Europe’s negative yield explosion

18 July 2019EconomicsECB, quantitative easingNick Dunbar

Amounts of negative-yielding euro debt have surged to record levels in anticipation of further easing. But how effective is the ECB’s strategy?

Italy’s populists throw down gauntlet to Draghi

25 May 2018Articles, EconomicsECB, European Central Bank, Italy, quantitative easingNick Dunbar

Italy’s new populist government is on a collision course with the ECB, which is mulling the tapering of QE purchases. But inflation divergence suggests a way out for the central bank.

Inequality and the case for frontier debt

1 October 2016Markets, Sovereign (old version)EM external debt, Emerging markets, Emerging markets ex-Asia, government bonds, inequality, quantitative easingNick Dunbar

Emerging market bonds have outperformed most asset classes this year, prompting talk of a QE-induced bubble. But research into global inequality suggests a secular shift into emerging market debt makes sense.

Brexit and the central banker’s dilemma

28 June 2016Markets, Sovereign (old version)Bank of England, Brexit, European Union, global, quantitative easingNick Dunbar

The UK’s shock Brexit vote increases the likelihood of more Bank of England gilt purchases. This article shows how the sovereign risk tool puts the Bank’s bond holdings in the context of other QE-dependent countries.