Debt
MAS launches campaign to boost Singaporeans’ financial resilience
Central bank starts programme in bid to help people manage challenges posed by Covid-19
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
Former RBI deputy attacks government over fiscal dominance
Recent actions by Indian government are “tantamount to coercive monetisation”, says Viral Acharya
Emerging markets face ‘uphill battle’ against pandemic – IMF staff
EME countries face limited fiscal space and possible solvency crisis, warn researchers
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
Argentina strikes deal to restructure $65bn debt
Next step could be a return to programme negotiations with the IMF
Sarb eases conditions on emergency loan guarantees
South African central bank introduces new loan types to assist uptake of the scheme
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
IMF and World Bank chiefs call for more action on debt relief
But G20 fails to agree extension to the Debt Service Suspension Initiative
After social distancing: prepare for national distancing
If the Covid-19 pandemic triggers a desire to onshore production, international capital flows will come under a new spotlight
Peter Praet on Europe’s Covid-19 responses
The former ECB chief economist talks about threats to financial stability, negative rates, common debt issuance and steps to improve the EMU
BIS suspends dividend to prepare for further Covid-19 strains
BIS will not pay dividend for first time since 1950, as senior managers see further turbulence ahead
Fed’s safety nets are ‘fundamentally unsustainable’
The Fed’s new safety nets will allow “zombie companies” to thrive and drag down productivity; ever-increasing levels of interventions are “fundamentally unsustainable, intertemporally”, says William White
US facing new challenges as Covid cases surge – Powell
Powell warns of public confidence hit as US infections soar past previous peak
Non-banks exposed to riskiest CLO tranches – Fed research
Risky holdings appear to be larger than market participants believe, economists say
The Fed must be careful to avoid bank deposit crowding out
Rising US government debt will have a major effect on bank funding, write Wenhao Li, Yiming Ma and Yang Zhao
UK debt office narrowly avoided disorderly market in March
DMO chief says BoE intervention triggered rapid recovery; debt issuance now running at record levels
US economy entering ‘bounce back’ phase – Powell
Fed chair forced to defend move to follow through with corporate bond purchases in Senate hearing
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear, but there are plenty of caveats
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
Mauritian central bank to use $2 billion of reserves to fund firms
Central bank will also issue debt instruments to give government $1.5 billion in new funding