Debt
Fed and foreign investors earn lower returns on Treasuries, paper finds
Foreign investors tend to buy Treasuries when they are “expensive and offer low future returns”
IMF calls for action on fragmenting global economy
Senior officials say world is facing “confluence of calamities” and leaders have been complacent
Rates round-up: Israel surprises with larger hike
Central banks in Pakistan, Nigeria, Ghana, Paraguay and Jamaica also tighten policy
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
Rates round-up: Uruguay, Tunisia and Serbia tighten policy
Inflation fears prompt more rate hikes from central banks worldwide
BIS paper finds sovereign risk key to fiscal-monetary links
Study of Mexico models feedback loop between fiscal and monetary policy
South Korean inflation climbs to 13-year high
Central bank concerned about record price rises
FSB-IMF report calls for action on external debt
Study finds authorities were able to manage the Covid crisis but have not fixed underlying problems
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
PBoC on hold as Fed signals steeper rate rises
Policy-makers face worsening pandemic, rising inflation and tighter global financial conditions
IMF raises red flags for global growth
Fund warns of global fragmentation as it cuts growth forecast and predicts higher inflation
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
Honduran governor asks for 50% salary cut
Santos’s request comes as president calls for spending cuts amid fiscal crisis
São Tomé governor replaced
Central bank chief had challenged prime minister for party leadership
Argentina orders 200bp rate increase, to 44.5%
Tighter monetary policy is in line with IMF deal, while neighbour Paraguay makes 50bp hike
Bank of Ghana orders 250bp hike
Central bank moves meeting a week earlier to combat high inflation and a weak currency
Governor of the year: Mario Marcel
Chile’s governor has expertly navigated a third currency crisis in two years, amid wider EM stress and political volatility, while bolstering the central bank’s capabilities
Russia likely to default on sovereign debt
Putin and finance minister say country may make payments in rubles
Sudan floats currency
Decision follows adoption of single unified exchange rate
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Economists warn Latin America faces another lost decade
Continent is “halfway to a lost decade already”, says World Bank’s Carmen Reinhart
IMF and Argentina reach preliminary agreement on new programme
Argentina must implement new monetary policy framework as part of $45 billion aid package
Latin American dollar debts could cause systemic risk, paper says
Authors say the Fed risks a major policy mistake if it ignores the wider impact of tighter US policy