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Financial Economics & Central Banking

Financial Economics & Central Banking latest publications

January 3, 2022

Global | Overview of 2021: inflation — the unexpected guest

The global economy beat forecasts in 2021, with a more positive than expected first half to the year — driven by the restart in activity and the rollout of vaccinations. However, the second six months were more moderate, affected by supply chain disruptions and rising inflation.

December 27, 2021

Global | 2021 - a disappointing end after a promising start

The markets have performed well in 2021, even taking into account the recent corrections. A successful vaccination rollout supported the reopening of the economy which, along with the various fiscal stimulus packages, helped drive the recovery in domestic demand and increased investor appetite.

December 21, 2021

Europe | Exit: the huge challenge

The central banks of the major developed economies will be closely monitored as they are heading for the exit strategy, i.e. the unwinding of the massive monetary stimulus rolled out during the COVID-19 crisis. The challenge is huge because of a combination of three elements.

December 16, 2021

ECB WATCH | A faster tapering than expected

The ECB announced, as expected, the end of the PEPP in March, and approved several measures to soothe the cliff edge that this measure implies

December 3, 2021

Global | An update on the global outlook with a focus on inflation

Price pressures continue to build up; inflation is at high levels mainly in the US, but also in the Eurozone, while in China it remains still relatively low. The recovery will continue, but will lose momentum on the ongoing supply shocks and impact on inflation, which will lead CBs to act earlier, especially in the US.

December 3, 2021

Climate Objectives in Central Banks’ Funding Operations: how close to Green TLTROs?

Refinancing operations are a core monetary policy tool to provide liquidity for credit institutions. Recently, some central banks, such as the Bank of Japan (BoJ), have started to align their objectives with the goal of a transition to a low-carbon economy, linking its monetary policy to climate change objectives

December 2, 2021

Country Risk Annual Report 2021

Agencies’ Ratings have remained relative stable since the start of the COVID pandemic and through 2021. Changes have been mainly concentrated in Emerging Economies. Sovereign spreads have been clearly influenced by the strong and coordinated reaction of Central Banks in both Advanced Economies and Emerging Economies

November 12, 2021

Peru | Central Bank maintains course, hiking the policy rate by 50bp again

The Board of the Central Bank decided to increase the monetary policy rate from 1,50% to 2,00% in November. In this manner, the Bank gradually reduces the expansive stance of monetary policy given unanchored inflation expectations.