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Analysis

OMFIF Reports

OMFIF publishes several reports a year, mainly of a bespoke nature, covering key themes in current economic and financial issues. 

If you are not a member of OMFIF and wish to receive a report, please send a request to editorial@omfif.org.

Latest reports

Central bank digital currencies

Central bank digital currencies

October 2018

This report, a collaboration between IBM Blockchain World Wire and OMFIF, explains the purpose of wholesale central bank digital currencies, as well as the motivations and business case for central banks to adopt wholesale CBDCs. It also outlines key characteristics of such a system, including who the developer and issuer should be; the technology options and requirements for a successful payments system; the practicality and regulatory challenges; and the possible risks and policy implications.

 

Click to download the report.

Absa Africa Financial Markets Index 2018

Absa Africa Financial Markets Index 2018

October 2018

 

In its second year, the Absa Africa Financial Markets Index is a premier indicator of the attractiveness of Africa’s capital markets, for use by investors and asset managers around the world. Since its inception in 2017, the index has been the benchmark used by most countries to reflect on the state of their financial markets and what developmental actions they need to take. This has involved the development of key financial frameworks to ensure their market develop to attract foreign direct investment.

 

Click here to download the report.

A decade of quantitative easing

A decade of quantitative easing

September 2018

 

After the sun, the storm. The US economy is weathering an unusually buoyant period. But increasing signs that the labour market is overheating are raising the likelihood of more aggressive Federal Reserve tightening. This would increase the probability that, in the next one to three years, the US will face a new recession - inciting the Fed to restart unconventional monetary policies.

 

Click here to download the report.

Changing importance of foreign exchange reserves

Changing importance of foreign exchange reserves

September 2018

 

One of the established economic truths of the global financial system is that nations need foreign exchange reserves. Reserves engender confidence in the financial stability of the nation holding them. However, the way in which this stability is built and maintained has changed over time. As a result, we argue that the reasons for holding reserves has also changed. This has important implications for how reserves should be managed.

 

Click here to download the report.

Real Momentum: Global Public Investors and the Real Assets Market

Global Public Investors and the Real Assets Market

June 2018

 

Based on a survey of Global Public Investors representing over $4.6tn in assets under management, this report reveals investors’ growing appetite for infrastructure and real estate, coinciding with the growing need for investment in such projects around the globe. But this shift brings new complexities for investors, who face limited supply, rising costs and issues of transparency. 

 

Click here to download the report.

Global Public Investor 2018

Global Public Investor 2018

May 2018

The fifth annual Global Public Investor devoted to public sector asset ownership and management, and governance and asset allocation for official institutions around the world is now available. Global Public Investors encompass many different types of institutions, including central banks, sovereign funds and public pension funds, linked by their status as public sector-funded entitites and representing a core component of world capital markets, with total holdings estimated at $36tn.

Click here
to download the report.

Gender Balance Index 2018

Gender Balance Index 2018

March 2018

 

The annual Gender Balance Index tracks the presence of men and women in senior positions of public financial institutions globally. It shows a highly unbalanced sector that is becoming worse over time. The value of the overall index, which aggregates the performance of individual institutions weighted by their country's share of the global economy, stood at 30.6% in 2017.

 

Download the report here.

Barclays Africa Group Financial Markets Index 2017

Barclays Africa Group Financial Markets Index 2017

October 2017

 

This report focuses on six fundamental pillars, including market depth, access to foreign exchange, market transparency and regulation, capacity of local investors, underlying macro opportunities, and the enforceability of international financial agreements. It accumulates the views of 60 key institutions across Africa on market conditions and the regulatory framework of 17 African economies.

 

 

Click here to download the report.

The ECB's next big decision

The ECB's next big decision

October 2017

 

The German Bundesbank and the Nederlandsche Bank have become under-purchasers of bonds since April 2017, reflecting a shortage under the ECB’s rule preventing central banks from buying more than 33% of issuance of public sector bonds. This study explains the political and economic factors impinging on the ECB’s next big decision, when deliberating an extension of QE into 2018.

