The OMFIF Podcast

Navigating the new norm: the long-term outlook for inflation and implications for investors

Max Castelli, head of strategy, sovereign institutions, and Philipp Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, join Taylor Pearce, senior economist at OMFIF, to discuss macroeconomic challenges marked by exogenous shocks. They explore the short- and long-term outlook for inflation and the potential for a 'higher-for-longer' interest rate environment. The discussion touches on the equilibrium real interest rate, global factors influencing government debt dynamics, the potential productivity and growth implications of artificial intelligence and the evolving landscape for institutional investors.  

Unlocking the benefits of smart contracts for retail CBDCs

Katie-Ann Wilson, Managing Director of OMFIF’s Digital Monetary Institute is joined by Peter Faykiss Director, Digitalization, Central Bank of Hungary, Imre Kocsis, Assistant Professor, Budapest University of Technology, Laszlo Gonczy Associate Professor, Budapest University of Technology and Chris Ostrowski, CEO and founder of SODA to explore what we mean by programmable money and how it could impact how we use money in society. They also discuss the BIS’s Project Rosalind and why it is important to CBDC development, real life use cases for CBDCS using smart contracts and the technical models used.

The International Monetary Fund’s role in Ukraine’s economy and financing

The International Monetary Fund's Ukraine team joins OMFIF to discuss the stabilisation of the Ukrainian economy over the past year. They assess the critical role played by the Fund's programme and foreign financing for Ukraine, as well as Ukraine's progress on combatting corruption and strengthening the domestic financial system.

Speakers:
Mark Sobel, US Chairman, OMFIF
Natan Epstein, Deputy Mission Chief for Ukraine, IMF
Gavin Gray, Mission Chief for Ukraine, IMF
Sanaa Nadeem, Deputy Mission Chief for Ukraine, IMF

Improving grant delivery and management for emergency responses

There has been a rise in the number of people needing humanitarian assistance over recent years, resulting in disaster response public funding having to tackle immediate and longer-term socio-economic challenges.

Gareth Owen, humanitarian director of Save the Children UK and Simon Inglis, partner, grants & relief funds management at EY join OMFIF’s Digital Monetary Institute editor, Lewis McLellan, to discuss the importance of accountably for grant management and how new technology can improve delivery, efficiency, and oversight transparency to maximise the impact of grant funds.

Enhancing retail government bond programmes to improve diversification

In the second part of a special mini-series on the European retail government bond market, Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, speaks to senior officials at the Hungarian, Irish and Romanian debt management offices about how they are developing their retail bond programmes.

Zoltán Kurali, chief executive officer of Hungary’s debt management office (ÁKK), Murray McCarter, head of retail debt at Ireland’s national treasury management agency and Stefan Nanu, head of public debt management and state treasury at the ministry of finance in Romania, join OMFIF to discuss the importance of a diversified investor base that is offered by a retail programme. The discussion also focuses on how they are looking to enhance their retail products with the use of technology to attract younger customers.

How European DMOs are embracing the return of retail investors

In the first of two parts in a special mini-series on the European retail government bond market, Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, speaks to senior officials at the Belgian and Portuguese debt management offices about their record-breaking retail bond programmes this year.

Rui Amaral, board member, Portugal’s debt management office (IGCP) and Maric Post, director of treasury and capital markets at the Belgian debt agency, join OMFIF to cover how both DMOs have been shifting more funding to retail investors.

The discussion also touches on Belgium’s landmark €22bn transaction in September as well as whether retail demand is structural or opportunistic.

 

Investment needs for the energy transition

Diala Hawila, Knowledge Policy and Finance Centre programme officer at International Renewable Energy Agency, speaks with Katerina Atkins, programme coordinator at OMFIF, about the energy transition investment required under the 1.5°C scenarios, geographical aspects and key financing tools.

They both discuss the importance of innovative instruments for under-invested countries, the need to expand the definition of risk in energy asset investments and the urgency of international collaboration for a more equitable and global distribution of clean energy funding. Diala shares her expectations for the upcoming COP28, highlighting exciting opportunities arising from transition to a more sustainable future.

From conception to implementation: the CBDC journey

Whether or not they eventually go through with it, virtually every central bank will, sooner or later, at least consider issuing a digital currency. Whatever their aims and strategic priorities, they will need to go through a process of strategy formation, examination and experimentation. This process is fraught with challenges and must be carefully constructed to ensure all stakeholders are kept abreast of developments. Tom Bruls, head of professional services for CBDC at G+D, joins DMI editor Lewis McLellan to talk about the process and how to address the challenges that might arise.

Maintaining liquidity in times of crisis

Max Castelli, head of strategy, sovereign institutions, and Philipp Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, spoke with Taylor Pearce, senior economist at OMFIF, about financial liquidity. They looked at how institutional investors have balanced liquidity needs with their pursuit of higher returns over the past decade and how these strategies are changing. They also discussed central banks' asset purchasing programmes on excess liquidity and how quantitative tightening will influence financial markets and investors, with a focus on the US Treasury market. 

The rise of gold as a central bank reserve asset

Barry Eichengreen, professor of economics and political science at the University of California, Berkeley, and Chima Simpson-Bell, economist in the African Department at the International Monetary Fund, joined Taylor Pearce, senior economist at OMFIF, to discuss the rise of gold as a central bank reserve asset.

OMFIF’s Global Public Investor 2023 report revealed a resurgence in demand for traditional reserve assets, including gold. The podcast explores the structural trends behind the increase in gold accumulation and offers insight into emerging markets’ motivations for acquiring it. It also examines the findings of the IMF publication on central banks’ post-financial crisis gold reserve growth.