International
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
Book notes: Radical uncertainty, by Mervyn King and John Kay
The one certainty we have faced is that we have to confront uncertainty, which is precisely the point of this wonderful book
BIS economists test fixes for credit-to-GDP gap
Measure has drawbacks as early warning sign, but proposed solutions have problems, authors find
Covid-19: a watershed moment for China’s BRI?
China faces a delicate balancing act when it comes to forgiving and restructuring Belt and Road Initiative debt while preserving the soundness of its financial institutions
Computing platforms for big data and AI
Implementing big-data and high-performance computing platforms is critical to support machine learning applications. Rafael Schmidt and Bruno Tissot offer insights on developing a comprehensive information strategy
Taiwan central bank open to more onshore insurer FX hedging
Central bank suggests lifers can use onshore swaps to hedge dividends, but some warn it could hit NDF market
BoE paper outlines ‘capital flows-at-risk’ framework
Methodology allows researchers to explore full distribution of “push” and “pull” effects on capital flows
Emerging markets face ‘uphill battle’ against pandemic – IMF staff
EME countries face limited fiscal space and possible solvency crisis, warn researchers
Basel Committee drafts new resilience guidelines
BCBS consults banks on safeguards against operational risks such as pandemics and cyber attacks
Detail matters when monitoring external imbalances – IMF research
Gross external debt is one of the clearest signs of vulnerability, study finds
Covid-19 challenges IMF debt-restructuring framework
Process needs tweaking to address pandemic-related issues, former IMF general counsel says
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
Claudia Buch: ‘We need higher transparency’ on resolution
Bundesbank vice-president discusses progress towards ending ‘too big to fail’, evidence of fragmentation and how to fill information gaps
BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
BIS’s Hong Kong innovation hub launches trade finance competition
Solutions need to help current trade finance platforms communicate with one another, and help SMEs and emerging markets take advantage of existing opportunities
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
IMF publishes transparency code for central banks
Updated framework aims to help central banks rank themselves against best practice
Timothy Lane on CBDCs and why the private sector is no competition for central banks
The Bank of Canada deputy governor discusses the difference between a private-sector-motivated digital currency and a CBDC, and why finding a balance between privacy and regulation is such a challenge
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