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OMFIF’s latest annual report – Global Public Investor 2019 – is the largest and most comprehensive worldwide survey of public sector investment institutions owning or managing assets equivalent to 43% of global GDP. The report underlines the largely unforeseen reverberations of central banks’ post-crisis easing policies. Declining yields have damaged central banks’ reserves income and, in part, their independence.
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Mark Sobel, OMFIF’s US chairman and a veteran of the US Treasury, speaks with leading experts in macroprudential policy and other former Treasury officials in his series on US financial stability. Topics include regulation after the 2008 financial crisis, the role of central banks and the Financial Stability Oversight Council, policy-makers’ key tools, and the issue of data within financial stability.
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Deepening financial disparity risks causing massive damage to the world economy and upending incumbent political structures. Already over the last several years we have seen the dangers of inequality reflected in the rise of populism in major economies. Law-makers are drifting further away from the political centre, as they try to appeal to citizens dissatisfied with the status quo.
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A new focus on bilateral relations after Brexit will allow Germany and the UK to share expertise, deepen bonds and provide leadership in international forums. This report describes how across 10 economic areas the two sides can extend widespread co-operation in fields ranging from manufacturing and services to education, gender balance and cybersecurity.
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A decade of unconventional monetary policy has led to uncertainty about central bank investment patterns. This report is a reminder that the core investment assets of central banks stem from the official reserve portfolio. SSGA and OMFIF researchers have computed a range of nominal and relative data bases in examination of many individual reserve managers. The research aims to dispel some of the obscurity about the asset management practices of this traditionally non-transparent group of global public investors.
read moreGermany has overtaken China to become the world's second largest net creditor. Danae Kyriakopoulou, chief economist and director of research at OMFIF, spoke to Bloomberg on what this means for global trade, investment and currency tensions in an increasingly uncertain geopolitical climate.
Singapore is expanding initiatives to finance sustainable infrastructure in Asia, including increasing the flow of bankable products, according to Heng Swee Keat, acting prime minister and finance minister, outlining measures at the launch of OMFIF's Global Public Investor 2019 at the Singapore stock exchange.
China's banks are the biggest in the world, but must abide by rules written over the past few decades by their western counterparts, writes Herbert Poenisch. China's unease about not setting the rules of the game has led to the establishment of many joint interbank associations with major emerging economies.
Donald Trump's hard-line stance on the China trade issue could lead to a slowing in the world's second largest economy, writes Desmond Lachman. This is bound to have spillover effects on economies with which the country has strong trade links, and could contribute to global financial market instability.
Policy-makers don't always get to pick their moments, and Jerome Powell moved markets with just a few words when he revived at the Federal Reserve's early June gathering in Chicago talk of a 'Fed put' – that the Fed would cut rates to prevent any substantial decline in the stock market, writes Darrell Delamaide.
Germany has a new leader in waiting. Friedrich Merz, long-time Christian Democrat rival to Chancellor Angela Merkel, is moving into pole position as her most probable replacement, with support from industrialists disillusioned with the mainstream politicians at the helm of the 'grand coalition', writes David Marsh.
The IMF is pinning its hopes for a much-needed boost to the world economy on an emerging market rebound in the second half of 2019. But continuing currency crises in Turkey and Argentina, as well as diminishing hope for improved economic performance in Brazil, undercut such optimism, writes Desmond Lachman.
In Britain's zig-zag course to leave the European Union, two things are clear, in the wake of the European elections and Prime Minister Theresa May's resignation. First, both Conservatives and Labour face existential crises. Second, demands for a second referendum serve no useful purpose, writes Meghnad Desai.
Roundtable with Philip Rycroft, former permanent secretary, Department for Exiting the European Union
Wed 19 Jun 2019
JUNE | London
Launch of the 6th annual Global Public Investor: an evening reception at Barings
Wed 19 Jun 2019
JUNE | London
Roundtable on the state of Italian economy and opportunities for investment
Mon 1 Jul 2019
JULY | Rome
Roundtable with Oonagh McDonald, international financial regulatory expert, author and former Labour party politician
Fri 5 Jul 2019
JULY | London
OMFIF-NIESR workshop on “Modelling the Macroeconomy in Risky Times”
Mon 8 Jul 2019
JULY | St Louis
OMFIF Foundation Main Meeting with the Federal Reserve Bank of St Louis
Tue 9 Jul 2019
MAIN | St Louis
The Global Public Investor is devoted to public sector asset ownership and management around the world, with the aim of spreading best practice amongst central banks, sovereign funds and public pension funds. Launching firstly in Singapore, a panel discussion focused on aligning investments to the United Nations' sustainable development goals.
The distribution of women across academic fields is uneven, and this segregation appears persistent. Economics is no exception. Despite the increase in the number of female economists over the last few decades, women in economics continue to be underrepresented.
Stock market volatility tends to reach its peak in October, underlined by famous crashes in 1929, 1987 and 2008. Cross-currents in the world economy make this October particularly pivotal, especially in the light of the tug of war between good news out of the US and bad news out of China.
Global growth and inflation figures, in addition to rising commodity prices and interest rates, point to the risk of staglation over the summer months. The geopolitical backdrop, and the threat of a US-China trade war, also has a whiff of stagflation about it.
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.
This month’s poll focuses on universal basic income. Participants were asked: In recent years, the idea of universal basic income has become an increasingly popular point of discussion as a potential means of improving financial inclusion. How viable a solution is this? If not UBI, how best can policy-makers address widening economic inequality?
