There are fewer super funds, and associations that represent them, than ever before. But multiple layers of industry representation working at cross-purposes means that true unity has remained elusive, according to the Financial Services Council.
The world’s largest sovereign wealth fund just made its largest return ever. But the probability of extreme market events has “arguably risen”, and it’s carrying out stress tests for a more uncertain future.
Debt sustainability in emerging markets
Global financial markets have been subjected to multiple shocks over the past three years: the COVID pandemic; the end of quantitative easing, with the subsequent tightening of liquidity; the Russia-Ukraine war; and more recently, the unrest in the Middle East. For emerging markets, these developments have had implications for sovereign balance sheets, as well as fiscal policy, and, in many cases, have raised external vulnerabilities. In this paper, the Franklin Templeton Fixed Income group analyses the International Monetary Fund’s Debt Sustainability Framework, in terms of its inputs, outputs and shortcomings.
