Debt
Argentina increases reference rate 300bp
Central bank says it anticipates inflation will fall despite continuing rise
Argentine central bank struggles to meet reserves targets
IMF signs preliminary agreement for loan payment but reports say BCRA cannot meet reserve target
Holding the line: the right response to war and Covid
Jagjit Chadha offers advice to policy-makers struggling to navigate between economic shocks
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor speaks with Dan Hardie about how he tackled financial instability in the aftermath of a war
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Fed and foreign investors earn lower returns on Treasuries, paper finds
Foreign investors tend to buy Treasuries when they are “expensive and offer low future returns”
IMF calls for action on fragmenting global economy
Senior officials say world is facing “confluence of calamities” and leaders have been complacent
Rates round-up: Israel surprises with larger hike
Central banks in Pakistan, Nigeria, Ghana, Paraguay and Jamaica also tighten policy
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
Rates round-up: Uruguay, Tunisia and Serbia tighten policy
Inflation fears prompt more rate hikes from central banks worldwide
BIS paper finds sovereign risk key to fiscal-monetary links
Study of Mexico models feedback loop between fiscal and monetary policy
South Korean inflation climbs to 13-year high
Central bank concerned about record price rises
FSB-IMF report calls for action on external debt
Study finds authorities were able to manage the Covid crisis but have not fixed underlying problems
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
PBoC on hold as Fed signals steeper rate rises
Policy-makers face worsening pandemic, rising inflation and tighter global financial conditions
IMF raises red flags for global growth
Fund warns of global fragmentation as it cuts growth forecast and predicts higher inflation
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
Honduran governor asks for 50% salary cut
Santos’s request comes as president calls for spending cuts amid fiscal crisis
São Tomé governor replaced
Central bank chief had challenged prime minister for party leadership
Argentina orders 200bp rate increase, to 44.5%
Tighter monetary policy is in line with IMF deal, while neighbour Paraguay makes 50bp hike
Bank of Ghana orders 250bp hike
Central bank moves meeting a week earlier to combat high inflation and a weak currency