Central Banks
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
Sarb reveals new non-executive director
Firoz Cachalia is appointed as a non-executive director to the board of the South African Reserve Bank; takes up new position on July 16
Geithner emails to King bring BBA into focus over Libor
Communications between the then president of the NY Fed and the governor of the BoE show 2008 concerns over Libor system; British Bankers' Association was asked to look at recommendations for change
Italian governor reviews uncertain outlook as Moody’s downgrades
Bank of Italy governor Ignazio Visco says banks have made progress in strengthening finances but warns of numerous downside risks; Moody’s downgrades Italy’s government bond rating
Singapore commemorates independence with heart-shaped coin
Monetary Authority of Singapore launches Singapore 47 Years of Independence commemorative coins; series includes the first-ever heart-shaped coin for the country
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
San Fran Fed president says asset purchases are ‘effective tool’
John Williams gives overview of mixed outlook for US economy; says ‘Operation Twist’ likely to have modest impact and argues asset purchases would be ‘most effective tool’ if further action is required
Central Bank of Ireland paper weighs crisis impact on SME financing
Research technical paper assesses effect of economic, financial and debt crises in Europe on small and medium-sized enterprises’ access to credit; discusses impact of private debt overhang
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Fed policy-makers hint at further stimulus
Minutes of the latest Federal Open Market Committee meeting show a number of members discussing further stimulus possibilities; moderate growth expected but also heightened risk
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability
IMF’s Lagarde warns on global growth
Managing director says next week’s assessment of world economy will bring bad news with regard to growth; urges increased co-operation to renew economic recovery
‘Unofficial dollarisation’ raises significant stability risks, ECB study finds
Emerging markets with large holdings of ‘hard’ currency assets and liabilities are exposed to substantial stability risks and policy failure, finds ECB study
Brazil and South Korea cut rates amid economic gloom
Central Bank of Brazil and Bank of Korea cut interest rates due to poor economic outlook and declines in indicators; Brazil marks eighth consecutive reduction while Korea makes first cut since 2009
SNB paper links low interest rates and housing bubbles
Swiss National Bank working paper finds strong relationship between low short-term rates and housing bubbles; argues house prices can be controlled by following ‘Taylor rule’
National Bank of Serbia annual report reviews policy changes
Annual monetary policy report highlights shift in mid-2011 towards monetary easing in Serbia; says pressure from food prices caused inflation to repeatedly overshoot target in first half of year
Bank of Finland paper evaluates confidence indicators in forecasts
Discussion paper analyses the link between measures of confidence and growth forecasting in the Russian economy; finds not all measures improve accuracy of forecasts
ECB paper studies sovereign debt and growth links
Working paper studies relationship between different levels of sovereign debt and growth; finds increasing debt only boosts short-run growth up to a certain threshold
IMF paper studies effects of macro-prudential policy
Working paper studies effectiveness of macro-prudential policy in an environment of financial innovation; identifies various factors determining policy outcomes
EBA says banks did not sell assets or cut lending due to 9% capital rule
EBA claims banks have not substantially cut risk-weighted assets or lending to meet new minimum core Tier 1 ratio; actions were part of a series of measures agreed by the European Council in October