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IMF Policy Paper-Digital Money Across Borders: Macro-Financial Implications
October 19, 2020--Summary:
Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions. These include central bank digital currencies (CBDCs) and the so-called global stable coins (GSCs) proposed by large technological companies or platforms.
This paper explores the complex interactions between the incentives to adopt and use CBDCs and GSCs across borders and discusses the potential macro-financial effects.
view the IMF Policy Paper-Digital Money Across Borders: Macro-Financial Implications
Pandemic will hit the pension prospects of billions, warns study
October 19, 2020--New analysis of global pension systems says people face working longer or having less income in later life.
The economic crisis triggered by the coronavirus pandemic has heightened retirement insecurity for billions of people around the world who now face working longer, or having less income in later life, according to a new analysis of global pension systems.
Even before the crisis, private and public retirement systems were under strain from ageing populations and a low-interest rate environment, which has made it tougher to achieve the investment returns to pay pensions.
Investors should watch the transatlantic split on ESG closely
October 15, 2020--Which sectors of the market would flourish under a Biden presidency? That is a big question for investors right now, as Democrat Joe Biden rides high in the US polls-and his party makes bold statements about fiscal policy, unions and fossil fuels.
But here is one sector that could benefit to a significant degree from a Biden victory: environmental, social and governance investing. That is not just because of the obvious point that a Biden-led administration is likely to take a tough stance on the use of fossil fuel.
The other issue is that such an administration might usher in changes in the rules around ESG investing and corporate disclosures.
While that second sphere is less thrilling for politicians than, say, a discussion about fracking, it matters deeply. If those ESG investing and disclosure rules change, it could accelerate capital flows into the sector, pushing up prices for assets-or delivering what Larry Fink, head of BlackRock, has described as an ESG "momentum" trade.
Leaders Release Unprecedented Map of Blockchain Standards
October 14, 2020--The Global Standards Mapping Initiative is the first comprehensive effort to survey blockchain standards, mapping data from over 30 technical standard-setting entities, 185 jurisdictions, and nearly 400 industry groups
One of the few standards data sets accessible to the wider public, it is intended to serve as a resource to propel the industry forward
The reports synthesize key trends and provide action-oriented guidance for public and private sector stakeholders
Industry leaders today released the Global Standards Mapping Initiative (GSMI), the first and most comprehensive effort to assess the current state of blockchain. Based on input from over 30 technical standard-setting entities, 185 jurisdictions and nearly 400 industry groups, the reports are accessible to the public and intended to serve as a resource for the blockchain community to develop thoughtful frameworks and standards to propel the industry forward.
The reports, released by the World Economic Forum and the Global Blockchain Business Council (GBBC), map and assess the current blockchain and digital asset landscape across three distinct areas: technical standards; legislation and guidance by sovereign and international bodies; and industry best practices and standards.
view the Global Standards Mapping Initiative: An overview of blockchain technical standards
Better stock selection boosted ESG funds, research suggests
October 14, 2020--Nine of the 10 largest sustainable ETFs and mutual funds outperformed in H1
Avoiding exposure to fossil fuel companies, which slumped earlier this year when oil prices crashed, cannot explain all of the outperformance of funds, invested according to environmental, social and governance principles, new research suggests.
The World Resources Institute, a Washington DC-based sustainable development think-tank, found that nine of the 10 largest US mutual and exchange traded ESG funds, all of which are focused on large-cap US stocks, outperformed a benchmark, the Vanguard S&P 500 ETF (VOO), after fees, in the first half of 2020. On average they beat the benchmark by 2.1 percentage points.
A Long, Uneven and Uncertain Ascent
October 13, 2020----The COVID-19 pandemic continues to spread with over 1 million lives tragically lost so far. Living with the novel coronavirus has been a challenge like no other, but the world is adapting. As a result of eased lockdowns and the rapid deployment of policy support at an unprecedented scale by central banks and governments around the world, the global economy is coming back from the depths of its collapse in the first half of this year. Employment has partially rebounded after having plummeted during the peak of the crisis.
