Central Banks
Yellen wants more transparency and a change in forward guidance
Federal Reserve vice-chair Janet Yellen calls for more transparency and supports replacing the calendar date in the Fed’s forward guidance with economic conditions needed to lift the funds rate
Political favours damaging economic growth, says Malawian deputy
Malawi’s investment environment less competitive because of politicians’ pursuit of ‘money power’, says senior Reserve Bank official
Bank of Portugal forecasts economic contraction of 1.6% in 2013
The Portuguese inflation rate is expected to fall below 1% as the economy contracts next year
Icelandic rates raised as 2013 growth prospects strengthen
Inflation is lower than monetary policy committee expected; likely to be offset by spare capacity and low exchange rate
Norwegian deputy seeks ‘eternal truths’
Jan Qvigstad establishes three basic lessons from the past that remain universally relevant today
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
RBI’s Sharma laments failure of derivatives markets in India
The interest rate swaps, credit default swaps and interest rate futures markets have all failed to take off as hedging markets in India, likely due to onerous regulation, says RBI executive director
Mutuals warn of capital threat from UK 'twin peaks' regulation
Guidance needed on treatment of with-profits fund surpluses under new supervisory regime
Netherlands Bank’s Knot says regulation is inadequate
Former Basel Committee risk head Klaas Knot and Bank of England’s Michael Cohrs say regulation is not sufficient to rehabilitate financial culture
Portuguese and Irish officials support banking union
Bank of Portugal governor and Central Bank of Ireland chief economist offer support for the creation of a deposit guarantee scheme and banking resolution fund in Europe
RBA’s ability to forecast put on trial
Discussion paper finds RBA forecasts inflation more accurately than GDP growth
Banks take advantage of Brazil’s geography, says paper
Fractured market structure allows banks to hold monopoly power and charge higher loan rates in smaller areas
European fiscal stimulus assessed by Fed paper
Economic Recovery Plan had a sizeable but short-lived impact on GDP
Bank of Italy cautious on sovereign bonds
Investors return to public debt markets, but progress is threatened by political uncertainty
Japan heading for recession as economy contracts in third quarter
Bank of Japan’s back-to-back monetary easing in October was due to a significant weakening in the country’s economic outlook
IMF’s Lipton cools recovery talk
Greater euro area and US progress is needed to avoid another global downturn; more co-operation required on regulatory reform
CFTC: fraud at Goldman Sachs caused $118 million loss
Accusations of fraud against a trader have parallels with Adoboli and Kerviel
MAS moves to bolster payments supervision
Bill introduced into parliament to amend Payments Act would enable Monetary Authority of Singapore to act faster in cases of emergency
Bank of Mexico expects inflation to continue falling
Report says inflation will near 4% by end of 2012; growth expectations also revised
Collateral eligibility policy is neglected, says BIS paper
As number of assets accepted as collateral by ECB grows, so does the credit risk faced by Europe’s central bank
Finnish paper proposes further ATM regulation
Largest ATM provider in Finland has foreign fee it can charge capped; socially optimal level only reached with regulated interchange fee
Fed paper presents improved model of inflation and unemployment
Authors develop a bivariate model that they believe improves upon univariate benchmarks
RBI director wants to bolster inflation measures
Deepak Mohanty proposes the introduction of inflation-indexed bonds and the expansion of households' survey
Bank of England surrenders windfall QE profits
An estimated £35 billion ($55.7 billion) will be handed over to the UK Exchequer during the next two years