Central Banks
National Bank of Ukraine's Sergei Arbuzov on economic development
Sergei Arbuzov, governor of the National Bank of Ukraine, talks to Catherine Snowdon about past mistakes by the government and how the country is working to develop its economy
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
Book notes: End This Depression Now!
One of the rock stars of economics has written another hit
Dallas Fed research questions Chinese growth data
Economic letter uses proxy for industrial production to estimate Chinese growth; suggests official figures may understate the extent of the slowdown
Central Bank of Chile paper tests inflation forecast models
Working paper compares inflation forecast accuracy of new autoregressive model and “traditional” univariate models; finds improvement in short run but mixed results over longer horizon
BoJ’s Shirakawa calls for 'drastic deregulation' to promote growth
Masaaki Shirakawa sets out possibilities for encouraging increased investment to promote growth and inflation expectations; firms reluctant to borrow despite monetary easing
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
Outgoing Serbian vice-governor fearful over repercussions of law change
Bojan Marković voices concerns over long-term impact of changes to Serbia’s central bank law; says rushed passage of legislation and change in senior management could cause problems
Central Bank of Cyprus calls in external investigators
Professional services firm to look into the circumstances that led two Cypriot banks to seek state support; investigation starts today
Barbados celebrates central bank anniversary with new banknote
Redesigned note entered circulation this month to commemorate the central bank’s 40th birthday; security features same as those found in previous currency
Riksbank deputy describes “surprisingly strong” economy
Kerstin af Jochnick says Swedish economy has performed well during the past quarter, but weak performance in the eurozone has caused large appreciation of krona and uncertain inflation path
Former MPC member blasts “unduly powerful” future BoE governor
Ex-MPC member Kate Barker says new macro-prudential policy-maker should not be independent of government; shake-up of banking regulation system in the UK will leave governor too powerful
RBA makes progress with card surcharging guidelines
Industry calls on Reserve Bank of Australia to provide “more prescriptive” guidance than draft rules issued in June; final version set to be published in October
Zambia sets rebased currency introduction date
Bank of Zambia reveals new currency will enter use at the start of next year; urges businesses to begin preparations now
Carney discusses the “right kind” of globalisation
Governor of the Bank of Canada explains how globalisation can be harnessed to create prosperity for Canadians; says responsibility for past mistakes lay with many parties
ECB paper models economic impact of 'disaster risk'
Working paper finds expectations of severe recessions impact equity prices; effects feed through to the economy
Central Bank of Ireland highlights tight credit conditions for SMEs
Economic letter shows rejection rate for small and medium-sized enterprises in Ireland is second highest in eurozone; identifies slight improvement since Q4 2011
RBI minutes show disagreement over policy direction
Minutes of the Reserve Bank of India’s July meeting reveal divergent views on monetary policy; however members agree government is best placed to address weak growth and high inflation
BoE weighs distributional effects of QE
Paper assesses impact of quantitative easing on overall economy and examines distributional effects; finds main benefits for holders of assets and well-funded pension schemes
Macedonia seeks to influence expectations
National Bank of the Republic of Macedonia unveils new research programme; hopes to improve communication to better manage expectations
Bank of Namibia cuts rates due to uncertain economic outlook
Central bank reduces benchmark rate by 50 basis points; says cut necessary to support economy despite inflationary pressure and “rapid” growth in consumer credit
HKMA names Huo as new PBoC advisor
Huo Yingli will take over from Mu Huaipeng as the PBoC official seconded to offer financial co-operation assistance between China and Hong Kong
South African paper assesses micro data and policy responses
Sarb working paper explores pricing conduct at a micro-data-set level and how this affects monetary policy; finds results diverge from Bayesian estimation techniques