Author(s): Sebastian Horn, Carmen M. Reinhart, Christoph Trebesch Date: June 2020 Abstract: Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official international lending, covering 230,000 loans, grants and[…]

This Quarterly Review draws on several BIS data sets to examine emerging market corporates’ external and foreign currency debt on the eve of the Covid-19 outbreak.  It also assesses whether emerging market government debt is a cause for concern. Link: BIS Quarterly Review

Published by the ECB Market infrastructures form the backbone of the financial system. They provide the networks through which financial institutions and financial markets are connected and financial transactions are cleared and settled. Therefore, it is essential to ensure that market infrastructures are safe and efficient, and that they support a stable and well-functioning economy.[…]

By Ozge Akinci, Gianluca Benigno, and Albert Queralto Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. This blog post deals with the global effects of the COVID-19 sudden stop in capital flows: The COVID-19 outbreak has triggered unusually fast outflows of dollar funding[…]

By Egemen Eren, Andreas Schrimpf, and Vladyslav Sushko Key takeaways: Dislocations in domestic US dollar money markets reverberated globally. Non-US banks lost a substantial part of funding from money market funds and had to borrow at shorter maturities. Nevertheless, the severity of dollar funding strains varied substantially across banks, and eased for banks from jurisdictions[…]

by Philip R. Lane, Member of the Executive Board of the ECB, at the Institute for Monetary and Financial Stability Policy Webinar, 19 May 2020 In my recent blog post, I described the range of scenarios that have been developed by ECB staff to support the analysis of the near-term and medium-term macroeconomic dynamics in[…]

By Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraai Stablecoins with the potential for global reach (“global stablecoins”) could help to address unmet consumer demand for payment services that are fast, cheap and easy to use and can operate across borders. However, while there is indeed the potential for such benefits, global[…]