Debt
Twelve countries’ financial sectors under IMF spotlight in 2020
Fund reveals which nations will undergo financial stability assessments
IMF praises Somali reforms and says debt relief is possible
New agreement between IMF and Somali authorities prioritises central bank development
Fed paper models new transmission channels of forward guidance
Allowing for household borrowing amplifies forward guidance effectiveness, researchers find
Economists call for action on risk of dollar liquidity crunch
Credit to non-banks and currency mismatches have grown, while oversight is “fragmented”, report warns
Ageing populations will keep interest rates low – BdF paper
Housing availability can attenuate decline in rates, authors find
BIS paper: banks may harm customers through ‘steering’
Nudging “naive” households to take decisions can harm their welfare, authors find
Crises are non-linear, beware high debt levels – research
IMF paper warns against complacency on high debt levels
Monetary easing can boost birth rate, BoE paper finds
People had more children after rates were slashed post-crisis, researchers find
Manufacturing leverage weakens ECB monetary policy – BoI paper
Eurozone industrial firms’ response to policy shocks decreases as leverage rises, researchers find
IMF sounds warning over global debt
Debt in both public and private sector may leave many countries at risk in next downturn, IMF says
Government cannot ‘grab’ central bank’s resources – Njoroge
CBK governor reiterates central bank-funded bailouts “never work”
Banks could be stuck with riskiest corporate loans during downturn – Fed paper
Researchers say loan syndication may leave banks unable to offload leveraged debt in downturn
China should bolster macro-pru framework – IMF paper
Lack of accurate credit information weakens macro-prudential measures, researchers say
Climate prudential policies could ‘backfire’, IMF economists warn
Lack of international standards could result in financial instability
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets
De La Rue faces uncertain future as profits collapse
Profits plummet 87% as firm scrambles to cut costs
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Speaks about stagflation risks from trade wars, the value of market signals and Canada’s CBDC plans
Emerging markets face growing debt risk – IMF paper
One-third of emerging market debt over-valued as low-income countries set to issue more
The challenges facing Christine Lagarde
New ECB chief needs to lead a successful review of the ECB’s monetary and communications policy
Bank of Jamaica should ‘modernise’ regulatory framework – IMF
Fund’s recommendations follow completion of country’s second consecutive support programme
New IMF chief maintains focus on unsustainable debt levels
Debt levels at all-time high and well over twice global GDP, Kristalina Georgieva warns
Book notes: The Bank of England and the government debt, by William Allen
Required reading for Treasury, Debt Management Office and Bank of England staff
Interview: Seth Carpenter on the US outlook, trade and a ‘disingenuous’ Fed
UBS chief US economist and former Fed director of monetary affairs sees a gloomy outlook for first half of 2020
IMF draws links between transparency and debt accumulation
Fund praises efforts taken by Tunisia and Uzbekistan in improving transparency