Sovereign debt
Georgieva calls for radical policies as IMF faces unprecedented demand
IMF head says rich countries must increase financing as nearly 80 countries request $50 billion in aid
ECB drops bond-holding limits for crisis response
€750bn stimulus programme will not be subject to previous limits on holding countries’ bonds
ECB sharply ramps up asset purchases
Central bank increases securities holdings by €17.4 billion, the highest for two years
Central Bank of Colombia starts buying sovereign, private debt
Central bank aims to ensure the constant provisioning of liquid resources to the economy
Bank of Israel to buy $13bn in government bonds
Central bank also supplying $15bn to banking sector to meet “very high” demand
Fed commits to unlimited bond purchases in massive new programme
FOMC announces radical new measures and calls on other policy-makers to act aggressively
Fed expands lending facility to support municipal bond market
Political pressure mounting to support local governments; senator proposes bill to broaden QE powers
Riksbank resumes QE by buying government debt
Swedish central bank buys $245 million in sovereign debt and will buy covered bonds on March 25
Croatian central bank starts bond-buying programme
HNB also holds repo auction and may relax banks’ capital buffers in response to coronavirus
Lagarde misstep overshadows ‘bold’ measures, analysts say
ECB president seemed to have hampered governments’ debt financing at a critical juncture
Costa Rican central bank pulled into fiscal debate
Government split on how fiscal rule should be calculated as fiscal deficit continues upward trend
IMF staff say Argentina’s debt is unsustainable
Report calls for haircut for private creditors as Argentine government demands IMF debt forgiveness
Yield curve models overstate chances of US recession – ECB research
Models need to account for effects of QE asset purchases on bond premia, authors say
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Eurozone banks increase illiquid assets after solvency shocks – DNB paper
Shift in asset holdings could create asset price distortions after banking crises, researchers say
Sovereign debt needs strong collective action clauses – ECB paper
CACs with bond-by-bond voting fail to prevent creditor holdouts, researchers find
IMF sounds warning over global debt
Debt in both public and private sector may leave many countries at risk in next downturn, IMF says
Eurozone bond purchases work as stabilisation tool – BoI paper
Researchers simulate effectiveness of sovereign bond purchases against both real and financial shocks
Chile’s forex intervention likely to stabilise peso – experts
Much depends on the reform programme the government chooses to adopt, however
Mexican governor defends autonomy as president questions it
Alejandro Díaz de León commemorates Bank of Mexico’s 25 years of independence
Emerging markets face growing debt risk – IMF paper
One-third of emerging market debt over-valued as low-income countries set to issue more
Argentina’s currency controls help stabilise peso and reserves
Uncertainty about the fiscal policies of the incoming president is contributing to falling bond prices
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
Riksbank sells Canadian and Australian bonds on climate risks
Swedish central bank based decision on high greenhouse gas emissions in Alberta, Queensland and Western Australia