Capital flows
BoE paper explores global financial cycles since 1880
Cycles in credit and housing have become more pronounced, but only for some economies
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
People: Carmen Reinhart to be World Bank chief economist
Carmen Reinhart to take over from Penny Goldberg at World Bank; BIS picks Hong Kong hub head
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic collapse
A vaccine for the global economy
Olivier Blanchard, Peter Praet and Daniel Alpert discuss shorter- and longer-term actions to tackle the flaws exposed by the Covid-19 crisis
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Central banks and banks: a changed relationship
Development of large, complex international capital markets has reshaped relationship between central and commercial banks
BIS research finds 20% drop in active correspondent banks
Retreat from correspondent banking could drive people into “unregulated channels”, authors warn
Competitive devaluation would harm US, Brookings paper warns
Trump’s calls to devalue currency would have damaging effects if followed, researchers say
Global property investors may undermine macro-pru – CGFS
House prices are rising and increasingly synchronised, BIS committee says
US is still an attractive FDI destination – Fed paper
FDI slowdown in 2017–8 due to corporate restructuring and reversing debt flows, researcher argues
Central Banking Awards 2020: third group launched
Awards unveiled for currency manager, initiative, economics, currency services, advisory and data
Economics in central banking: Matteo Maggiori, Brent Neiman and Jesse Schreger
Global Capital Allocation Project has helped pick apart tangled network of cross-border capital flows
Rising US rates can be ‘good news’ for EMEs – Fed paper
Researchers examine difference in spillovers from growth- and inflation-driven rate increases
Governor of the year: Mark Carney
Carney has played a vital role in managing Brexit risks
ETFs are exposing EMEs to global capital flows – Fed paper
Sensitivity of ETF flows to global financial conditions is 2.5 times higher than mutual fund flows, researchers find
Tighter regulation may be working – MIT economist
Kristin Forbes says banks may be more resilient but warns risk could be shifting to shadow sector
BoE and FCA move to tackle systemic risks in open-ended funds
Mark Carney says issues are “increasingly appreciated” in global discussions
ECB paper presents new measure for global financial cycle
Researchers say global financial cycle and large capital flow episodes show consistent links
Emerging markets face growing debt risk – IMF paper
One-third of emerging market debt over-valued as low-income countries set to issue more
BIS’s Borio warns interacting financial cycles destabilise global system
Domestic and global cycles interact and amplify one another, BIS official says
Hong Kong cuts interest rates as economy enters recession
Commercial banks cut lending rates for the first time since 2008, as economy contracts sharply
Argentinian central bank struggles to stabilise peso ahead of elections
International reserves have fallen by 29% since opposition leader defeated president Macri in primary vote on August 11