May 2012 Capital Markets Monitor
Global Growth Resilient, Except for Europe
Since the Great Financial Crisis, world financial markets have alternated between risk-on, risk-off (“RoRo”) modes. Recent data suggest that several RoRo triggers may have provided a downside cushion for the global economy—the exception being Europe. There, austerity seems to triumph over growth, perpetuating the sovereign debt/banking problems. It has also generated growing popular resistance to the current policy prescription of focusing on austerity to solve the sovereign debt crisis. This has elevated uncertainty about possible changes to the policy approach, particularly in the wake of recent election results in France and Greece.
IIF Conference Call on the Outlook for the Global Economy and Capital Markets
April 19, 2010 — Hung Tran and Yusuke Horiguchi hosted a conference call to discuss highlights from the Global Economic Monitor and Capital Markets Monitor on Monday, April 19, 2010. The audio recording of the briefing and the Q & A session is now available for replay.
Download the teleconference (.mp3)
Fragmentation of the International Financial System: Analysis and Recommendations
June 10, 2009 — At the London Summit, the Group of 20 (G20) reaffirmed the value of globalized financial markets in supporting world economic growth and development, and emphasized the important role of internationally active financial institutions. In no uncertain terms, the G20 called on nations to resist financial protectionism. The IIF strongly supports these views; this staff note argues that fragmentation of financial markets is detrimental to the health of the global financial system, with adverse consequences for world growth.
Special Briefing: Challenges for Europe's Banks: Gauging the Risks
May 26, 2009 — The close links between Western European and Central, Eastern and South-Eastern European (CESE) banks have long been beneficial for both sides, with profitable expansion opportunities for Western European banking groups and access to reliable funding on favorable terms as well as knowledge and technology transfer for CESE banks. However, the need for many Western European banks to deleverage and raise capital in a difficult environment has significant implications for CESE banks.
Special Briefing: U.S. Bank Stress Test
May 19, 2009 — The results of the Supervisory Capital Assessment Program-”the stress test of the 19 largest U.S. bank holding companies-”were released on May 7. Nine of the banks were found to have adequate capital buffers to withstand a stressed macroeconomic environment, while the remaining ten will need to raise, in aggregate, $75 billion in additional capital by November 2009.
Sub-Saharan Africa: Capital Markets and Debt Sustainability
October 30, 2008 — The developing markets of sub-Saharan Africa have benefited from a number of favorable trends during the past decade. Many have experienced debt relief, economic growth has strengthened, the role of the private sector has grown, and capital market liberalization has attracted an increasing number of foreign investors to the region. This new publication takes a look at these trends, and provides short market overviews of Ghana and Kenya and their basic debt sustainability profiles.
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