Emerging markets
Economics Benchmarks 2020 report – executive summary
Shedding light on economics governance, salaries, forecasting, research, publications and more
Terms of trade shocks not symmetric – BoE paper
Developing countries particularly vulnerable to export shocks, study finds
Size matters for central bank research publishing
Staff numbers have strongest association with central banks’ research output
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
BIS warns of gap between cautious banks and buoyant markets
Report says exuberant market conditions may belie underlying risks
Few central banks collaborate with private-sector researchers
Collaborations are common with academia, especially in advanced economies
Agent-based models remain rare among economics departments
Economics Benchmarks 2020 highlights the varied applications of different model types at central banks
Forecast errors marginally higher for growth than inflation
Data shows contrast between advanced and emerging economies
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
BIS paper pins down causal impact of capital flows
Study based on confidential BIS data finds capital controls can help prevent overheating
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, but further support relies on political backing
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 and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
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, but political leadership may be lacking
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 Acharya does not acknowledge the challenges moving forward