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.

Combining an SDR with budget funding is the most efficient way to stretch budgeted dollars (and euros) and increased the global supply of concessional financing. 

My new paper for the Geoeconomics and Geofinance Initiative of the Institute Français des Relations Internationals’ (IFRI) explores the history of the Sino-American financial relationship.

A recent white paper from Lazard points out that emerging market sovereign bond holdings are often fairly concentrated among a handful of big players.  The main impediment to collective action may be…