Sovereign debt
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Required reading amid current high sovereign debt, global tensions and the urgent need for climate finance
US debt sustainability and central bank balance sheet dynamics
Higher interest rates are putting pressure on central bank profits and may increase supply of government debt, especially during quantitative tightening. Will central banks be required to issue bonds?
Mamo Mihretu on the radical reform of central banking in Ethiopia
Ethiopian governor speaks about simultaneous monetary policy and exchange rate reform, opening the country’s financial system and a fundamental reset for Africa’s second most populous economy
Governors weigh macroeconomic risks at G30 event
Officials from Netherlands, South Africa, BIS and more consider debt, inflation and climate change
IMF cuts fees amid high rates and record borrowing
Fund judges its capital to be strong enough to allow more generous approach
Reserve Benchmarks 2024 – model banks analysis
New breakdowns reveal differences in central bank reserves management by size and economic group
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
Sri Lanka reaches new agreement to restructure debt
Central bank involved in reaching deal, which came two days before presidential election
Countries with high import coverage invest more in non-SDR debt
Breakdown of asset allocations shows Europe holds nearly half of world’s ESG-focused bonds
Bank of Israel governor calls on PM to make financial adjustments
Amir Yaron writes to Netanyahu after agencies downgrade country’s credit rating
‘Reserve asset competition’ explains global fiscal cycle – paper
Local fiscal shocks can trigger debt issuance abroad, authors find
Sovereign debt in default fell by 1% in 2023 – BoC study
Research finds shift in lending away from Paris Club creditors towards China
Pakistan seals $7bn IMF funding package
Institution says bilateral support will be necessary to meet objectives
Sri Lanka secures deal to restructure $12.6bn of bonds
IMF still to review if deal conforms with Sri Lanka’s debt sustainability targets
Book notes: Bucking the buck: US financial sanctions and the international backlash against the dollar, by Daniel McDowell
A timely and well-documented book about the weaponisation of the US dollar
Sri Lanka signs debt restructuring deals
Government reaches agreement with 17-nation group and China’s Exim bank
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
Bank of Israel governor warns of war’s impact on GDP
Yaron reiterates calls for committee on determining defence budget
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
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