Capital flows
IMF paper explores interaction of capital controls and macro-pru
Capital controls do not “consistently” mitigate potential increases in cross-border flows
Andrew Motshidisi on Africa’s debt and what it means for reserve managers
The former deputy governor of Bank of Botswana and Nalm Africa chairman talks about international capital flows, and the need for countercyclical policies and robust legal frameworks to secure long-term stability
Sub-Saharan Africa increasingly exposed to debt risks
Public sector borrowing and tighter financial conditions a challenge for regional reserve managers
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems
BIS paper finds sound economy may not prevent capital outflows
Emerging markets could use pre-emptive macro-prudential policies to safeguard against capital outflows, researchers say
SNB maintains ultra-loose policy despite stronger growth
Central bank is once again grappling with the effects of safe-haven flows into the franc
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Argentina’s exposure to capital flows limits central bank actions
Peso seen as likely to remain under pressure despite forex interventions and sharp tightening
Reserve requirements an effective tool to balance capital flows – BIS research
Higher interest rates encourage more inflows, but adjustments in reserve requirements can strike a better balance
Book notes: Capitalism without capital, by Jonathan Haskel and Stian Westlake
The authors have created a compelling framework to characterise and explain the nature of intangible investments in our economies, writes Michael Reddell, but their conclusions are lacking in analysis and data
Policies must change to stop emerging markets crisis, analysts say
Tariffs, Fed policy and renminbi devaluation are stressing weaker currencies, say observers
Denmark’s exchange rate stable despite greater FDI inflows
Large international investments absorbed by krone market, central bank says
US stimulus could accelerate policy normalisation – IMF research
Higher growth could increase imbalances and fuel calls for more protectionism
Turkish lira plunges again amid looming sanctions
Finance ministry to unveil ‘new economic model’, as central bank struggles to support the currency and officials seek to avoid fresh US sanctions
PBoC acts to rein in renminbi depreciation
Reserve requirement makes it more expensive to short-sell yuan, the first effort by the central bank to stem the currency’s three-month slide
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster
Ghana under pressure from Fed hikes – governor Addison
US policy normalisation sends Ghana’s inflation into double figures while the currency falters
BIS paper compares current Asian vulnerabilities with 1997 crisis
Global banking statistics could have given warning signals ahead of Asian crisis, authors say
Philippines considers boosting central bank capital
Central bank announces big rise in Q1 income
IMF demands reinforced inflation targeting in Argentina
A new central bank charter should reinforce independence, fund says
Policy normalisation puts EMs in ‘perilous’ situation – Mexico’s Calafell
Deputy governor says monetary policy may tighten faster than markets expect
China eases restrictions on foreign investors
New rules allow qualified foreign investors to move funds more freely out of China, a step forward on capital account liberalisation
Federico Sturzenegger on Argentina’s efforts to create a credible central bank
The Central Bank of Argentina governor, in his last interview before leaving office, speaks about panic in emerging markets, the IMF bailout, and bringing to an end high inflation and monetary financing
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target