will have head “in due course”
Global property investors may undermine macro-pru – CGFS
House prices are rising and increasingly synchronised, BIS committee says
Stability versus solvency
There is still far too much regulatory forbearance on troubled bank debt. More on-site inspections and genuine writedowns are needed to fix the banking system
People: Bank of Israel appoints monetary committee member
Michel Strawczynski joins Bank of Israel six-member body; World Bank has a new managing director of development policy and partnerships; South African Mint appoints new managing director
IMF confirms it has abandoned fifteenth quota reform
US thought to oppose proposals to increase emerging economies’ voting power