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Global Policy Responses to Capital Flow Volatility
December 23, 2020--The COVID-19 health and economic crisis has once again focused attention on the fickleness of capital flows and the need to have an adequate policy toolkit to manage the risks that stem from these flows, while maximizing their benefits.
A virtual workshop organized by the Bank of England, Banque de France, International Monetary Fund and the Organization for Economic Co-operation and Development (OECD) highlighted risks emerging from the changing landscape of global capital flows and the need for greater international efforts to address these including by broadening the regulatory perimeter.
Precious Metals Outlook: December 2020
December 23, 2020--Outlook for 2021
The background for 2021's outlook shows sentiment quite stretched in one direction. Multi-asset investors lament rich valuations in both stocks and bonds despite the potential for extensive and transformative policy changes under a new U.S. administration, which would warrant higher uncertainty discounts.
The S&P 500 Index's CAPE Ratio is double its historical mean.0F1 The CAPE ratio is a measure of stock prices divided by inflation-adjusted earnings adjusted for the economic cycle. A higher CAPE ratio means you are paying more for a stock's earnings. Bond valuations are not much better. The amount of negative-yielding sovereign bonds recently hit a new record of $17.1 trillion. It is hardly a stretch to say one of the few asset classes that could be considered "value" is commodities.
Private-Debt Funds Withstand Covid-19, but Bigger Test Comes Next Year
December 23, 2020--Funds that lend to smaller companies such as dentist offices and software makers have grown into a major part of the financial infrastructure
The riskiest corners of corporate-debt markets have escaped widespread damage from the Covid-19 economic crunch.
Some fund managers think a reckoning may still be in store in the rapidly growing universe of private lending to smaller companies.
Private debt has grown to become a major part of the financial infrastructure in the U.S. and Europe since the 2008 financial crisis, as banks reduced lending to smaller companies. It is different from other forms of lending because it is done directly from a specialist fund manager to all sorts of companies-dentists, restaurants, insurance brokers and software makers, among others-without going through either a bank or bond markets.
Reclaiming Our World Post-2020
December 22, 2020-As 2020 draws to a close, many of us cannot wait for this annus horribilis to end. And for good reason: this year has seen more than a million and a half COVID-19 deaths; an economic collapse far greater than that of the 2008 financial crisis; a boiling-over of resentment against decades of racial and social injustice; record numbers of wildfires decimating millions of acres of pristine forests; and locust plagues of Biblical proportions.
Yet, 2020 also gives us reason for hope. The development, within a few short months, of at least three COVID-19 vaccines that promise a high degree of efficacy is nothing short of miraculous: a great triumph of medical science, technology, and yes, globalization.
IOSCO seeks to help regulators address retail market conduct risks during stress events such as COVID-19
December 22, 2020--IOSCO seeks to help regulators address retail market conduct risks during stress events such as COVID-19 The Board of the International Organization of Securities Commissions today published a report that seeks to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 pandemic.
Enhancing investor protection and investor confidence in the integrity of securities markets are fundamental objectives for IOSCO.The report examines common retail misconduct risks that have arisen in the financial services industry during the pandemic and sets out measures to assist authorities in responding to this unprecedented and challenging environment.
OSCO publishes report on education of retail investors regarding risks of crypto-asset
December 22, 2020--The Board of the International Organization of Securities Commissions today published a report that seeks to help regulators inform retail investors about the risks and characteristics of crypto-assets. Crypto-assets carry risks that retail investors may not fully understand, increasing the chance of losses on investments in these assets.
The IOSCO report titledInvestor Education on Crypto-Assets identifies an array of possible risks to investors, including such things as lack of market liquidity, volatility, partial or total loss of the invested amount, insufficient information disclosure and fraud.
IOSCO Issues Industry Survey on Exchange-Traded Funds
December 22, 2020--The International Organization of Securities Commissions (IOSCO) has issued a Questionnaire for industry participants on Exchange-Traded Funds (ETFs). IOSCO, through its Committee 5 on Investment Management, has conducted extensive work related to ETFs since 2018.
To date, the project has considered potential investor protection, market integrity and financial stability issues related to ETFs. In doing so, IOSCO has consulted with industry stakeholders regularly, including at a Committee 5 industry roundtable on ETFs in 2018 and a joint FSB/IOSCO workshop on ETFs and Market Liquidity in June 2019.
EFI Prospects Group Global Monthly-December 2020
December 22, 2020--Overview
The global economic recovery is decelerating amid rising new cases of COVID-19 in many regions.
Sentiment about medium-term growth prospects appears to have improved, however, buoyed by favorable vaccine-related developments.
Movements in financial markets and commodity prices reflect rising optimism, with oil prices lagging slightly, mostly as a result of continued weakness in oil demand.
Special Focus: How does informality aggravate the impact of COVID-19?
COVID-19 is taking a severe toll on emerging markets and developing economies (EMDEs) with large informal sectors.
Widespread informality is linked to many vulnerabilities-widespread poverty, lack of access to sanitation facilities, and weak social safety nets-that have amplified the economic and health consequences of COVID-19.
Total crypto fund inflows top $5 billion this year, up more than 600%-report
December 21, 2020--Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares.
The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion.
Reserve Currencies in an Evolving International Monetary System
November 17, 2020--Summary:
Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Using a newly compiled database of individual economies' reserve holdings by currency, this departmental paper finds that financial links have been an increasingly important driver of reserve currency configurations since the global financial crisis, particularly for emerging market and developing economies.
The paper also finds a rise in inertial effects, implying that the US dollar dominance is likely to endure. But historical precedents of sudden changes suggest that new developments, such as the emergence of digital currencies and new payments ecosystems, could accelerate the transition to a new landscape of reserve currencies.
view the IMF paper-Reserve Currencies in an Evolving International Monetary System
