Invested: The OMFIF Podcast

In 2018, the Bank of England produced a research report with the UK's Behavioural Insight Team titled, 'Enhancing central bank communications using simple and relatable information'. The report looked into how usual modes of communication can be adapted to increase the broader public's understanding of central banks' policies.

David Bholat, senior manager, advanced analytics and co-author of the Bank's report, and Chris Peacock, head of content creation at the Bank of England, join OMFIF's Helen Gibson to discuss the report and its findings, before looking at how the BoE is using more simplified language to educate the public and increase their engagement with, and understanding of the Bank's policies.

Further reading:

https://www.omfif.org/gpi-2019-special-report-central-bank-communications/

https://www.omfif.org/2019/10/lagardes-communications-challenge/

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

As the Covid-19 crisis upends the global economy, the outlook for 2020 has changed profoundly. Borrowing costs have increased significantly and global financial flows have been severely disrupted. The International Monetary Fund and other institutions have responded swiftly by implementing emergency measures and adjusting their assessments. Fabio Natalucci, deputy director of the monetary and capital markets department at the IMF, joins Mark Sobel, US chairman of OMFIF to discuss the Fund’s Global Financial Stability Report and its outlook for the global economy.

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

OMFIF’s Julie Levy-Abegnoli looks back over some of the most recent articles published on the OMFIF website, including those the latest Libra white paper, digital helicopter money, and SME rescue packages.

Articles and other items referenced:

1. Libra reinvents itself: https://www.omfif.org/2020/04/libra-reinvents-itself/
2. Making helicopter cash work: https://www.omfif.org/2020/04/making-helicopter-cash-work/
3. OMFIF Digital Finance Institute: https://www.omfif.org/wp-admin/omfif.org/dfi
4. SME support - Less haste, more speed: https://www.omfif.org/2020/04/sme-support-less-haste-more-speed/
5. Risk and opportunities in natural capital: https://www.omfif.org/podcast/risk-and-opportunities-in-natural-capital/
6. Avoiding a sovereign debt crisis: https://www.omfif.org/podcast/covid-19-and-emerging-markets-avoiding-a-sovereign-debt-crisis/
7. Italy's crisis response and road to recovery: https://www.omfif.org/events/italys-crisis-response-and-road-to-recovery/
8. Investment strategy and portfolio management during the oil crash and Covid-19: https://www.omfif.org/events/investment-strategy-and-portfolio-management-during-covid-19/
9. Dollar hegemony and the future of the renminbi: https://www.omfif.org/events/dollar-hegemony-and-the-future-of-the-renminbi/
10. Economic fallout from Covid-19: https://www.omfif.org/events/economic-briefing-economic-fallout-from-covid-19-2/
11. EIB policy response to Covid-19: https://www.omfif.org/events/eib-policy-response-to-covid-19/

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

Amid dramatic capital outflows, a collapse in commodity prices and a surge in dollar demand, the pandemic has made it significantly difficult for emerging markets to refinance debts. Preventing debts from becoming permanently unmanageable is crucial. Sean Hagan, senior fellow at the Peterson Institute for International Economics and former general counsel and director of the legal department at the International Monetary Fund (2004-18), joins OMFIF’s Mark Sobel to discuss sovereign debt restructuring. They cover the balance between new money and debt relief adjustment, differentiating between low income counties and emerging markets, and the role of Chinese credits and the private sector.

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

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

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

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.

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.

 

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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.

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