Central Banks
CNB paper shows power of inflation targeting
Czech National Bank working paper shows inflation targeting can lead central banks to offset government spending shocks; can also have disciplinary effect on fiscal policy
Central Bank of Colombia minutes reveal divide over interest rates
Minutes from the central bank board’s July meeting gives details of reasons for members’ difference of opinion over interest rate decision; board committed to maximising employment
Ireland releases coins in memory of former finance minister
Central Bank of Ireland issues two coins commemorating 90th anniversary of Michael Collins’ death; chief operations officer speaks of 'overwhelming' interest in the collector items
BoE minutes show MPC left out rate cut discussion
Possibility of cutting benchmark interest rate was not discussed at latest MPC meeting; policy-makers decided to keep rate and quantitative easing steady
IMF working paper warns of dangers in sovereign debt restructuring
Researchers find debt restructurings have adverse impact on economic growth; say debt sustainability is a crucial consideration
Cleveland Fed researchers suggest moderate growth may persist
‘Economic Trends’ research highlights possibility of a slowdown in US trend rate of growth; economy shows modest version of previous recoveries
RBI deputy governor warns of moral hazard in debt restructuring
Kamalesh Chandra Chakrabarty says number of bank accounts being restructured has grown at a disproportionate rate since 2009; suggests actions to address problem
BoJ minutes reveal cautious positivity about global risks
Minutes of Bank of Japan’s July monetary policy meeting shows some optimism over global risks; members vote unanimously to hold rates and adjust asset purchases
Central Bank of Tunisia report explores impact of revolution
Annual report for 2011 reveals a sharp drop in production and exports post-revolution; economic growth fell to -1.8%, says central bank
Bank of Thailand statistics show ‘resilient’ banking system
Figures for second-quarter 2012 indicate strong growth of lending and profits in Thai banking sector; results boosted by continued decline in non-performing loans
Central Bank of Ecuador receives loan to promote financial inclusion
Inter-American Development Bank lends Ecuador $10 million to further access to financial services in remote parts of the country; central bank to administer the project
Asian Development Bank opens office in Myanmar
Asian Development Bank furthers "re-engagement" with Myanmar by opening an office; alternate executive director from the country also joins ADB board of directors
UK inflation figures show surprise rise in July
Office for National Statistics surprises markets by announcing CPI inflation rose to 2.6% in July; Bank of England last week predicted the rate would continue to fall this year
RBA payments manager discusses challenge of Basel III deadline
Reserve Bank of Australia’s Mark Chambers says countries are struggling to implement Basel III framework in time; highlights obstacles facing Australian policy-makers in introducing regulations
Central Bank of Barbados governor praises government’s fiscal strategy
DeLisle Worrell says Barbadian government’s policy strategy is appropriate to the ‘economic reality’; follows downgrade of sovereign debt to BB+ in July
Estonian growth recovery 'relies' on eurozone governments' action
Estimates for Estonian growth rely on eurozone governments acting to ease the ongoing uncertainty, says central bank economist Kaspar Oja; domestic demand stays strong nevertheless
National Bank of Ukraine figures show end of deflationary period
Inflation figures show annualised CPI inflation rose from -0.3% in June to 0% in July; economic department deputy says figures are ‘close to optimal’
Nigerian bank responds to central bank call for more female leadership
United Bank for Africa appoints two female board members; follows push from financial sector leadership to increase number of women in senior roles in the industry
Central Bank of Chile paper identifies causes of sudden capital flows
Working paper assesses factors leading to sudden surges of capital in and out of economies; finds the majority of cases are driven primarily by changes in debt flows
IMF paper finds evidence in favour of ‘Chicago Plan’
Researchers analyse benefits of requiring 100% reserve backing of bank deposits and lending financed by retained earnings; argue evidence supports four major advantages of plan
Bangladesh Bank seminar argues inflation differential is a monetary phenomenon
Researchers present evidence of reasons behind inflation differential between Bangladesh and India; say gap was greater when money supply in Bangladesh was growing faster
ECB paper warns of capital control externalities
Working paper examines spillover from tax on capital inflows into Brazil; identifies significant direct impact amplified by signalling effects