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Macro Notes: Russia - Safe Haven Among EM

Russia’s assets are stabilizing, and investors are showing renewed interest. The “Fortress Russia” strategy has reduced macroeconomic vulnerabilities. We expect both the fiscal and monetary policy responses to remain modest. As the economy is set to reopen, COVID-19 infections continue to spread.

Economic Views: Financing Needs in Frontier Markets

We expand our database of FM external financing needs, … including past crises in the 90s we can use as a reference point. Funding needs will...

FRT Episode 68: The Libra Refresh and Digital Currency Developments

John Collins of FS Vector joins FRT to discuss the Libra White Paper 2.0 and key updates in the initiative, against the backdrop of various developments with central bank digital currencies (CBDCs). 

CEEMEA Views: Zambia - Pressure on Reserves

Zambia’s external financing picture will continue to deteriorate in 2020. Sharply lower commodity prices will be a drag on the current account. At the same time, external debt repayments are set to increase markedly. As a result, already low foreign reserves are likely to fall even further. Additional external support of $0.5-1.0 bn would likely stabilize reserves.

Weekly Insight: Surging Global Debt -- What's Owed to China?

With pandemic response a key driver, global debt is set to hit $325 trillion by 2025—up sharply from $255 trillion in 2019; U.S. general government debt is on track to exceed 120% of GDP this year, up from 102% in 2019; China’s total debt hit 317% of GDP in Q1 2020, up from 300% in Q4 2019—the largest quarterly increase on record; China is now the world’s largest bilateral lender to G20 DSSI-countries, holding some 25% of their external debt  

China Spotlight: The Credit and Fiscal Impulses

China’s rising CPI, elevated debt, and deteriorating external positions prevented strong credit stimulus in 2019. Policy impulses came mainly in the form of fiscal spending in 2018 and tax cuts in 2019. Stimulus in 2020 requires better coordination among fiscal, monetary and credit policies.

GMV: QE in Emerging Markets

The G-4 central banks are doing QE on an unprecedented scale, … led by the Fed whose weekly purchases annualize to $2.5 trillion Dollars, ......

The Big Questions: Ep. 4 - How Operational Resilience Helped Keep Firms Open During COVID-19

On this special episode of the Big Questions, we're looking back on a conversation between Jan Bellens, a partner and Global Banking & Capital...

IIF ESG Webinar: Quantifying the Impacts of Climate Change

This week's IIF ESG Webinar features Emilie Mazzacurati, Founder and CEO, Four Twenty Seven; and Jing Zhang, Managing Director, Global Head of Quantitative Research, Moody's; speaking with Sonja Gibbs, Managing Director and Head of Sustainable Finance, Global Policy Initiatives, Institute of International Finance.

Macro Notes: SSA Increasingly Reliant on Portfolio Flows

Pressure on SSA assets has intensified due to COVID-19 related shocks. In this note, we analyze the composition of external flows to the region. SSA has become more globally integrated and reliant on portfolio flows. This makes the region more exposed to swings in investor sentiment.

 

 

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