Implications of financial market development for financial stability in emerging market economies (Philip Wooldridge; Bank for International Settlements)

Supervising the new normal (Kerstin af Jochnick; European Central Bank)

Central banks in parliaments (Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet; European Central Bank)

The interaction between macroprudential and monetary policies: The cases of Norway and Sweden (Jin Cao, Valeriya Dinger, Anna Grodecka-Messi, Ragnar Juelsrud, Xin Zhang; Norges Bank)

Bank insiders impede equity issuances in times of crisis (Martin Götz, Luc Laeven, Ross Levine; VoxEU)

Sunak Announces 30 Billion-Pound Plan to Save U.K. Economy (Alex Morales, David Goodman; Bloomberg)

In March, Brazil’s central bank (BCB) unveiled a series of liquidity measures totaling $243 billion (1.2 trillion Brazilian reals) to ensure that “financial institutions have funding to meet the market’s liquidity needs.” The measures represent about 16.7% of last year’s GDP. In addition, the BCB can now temporarily purchase government bonds directly in the primary market and purchase corporate bonds in the secondary market due to recent constitutional amendements.

A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet (Gara Afonso, Marco Cipriani, Gabriele La Spada, Will Riordan; Federal Reserve Bank of New York)

Compositional effects of O-SII capital buffers and the role of monetary policy (Alessio Reghezza, Costanza Rodríguez d’Acri, Martina Spaggiari, Giuseppe Cappelletti; European Central Bank)

World Bank strengthens presence in Africa (CentralBanking)

Skeptical Bond Buyers Go Toe-to-Toe with BOE on U.K. Recovery (John Ainger, Jill Ward; Bloomberg)

Modern pandemics : Recession and recovery (Chang Ma, John Rogers, Sili Zhou; Bank of Finland)

U.S. Banks and Global Liquidity (Ricardo Correa, Wenxin Du, Gordon Y. Liao; National Bureau of Economic Research)

SA has to reduce the deficit — and that is what the budget does (Kuben Naidoo; Business Day)

Below we report on operational Fed programs, based on the Fed’s weekly H.4.1 release. Since last week, central banks have continued to reduce their use of the swap agreements with the Federal Reserve. The outstanding amount of the Fed’s purchase and lending programs has not increased significantly.