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Karina Patrício @kpatricio.bsky.social · 16d

Drawing upon all of that, I have written on how access to the globall financial safety net intersects with questions of sovereign solvency in the post–Bretton Woods era.

academic.oup.com/jiel/article...

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Karina Patrício @kpatricio.bsky.social · 16d

There is a lot written on the proliferation of swap lines since the 2008 global financial crisis, although in fact they originated in the 1960s to support the Eurodollar market. Perry Mehrling’s work on the global swap network is particularly popular.

www.tandfonline.com/doi/abs/10.1...

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Karina Patrício @kpatricio.bsky.social · 17d

The dollarisation plan is longer-term and seems to be dormant for now. The pressing issue is to preserve the over-valued exchange rate until the mid-term election in late October, with practically no dollars left in the reserves apart from IMF resources.

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Karina Patrício @kpatricio.bsky.social · 17d

If I were holding Argentine bonds, I would be considering an exit before the election. The unsustainability of this plan points to a restructuring sooner rather than later. The more Argentina’s exposure to the IMF and now the US government grows, the deeper the eventual haircuts for bondholders.

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Karina Patrício @kpatricio.bsky.social · 17d

If it does, the structure of such swaps will be worth watching. They would need to resemble the PBoC’s longer-maturity arrangements, since the standard Fed swap line maturities are far too short to last until the election.

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Karina Patrício @kpatricio.bsky.social · 17d

What stands out is the Treasury’s promise, apparently on behalf of the Fed, to extend a swap line. Will the Fed agree?

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Karina Patrício @kpatricio.bsky.social · 17d

The US is now prepared to underwrite dollar giveaways for the rich in Argentina, this time without any intermediaries. In a sense, that is fairer than using its influence in IMF governance to approve yet another unsustainable programme.

Robert Jameson @rhjameson.bsky.social · 17d

US Treasury Secretary Scott Bessent pledged to provide “all options for stabilization” to Argentine President Javier Milei as the South American country faces a market selloff.
www.bloomberg.com/news/article... via @bloomberg.com By Patrick Gillespie

Bessent Says ‘All Options’ on Table to Steady Milei’s Argentina

US Treasury Secretary Scott Bessent pledged to provide “all options for stabilization” to Argentine President Javier Milei as the South American country faces a market selloff.

www.bloomberg.com

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Karina Patrício @kpatricio.bsky.social · Aug 19

The current moment is quite telling. In the face of heightened uncertainty, investors are increasingly hedging their exposures to the dollar while continuing to hold US assets. If anything, hedging has become the business of the times.

on.ft.com/418VPYb

It’s a run to hedge the dollar, not a run on the dollar

Hedge hogging

on.ft.com

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Karina Patrício @kpatricio.bsky.social · Jun 9

📝 Deadline to submit abstracts: 30 June 2025
📍 Event dates (online): 19-20 September 2025
📚 Accepted papers may be invited for publication in JIEL and are eligible for the SIEL/JIEL/OUP Prize.

Further information and application form here: lnkd.in/d2JFE4yw

Karina Patrício @kpatricio.bsky.social · Jun 9

... connect with a fantastic network working at the intersections of trade, investment, finance, tax, labour, and more.

I am happy to answer questions about the event, especially from Latin American scholars, whose presence in JIEL remains underrepresented. Do not hesitate to get in touch!

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Karina Patrício @kpatricio.bsky.social · Jun 9

🚨 Call for Papers: JIEL Junior Faculty Forum 2025 🚨

The Journal of International Economic Law has launched the call for this year’s edition of its Junior Faculty Forum.
This a great opportunity for junior scholars to present unpublished work, receive comments from leading experts, and...

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Karina Patrício @kpatricio.bsky.social · May 1

🗓 21 May 11am-12pm (BST)
📍 Boardroom, Liberty Building, University of Leeds (and online)
🔗 Please register here, indicating whether you plan to attend in person or online: www.tickettailor.com/events/schoo...

