Emerging markets
BIS report urges tighter global macro-pru co-ordination
Deputy general manager says global institutions could do more to promote co-ordination between advanced economies and “systemic middle-income countries”
The IFF China Report 2018: Post-financial crisis – A decade on
The Global Financial Crisis sparked Group of 20 countries to introduce tough new regulations on financial institutions and instruments. Yet the architecture of the global monetary, economic and financial system has many flaws. What lessons can China…
Public debt in low-income countries rising to risky levels – IMF
The fund recommends official creditors co-ordinate their response to debt crises
CPMI adds three new members
All G20 members and more emerging markets are now represented
Paper warns emerging markets of pitfalls of credit easing
While the effects of credit easing are benign for advanced economies, developing and emerging countries may experience macroeconomic repercussions
Standard setters welcome effort to halt correspondent banking decline
Efforts to standardise data gathering aim to cut cost of correspondent banking, as latest FSB figures show further decline
IMF paper looks at how inflation anchoring affects growth
Authors examine whether low inflation and anchoring inflation are positive for growth
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Fed paper examines financial spillovers of US monetary policy
Authors find that conventional and unconventional policies create different spillover effects
Central banks ‘walking a thin line’, BIS economists warn
Luiz Awazu Pereira da Silva and Jochen Schanz note central banks have little room to respond aggressively to surprises
Renminbi struggles to gain prominence on global stage – Swift
Chinese currency usage only accounted for 1.61% of domestic and cross-border payments in December 2017; digitisation may be the key to currency’s success
Better data needed amid rise of non-banks – BIS study
Survey of post-crisis banking structure finds sturdier core banking system, but risks shifting to periphery, raising the need for better surveillance
Technology consultant of the year: Vizor Software
The Dublin-based company continued to grow its client base in 2017, proving its mettle in emerging markets, with the addition of Brunei’s central bank and the Zambian pensions and insurance regulator
Lifetime achievement award: Perng Fai-nan
Pre-emptive financial reforms combined with flexible monetary and forex policies have enabled Taiwan’s veteran governor to provide economic stability, even during turbulent times
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
BIS paper asks what makes emerging market banks profitable
Both bank-specific and economy-wide factors affect banks’ profitability, authors find
BoJ working closely with fintech firms, says Kuroda
Fintech can make contributions to both emerging and developed countries, but needs close monitoring, Haruhiko Kuroda says
Philippines set to launch repo market
The government securities repo programme will be launched on November 27, as a part of the local currency debt and foreign exchange market reforms
Paper examines EM response to global liquidity shocks
Emerging markets reduce rates and increase reserves in the face of positive liquidity shocks
IMF’s Lipton says global growth is not ‘strong enough’
Deputy director says some emerging markets risk getting left behind
Cross-border credit slips back into contraction
Latest BIS statistics show rebound of cross-border claims was temporary; China bucks trend with rapid growth of inward credit
Fed’s Powell: normalisation will be ‘manageable’ for emerging markets
Fed governor says current capital flows appear to be in line with fundamentals; corporate debts a vulnerability but “situation is not alarming”
Emerging market incomes continue to grow despite trade impacts – Lagarde
Trade has not impacted emerging markets as negatively as their advanced counterparts, Lagarde says, as incomes continue to grow