Trade
Monetary-fiscal policy co-operation and the ‘slippery slope’
Barry Eichengreen assesses the risks central banks face from their closer links to fiscal policy
Regulators voice concerns over cloud risk
Failure of big cloud service provider could cause “a very large shock”, says NY Fed exec
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Bank Indonesia and PBoC sign currency agreement
Move follows Indonesian central bank accords with Japan, Malaysia and Thailand
Sterling swap traders brace for new Sonia switch deadline
Covid delays force regulators to set new date for interdealer swap market to price off RFR
Nigerian president tells central bank to change forex policy
Central bank defends industrial subsidies and says border has been closed to prevent smuggling
Colombian exchange rate shocks are asymmetric – central bank paper
Impact of 2014 drop in Colombian peso lends support to “dominant currency” theory, authors say
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
ECB paper sets out new dataset on trade invoicing currencies
Dataset sheds new light on the importance of “dominant currency paradigm”, authors say
Covid-19: a watershed moment for China’s BRI?
China faces a delicate balancing act when it comes to forgiving and restructuring Belt and Road Initiative debt while preserving the soundness of its financial institutions
MAS recognises first ‘significantly rooted’ foreign bank
Standard Chartered’s new status will give it some of the same privileges as locally incorporated banking groups
BIS’s Hong Kong innovation hub launches trade finance competition
Solutions need to help current trade finance platforms communicate with one another, and help SMEs and emerging markets take advantage of existing opportunities
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
IMF research highlights limits of exchange rate flexibility
New dataset sheds light on role of dominant-currency invoicing for exchange rate dynamics
After social distancing: prepare for national distancing
If the Covid-19 pandemic triggers a desire to onshore production, international capital flows will come under a new spotlight
BIS expands innovation hub network
Several new locations unveiled in Europe and North America
Research looks at possible East Asian trade deals
US and China stand to be worst off if trade war continues, Peterson Institute researchers find
IMF outlook worsens as pandemic intensifies
Fund warns of medium-term challenges for fiscal consolidation and trade
High US inflation should not be ruled out
A prolonged health crisis raises the risk that supply-side factors, monetary expansion and rising personal savings could stoke hidden inflationary pressures
Covid-19 may accelerate US firms’ turn away from China – New York Fed
Import data shows firms have used non-Chinese suppliers to replace some lost trade
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
Debts, deficits, central banks and inflation
Forrest Capie and Geoffrey Wood ask what insights history can provide for central banks and governments managing abrupt, large increases in debt
Is SDR issuance the best way to support low-income economies?
Economists and policy-makers are increasingly discussing the option as a way to boost liquidity in the fight against Covid-19