Artículo de revista ; Bond issuance increased moderately in the developed markets in 2016, partly due to the ongoing fiscal consolidation in the main economies. Placements by companies with better credit quality and by the banking sector were notably buoyant. Across countries, however, there...

Artículo de revista ; Financial globalisation has advanced notably in recent decades. In principle, greater integration should raise the degree of economic efficiency. However, the empirical evidence suggests that, for this to occur, countries should have well-designed economic institutions and...

Artículo de revista ; This article shows how indicators of agents’ inflation expectations can be derived from the prices of various financial instruments and presents the estimates obtained for the euro area and the United States. The results show that these metrics have reacted to economic...

Artículo de revista ; The total volume of bond issuance in 2017 remained similar to that in previous years, edging down slightly as a result of the drop in public-sector issuance. As usual, there were significant differences between the regions and quarters analysed. By quarters, the year got...

Artículo de revista ; The yield curve for US government debt securities has flattened significantly since late 2016 and its slope, while positive, has fallen to levels not observed since before the global financial crisis. The inversion of the yield curve slope is considered, on occasions, as a...

Artículo de revista ; The International Monetary Fund (IMF, or the Fund) has been uninterruptedly providing concessional financing to low-income countries since 1976. This financing has been channelled practically in its entirety under the same financial instrument, namely a voluntary...

Artículo de revista ; Following the global financial crisis, the external imbalances in terms of countries’ current account balances have been reduced to a large extent. However, the imbalances measured in terms of net external wealth (or net international investment position, NIIP) have...

Artículo de revista ; Given the growing real and financial integration of economies worldwide, there is a need for the presence of supranational mechanisms to address crisis situations. The International Monetary Fund (IMF) is the multilateral institution at the core of the global financial...

Artículo de revista ; The economic, political and institutional ties between Latin America and China have become closer as the Chinese economy has grown. Indeed, as a result of its rapid economic growth, China now plays a systemic role in the world economy. However, since the global financial...

Artículo de revista ; Emergingmarkets have gained prominence as recipients of capital flows since the onset of the financial crisis in 2008. This raises their exposure and goes hand in hand with greater dependence on external financing and heightened sensitivity to global shocks. However, some...