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Quantitative Tightening and Capital Flows to Emerging Markets
In its May 15th meeting, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve (Fed) lifted its benchmark policy rate by 0.75% to 1.50%–1.75%, the most significant increase since 1994. The central bank also signaled an additional increase
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Otaviano Canuto: Some Economies May Soon Face a Hard Landing
Weaker performance of emerging markets is expected in the immediate future. This year began with simultaneous signs of a slowdown in global economic growth and a reorientation toward tightening of monetary policies in advanced economies. In its latest Global Economic
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EXIM Hungary: Hungary’s Export Expert has Strong Focus on Finance and Foreign Market Expansion
EXIM, the official export credit agency of Hungary, is the only domestic bank and insurer specifically focusing on international trade, foreign market expansion, and investments. EXIM Hungary is the junction of two legal entities: the state-owned Hungarian Export-Import Bank (Eximbank
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Permanent Output Losses from the Pandemic
In the World Economic Outlook, published October 12, the International Monetary Fund (IMF) slightly lowered its forecast for global economic growth this year to 5.9%, while maintaining a forecast of 4.9% for 2022. It also emphasized the “divergence” in the
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World Debt Anchor to Keep Interest Rates and Growth Low
Debt — both public and commercial — is exploding in the US, and internationally. Interest rates are being kept low by the central banks. The governments in the US and southern Europe cannot afford a rise in the rates on
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The Two Sides of Capital Flows into Brazil
There was a significant inflow of funds in Brazil’s external financial account in October and November for investments in both stocks and fixed income instruments. The bulk of the recent inflow has come in a passive way, and it did
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Joe Biden No Panacea to Global Trade Troubles
The imminent departure from the White House of the self-styled dragon-slayer does not necessarily bode well for Chinese President Xi Jinping. Though the incoming Biden Administration is expected to take a less ideological approach to international trade, a reappearance of
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Fed Chair Powell: “Recovering to a Different Economy”
A river runs through it. President Christine Lagarde of the European Central Bank (ECB) argues that safely fording the ‘big river of uncertainty’ that runs through the global economy requires a sustained fiscal and monetary effort. Major interventions by central
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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
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Kristalina Georgieva, Managing Director of the IMF: Europe and the Global Recovery in 2021
We are at a point in our history where it is paramount to concentrate on what this crisis entails, what are the risks and opportunities a recovery will present to us, and how to bring the world together. These will
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