International
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
HKMA chief plays down threat to currency peg
Eddie Yue tells journalists forthcoming IPOs should alleviate pressure
US spillovers might increase need for UK easing, says Hélène Rey
Andrew Bailey says policy will be “state contingent” but negative rates are possible
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
Fed’s dollar swap lines and ‘Fima’ facility to run nine more months
FOMC keeps main policy tools on hold, but shifts guidance on asset purchases
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from the EMU
Nordic central banks sign currency swap agreement
Norwegian, Swedish and Danish central banks conclude bilateral swap deals
Argentine peso falls after central bank changes regime
Spread with unofficial exchange rate widens further
The eurozone’s eastern conundrum
Bulgaria and Croatia expect net positive effect as they move to join euro, while others remain reluctant
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
Crises enliven ‘totalitarian temptations’
Coronavirus pandemic will embolden government ‘power grabs’
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime
Fed cuts rates 100bp as central banks launch joint action
Fed unveils rate cut and QE as central banks work together to ease dollar liquidity
Major central banks ready to respond to coronavirus
Fed, ECB and Bank of Japan say they are willing to act; central bank events disrupted
Higher oil prices dampened impact of Fed spillovers in Gulf – IMF paper
Changes in Fed rates likely to have minimal impact on GCC growth with current oil prices, researchers say
Risk of hitting ZLB in the future reduces inflation today – Fed paper
Policy-makers could use “risk-adjusted policy rule” to offset risk of undershooting, researchers say