International
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
More reserve managers use ETFs
Debate around how investor and ETF behaviour interact during times of market stress continues
Managing risk with ETFs
Central Banking speaks to eight reserve managers about their thoughts on the use of ETFs, faced with market volatility, uncertainty and escalating inflation
ETFs: a gateway to sustainability?
Central banks that prioritise sustainability face a complex investment landscape
Chile renews IMF flexible credit line as risks grow
Months after ending the previous facility, Chile has reactivated it
Tactical and strategic ETF use in reserves
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Opportunities to diversify with ETFs now and looking forward
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Colombian study estimates policy impact on capital flows
Meta-analysis using web scraping finds central banks have more control over some flows than others
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the IMF founder, but fails to resolve espionage charges
US citizen pleads guilty to selling technology to Iranian central bank
Defendant faces jail after using UAE shell companies to skirt US national security law
Rise of fintech strengthens case for capital controls, IMF says
Countries may have to throw “sand in the gears” to protect monetary sovereignty, says Georgieva
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
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
Emerging market stock returns impacted by dollar – BIS paper
US dollar can drive local financial conditions in equities as well as other markets, authors say
Canada removes forward guidance and maintains policy rate
Economic slack was absorbed rapidly in late 2021 and early 2022, bank says
Consumer prices reach 30-year high in Canada
Wage increases fall below prices as consumers' inflation expectations reach record highs
Fed’s gradual tightening could be boon for some, says Armenian governor
Central Asia faces inflation caused by enormous liquidity injected by advanced economies, says Galstyan
Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
IMFC backs new trust to channel resources to vulnerable economies
Resilience and Sustainability Trust would offer support to a wider set of countries
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through
Inflation, Fed policy and emerging markets: the good, the bad and the ugly
Steve Kamin explores the global implications of rising inflation and interest rates in the US
RBI faces dilemma from US policy spillovers – BIS paper
Authors highlight evidence of “contractionary devaluation” when US monetary policy tightens
Emerging markets pass capital flows test
BIS report concludes inflows are broadly positive, as improved EM institutions make them more resilient