Emerging markets
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic collapse
Fed expands network of swaps to emerging markets
Emerging markets will now have direct access to a dollar backstop, but it is still limited
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
Book notes: The art of economic catch-up, by Keun Lee
Rather than merely catch-up, book offers countries advice in making sea change in economic statuses
Georgieva backs Antoinette Sayeh as IMF deputy managing director
Liberian economist formerly headed up fund’s Africa department
IMF chief warns of ‘dire’ coronavirus scenarios
Virus has already impacted global growth by 0.1 percentage points
FSB boosts role of regional groups in decision-making
Review finds groups valued and should have greater say in FSB affairs
Innovation in reserve management: BlackRock
The US asset manager has made great strides in technology, research and advisory capabilities
Risk manager: Central Bank of Brazil
G20 central bank has made important breakthroughs in applying ERM
Remittances can cause volatility if concentrated – IMF paper
Flows of remittances are broadly stabilising for the receiving country, but not if they are too concentrated, paper finds
Bank of Spain paper looks at EM vulnerability
“Sherloc” tool seeks clues for emerging market fragility in wide range of variables
BIS adds members and boosts EME voices on committees
Emerging markets now better represented on key governance bodies
Patterns of exchange rate pass-through are changing – RBI paper
Pass-through in emerging markets is non-linear, asymmetric and falling, authors find
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
Global house price growth slows, but China still surging
BIS figures show broad slowdown in growth, though prices are still rising fast in some places
Cash increasingly used as store of value – BIS report
Cash “still king”, BIS authors say, but electronic payments are taking a bigger share of transactions
Norway’s SWF chief to step down after 12 years
Yngve Slyngstad presided over international diversification and the adoption of real estate, while total assets multiplied by four
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
World risks ‘global liquidity crunch’, former BIS officials warn
“Urgent action” needed to prevent crisis, say Philip Turner and André Icard
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
BIS: forex volumes rise to $6.6 trillion as London trading soars
While the UK capital reinforces its prominence in forex markets, trading in Asian currencies heats up
Turkey launches second major rate cut
Central bank slashes further 325 basis points off main rate