Emerging markets
Maggiori, Neiman and Schreger on capital flows and Covid-19
The Global Capital Allocation Project sheds light on where vulnerabilities may lie
G20 delays decision on poor countries’ debt relief
International efforts have been “unambitious, unco-ordinated and uneven” – prominent economists
Banking sector resilience ‘likely to be tested’ – IMF’s Adrian
Fund’s stability report says vulnerabilities are high and rising, creating difficult policy choices
IMF warns of permanent economic damage from Covid-19
Pandemic could pitch 90 million people back into extreme poverty, fund says in new economic outlook
IMF staff warn ‘exceptional’ demand for funds likely to continue
Executive directors agree to extend debt relief and higher borrowing limits
BIS paper explores impact of sterilised FX interventions
Authors say economic and financial stability implications of intervention have been understudied
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing, coverage, portfolio construction, benchmarking, external parties and risk
Estimating the cost of a pandemic grant for the world’s poorest economies
The cost of support measures for vulnerable economies is manageable, says Steve Kamin
EM reserves ‘crucial’ in mitigating Covid-19 outflows, says Mauritius governor
Foreign exchange buffers helped to mitigate volatility in financial markets
Reserve managers weigh options to escape low yields
Longer-duration and emerging-market bonds may offer the way forward to portfolio managers
Europe leads on reserve manager salaries
Central banks pay a wide range of salaries to their reserve managers
BIS paper explores changing inflation risk factors
Authors highlight “significant non-linearities” among a range of risk factors
Book notes: Quest for restoring financial stability in India, by Viral Acharya
A definitive contribution to the political economy of central banking in emerging economies, but author does not acknowledge the challenges moving forward
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but there are drawbacks
BoE paper outlines ‘capital flows-at-risk’ framework
Methodology allows researchers to explore full distribution of “push” and “pull” effects on capital flows
Emerging markets face L-shaped recession – paper
Researcher works back from growth forecasts to see how Covid shocks might play out
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
BIS’s Hong Kong innovation hub launches trade finance competition
Solutions need to help current trade finance platforms communicate with one another
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face 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
EME financial markets are still vulnerable – BIS paper
Covid crisis has shown further market development work is needed, writes head of CGFS secretariat
IMF warns unprecedented central bank support may fuel instability
Investors may be too optimistic about recovery, IMF report says