The Day After Tomorrow: Macro-Financial Policy Catches Up With Reality
The 2008–09 crisis opened the door to a different kind of thinking in international macroeconomics—and closed it on some of the previous orthodoxy. Let’s take a look at some…
Risky Growth Engines
While the rich world puts its post-crisis house in order, developing countries as a whole are becoming the new engine of global growth. But switching locomotives is never free of risk.
The Arrival of Asset Prices in Monetary Policy
Once upon a (not long ago) time, there was a widely established set of blueprints for regimes of monetary and exchange rate policies expected to fit a full range…
The Developing World in a Post-Bubble Economy
Aggressive and innovative monetary and financial sector policy actions in developed economies have pulled the global financial system back from the brink of an abyss. But impaired assets are…
Trade finance, banking introspection and emerging economies
Squeezes of trade finance have been among the factors responsible for the recent collapse of trade. Those squeezes should be seen in the context of an overall “introspection” of…
Securitization in Latin America: advantages of latecomers
It may seem odd that a relatively upbeat assessment of the prospects for securitization in Latin America (by Michela Scatigna and Camilo Tovar) has been released this month in the BIS…
Repricing of Latin American Risks
As global financial markets undergo a new phase of repricing risks and normalization of global asset prices, after the peak of a Minsky credit cycle, the current (long or short) period of turbulence…