Years in the bond markets: 12
Specialist subjects: Fixed Income, Emerging Markets
Likes: Skiing, movies, Japanese food, Jazz
Heroes: Victor Hugo, Thelonious Monk, Candide Thovex
This recession, banks are the good guys
The Covid-19 crisis has been a very different recession in a number of ways. One that I think is particularly interesting is the role of banks. While it is a vast oversimplification, ask ten people what caused the great financial crisis, and nine will answer “the banks!”.
This time round, it has been the commercial banks that have helped many economies to remain functioning. Nowhere is that…
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QE goes global
Historically, one of the defining characteristics of emerging market (EM) economies has been that they generally have not been able to use monetary policy to stimulate their economies during crises in the way developed markets (DM) have. Usually, they have had to hike rates to limit capital outflows and defend their currencies, in doing so making economic recovery more difficult.
This …
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