Brics
Slowdown in Brics increasingly down to domestic factors – Mminele
Sarb deputy says structural reform needed to foster global growth; sees role of domestic factors affecting Brics growth increasing since 2013
Meeting global infrastructure needs with MDB backing
KV Kamath, president of New Development Bank, discusses the pivotal role that multilateral development banks can play in meeting the infrastructure investment requirements of developing countries
Global growth has ‘flat-lined’, says OECD chief economist
Global economy expected to expand no faster than in 2015; current monetary policy stance ‘insufficient’ to spur growth
Room for monetary policy stimulus has ‘narrowed’ in many EMs, World Bank report warns
Little room left to use monetary or fiscal stimulus in event of growth shock in some countries, report says, pointing to role for structural reform
Book notes: The Dollar Trap, by Eswar S Prasad
A lively and compelling analysis on currency wars in the wake of the financial crisis – and the likely persistence of the US dollar as the world’s pre-eminent currency
Central Bank of Chile minutes reveal concern over slowing Brics
Slowdown in countries including Brazil, India, Indonesia and South Africa likely to have adverse effect on rest of the emerging world as well, board members say
Chilean paper finds room to reduce risk by diversifying investment in Brics
Statistical analysis finds little co-integration of stock market vectors in Latin America and the Bric countries; says this gives investors a good opportunity to diversify, which would reduce risk
Brics leaders agree to set up $100 billion ‘financial safety net'
Contingent reserve agreement will allow Brics countries to provide each other financial support and will 'contribute to strengthening the global financial safety net'
Brazil second in world for non-cash payments
World Payments Report reveals Brazil is second only to the US for volume of non-cash payments; use of electronic and mobile payments shows ‘exponential growth’
Mohanty says India must play catch-up
Reserve Bank of India executive director calls for efforts to recapture India’s pre-crisis growth rate; lays out income target and challenges
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
Brazil and China agree currency swap and deepen cooperation
Central Bank of Brazil announces agreement with China Banking Regulatory Commission to enhance exchange of information; governments agree to currency swap
Lagarde welcomes additional IMF funding
Christine Lagarde praises countries pledging additional $456 billion to the IMF; says funds will only be used as a “second line of defence”
IMF paper discusses renminbi internationalisation
Working paper considers historical conditions leading to international use of currencies; finds that conditions in China suggest gradual internationalisation of renminbi
IMF paper finds large Brics spillover effect on low-income countries
Fund study shows Brics growth helped alleviate impact of financial crisis on low-income countries
Brics funding to low-income countries is risk-weighted: IMF paper
Fund study shows degree of loans concessionality to low-income countries is negatively correlated with risk profile
Bric FDI important source of growth to LICs: IMF paper
Fund study highlights importance of Bric foreign direct investment in low-income countries’ development strategy
Lagarde confirms IMF candidacy, Brics unhappy
Finance minister of France throws her hat into the ring as candidate for next managing director of IMF; Brics condemn practice of choosing leader based on nationality
Brics demand "broad-based" international reserve currency system
Leaders of the five fast-growing emerging economies support reform and improvement of international monetary system; want a stable, reliable and broad-based international reserve currency system
Imbalances could treble in next two decades: Bank's Haldane
Bank of England executive director Andy Haldane charts course of global imbalances, pointing to trends likely to widen them
FSB opens up to non-members with outreach proposal
Financial Stability Board to set up regional consultative groups to give non-members a presence in regulatory debate; move goes only half the way to correcting imbalance, DIFC chief economist says
G20 agrees historic IMF power shift
G20 governors and finance ministers agree to boost quotas, voting power of leading emerging market economies; Fund managing director Dominique Strauss-Kahn heralds end of legitimacy debate
Rate move highlights gap between Russia and other Brics
Country remains in expansionary mode while fellow emerging markets start tightening due to structural and circumstantial factors
Developing countries gain more leverage in World Bank restructuring
Historic package gives developing countries more say in international policy