Global ETF News Older than One Year


IMF Working Paper-Gains from Anchoring Inflation Expectations: Evidence from the Taper Tantrum Shock

March 28, 201--Summary:
Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring.

We finnd that while the tapering announcement negatively affected growth prospects regardless of the level of anchoring, countries with weakly anchored inflation expectations experienced larger exchange rate pass-through to consumer prices, hence comparatively higher inflation. We conclude that efforts to improve the extent of anchoring of inflation expectations in emerging markets pay off, as they ease the trade-off that central banks face when external shocks weaken growth prospects and trigger currency depreciations.

view the IMF Working Paper-Gains from Anchoring Inflation Expectations: Evidence from the Taper Tantrum Shock

Source: IMF


Do Bear markets require recession?

March 27, 2019--This article explores the link between bear markets and recessions. Is a bear market the inevitable consequence of a recession? How often does a bear market occur in the absence of a recession? David Bassanese looks at what history tells us about what might lie ahead.

With global growth slowing there is understandable concern that the decade long global bull market could be finally coming to an end. This note suggests, however, that bear markets still remain a relatively rare occurrence, and even rarer in the absence of a US recession.

Equity markets are inherently volatile
The chart below details daily drawdowns in the US S&P 500 price index since the mid-1950s, along with shaded periods of recession as defined by the National Bureau of Economic Research (NBER). Several features are noteworthy from the chart.

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Source: BetaShares


Global Green Finance Index 3-European Centres Lead The Green Finance Index, Spotlight On Fossil Fuels

March 27, 2019--Green rankings not affected by level of fossil fuel financing
Amsterdam and London continue to lead the latest global rankings of green financial centres, according to the latest edition of the Global Green Finance Index. Copenhagen, Zurich and Paris are close behind.

The Global Green Finance Index (GGFI) is published every six months and ranks global financial centres according to the depth and quality of their green finance offerings. In today's report, GGFI 3:
Amsterdam came first for depth, with Zurich and Copenhagen equal second. London dropped to fifth place
In the quality rankings, London and Paris retained the leading two places
In North America, Montreal came first for depth and San Francisco first for quality, although Canadian centres outperformed the US
In Asia/Pacific, Shanghai came first for depth, and Sydney took the top place for quality

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view the The Global Green Finance Index 3

Source: Long Finance


World Gold Council-Market Update Investor insights: gold in Islamic investment

March 27, 2019--Following the launch of the AAOIFI Shari'ah Standard on Gold in 2016, we have engaged with Islamic banks and financial institutions to develop the market for Shari'ah-compliant gold-backed products.1 As part of this we undertook research to understand how investors view Islamic finance, their attitudes towards gold, and preferences for gold-backed products.

The insights summarised in this update will help banks and other institutions to launch gold-backed financial products that meet the needs of modern Islamic investors.

Gold in Islamic finance
Gold has a long association with Islamic finance. For centuries, the gold Dinar was the currency and trading standard of the Islamic world. But as Islamic finance grew and developed, so did the need for clarity around the Shari'ah treatment of gold.

In 2016, the rules for trading gold were codified in a single Standard: the AAOIFI Shari'ah Standard on gold. This removed one of the barriers preventing the development of gold-backed products in Islamic finance.

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Source: World Gold Council


FTSE Russell Blog-Goldilocks walks a tightrope

March 26, 2019--Hopes that the Goldilocks economic backdrop can persist are facing increased challenges, says Philip Lawlor, head of global markets research...

China's retail investment market:Implications for minimum variance
The research paper, Accessing the China A-Shares Market Via Minimum-Variance Investing (recently published in the Journal of Portfolio Management) explains how minimum variance strategies may work in historically volatile markets such as China....



March 26, 2019--Week in Review
Global equity markets nervously retreated on the back foot last week and bond yields dropped further-reflecting soft US and European manufacturing data, a surprisingly dovish turn by the Federal Reserve, and inversion of part of the US yield curve.

The Fed's latest set of "dot points" completely removed the two projected interest rate increases for this year-in a surprise for markets which had expected either no change or the removal of only one rate hike. While markets initially rejoiced, a nagging concern over "what the Fed might know" about the economy soon crept back into market thinking.

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Source: BetaShares


IMF Working Paper-The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy

March 26, 2019--Summary:
Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated.

Using a theory and empirical evidence, we argue that one can learn more from miracles than failures. We suggest three key principles behind their success: (i) the support of domestic producers in sophisticated industries, beyond the initial comparative advantage; (ii) export orientation; and (iii) the pursuit of fierce competition with strict accountability.

view the IMF Working Paper-The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy

Source: IMF


IMF Working Paper-Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries

March 25, 2019--Summary:
This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience.

With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.

view the IMF Working Paper-Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries

Source: IMF


IEA-Global Energy & CO2 Status Report The latest trends in energy and emissions in 2018

March 25, 2019--Global trends
Global energy consumption in 2018 increased at nearly twice the average rate of growth since 2010, driven by a robust global economy and higher heating and cooling needs in some parts of the world. Demand for all fuels increased, led by natural gas, even as solar and wind posted double digit growth.

Higher electricity demand was responsible for over half of the growth in energy needs. Energy efficiency saw lacklustre improvement. As a result of higher energy consumption, CO2 emissions rose 1.7% last year and hit a new record.

CO2 emissions
Driven by higher energy demand in 2018, global energy-related CO2 emissions rose 1.7% to a historic high of 33.1 Gt CO2. While emissions from all fossil fuels increased, the power sector accounted for nearly two-thirds of emissions growth. Coal use in power alone surpassed 10 Gt CO2, mostly in Asia. China, India, and the United States accounted for 85% of the net increase in emissions, while emissions declined for Germany, Japan, Mexico, France and the United Kingdom.

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Source: IEA (International Energy Agency)


IMF Working Paper-Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

March 25, 2019--Summary:
Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associated output and banking sector costs depend on whether the restructuring takes place preemptively, without missing payments to creditors, or whether it takes place after a default has occurred.

Post-default restructurings are associated with larger declines in bank credit, an increase in lending interest rates, and a higher likelihood of triggering a banking crisis than pre-emptive restructurings. Our local projection estimates show large declines in GDP, investment, and credit amplified by severe sudden stops and transmitted through a "capital inflow-credit channel".

view the IMF Working Paper-Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

Source: IMF


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Europe ETF News


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Asia ETF News


July 02, 2025 Fujitsu to develop ETF trading platform based on TSE's CONNEQTOR and provide it to Australian Securities Exchange
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June 18, 2025 Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index
June 13, 2025 Post-Adjustment ChiNext Index Attracts Global Assets with Low Valuation and High Growth Potential
June 13, 2025 Unlocking Consumption to Sustain Growth in China -World Bank Economic Update

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


July 04, 2025 South Africa: African Development Bank Country Focus Report highlights urgent need for economic transformation as GDP growth remains subdued
July 01, 2025 Africa's Trade Projected to Hit $1.5 Trillion in 2025
June 26, 2025 National stock exchange launched in Somalia
June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025

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ESG and Of Interest News


June 30, 2025 OECD-Environment at a Glance Indicators
June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
June 10, 2025 Global Carbon Pricing Mobilizes Over $100 Billion for Public Budgets
June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale

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White Papers


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