Global Letter: A tale of toggle PIKs

Macro Series

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Credit market excesses typically occur in times of low interest rates, when investor demand for higher-yielding instruments leads to the creation of asset classes with returns that, in hindsight, were out of line with the risk involved. So it is of at least prima face concern 1 that yields on fixed income asset classes are now even lower than they were in the run-up to the great financial crisis. 2  
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Economic Risks

( 6 mins read ) OECD: second waves and double dips The first half saw the sharpest and broadest contraction in OECD economic activity since the Great Depression. After a rapid rebound in Q3, when lockdowns were eased, recovery has

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Comment – Default Options

( 11 mins read ) The world’s poorer nations are confronted by sharp recessions that threaten to endure. Poverty and inequality are rising rapidly, reversing earlier global income convergence. Public finances are coming under growing duress, and debt distress is

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Historically low inflation is a global phenomenon

( 2 mins read ) It is not just confined to the advanced economies Inflation in emerging market and developing economies 1.       Inflation fell to extraordinarily low levels in the emerging and developing (EMD) economies in the early stages of the

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Global Letter – Cold realities

( 4 mins read ) Press play to listen Broader ramifications of COVID are set to come into sharper relief, not least in the UK. Tough economic times coming Commentary in today’s 24/7 news world tends to be intrinsically incremental.

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Postcard: Staycation in London

( 4 mins read ) Cleaner, less noisy, less polluted, but operating well below capacity. Not being keen on self-isolating, we decided not to travel abroad this year, but rather to have a (ghastly word) ‘staycation’ in London. After all,

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Aggregate demand policy in a time of COVID

( 21 mins read ) Press play to listen Large increases in government expenditure generally necessitate restraint elsewhere However at present significant resources are lying idle: no such sacrifice is needed Hence increases in government exenditure currently need not be

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Global Letter – Tip of the iceberg

( 7 mins read ) Press play to listen The basic science has long been known: but the planet is warming faster than expected. COVID-19 is a sharp reminder of humankind’s fragility and its linkages with the natural world. Headlines

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Global Letter – The EU: on the money

( 6 mins read ) Press play to listen The EU’s recovery programme is a potential game changer for the economy and the single currency. Decisive moment In his memoirs, European visionary and revered French diplomat Jean Monnet asserted that:

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While America's China watchers furrow their brows over whether the Communist Party wants to "export" its ideology abroad, this story reveals, as if it were a scandal, that a US company operating in China said, "We’re not here to promote American values." https://www.wsj.com/articles/airbnb-executive-resigned-last-year-over-chinese-request-for-more-data-sharing-11605896753

Episodio 30 de La Economia en 3 minutos. Esta semana corta vamos con "Los impustos mas locos del mundo". Desde el viento en Chubut a las tarjeta de Larreta a los 14 impuestos de Alberto, el ingenio argentino no tiene límite. Nos acompañan Beatles y Avicci

https://anchor.fm/andres109/episodes/Los-impuestos-ms-locos-del-mundo-emt2e2

Perú colocó US$ 4000 millones en bonos globales en dólares, incluyendo uno a 100 años:
-2032 ~1,90% (100 puntos básicos de spread).
-2060 ~2,80% (125 sobre el Bono del Tesoro 30).
-2121 ~3,25% (170 sobre el Bono del Tesoro 30).

”我们期待美方监管机构尽快与我方就具体方案开展磋商。“ China securities regulator re-ups calls for starting discussions with US to avoid delisting Chinese companies from US equity markets.

http://finance.people.com.cn/n1/2020/1121/c1004-31939276.html

This story contradicts widespread claims that companies in China cannot refuse government requests for data or that Chinese authorities simply seize the data they want without asking permission. https://www.wsj.com/articles/airbnb-executive-resigned-last-year-over-chinese-request-for-more-data-sharing-11605896753

Life imitates @Shteyngart, again.

https://amp.scmp.com/week-asia/lifestyle-culture/article/3110512/their-american-dream-sours-koreans-us-eye-return-home

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