Debt
Economists explore 200 years of data on sovereign defaults
“Serial restructurings” are on the rise, with investors taking an average haircut of 45%
Book notes: The wealth of a nation, by Geoffrey Hodgson
This book provides a deep dive into the economic and institutional transformations that supported the rise of English capitalism
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
Lkhagvasuren Byadran on geopolitics, gold and 100 years of central banking on the steppe
Bank of Mongolia governor Lkhagvasuren Byadran speaks about monetary and financial reform, embracing AI and fintech, and Mongolia’s new SWF
Book notes: Balance of power: central banks and the fate of democracies, by Éric Monnet and translated by Steven Rendall
This short book offers partial insights, but ultimately underwhelms
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
IMF reaches staff-level agreement with Argentina on EFF
The fund could release a tranche of nearly $800m upon board approval
Book notes: Virtuous bankers: a day in the life of the 18th-century Bank of England, by Anne L Murphy
A bottom-up account of how clerks managed operations and enhanced the BoE’s reputation
Supervisors grapple with the smaller bank dilemma
How are the guardians of stability moving to address risks linked to smaller banks in the aftermath of SVB’s collapse?
Pakistan repays bonds worth $1bn as it seeks fresh IMF loan
Debt-stricken country looks to secure about $6 billion in loans
Bank of Israel governor warns government over debt
Yaron calls for new committee to determine military budget
Federal Reserve posts largest operating loss ever
As of March 21, the Fed owed $157.8 billion to an accounting device, a “deferred asset”
IMF chief urges China to adopt pro-market reforms
Comprehensive reforms could add $3.5 trillion to economy over next 15 years, Georgieva says
Some US banks vulnerable due to non-deposit funding, paper finds
Banks reliant on capital markets saw profits fall during tightening cycle, researchers say
China sets 5% growth target
Economists question whether government can achieve GDP goal, given weakness in economy
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
US loan delinquency rates ‘rising across the board’ – NY Fed
Rising household debt burden ‘merits monitoring’ in months ahead
Chinese growth likely to slow to 3.5% by 2028, says IMF
State officials reject institution’s findings, claiming economic trajectory is positive and risks manageable
Book notes: Easy money, by Dror Goldberg
Interesting interpretations but hard to view 1690s Massachusetts paper as the invention of modern currency
Debtor nations face ‘long-term pain’, BdF research finds
Long-term debt issued when rates were higher will create burden, Banque de France paper says
China pulls report on merger of ‘bad banks’ with SWF
Tie-up could help separate government’s roles as regulator and shareholder in managers of bad debt
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
IMF extends higher loan caps for low-income countries
PRGT will be able to hand out bigger credits through end of 2024