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IIF Sustainable Finance Monitor For June 2020 

We are delighted to share this first issue of our new monthly Sustainable Finance Monitor, designed to bring together the latest global developments, analysis of policy and regulatory initiatives, market trends, activities of the IIF Sustainable Finance Working Group and related IIF events. 

June U.S. Regulatory Update

The June U.S. Regulatory Update covers recent Federal Reserve reports on regulation and financial stability, new policy measures in response to COVID-19, the Pandemic Risk Reinsurance Program, regulator testimonies on Capitol Hill, and more.

Economic Views: Funding Fiscal Deficits in India & Indonesia

We continue our analysis of fiscal deficit financing in EM. Foreigners reduced exposure to Indonesian bonds sharply, … but large BI purchas...

China Spotlight: Monetary Assists to the Fiscal Deficit

The PBoC can assist fiscal functions by providing necessary liquidity and taking on some quasi-fiscal functions through relending and policy banks. The PBoC may have to support the issuance of special central government bonds. However, the PBoC is not going to explicitly monetize fiscal deficits.

LatAm Views: The QE Challenge 

COVID-19 has widened fiscal deficits and spurred needs for additional funding. As a result, QE-type measures have gained impetus amid disinflationary pressure. While countries with sounder institutions can take more aggressive steps, we expect QE to remain modest barring a resurgence of instability. 

IIF and GFMA letter to Global Standard Setting Bodies Advocating Development of Global Principles on Operational Resilience

The Institute of International Finance (IIF) and the Global Financial Markets Association (GFMA) today sent a joint letter to the Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS), International Organization of Securities Commissions (IOSCO) and Committee on Payments and Market Infrastructures (CPMI) to encourage the development of global principles on the operational resilience of financial institutions.

Green Weekly Insight: Financing a Sustainable Recovery

Social issues to the fore: growing tensions in the U.S. could undermine efforts to tackle the COVID-19 outbreak;

Realizing the Digital Promise: Part 2 

This second paper in a three-part series , "Realizing the Digital Promise: Key Enablers for Digital Transformation in Financial Services," examines the key enablers for overcoming the challenges that were set out in our first report.

GMV: The Growing Case for Flexible EM Exchange Rates

The COVID-19 shock has seen many EMs drop their “fear of floating,” ... with many currencies weakening at unprecedented speed and severi...

Macro Notes: The EM/FM Remittances Challenge

Non-resident flows to emerging and frontier markets will contract sharply in 2020. Remittances have become an important, countercyclical, source of inflows for EM. In 2020, however, they will likely be much lower due to the global nature of shocks. High-frequency data show that the deceleration had already begun in the 1st quarter. Central America and the Caribbean, the Philippines, and Egypt are most exposed.

 

 

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