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The global economic recovery and upturn in equity markets boosted central bank, sovereign fund and public pension fund assets by $2.5tn in 2017 according to Global Public Investor. The $2.5tn surge, representing a 7.3% rise from 2016 to $36tn, is the largest such increase in the five years since OMFIF began tracking the assets under management of the 750 institutions covered in GPI 2018.
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For the first time, OMFIF is offering a comprehensive interactive online databank available as a practical resource for the reserves management and research departments of all global public investors, and their counterparts in the asset management and banking community. Users can filter five years of data by individual GPI, type of institution and region to chart changes in assets under management.
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Central bank reserves are continuing to grow, however, the strategies for managing them are becoming trickier. Encouraged by a low bond yield environment, public investors are increasingly tempted to diversify away from traditional allocation strategies focused on fixed income and expand into a wider range of assets. There has been a particularly strong shift from sovereign funds and public pension funds into real estate and infrastructure assets.
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At the US Federal Reserve, European Central Bank and Bank of England, the long march back to policy normality is beginning to gather pace. Furthermore, we will see shifts in leadership of all three institutions in the next two years, as current governors depart at the end of their terms.
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OMFIF publishes a weekly podcast featuring input from a range of academic experts, central bankers and investment professionals focusing on important areas pertaining to monetary policy and public investment themes. Click to browse the library, with topics including ESG, globalisation, political risk, fintech and green finance.
ListenChina marks the 200th anniversary of Marx's birth by sending a statue to his hometown and also by reminding the people of the economist's work, says Herbert Poenisch. The revival of Marxism with Chinese features entrenches the role of the present 'Marxist dynasty' and signals rejection of western values.
Through a series of missteps, Washington has been backing away from its traditional currency playbook. This erodes US credibility and the ability to pursue its interests, writes Mark Sobel. The administration's confused currency rhetoric is the most obvious symptom. Washington must restore verbal discipline.
US monetary tightening will disrupt some emerging markets, Mario Marcel, governor of the Central Bank of Chile, warned at the London launch of Global Public Investor 2018. 'We've never had this fiscal expansion [in the US] at this stage of the cycle and with this level of debt in the world's largest economy.'
Whatever the result of the Colombian presidential election on 27 May, it will not lead to broad economic changes. It may look risky if a left-wing candidate were to get into power, writes Maria del Pilar Lopez-Uribe, but it will be almost impossible for any substantial reform to pass through the newly elected Congress.
With EMU reform at the forefront of debates in Europe, central and eastern Europe are at a crossroads. There is scepticism in the region as to the benefits of joining the common currency, with some fearing a lack of fiscal flexibility to handle economic crises at a national level, writes Anton Varga.
I was a diplomat for nearly 40 years, writes David Warren, and spent much of that time promoting British trade and attracting FDI. Membership of the EU single market and customs union was a magnet for the latter, and no hindrance to the former. For the UK, dispensing with these benefits would be an act of self-harm.
The global economic recovery and upturn in equity markets boosted central bank, sovereign fund and public pension fund assets by $2.5tn in 2017 according to Global Public Investor, published annually by OMFIF, the London- and Singapore-based think tank.
'Unelected Power', from Paul Tucker, former Bank of England deputy governor, ranges over the risks of untrammelled growth in central bank powers after the financial crisis and the need to constrain them in a series of agency agreements fully intertwined into the fabric of elected government, writes David Marsh.
Japan-Britain political economy roundtable with Sir Simon McDonald, FCO
Mon 11 Jun 2018
JUNE
Roundtable with Paul Tucker, former deputy governor for financial stability, Bank of England
Wed 13 Jun 2018
JUNE | London
City lecture with Anil Kashyap, Bank of England
Wed 13 Jun 2018
JUNE | London
Asset and risk management forum
Thu 14 Jun 2018
INVESTMENT
Panel discussion on the future of the European Central Bank
Mon 18 Jun 2018
POLICY | London
Global Public Investors and the Real Assets Market
Wed 20 Jun 2018
POLICY | London
The launch of the fifth annual 'Global Public Investor,' a publication devoted to public sector asset ownership and management around the world. Speakers included Louis de Montpellier of State Street Global Advisors, Joaquim Levy of the World Bank Group and Mario Marcel of the Banco Central do Chile
The world is experiencing one of the longest economic expansions since records began and there's no end in sight, with muted inflationary pressures keeping interest rates low. Stock markets like this not too hot, not too cold 'Goldilocks' backdrop.
Global infrastructure financing has fallen short of its potential.Private sector investment and institutional investor capital are often raised as possible solutions for filling the infrastructure funding gap.
Productivity and economic growth continue to disappoint in most countries. Although analysts show a great deal of concern for the so-called 'productivity puzzle', little attention is paid to the real solution: freer markets and increased competition.
Stock prices have been rising for more than eight years, but bull markets don't die of old age. There are few signs of the excessive growth, valuation or financial leverage that usually signal the approach of a bear market. With interest rates below inflation, it is unsurprising that money continues to flow into markets.
The poll for this month focuses on the future of bitcoin. Participants were asked: ‘Will the bitcoin market crash exponentially and if so, when?’
