The OMFIF Podcast

How do central banks invest?

While public interest in central banks over the past decade has centred on their unconventional monetary policy, important shifts have been taking place with regard to their role as investors and reserves managers. Andrew Wold, head of official institutions client strategy at State Street Global Advisors, discusses the latest OMFIF-State Street Global Advisors research, ‘How do central banks invest?’, with co-authors Elliot Hentov, head of policy research in the global macro & policy research group at State Street Global Advisors, and Danae Kyriakopoulou, chief economist and director of research at OMFIF. Topics include embracing risk in official reserves management, as well as the growing role for central banks as capital market participants.

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

 

 

Synopsis: Fed rationale, US-German trade wars, and accelerating Islamic finance

In the first instalment of Synopsis, OMFIF's weekly roundup of news and analysis, Senior Editor Julian Frazer looks back over the articles recently published on the OMFIF website, focusing on the Federal Reserve, the impending trade dispute between Washington and Berlin, and how the Islamic finance industry can return to meaningful growth. To receive our newsletters, visit https://thinktank.omfif.org/subscribe.

Articles referenced:

• https://www.omfif.org/analysis/commentary/2019/july/deciphering-fomc-rate-cut-rationale/
• https://www.omfif.org/analysis/commentary/2019/july/on-the-road-to-a-us-german-trade-war/
• https://www.omfif.org/analysis/commentary/2019/august/accelerating-islamic-finance-growth/

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

Libor’s evolution, scandals and future

Per the Financial Conduct Authority, the London inter-bank offered rate is due to be phased out by December 2021. Oonagh McDonald, international financial regulatory expert, author and former Labour party politician joins OMFIF’s Ben Rands to discuss its future. They cover what went wrong with Libor, current issues surrounding its branding, and prospects for replacement. They also assess whether banks are prepared for this transition and the potential role of fintech in future benchmarks.

Oonagh McDonald’s latest book is Holding bankers to account: A Decade of Market Manipulation.

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

Ahead of the ECB

In the latest episode of our ‘Ahead of the ECB’ series, Danae Kyriakopoulou, Chief Economist and Director of Research at OMFIF, is joined by Stefan Gerlach, Chief Economist at EFG Bank and former Deputy Governor at the Central Bank of Ireland, and Frederik Ducrozet, Senior European Economist at Pictet Wealth Management. They discuss the priorities for the ECB and its incoming President Christine Lagarde as the euro enters its third decade, commenting on what potential next instruments the central bank may use in the direction of easing. They also preview what kind of Presidency we may expect from Christine Lagarde and highlight potential challenges in the context of the interplay of monetary policy with other levers such as fiscal policy and structural reforms.

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

Are financial services prepared for a no deal Brexit?

Andrew Pilgrim, associate partner at EY, and Mark Boleat, former political leader for the City of London, join OMFIF’s Katie-Ann Wilson, to discuss Brexit and the future of the UK’s financial services. Topics include the preparedness of financial services in the face of a no-deal scenario, what difference a transitional period would make, and the issues surrounding equivalence. They also examine London’s future as an international financial centre and the shift to new jurisdictions in emerging markets.

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

Covered bonds: History and outlook

Luca Bertalot, secretary general of the European Mortgage Federation-European Covered Bond Council, and Jacek Kubas, associate director in the European Bank for Reconstruction and Development’s local currency and capital markets team, join Chris Ostrowski, OMFIF director of memberships and commercial partnerships. They discuss the history and structure of covered bonds, their role in capital markets, main sources of demand and obstacles to expansion.

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

The Financial Stability Oversight Council and non-bank financial companies

In March this year, the Financial Stability Oversight Council proposed amendments to its interpretive guidance on the supervision and regulation of certain non-bank financial companies. Paul Tucker, chair of the Systemic Risk Council, and Amias Moore Gerety, partner at QED, join Mark Sobel, US chairman of OMFIF, to discuss their views on the matter. They also assess the position of non-bank financial companies in the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, and the wider role of FSOC.

 

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

Fed Talk

In this month’s Fed Talk podcast, Stephanie Aaronson, vice-president and director of the economic studies programme at the Brookings Institution and former assistant director of the division of research and statistics at the Federal Reserve Board, and Thomas Costerg, senior economist at Pictet Wealth Management, join OMFIF’s Rein de Loor. They discuss the Federal Open Market Committee’s rate decision, inflation figures, the role of global trade, and the global impact of the dollar.

 

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

Ahead of the G20

Wally Adeyemo, senior adviser at BlackRock, joins Mark Sobel, US chairman of OMFIF, to discuss the upcoming G20 meeting. Wally was senior international economic adviser to US President Barack Obama and served as his representative to the G20. This podcast covers the history and purpose of the G20 and whether it has become too diluted, as well as the dominance of bilateral meetings. The conversation also outlines the main issues on the Osaka agenda and the continuing relevance of the G20.

 

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

IMF's Global financial stability report

Fabio Natalucci, deputy director of the monetary and capital markets department at the International Monetary Fund, joins Patricia Haas Cleveland, US principal at OMFIF, to discuss the IMF’s global financial stability report, ‘Vulnerabilities in a Maturing Credit Cycle.’ They cover corporate sector debt in advanced economies, the sovereign-financial sector in the euro area, and the benefits of inflows with regards to susceptibility to global markets in emerging economies. Further topics include China’s trade off between credit creation to support growth, and a build-up of vulnerabilities in the medium-term.

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