Banking, Central Banks, and Global Economy
Nouriel Roubini, economist at the New York University’s Stern School of Business, was one of the in his post on Project Syndicate (www.project-syndicate.org) dated 28 April 2020, was one of the very few who credibly predicted (there are many claimants) the financial crisis and great recession of 2007-09. So, when he predicts a Greater Depression of the 2020s, as against the Great Depression of 1929-33, one takes notice. Continue reading “Roubini on the “Greater Depression” of the 2020s”
The IMF released yesterday the first chapter of its half-yearly World Economic Outlook (WEO) which is due only in May/June 2020. The world has changed significantly since the publication of the last WEO in January this year. The Great Lockdown, as the report calls it, will result in the worst recession since the Great Depression, shrinking the global economy dramatically by -3%, thus surpassing the effects of the Great Recession of a decade back. Continue reading “IMF’s World Economic Outlook, April 2020: Effects of the Great Lockdown”
On 9 April 2020, Jerome Powell, Chairman of the Federal Reserve Board, spoke at the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, Washington, D.C. (via webcast) on Covid-19 and the Economy. Highlights of the speech: Continue reading “Powell on Covid-19 and the Economy”
The Federal Reserve on Thursday, 9 April 2020, took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. Highlights: Continue reading “Federal Reserve provides additional support”
Tobias Adrian and Aditya Narain of the IMF, in their article titled “Maintaining Banking System Safety amid the COVID-19 Crisis” (31 March 2020), suggest how national band supervisors should respond to ensure continued trust and confidence in the banking system. Continue reading “Covid-19 pandemic and banking regulation”
Agustin Carstens, General Manager, Bank for International Settlements, in an op-ed piece in the Financial Times (30 March 2020), has raised concerns about the impact of the corona virus pandemic on global financial markets. Continue reading “Covid-19 pandemic: Dealing with the financial impact”