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OPEC and Russia Reach Deal to Raise Oil Production
December 3, 2020--Oil producers in the OPEC Plus group reached a compromise on a modest production increase, but the talks revealed strains in the group.
OPEC and other oil-producing nations led by Russia, trying to gauge the strength of the global economy as the coronavirus continues to rage but with vaccines on the horizon, reached a compromise on Thursday to modestly increase production in January.
But the talks revealed strains in the unwieldy group, known as OPEC Plus, which has tried to manage the oil market since 2016. These tensions could make it more difficult for the producers to stay in line with production targets as the global economy recovers in the coming months.
How Artificial Intelligence Could Widen the Gap Between Rich and Poor Nations
December 2, 2020--New technologies like artificial intelligence, machine learning, robotics, big data, and networks are expected to revolutionize production processes, but they could also have a major impact on developing economies. The opportunities and potential sources of growth that, for example, the United States and China enjoyed during their early stages of economic development are remarkably different from what Cambodia and Tanzania are facing in today's world.
Our recent staff research finds that new technology risks widening the gap between rich and poor countries by shifting more investment to advanced economies where automation is already established. This could in turn have negative consequences for jobs in developing countries by threatening to replace rather than complement their growing labor force, which has traditionally provided an advantage to less developed economies. To prevent this growing divergence, policymakers in developing economies will need to take actions to raise productivity and improve skills among workers.
Bitcoin surges to all-time record as 2020 rally powers on ETFGI reports Active ETFs and ETPs listed globally gather a US$58.69 billion in YTD net inflows and assets reached a record high of US$234.86 billion at the end of October 2020
Highlights
How a Collective Infrastructure Push Will Boost Global Growth IMF Departmental Papers-"Low for Long" and Risk-Taking
November 30, 2020-- Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.
The digital unit touched an all--time peak of $19,864.15, breaking its prior record set nearly three years ago. It was last up 6.1% at $19,306.35.
November 25, 2020--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that actively managed ETFs and ETPs saw net inflows of US$7.28 billion during October, bringing year-to-date net inflows to a record level US$58.69 billion which is significantly more than the US$34.85 billion in net inflows gathered at this point in 2019 as well as significantly more than the US$42.10 billion gathered in all of 2019.
Assets invested in actively managed ETFs/ETPs finished the month up to 2.8%, from US$228.41 billion at the end of September to reach a new record high of US$234.86 billion, according to ETFGI's October 2020 Active ETF and ETP industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Assets invested in actively managed ETFs/ETPs reached a new record high of $234.86 billion at the end of October.
Year-to-date net inflows are a record level of $58.69 billion
Fixed Income based actively managed ETFs/ETPs gathered net inflows of $3.99 billion during October.
November 24, 2020--With vaccines around the corner, there is increased hope that the pandemic could soon be under better control. That said, the need for cooperative efforts to work toward a better future has never been greater. Priority areas relate to the need to produce and distribute vaccines globally, tackle climate change, and bolster the economic recovery from the crisis.
An IMF report published ahead of the G20 leaders meeting argues that a synchronized infrastructure investment push could invigorate growth, limit scarring, and address climate goals. In fact, when many countries act at the same time, public infrastructure investment could help lift growth domestically and abroad through trade linkages. This positive "spillover" effect could provide an additional boost to global output.
November 24, 2020--Summary:
The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies-including "low for long" interest rates and asset purchases-increasingly common.
Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium-and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.