International
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
IMF lifts limits on financial support facilities
Decision provoked debate among board members on whether fund should be taking additional risk
FSB study finds quantifying climate risks is still a challenge
Stocktake finds many jurisdictions integrating climate risks into their frameworks, but progress varies
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
People: National Bank of Ukraine appoints new deputy
Heletii has served as Ukraine’s deputy finance minister since July 2018; Jamaica appoints senior deputy governor, MAS has new leader for green finance; IMF names special adviser to Kristalina Georgieva
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
Book notes: The state of economics, the state of the world, edited by Basu, Rosenblatt and Sepúlveda
The 2016 contributions of Nobel Prize-winning economists and others remain relevant to today
IMF research highlights limits of exchange rate flexibility
New dataset sheds light on role of dominant-currency invoicing for exchange rate dynamics
BIS stats show surge in cross-border lending during pandemic
Most of the money flowed to advanced economies and offshore centres, BIS says
IMF and World Bank chiefs call for more action on debt relief
But G20 fails to agree extension to the Debt Service Suspension Initiative
Covid-19 boosts gold’s appeal among reserve managers
Central banks say gold helps replace negative-yielding sovereign bonds; equities cement position in reserve portfolios
Q&A: New York Fed’s Stiroh on climate change and Covid
Co-chair of Basel task force discusses possible supervisory approaches to climate risk
IMF suspends country assessments until April 2021
Resumption of assessments will need to be “gradual” and undertaken flexibly, says fund
Chinese banks’ dollar needs are large but unclear – BIS research
Swap lines meet most banks’ dollar needs, but firms may still struggle to access dollars, authors warn
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
CPMI launches plan to boost cross-border payments
Policy report envisages public-private partnership to break down obstacles to global payment flows
Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing. But at what cost for innovation?
After social distancing: prepare for national distancing
If the Covid-19 pandemic triggers a desire to onshore production, international capital flows will come under a new spotlight
EME financial markets are still vulnerable – BIS paper
Covid crisis has shown further market development work is needed, writes head of CGFS secretariat
FSB and BCBS survey finds ‘major’ challenges remain in Libor transition
Report highlights data gaps, issues with developing new products, and problem of “tough legacy” contracts
Online machine learning can warn of impending crisis – Hélène Rey
Approach avoids some of the pitfalls of other methods, the economics professor says
Fintech can worsen inequality, BIS paper warns
Diffusion of technology helps to spread the benefits evenly, authors say