 

The report can be viewed here: View report

Green finance for Global Public Investors

Green finance for Global Public Investors

July 2017

 

Green finance for Global Public Investors addresses the long-term impact of climate change on financial market stability, and the implications for public investors. It features the opinions of senior commentators from European governments, sovereign funds and development banks, and an introduction by Wolfgang Schäuble, German Finance Minister.

 

 

The report can be viewed here Click here to read the report.

Global Public Investor 2017

Global Public Investor 2017

March 2017

OMFIF has produced a fourth annual Global Public Investor report devoted to public sector asset ownership and management across a range of official institutions around the world. Global public investors encompass many different types of institutions, including central banks, sovereign funds and public pension funds, linked by their status as public sector-funded entities and representing a core component of world capital markets, with total holdings estimated at over $33tn.

Click here to download the report.

Candidate Clinton's chance - Policies for America's economic challenges

Candidate Clinton's chance

October 2016

 

The report assesses, among other issues, the immediate challenges Clinton would face on taking office; how global constraints would limit her available domestic policy options; and how Clinton’s policies differ widely from those of her rival for the presidency in terms of addressing economic inequality.

 

To request a copy of this report email editorial@omfif.org 

Mastering flows, strengthening markets

Mastering flows, strengthening markets

September 2016

 

Sovereign investment institutions are willing to help overcome constraints on global liquidity through increased securities lending and direct funding of less-liquid asset classes. Based on a survey of over two dozen sovereign institutions, the findings indicate that a majority of sovereign investors expect liquidity conditions to tighten further in the next 12-24 months.

 

To request a copy of this report email editorial@omfif.org 

At the edge of a shock - Japan's problematic monetary future

At the edge of a shock - Japan's problematic monetary future

September 2016

 

Japan’s monetary and financial system is living on the edge of a shock with the potential to rock a global financial system still worryingly fragile in the aftermath of the global financial crisis, according to a report by John Plender.

 

To request a copy of this report email editorial@omfif.org 

 

Lack of glory: Obama's mixed economic legacy

Lack of glory: Obama's mixed economic legacy

September 2016

 

This report takes a critical approach to examining Barack Obama’s economic legacy as President of the United States. GDP grew only marginally, mostly thanks to the expansionary policies of the Federal Reserve, and a budget deficit of 2.5% was more than two times that forecast, with government debt standing at 74% instead of the 48% predicted. 

 

To request a copy of this report email editorial@omfif.org 

Global Public Investor 2016

Global Public Investor 2016

June 2016

 

GPI 2016 documents the further rise of the renminbi in a general move towards a multicurrency reserve system, as well as an ever-growing potential for co-investment and partnerships, including in low-carbon investments in the ‘real economy’. 

To request a copy of this report email editorial@omfif.org 

Foreign exchange reserves in a volatile world – June 2016

Foreign exchange reserves in a volatile world

June 2016

Global foreign exchange reserves have been under pressure as falling oil and commodity prices, economic slowdown in China and Europe and extraordinary monetary policy responses have diminished current account surpluses and affected currency values, investment returns and capital flows.

 

To request a complimentary copy of this report email editorial@omfif.org 

The future of the European Central Bank

The future of the European Central Bank

September 2015

 

The financial and economic crisis hit Europe particularly hard and demonstrated the fragility of the financial sector, fundamental market differences among euro members and the inability of a monetary union without a fiscal and political union to counter asymmetric shocks. This report evaluates the challenges and opportunities for the ECB in the next decade.

 

To request a complimentary copy of this report email editorial@omfif.org 

Crossing the collateral rubicon

Crossing the Collateral Rubicon

September 2015

 

Global Public Investors are supporting the development of the securities markets in the wake of new regulations surrounding the need for collateral. They are increasingly seen as large-scale suppliers of high-quality collateral to offset liquidity shortages in international capital markets and to shore up global growth.