This crisis is however far from over. Employment remains well below pre-pandemic levels and the labor market has become more polarized with low-income workers, youth, and women being harder hit. The poor are getting poorer with close to 90 million people expected to fall into extreme deprivation this year. The ascent out of this calamity is likely to be long, uneven, and highly uncertain. It is essential that fiscal and monetary policy support are not prematurely withdrawn, as best possible.
A Bridge to Economic Recovery: Be Aware of Financial Stability Risks
October 13, 2020--Despite a global economic crisis comparable only to the Great Depression, near-term financial stability risks have been contained with the help of unprecedented monetary policy easing and massive fiscal support across the globe. But many economies had pre-existing vulnerabilities-which are now intensifying, representing potential headwinds to the recovery.
Extraordinary policy measures have stabilized markets, boosted investors' sentiment, and maintained the flow of credit to the global economy. Critically, these measures helped prevent a slowing economy and sliding financial markets from feeding on each other in a destructive vicious cycle.
The rebound in asset prices and the easing in global financial conditions have benefited not only advanced economies, but also emerging markets. In addition, unlike in previous crises, emerging markets this time were also able to respond by cutting policy rates, injecting liquidity and, for the first time, employing asset purchase programs.
view the IMF Global Financial Stability Report: Bridge to Recovery October 2020
World Energy Outlook 2020 shows how the response to the Covid crisis can reshape the future of energy
October 13, 2020--Amid deep disruption and uncertainty caused by the pandemic, a surge in well-designed energy policies is needed to put the world on track for a resilient energy system that can meet climate goals
It has been a tumultuous year for the global energy system. The Covid-19 crisis has caused more disruption than any other event in recent history, leaving scars that will last for years to come.
But whether this upheaval ultimately helps or hinders efforts to accelerate clean energy transitions and reach international energy and climate goals will depend on how governments respond to today's challenges.
The World Energy Outlook 2020, the International Energy Agency's flagship publication, focuses on the pivotal period of the next 10 years, exploring different pathways out of the crisis. The new report provides the latest IEA analysis of the pandemic's impact: global energy demand is set to drop by 5% in 2020, energy-related CO2 emissions by 7%, and energy investment by 18%. The WEO's established approach -comparing different scenarios that show how the energy sector could develop- is more valuable than ever in these uncertain times. The four pathways presented in this WEO are described in more detail at the end of this press release.
All roads lead to Paris: Looking ahead to the low-carbon transition
October 12, 2020--The need to respond to climate change is triggering perhaps the largest and fastest economic transition since the Industrial Revolution. That transition-driven by policy, public concern and innovation-will create and destroy enormous amounts of value, posing challenges for investors attempting to navigate a fundamental reshaping of the global economy.
Over recent decades, an overwhelming consensus has emerged among climate scientists of the need to substantially decarbonize the global economy by the second half of this century. That consensus is reflected in the international policy framework created by the Paris Agreement on climate change, and the policies that national governments are increasingly putting in place to encourage this decarbonization.
ETFGI reports year-to-date net inflows into ETFs and ETPs listed globally at the end of Q3 are at a record level of US$ 488.18 billion
October 12, 2020--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported today that ETFs and ETPs listed globally gathered net inflows of US$59.74 billion during September, bringing year-to-date net inflows to record level of US$488.18 billion which is significantly higher than the US$349 billion gathered at this point last year.
Assets invested in the global ETFs/ETPs industry decreased by 1.8%, from US$7.01 trillion at the end of August 2020, to US$6.89 trillion at the end of September, according to ETFGI's September 2020 Global ETFs and ETPs 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.)
Highlights
ETFs and ETPs listed globally gathered net inflows of $59.74 billion during September.
Year-to-date net inflows at the end of Q3 are at a record level of US$ 488.18 billion.