Economics
BIS paper investigates factors behind birth and death of benchmarks
Working paper studies ‘benchmark tipping’, finding that although many government rates are being displaced by private benchmarks, China and Brazil may develop new government bond futures markets
BoJ paper studies factors holding workers back from switching industries
Researchers find that differences in required tasks aggravate earnings gaps and encourage workers not to move, creating frictions in the Japanese labour market
Paper finds evidence of multiplier effect in food trade policy
IMF working paper studies the relationship between trade policy and food prices and finds evidence of a multiplier effect in its data sample
Paper examines mismatch in Swedish job market
Swedish economy is adding job vacancies but increasing share of workforce have wrong skill-set, Riksbank article finds
BIS paper unveils refined measure for Chinese inflation
Joint effort by economists at the BIS and People’s Bank of China yields new measure of Chinese inflation, which authors say addresses issues with headline and core measures
ECB’s Coeuré shifts focus to the quality of credit
European Central Bank executive board member Benoit Coeuré outlines policy mix needed to channel credit towards productive investment; expects more demand for TLTROs
New York Fed blog to make DSGE forecasts public
Federal Reserve Bank of New York publishing five-part series on DSGE model and how it is used to forecast inflation and output in the US economy
Latvian paper proposes refinement to definition of trade
Working paper produces measure to better account for the value added component of trade; authors argue this better captures a country’s contribution to world markets
China could learn from Australia's financial reform, RBA paper finds
Discussion paper published by the Reserve Bank of Australia examines the country’s capital account liberalisation in the 19070s and 1908s, and considers its relevance for China
Dutch economists recommend using social media as confidence indicator
ECB paper finds social media sentiment and consumer confidence are ‘highly correlated’ and could be useful in policy-making
Dallas Fed president praises India PM Modi
Richard Fisher describes Texas as the ‘crucible of US job creation', noting that without it US would not yet have reached pre-recession employment levels
Colombian working paper examines credit cycles in EMs
Researchers argue that central banks in emerging markets should focus on medium-term credit cycles when designing macro-prudential policy
US monetary tightening could have ‘long-lasting impact' in Peru, says IMF paper
Investment slowdown in China and US policy ‘normalisation' would leave dents in country's dollarised economy, study finds
Cœuré calls for greater integration in retail banking and capital markets
The financial crisis ‘undermined this process’ and pushed retail banking services within national borders, says executive board member of the ECB
Fin paper examines SME lending in post-transition economies
Researchers find that SMEs perform better in countries with a large number of cooperative banks, rather than those dominated by banks
Norges Bank paper finds ‘booming' resource sector has ‘significant' productivity spillovers
Working paper also finds evidence of two-speed economies, with non-traded industries growing at a faster pace than traded
Small eurozone countries can use government spending to combat imbalances
ECB-published working paper examines small open economies in a monetary union, whose options for dealing with shocks are limited
The ‘Great Moderation' shows no sign of ending, Spanish paper finds
The great recession did not mark an end to the great moderation whose low volatility could be hampering a recovery, according to a new paper
Monetarist view cannot explain eurozone inflation woes, Nobel laureate warns
Christopher Sims says lack of co-ordinated fiscal action dooms eurozone to prolonged lowflation, at German conference for economics Nobel prize winners
One in 10 eurozone households spend more than they earn, Bundesbank paper finds
Households with female, young, or divorced heads have harder time making ends meet, but ‘rather confident in the possibility to get funded through informal lending channels'
Portfolio flows to emerging markets make asset prices volatile - IMF paper
Working paper unpicks domestic pull factors versus global push factors, finding the latter more powerful in determining portfolio flows
Korea needs more women and young people in work, paper finds
Labour market ‘duality' and low youth and female employment are holding back growth, according to paper written by Bank of Korea and IMF economists
HKMA's Chan will champion Hong Kong's asset management industry
Norman Chan calls on officials to ‘put our heads together’ and figure out how to attract more ‘upstream’ asset management activities to Hong Kong
IMF paper finds Latam growth likely to slow even if commodity prices remain elevated
Growth over next half-decade expected to be 150bp lower than during boom years; need for 'ambitious structural reforms' to secure 'medium-term growth'