China’s response to the war in Gaza has jeopardized its once fruitful relationship with Israel, a risk China is willing to take as it exploits the war to bolster its own standing and undermine the Un…

The rise in Japanese holdings of foreign bonds had an enormous impact on global markets between 2011 and 2020. The markets will now have to adapt to a sustained reduction in Japanese demand.

SDR-denominated bonds have the potential to significantly strengthen the balance sheet of both the IBRD (The World Bank) and IDA, freeing up cash and helping both institutions deliver on their mandat…

The IMF needs to focus on China’s external account in its surveillance. The reported current account surplus appears to be significantly too low.

Some fundamental problems with the IMF’s Common Framework for debt restructuring have become apparent. Not the least, debt restructuring shouldn't just be an issue for low-income countries.

China's reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians. The available evidence suggests that it still holds about 50 percent of it…

State contingent instruments can play a role in debt restructuring agreements, but they shouldn’t be a give-away to investors.  There is a compelling case for their use in Zambia—but not in Sri Lanka…