Debt
BdF paper models tax evasion’s impact on sovereign default
Widespread tax evasion can undermine austerity plans imposed by donors, argue researchers
The twilight of banking supervision
Supervision of banks in Europe has deteriorated, rather than improved, since the advent of the eurozone crisis
Book notes: Why not default?, by Jerome Roos
A thought-provoking book that will repay the investment of any reader with an interest in sovereign debt
Putting modern monetary theory to the test
Sayuri Shirai asks whether MMT might hold the solution to Japan’s stagnation
Mexican currency under pressure over ratings downgrades
Fate of the sovereign is increasingly linked to struggling oil company Pemex
Lagarde sends warning on US corporate and fiscal debt
Non-financial corporate liabilities reached nearly $20 trillion in Q1 2019, Fed data shows
Zimbabwe reaches IMF agreement to deal with currency crisis
‘RTGS dollar’ will be supported by advice from IMF programme
Central bank independence key to Ecuador programme – IMF
Fund is expected to sign off on first review of extended fund facility in June, providing $250 million
US corporates ‘substantially’ more leveraged than thought – Dallas Fed researchers
Using a broader measure than debt-to-GDP, levels are almost double, they say
RBNZ points to high private debt as main financial stability risk
New Zealand central bank stresses climate change impact on insurance industry
BIS paper models dollar’s debt dominance
“Debt view” of dollar dominance has empirical support, authors say
IMF publishes first review of programmes since financial crisis
Directors say growth assumptions are often unrealistic and call for closer look at debt restructuring
Powell plays down fears about record levels of corporate debt
Fed chair’s remarks strike similar chord to those of Ben Bernanke in 2007, but Powell says this time is different
Bank of Canada warns of corporate debt risks
Annual financial system report notes the growing corporate debt in Canada’s extractive industries
IMF and World Bank develop system to support debt management
System provides methodology and analytical tools for countries in the process of adopting these techniques
Central Banking’s ‘Leaders’ for custody, banking and gold
Central banks want integrated custody platforms and real-time data from custodians as the low-yield environment drives demand for banking services and increases the relative attractiveness of gold
Capital outflows further reduce Turkey’s reserves in March
Current account deficit falls, but the economy’s weak external position remains unchanged
Ghana holds first Financial Stability Council meeting
Council was established after central bank confronted crisis in commercial lenders
Finnish central bank needs more macro-prudential tools – deputy governor
Increased presence of international investors may increase housing market’s volatility – Nykänen
Time for resilience
Events that impact markets have made it crucial to build resilient portfolios that are aware of downside risks. BlackRock explores the importance of protection in downturn scenarios for reserve managers.
Longer-term climate risks do not factor in Fed’s financial stability assessment – Powell
Fed chooses to highlight “historically high” corporate debt levels in financial stability report
Lebanese central bank strike ‘shut down local banks’
Staff consider further strike action over rumoured salary cuts as government faces fiscal crisis
Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says
IMF flags high public debt in Middle East oil exporters
Oil producers in the Mena region are expected to average budget deficits of 4% of GDP in 2019