Sovereign debt
Working group minutes: reserve managers chafe at constraints
Officials at several central banks say limited investment universe restricts room for manoeuvre
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
Trends in reserve management 2024: survey results
Insights on geopolitical risk, AI, asset diversification, risk management and ESG adoption
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
Sri Lanka considers new bonds linked to GDP and governance
Restructuring debt could link repayments to anti-corruption reforms