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Finance North America

US credit rating reform comes up short

US legislators have proposed several reforms of the US credit rating system. Yet, incentives for credit agencies remain misaligned, while a new subprime market begins to grow. Financial regulation in

Europe Finance

Russian investments at risk from Ukraine sanctions

Ukraine has passed a new law “On sanctions,” which poses a wide range of risks for Russian investors and companies. While investors from Europe and the US are highly unlikely to

Economics International

Argentina pushes for global debt restructuring mechanism

Argentina’s recent default has renewed interest in sovereign debt restructuring. And while developed countries still oppose the idea, placing it under the IMF may ease negotiations. Sovereign debt – the

Economics International

Why do low risk premia persist despite global turmoil?

Low risk premia for emerging market assets are persistent. Yet, the world is awash with turmoil and uncertainty. How do we explain this seeming contradiction? The Bank of International Settlements (BIS)