Sovereign debt
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
‘Reserve asset competition’ explains global fiscal cycle – paper
Local fiscal shocks can trigger debt issuance abroad, authors find
Sovereign debt in default fell by 1% in 2023 – BoC study
Research finds shift in lending away from Paris Club creditors towards China
Pakistan seals $7bn IMF funding package
Institution says bilateral support will be necessary to meet objectives
Sri Lanka secures deal to restructure $12.6bn of bonds
IMF still to review if deal conforms with Sri Lanka’s debt sustainability targets
Book notes: Bucking the buck: US financial sanctions and the international backlash against the dollar, by Daniel McDowell
A timely and well-documented book about the weaponisation of the US dollar
Sri Lanka signs debt restructuring deals
Government reaches agreement with 17-nation group and China’s Exim bank
Economists explore 200 years of data on sovereign defaults
“Serial restructurings” are on the rise, with investors taking an average haircut of 45%
Book notes: The wealth of a nation, by Geoffrey Hodgson
This book provides a deep dive into the economic and institutional transformations that supported the rise of English capitalism
Bank of Israel governor warns of war’s impact on GDP
Yaron reiterates calls for committee on determining defence budget
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
Book notes: Balance of power: central banks and the fate of democracies, by Éric Monnet and translated by Steven Rendall
This short book offers partial insights, but ultimately underwhelms
Trends in reserve management 2024: survey results
Insights on geopolitical risk, AI, asset diversification, risk management and ESG adoption
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
Sri Lanka considers new bonds linked to GDP and governance
Restructuring debt could link repayments to anti-corruption reforms
Pakistan repays bonds worth $1bn as it seeks fresh IMF loan
Debt-stricken country looks to secure about $6 billion in loans
Bank of Israel governor warns government over debt
Yaron calls for new committee to determine military budget
BoE says risk of ‘sharp correction’ in asset prices has risen
Drop in asset prices could trigger renewed “dysfunction” in core markets, central bank says
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
ECB paper analyses indirect channels of interbank contagion
Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds
IMF extends higher loan caps for low-income countries
PRGT will be able to hand out bigger credits through end of 2024