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Risk Management

27 November 2018 / Global

Countries victims of 'ninja' loans

Countries need infrastructure in much the same way that US families needed houses before the 2008 financial crisis. The 'American dream' was to provide everyone with their own home. Similarly, poorer countries dream of infrastructure, to propel them to prosperity. People in the US bought houses through 'no income, no jobs, no assets' ('ninja') loans, unsure of how to reimburse their bank. Countries are doing the same to fund infrastructure projects. Both groups were lured by easy financing conditions.

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26 November 2018 / Europe

ECB must address QE misallocation risk

By the end of this year, the European Central Bank is expected to end its monthly net asset purchases. This raises several questions about the ECB's reinvestment strategy and the implications for individual countries. The central bank's quantitative easing programme was not as successful as believed. The real issue for the ECB governing council to address when discussing fiscal implications of reinvestment is the risk arising from the misallocation of liquidity and corresponding claims and liabilities.

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14 November 2018 / North America

Fed Talk: US midterms special

Fed Talk: US midterms special

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05 November 2018 / Global

Cyber resilience and financial stability

Political risk series: Cyber resilience and financial stability

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15 October 2018 / Global

Risk management in Islamic finance

Islamic finance series: Risk management in Islamic finance

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09 October 2018 / Europe

Euro will not survive if Italy fails

An Italian debt default would trigger a European banking crisis with global economic and financial market ramifications. Italy is the euro area's third largest economy. If it fails, the single currency cannot survive. It is also too costly for its European partners to save. However, the country's new populist government is engaging in wishful thinking that somehow the country will grow its way out of its debt problem. Its policies show complete disregard for euro area budget rules and are bound to deal the economy a serious blow.

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05 September 2018 / Global

In Conversation: Daniel Hardy, IMF

In Conversation: Daniel Hardy, International Monetary Fund

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03 September 2018 / Global

Four proposals to lower contagion

The international community needs to do a better job in guarding against financial market contagion. The collapse of Turkish markets and the effects on other emerging markets make the question acute and relevant. Markets have long known that Turkey was an economic disaster in the making. The international policy-making community must to a better job of analysing risk factors and preparing for trouble in emerging markets. Contagion will never be banished completely, but the world can step up efforts to make it less troublesome.

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