Surveillance: Debt Pressure with Malpass
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 13 April 2023
⏱️ 41 minutes
🧾️ Download transcript
Summary
David Malpass, World Bank President, says the developing world is under "giant pressure" from debt. Gita Gopinath, IMF First Deputy Managing Director, says the balance of risks facing the world economy remain tilted to the downside. Paolo Gentiloni, EU Commissioner for Economy, says Europe is on track to rebalance China trade. Tobias Adrian, IMF Director of Monetary and Capital Markets, says there's certainly evidence in the data of some contraction in lending. Raghuram Rajan, Chicago Booth Professor of Finance, Former IMF Chief Economist & Former Reserve Bank of India Governor, says longer-term growth "doesn't look good."
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| 0:00.0 | This is the Bloomberg surveillance podcast I'm Tom Keane along with Jonathan Farrow and Lisa |
| 0:10.2 | Abramowitz join us each day for insight from the best and economics geopolitics finance |
| 0:16.0 | and investment subscribe to Bloomberg surveillance on demand on Apple Spotify and anywhere |
| 0:22.6 | you get your podcasts and always on Bloomberg dot com the Bloomberg terminal and the Bloomberg |
| 0:29.0 | business app to save every second here and every minute right now at these meetings of the |
| 0:33.4 | World Bank and International Monetary Fund an annual visit with David Mellpass outgoing president |
| 0:39.6 | of the World Bank and instead of talking World Bank affairs aid to the world and the struggles |
| 0:45.9 | of the war in Ukraine we will harken back to Mr. Mellpass this moment of 07 and 08 more than |
| 0:52.5 | anyone in this building and set of buildings he lived front and center at Berr Stern's previous |
| 0:58.6 | financial collapse David thank you so much for being with us I'm not going to ask you an easy |
| 1:04.1 | question like does it allude back to 08 right now but the stresses that you see right now in |
| 1:10.2 | American banking in the huge tensions between China and the United States does it lead to that |
| 1:17.0 | words suddenly were suddenly things can change as they did in 08 hi Tom hi everyone um so |
| 1:25.7 | there were big there was a maturity mismatch going on then too and it maybe from the same causes |
| 1:32.4 | remember in the in there are two thousands uh interest rates were being raised very slowly and so |
| 1:38.5 | that built up a giant maturity mismatch uh which uh uh some companies were funding with reposed |
| 1:45.7 | funding treasuries so in treasury bonds and so in that way harkens to now uh we have in the |
| 1:53.7 | US banking system some banks are funding treasury bonds with deposits but a big difference now |
| 2:02.6 | is the biggest duration mismatch is the federal reserve itself it funds with users overnight |
| 2:09.2 | borrowing to fund a giant bond portfolio some nine trillion dollars the European central bank |
| 2:15.3 | eight trillion dollars and I think the dominant feature now is the asset allocation that came out of |
| 2:21.5 | that if you have giant buyers of long maturity of duration in effect the central banks were buying |
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