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Karina Patrício @kpatricio.bsky.social · May 1

I am very pleased to host my dear former PhD supervisor @profjohnlinarelli.bsky.social for this upcoming @cblpleeds.bsky.social Guest Seminar at @lawatleeds.bsky.social on 21 May.

Please join us! The event is free and open to the public, and will take place in hybrid format.

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Reposted by Karina Patrício

Annina Kaltenbrunner @anninak.bsky.social · Apr 25

1/2: The launch event of the final report of our project ‘Enhancing MDB Capacity through Local Currency Financing’ is taking place this Monday, 28 April, 1-2pm. The report explores the potential for local currency financing by multilateral development banks. You can register here: 🔗 lnkd.in/dZ7gm7nf

This link will take you to a page that’s not on LinkedIn

lnkd.in

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Karina Patrício @kpatricio.bsky.social · Apr 21

Regardless of any religious background, I hope we can all honour his memory by upholding these values.

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Karina Patrício @kpatricio.bsky.social · Apr 21

It is with sadness that I learn about the passing of Pope Francis, in my view the most inspiring head of state in today’s world. I greatly admired his advocacy for peace, international law, social justice, and a fairer international financial architecture.

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Reposted by Karina Patrício

Jeff Powell @powelljr.bsky.social · Apr 2

Important new research on local currency financing from @anninak.bsky.social @bbonizzi.bsky.social @kpatricio.bsky.social @karstenkohler.bsky.social business.leeds.ac.uk/research-air...

Enhancing MDB Capacity through Local Currency Financing

business.leeds.ac.uk

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Reposted by Karina Patrício

Annina Kaltenbrunner @anninak.bsky.social · Mar 31

Very pleased that the final version of our MDB Challenge Fund report is finally out! We spent a year investigating the barriers to scaling up local currency financing by Multilateral Development Banks. Please see Karina's post for a brief summary and relevant links. Feedback very welcome!

Karina Patrício @kpatricio.bsky.social · Mar 31

1/ After 18 months of work—and with some delay in the public launch—we are pleased to share the Final Report of our project Enhancing MDBs’ Capacity through Local Currency Financing, supported by the MDB Challenge Fund. 🧵

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Karina Patrício @kpatricio.bsky.social · Mar 31

Research team:
@anninak.bsky.social, @bbonizzi.bsky.social, @karstenkohler.bsky.social, Karsten Kohler, @iweigandi.bsky.social, Guilherme Klein Martins, and yours truly.

@lawatleeds.bsky.social @lubsecondept.bsky.social @policyleeds.bsky.social @cblpleeds.bsky.social

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Karina Patrício @kpatricio.bsky.social · Mar 31

10/ 📥 Download the full report & policy briefing here: business.leeds.ac.uk/research-air...

We would welcome your thoughts and feedback on these findings!

Enhancing MDB Capacity through Local Currency Financing

business.leeds.ac.uk

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Karina Patrício @kpatricio.bsky.social · Mar 31

9/ The report provides a roadmap for MDBs to support LMICs through more resilient, inclusive, and development-aligned financing.

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Karina Patrício @kpatricio.bsky.social · Mar 31

8/
4️⃣ Promote onshore LC operations via local institutions & central banks
5️⃣ Harmonise legal & regulatory frameworks across jurisdictions
6️⃣ Revise pricing to reflect lower LC credit risk & allow some limited currency risk
7️⃣ Establish a backstop for extreme depreciations—SDRs could help

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Karina Patrício @kpatricio.bsky.social · Mar 31

7/
1️⃣ Make LC financing central to MDBs’ development mandates
2️⃣ Reassess overly rigid risk and counterparty rules
3️⃣ Scale up hedging tools—support TCX & onshore initiatives

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Karina Patrício @kpatricio.bsky.social · Mar 31

6/ We propose actionable recommendations for MDBs, donors, and policymakers to unlock LC financing capacity. These include:

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Karina Patrício @kpatricio.bsky.social · Mar 31

5/ We identify key barriers to increasing the LC financing capacity of MDBs, such as:
💸 High hedging costs
🧠 Limited internal expertise and familiarity
📜 Restrictive statutory and risk management frameworks

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