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Global Imbalances and the Pandemic

The International Monetary Fund’s tenth annual External Sector Report (ESR, August 2021) shows how current account deficits in the global economy widened in 2020 during the pandemic. On the other hand, the ESR also argues that overall, the misalignment between

Matchmaking Private Finance and Green Infrastructure

The contrast between the scarcity of investments in infrastructure and the excess of savings invested in liquid and low-return assets in the global economy must be dealt with. Greening infrastructure in emerging and developing economies would benefit from being able

Rescue by Helicopter Reserves

The world woke up on Monday 23 with higher international reserves for all countries. A new allocation of US$650 billion (SDR450 billion) in Special Drawing Rights (SDRs) by the International Monetary Fund (IMF) to its member countries has entered into

China’s Renminbi Needs Convertibility to Internationalise

On July 21, the Official Monetary and Financial Institutions Forum (OMFIF) published its eighth annual report on Global Public Investors (GPI). It included a survey the asset allocation plans of reserve managers of central banks, sovereign wealth funds, and public

A Possible Tug-of-war Between the Fed and the Markets

The projections for United States GDP released by the Federal Reserve on March 17, pointed to a growth rate of 6.5% in 2021, well above December’s 4.2% forecast. Congressional approval of the Biden administration’s $1.9 trillion fiscal package and the

The Size of Biden’s Fiscal Package

The monetary policy report submitted by the Board of Governors of the Federal Reserve System to the U.S. Congress on Friday Feb. 19 showed that the Fed’s members have improved economic growth expectations for 2021 and 2022, expect lower unemployment

Don’t Expect Miracles from the Multilaterals

by Otaviano Canuto Latin American and Caribbean economies need help, but organisations such as the IDB are also stretched thin. With Latin America and the Caribbean potentially facing years of difficulties due to the pandemic and related economic crises, attention

Whither Interest Rates in Advanced Economies: Low for Long?

by Otaviano Canuto We have previously discussed how, between March 2020, when the financial shock caused by COVID-19 occurred, and the end of August, the stock and corporate debt markets in the United States performed extraordinarily, despite gloomy prospects on

China on the Way Back to Rebalancing

China’s economy keeps recovering from the coronavirus pandemic-led crisis through the third quarter of 2020, as revealed by the numbers of August activity. Its GDP grew by 3.2% in the second quarter, after falling by 6.8% in the first quarter,

Brazil’s Economic Crossroads: Which Path Will It Choose?

Latin America’s largest economy entered the pandemic before it could heal from its worst recession in decades. First appeared at Americas Quarterly By Otaviano Canuto As the pandemic unfolds, Brazil is paying a huge human cost, with the number of