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Finance

Foreign currency corporate borrowing: Risks and policy responses

World Economic Magazine April 29, 2021

Emerging market economies increasingly rely on foreign currency debt, leaving borrowing firms exposed to sudden stops and currency depreciations. This column examines the dynamics of corporate foreign currency borrowing in India using new firm-level data. It finds that interest rate differentials are a strong predictor of foreign currency debt issuance, particularly after the Global Crisis. After the ‘taper tantrum’ of 2013, the Reserve Bank of India introduced new macroprudential policies that were effective at mitigating the riskiest borrowing and reducing the vulnerability of Indian firms.

Analysis – A tale of two tapers: This time is different for a Fed focused on jobs

World Economic Magazine April 12, 2021

WASHINGTON/SAN FRANCISCO (Reuters) – Eight years ago this month Jerome Powell, still in his rookie year as a Federal Reserve governor, surveyed the U.S. job market and declared it was good enough for the central bank to reduce the support for the economy it had rolled out to fight the 2007 to 2009 financial crisis.

The OECD’s conundrum with the real-time tax reporting framework

World Economic Magazine March 31, 2021

Despite the fact that many European countries are considering real-time reporting, which has proven to be quite useful in preventing fraudulent and suspicious transactions as well as tax evasion, the process of bridging the VAT gap between the expected VAT and the VAT collection is relatively slow.

Foreign currency corporate borrowing: Risks and policy responses

World Economic Magazine April 29, 2021

Emerging market economies increasingly rely on foreign currency debt, leaving borrowing firms exposed to sudden stops and currency depreciations. This column examines the dynamics of corporate foreign currency borrowing in India using new firm-level data. It finds that interest rate differentials are a strong predictor of foreign currency debt issuance, particularly after the Global Crisis. After the ‘taper tantrum’ of 2013, the Reserve Bank of India introduced new macroprudential policies that were effective at mitigating the riskiest borrowing and reducing the vulnerability of Indian firms.

Analysis – A tale of two tapers: This time is different for a Fed focused on jobs

World Economic Magazine April 12, 2021

WASHINGTON/SAN FRANCISCO (Reuters) – Eight years ago this month Jerome Powell, still in his rookie year as a Federal Reserve governor, surveyed the U.S. job market and declared it was good enough for the central bank to reduce the support for the economy it had rolled out to fight the 2007 to 2009 financial crisis.

The OECD’s conundrum with the real-time tax reporting framework

World Economic Magazine March 31, 2021

Despite the fact that many European countries are considering real-time reporting, which has proven to be quite useful in preventing fraudulent and suspicious transactions as well as tax evasion, the process of bridging the VAT gap between the expected VAT and the VAT collection is relatively slow.

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