International Monetary Review, April 2023, Vol.10 No.2

Contents

Special Column on China’s Two Sessions and Economic Outlook

Understanding economic messages contained in China’s 2023 “Two Sessions” by Dong Jinyue and Xia Le

Putting the Economy Back on Track and Remaining Risks: Work of the NPC and CPPCC Sessions by Herbert Poenisch

Excessive Consumer Credit Not Good to Boost Consumption by Li Jianjun

How Will the Chinese Yuan Fare in 2023 as Fed Keeps on Tightening? by Guan Tao

Global Economy

Global Economy to Slow Further Amid Signs of Resilience and China Re-opening by Pierre-Olivier Gourinchas

Looser Financial Conditions Pose Conundrum for Central Banks by Tobias Adrian, Christopher Erceg, Fabio Natalucci

Everything Everywhere All at Once - Responding to Multiple Global Shocks by Fabio Panetta

Accelerating Productivity Growth can Save the Global Balance Sheet by Jan Mischke

China's Impact on the Fate of the Global Balance Sheet by Andrew Sheng and Xiao Geng

Cross-border Payments have Reached an ‘Inflection Point’ by Lewis McLellan

House Prices Continue to Fall as Borrowing Costs Rise by Hites Ahir, Prakash Loungani, Karan Bhasin

Recent Financial Stability Crisis

Silicon Valley Bank Collapse Reverberates through Financial System by Mark Sobel

Reform of International Monetary System

Central Banks are Reassessing Foreign Exchange Reserves by Gary Smith

Markets Exploring Alternative Currencies despite Dollar Dominance by Julian Jacobs

Big Techs in Finance: Forging a New Regulatory Path by Agustín Carstens

Crypto Contagion Underscores Why Global Regulators Must Act Fast to Stem Risk by Li Bo and Nobuyasu Sugimoto

Effective Crypto Regulation Starts at Layer 1 by Michael Kanovitz

Sustainable Growth

Scaling up Climate Finance for Emerging Markets and Developing Economies by Li Bo

Carbon Finance is at the Core of Climate Goals by Marcus Pratsch and Frank Scheidig

Working Paper

Dancing with Dragon: the RMB and Developing Economies’ Currencies by He Qing, Liu Junyi and Yu Jishuang

Digital Financial Capability and Household Entrepreneurial Performance by Luo Yu, Peng Yuchao and Zeng Lianyun