The serious economic impact deriving from the COVID-19 pandemic on already ailing low-income countries has prompted the search for support instruments among the international financial community. The official debt moratorium agreed by the G20 for these countries in the spring of 2020 has brought...

La provisión de infraestructuras constituye una política pública central en torno a la cual se congregan de una forma u otra el sector público y el privado. El abanico de tipos de alianza es extenso. La colaboración público-privada en sentido estricto constituye un conjunto de soluciones...

Collateralized sovereign debt can be said to be a rarity that nonetheless creates significant troubles. Countries under stress resort to it as a way to gain market access at more reasonable terms. But the recourse to these kind of instruments, frequently based on commodity flows, limits their...

The global recession caused by the COVID-19 pandemic and the resulting deterioration in many countries’ public finances have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have made it imperative to re-examine the adequacy of the...

Central bank independence is a multifaceted institutional design. The financial component has been seldom analysed. This paper intends to set a comprehensive conceptual background for central bank financial independence. Quite often central banks are modelled as robot-like maximizers of some...

This paper deals with the economics of secondary markets for government bonds.Ultimately, the analysis is shaped by a public policy goal: assessing the elements ofa regulatory framework for these markets. In that regard, the decisive role of marketstructure leads to a critical review of...

This note on repo markets is part of a series of background notes produced under Gemloc Advisory Services Program as a by-product of its strategy to support the development of liquid local currency bond markets. Selected topics have been a key focus in the areas of work of the Advisory Services...

For central banks, it is crucial to develop and maintain risk identification frameworks that allow them to detect in good time and address potential threats to financial stability with the most appropriate policy tools. This paper reviews the main indicators developed for this purpose by the...

As a result of the sweeping transition to a digitalised financial system, digital resilience is a fundamental pillar of financial stability. Achieving digital resilience poses a broad range of regulatory challenges, to respond to the complex combination of risks, essentially consisting of cyber...