The OMFIF Podcast

Risk and Opportunities in nature capital

Keith Lee, senior vice-president of the Asia Sustainable Finance Initiative and the World Wildlife Fund, joins OMFIF's Brandon Chye to discuss the importance of natural capital and biodiversity to the financial system, and what needs to be done to integrate these into the broader environmental, social and governance landscape. They also talk about the role of regulators and investors.

Music: https://www.bensound.com/royalty-free-music

What Covid-19 means for financial stability

Richard Berner, professor of management practice at New York University and formerly the first director of the Treasury Office of Financial Research, as well as the global economics head at Morgan Stanley, joins Mark Sobel, US chairman of OMFIF.

Music: https://www.bensound.com/royalty-free-music

Week in review: The dollar's uncertain future, Europe's financial culture shock, and coronabonds

OMFIF's Julie Levy-Abegnoli looks back over some of the most recent articles published on the OMFIF website, including those on the dollar's future, Europe's financial culture shock, and coronabonds.

Articles and other items referenced:

1. Dollar at a crossroads: https://www.omfif.org/2020/04/dollar-at-a-crossroads/
2. Why the euro needs monetary finance: https://www.omfif.org/2020/04/why-the-euro-needs-monetary-finance/
3. Pandemic cannot halt climate change: https://www.omfif.org/2020/04/pandemic-cannot-halt-climate-change/
4. Exploring corona crisis bond issuance: https://www.omfif.org/2020/04/exploring-corona-crisis-bond-issuance/
5. Mahbubani: US and China must put tensions on hold: https://www.omfif.org/2020/04/mahbubani-on-us-china-reconciliation/
6. Can India's financial system weather Covid-19? https://www.omfif.org/podcast/can-indias-financial-system-weather-covid-19/
7. Chinese recovery: Facing global slowdown and domestic headwinds: https://www.omfif.org/podcast/chinese-recovery-facing-global-slowdown-and-domestic-headwinds/
8. Brazil in the global economy - Covid-19 impact and responses: https://www.omfif.org/events/brazil-in-the-global-economy-covid-19-impact-and-responses/
9. Covid-19 and emerging markets - Avoiding a sovereign debt crisis: https://www.omfif.org/events/covid-19-and-emerging-markets-avoiding-a-sovereign-debt-crisis/
10. European Commission response to Covid-19: https://www.omfif.org/events/european-commission-response-to-covid-19/
11. Global financial stability overview - Markets in the time of Covid-19: https://www.omfif.org/events/a-revised-outlook-for-the-global-economy/

Music: Hey Mercy by Pierce Murphy is licensed under an Attribution License.

Can India's financial system weather Covid-19?

Meghnad Desai, chair of the OMFIF Advisory Network and emeritus professor at the London School of Economics, and James Crabtree, associate professor at the Lee Kuan Yew School of Public Policy, join OMFIF's Brandon Chye to discuss the Indian financial system and its capacity to handle the economic fallout from the Covid-19 pandemic.  

Note: Since this podcast was recorded, the Reserve Bank of India convened an emergency policy meeting on 27 March to cut its benchmark repo rate by 75 basis points to 4.40%, the cash reserve ratio for Indian banks by 100 basis points to 3%, as well as implement moratoriums and deferment of loans. The Indian government has announced a Inr1.7tn ($22.6bn) fiscal stimulus to cushion the economic impact of Covid 19. The three-week nationwide lockdown implemented on 24 March is set to be extended for two weeks.

 

Music: https://www.bensound.com/royalty-free-music

 

 

The China-US relationship post-pandemic

From co-operation to competition and the coronavirus outbreak, the US-China relationship has been complicated. Kishore Mahbubani, distinguished fellow at the Asia Research Institute, professor at the National University of Singapore and a former Singaporean diplomat, joins David Marsh, chairman of OMFIF. They discuss US-China tension, how each side is responding to financial shocks, and the pandemic’s impact on the global economy.

OMFIF: Corona Capital Markets Roundtable with EIB, CEB and DZ

In a new series, John Orchard talks to bond issuers and their intermediary banks about corona-driven borrowing programmes and their market reception.

Music: https://www.bensound.com/royalty-free-music

Chinese recovery: Facing global slowdown and domestic headwinds

David Dollar, former US Treasury and World Bank representative in Beijing and one of the world's leading China experts, joins Mark Sobel, US chairman of OMFIF, to discuss Chinese economic developments. David sees the Chinese economy now getting back on its feet, but observes it will face headwinds from changed consumption habits and a global slowdown.  

Music: https://www.bensound.com/royalty-free-music

Week in review: Oil prices drop, Europe's future crisis management, and helicopter money's unearned popularity

OMFIF's Julie Levy-Abegnoli looks back over some of the most recent articles published on the OMFIF website, including those on Europe's 'Hamiltonian' moment, oil prices, and helicopter money.

Articles and other items referenced:

1. Disappointment beckons on ‘Hamiltonian moment’: https://www.omfif.org/2020/04/alexander-hamilton-not-the-answer/
2. Helicopter money’s unearned popularity: https://www.omfif.org/2020/04/helicopter-moneys-popularity-unearned/
3. Worse to come for oil: https://www.omfif.org/2020/04/worse-to-come-for-oil/
4. EU virus response to shape climate action: https://www.omfif.org/2020/04/eu-virus-response-to-shape-climate-action/
5. French and EU response to Covid-19: https://www.omfif.org/events/french-and-eu-response-to-covid-19/
6. Economic impact of Covid-19 in Indonesia: https://www.omfif.org/events/economic-impact-of-covid-19-in-indonesia/
7. Hong Kong's resilience tested: https://www.omfif.org/events/covid-19-hong-kongs-resilience-tested/
8. Ensuring market access throughout the crisis: https://www.omfif.org/events/ensuring-market-access-throughout-the-covid-19-crisis/

Music: Hey Mercy by Pierce Murphy is licensed under an Attribution License.

Digital currencies: A question of trust

Wolfram Seidemann, chief executive officer of G+D Currency Technology, joins David Marsh, chairman of OMFIF, to discuss the OMFIF report, 'Digital currencies: A question of trust'. Published in February, this explores global public confidence in monetary, financial and payment institutions. The findings, based on a global survey of more than 13,000 individuals, reveal that those in advanced economies have little confidence in digital money issued by a technology or credit card company. Attitudes to digital money vary depending on respondents' income, education, age and nationality.

Wolfram and David's conversation covers the impact of coronavirus on people's trust in payments systems, and what the report means for central banks considering issuing digital currency.

Music: https://www.bensound.com/royalty-free-music

Covid-19: Implications for international financial regulation

Paul Tucker, chair of the Systemic Risk Council and former deputy governor of the Bank of England, joins Mark Sobel, US chairman of OMFIF, to discuss the implications of coronavirus for the world economy. Since the 2008 financial crisis, much has been done to strengthen banks. But in recent years, the financial system has seen a concerning build-up of leverage and interconnectedness, especially in non-banks. Inadequate margining requirements have aggravated the liquidity shocks from the crisis, forcing central banks into even more dramatic action than otherwise would have been entailed. There will clearly be a need for post-mortems and reforms.  

Paul discusses the blurring of fiscal and monetary policies, how these interactions will raise questions about democratic accountability, and how fiscal and monetary authorities should organise themselves. International co-operation is insufficient, particularly in comparison with the 2008 crisis. It is unfortunate in this regard that US authorities so heavily framed the country post-global financial crisis in terms of the Dodd–Frank Wall Street Reform and Consumer Protection Act, rather than acknowledging and embracing more firmly the international regulatory reform dimension.   

Music: https://www.bensound.com/royalty-free-music