Debt
Book notes: Easy money, by Dror Goldberg
Interesting interpretations but hard to view 1690s Massachusetts paper as the invention of modern currency
Debtor nations face ‘long-term pain’, BdF research finds
Long-term debt issued when rates were higher will create burden, Banque de France paper says
China pulls report on merger of ‘bad banks’ with SWF
Tie-up could help separate government’s roles as regulator and shareholder in managers of bad debt
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
IMF extends higher loan caps for low-income countries
PRGT will be able to hand out bigger credits through end of 2024
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
Argentine government devalues peso and replaces governor
Finance minister announces austerity as IMF welcomes new president’s early moves
Higher rates will push up firms’ debt costs gradually, says research
Authors warn that financial vulnerability could stem from higher for longer rates
IMF: Argentina needs ‘a strong and credible central bank’
Central bank caps banks’ FX holdings ahead of Milei inauguration on December 10
Kenya increases policy rate by 200bp to strengthen shilling
Governor says equilibrium rate has been ‘overshot’
Managing reserves amid climate change and home-shoring
Central banks can still make asset allocations with solid climate outcomes, despite slippage in the net-zero timetable, writes Gary Smith
BIS weighs possible shift in global liquidity conditions
Nervy markets struggle to digest rates outlook, as BIS research finds deeper shift may be underway
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
BCRA ex-governor Caputo will be Argentina’s economy minister
Central bank halts sales of devaluation hedge bonds
Riksbank governor calls on property companies to reduce debt
Thedéen warns monetary policy “needs to remain contractionary”
Karnit Flug on the Bank of Israel’s emergency responses and challenges ahead
The former Israeli central bank governor and current vice-president of the Israel Democracy Institute speaks with Christopher Jeffery about the BoI’s targeted emergency responses, economic uncertainties and central banking independence
Bank of Israel keeps interest rates unchanged
Yaron warns government over fiscal policy as central bank cuts growth forecast
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
ECB paper studies ESG ratings’ effects on debt costs
Downgrades had only temporary effect on US firms’ bond spreads, researchers find
Sarb governor confirms Treasury may draw on reserves to service debt
South African authorities considering use of $25 billion to address ‘expensive’ repayments
Eurozone banks show “early signs of stress”, ECB warns
High interest rate will test eurozone’s resilience while some non-banks are at risk, review says
Geopolitical risks threaten financial stability – Norges Bank
Norwegian central bank says banks are well-capitalised but notes real estate problems
China vows long-term strategy to resolve local debt risks
Officials stress need to strengthen Communist party control over China’s financial sector