Financial Stability
Buba paper covers US drivers of imbalances
Bundesbank study says household and firm behaviour can explain why decline in US productivity was a driver of global imbalances
Spanish banks’ ECB reliance drops
Spanish banks’ borrowing from European Central Bank declines just over 20% compared to December
Bond purchase frictions convinced Weber to drop out of ECB race
Bundesbank's Axel Weber says divergent views on ECB’s bond purchases meant he was no longer an acceptable candidate to succeed Trichet; stresses he was right to stick to his guns
Czech National Bank - Inflation Report (Q1 2011)
Czech National Bank Inflation Report for January forecasts growth to slow in 2011 due to fiscal retrenchment
IMF’s Shinohara warns emerging markets against overheating
IMF deputy managing director Naoyuki Shinohara says pressures in emerging economies could lead to slowdown in global recovery
Canada’s Murray on commodity price volatility
Bank of Canada deputy governor John Murray says evidence suggests commodity price volatility is largely owing to market fundamentals not speculation
IMF guilty of ‘group think’, says Fund watchdog
Independent Evaluation Office says IMF’s cohesiveness in period leading up to the financial crisis prevented fund from spotting impending risks
Thailand's Prasarn on safeguarding Asian economies
Bank of Thailand governor Prasarn Trairatvorakul outlines central bank's policy toolkit to combat macroprudential risks
Households contributing to recovery: Richmond Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says pick-up in consumer spending an indication economic outlook is bright
SEC moves to cut ratings out of registration requirements
US Securities and Exchange Commission proposes rule striking investment-grade rating condition from short-form registration process for companies issuing securities; move mandated by Dodd-Frank
Buba paper on benefits of cocos
Bundesbank study says benefits of contingent capital may lead to its incorporation in firms’ financing mix without mandate
RBA reports to parliament on SME lending
Reserve Bank of Australia business report says slowdown in small business credit growth reflected both demand and supply factors
Israel’s Fischer calls for international FX rules
Bank of Israel governor Stanley Fischer calls on IMF to draw up set of international rules on foreign exchange intervention
Bank’s inflation argument ‘fanciful’: ex-MPC’s Julius
Former Bank of England rate-setter DeAnne Julius says inflation expectations risk becoming unmoored; monetary policy acting for financial stability, ex rate-setter Tim Besley adds
Southern Sudan should adopt currency board: IMF mission chief
Fund’s Sudan mission chief Edward Gemayel says simplicity of currency board system advantageous for soon-to-be country; South preparing to adopt new currency
Trichet on ESRB mandate
European Central Bank president Jean-Claude Trichet outlines vision for European Systemic Risk Board
Fed wants right to choose which nonbanks pose systemic threat
Federal Reserve rule proposes that it will have discretion to determine whether nonbank financial firms come under Financial Stability Oversight Council’s watch on case-by-case basis
Spain should consider regulatory overhaul: FSB peer review
Financial Stability Board peer review calls for Spanish authorities to consider new regulatory structure once market turmoil has subsided; separate review of Italy also published
Tackling fiscal deficit a priority: Shirakawa
Bank of Japan governor Masaaki Shirakawa says Tokyo must not allow fiscal deficit imbalance to persist just because it has not yet been punished in bond markets
Bank of Canada paper on mortgage discount rates
Bank of Canada study shows mortgage lenders discriminate against those with less favourable spending patterns
Screening distant borrowers presents challenges: Netherlands Bank paper
Netherlands Bank study examines effectiveness of lending to distant borrowers during crises
Securitisation limits debt renegotiations: Chicago Fed paper
Chicago Federal Reserve study says mortgage securitisation reduces likelihood of renegotiating debt and raises probability of foreclosures
No new deal on bailout: Trichet to Dublin
European Central Bank president Jean-Claude Trichet says Irish politicians should not attempt to renegotiate terms of the EU-IMF bailout; opposition leaders critical of ECB’s role
Sri Lanka launches new banknote series
Central Bank of Sri Lanka series in 20 years; new edition contains several new advanced security features and first SLRs5000 denomination