 

To request a complimentary copy of this report email editorial@omfif.org 

 

The Changing Role of Central Bank Foreign Exchange Reserves

The changing role of central bank foreign exchange reserves

September 2015

 

Central banks around the world are expected to strengthen defences against monetary turbulence by seeking to resume growth of foreign exchange reserves after the present bout of reserve weakness. The report discusses the motivations for the build-up of reserves from below $2tn in 2015 to $11.4tn today.

 

To request a complimentary copy of this report email editorial@omfif.org 

The Chinese Delegation at the 1944 Bretton Woods Conference

The Chinese Delegation at the 1944 Bretton Woods Conference - Reflections for 2015

July 2015

 

A ground-breaking Chinese account of the 1944 Bretton Woods conference shows seven decades-old continuity over Beijing’s policies on the IMF. Official Chinese archives record strong parallels between war-time Nationalist government policies and those of the present Communist leadership.

 

 

 

To request a complimentary copy of this report email editorial@omfif.org 

Global Public Investor 2015

Global Public Investor 2015

June 2015

 

The second annual Global Public Investor details key investment themes by providing data on global public investors’ asset allocation and performance, broken down by type and region, as well as the where they move their portfolio in the future.

 

To view a copy of this report please contact enquiries@omfif.org 

 

Global Public Investor 2014

Global Public Investor 2014

June 2014

 

Focusing on the investment trends of 157 central banks, 156 public pension funds and 87 sovereign funds, this report underlines growing similarities among different categories of public entities owning assets equivalent to 40% of world output.

 

To view a copy of this report please contact enquiries@omfif.org 

 

 

Capital account liberalisation in China: Guidelines from global experience

Capital account liberalisation in China

December 2013

 


China needs to be prepared for the unexpected, since previous cases of exchange control liberalisation around the world have led to a great variety of outcomes, ranging from asset price bubbles to currency crises, depending on the authorities' skill in dealing with often unforeseen developments. 

 

To request a complimentary copy of this report email editorial@omfif.org 

The new global frontier: Understanding China’s monetary policy

Monetary policy in China

September 2013

 

This report examines the Chinese economy and momentous challenges presented for monetary and financial policy. The move from a planned to a market economy in any country entails big risks, with a formidable – and by no means – exhaustive set of challenges for China’s policy-makers. 

 

'The most inspiring piece of work on China's monetary policy I have seen in a long time. I have already read it twice.' Kang Qu, Senior Research Analyst, Bank of China, London

 

 

To request a complimentary copy of this report email editorial@omfif.org

China's challenges in clearing and settlement: Helping the renminbi become a world currency

China's challenges in clearing and settlement: Helping the renminbi become a world currency

June 2013

 

Part of the OMFIF ‘Renminbi Focus 2013, it concludes that China should upgrade its infrastructure for clearing and settling trades in its financial markets, as part of efforts to promote the internationalisation of the renminbi. Suggestions are made for possible improvements, with particular attention to China’s futures markets.

 

To request a complimentary copy of this report email editorial@omfif.org

Gold, the renminbi and the multi-currency reserve system

Gold, the renminbi and the multi-currency reserve system

January 2013

 

As the world heads towards a multi-currency reserve system, demand for gold is likely to rise. Driving this trend is uncertainty about the stability of the dollar and the euro, the main official assets held by central banks and sovereign funds.

 

 

To request a complimentary copy of this report email editorial@omfif.org 

Challenges for central banks: Wider powers, greater restraints

Challenges for central banks: Wider powers, greater restraints (1)

September 2012

 

This OMFIF - EY report analyses the role of central banks during the financial crisis and its aftermath. Themes include the new centrality of central bankers, lessons from recent central  banking history, the new risk landscape, accountability and independence, macroprudential supervision and adaption to a new environment.

 

To view a copy of this report please follow View report

Spanning the World of Money: How to succeed in international finance – September 2011

Spanning the World of Money: How to succeed in international finance

September 2011

 

This publication explores the factors behind excellence in international finance centres. It places special emphasis on Luxembourg as one of the pivotal centres for European finance, and shows how IFCs are refining and expanding their services as they seek to prosper in a changing and challenging economic environment.

 

To request a complimentary copy of this report email editorial@omfif.org