International Monetary Fund (IMF)
IMF paper on growing threat of moral hazard
Fund study calls for further incentives and rules to stem threat posed by large systemically important financial institutions
IMF paper on debt dilution
Fund study says commitment to reduce debt levels can eliminate risk of debt dilution
IMF paper urges policymakers to address sovereign rating spillovers
Policymakers must account for risks posed by spillover effects of sovereign rating downgrades; contingency plan recommended to deal with possible instability
SNB counters IMF call for rate hike
IMF calls for Swiss National Bank to start raising interest rates; central bank fears rate hike could “dampen” export growth in Switzerland
Irish minister makes fresh bondholder threat
ECB executive board member critical of Ireland’s plans to impose losses on senior bondholders in Irish lenders; new stress test results on Thursday to develop the governments’ plans
CCP reform risks further bailouts: IMF research
Fund study says reforms on central counterparties will not reduce systemic risk and could lead to further taxpayer funded bailouts
High food prices drive political instability: IMF paper
Fund paper shows rising international food prices attributes to political instability in low-income countries
Future of macro policy far from set, says IMF’s Blanchard
Exploration is the order of the day, IMF chief economist Olivier Blanchard claims; predicts central role for behavioural economics
IMFC names Tharman Shanmugaratnam as new chair
Singapore’s finance minister and former central bank head succeeds Youssef Boutros-Ghali, Egypt’s former finance minister
IMF’s Lipsky warns of widening global imbalances
IMF first deputy managing director John Lipsky says advanced and emerging economies must rethink growth strategies to prevent global imbalances from widening
Fund study on inflation volatility in West Africa
Fund study finds evidence of inflation uncertainty in West African Economic and Monetary Union members that experience high inflation
ECB opines on how euro crisis facility should work
European Central Bank proposes IMF involvement in order to ensure facility does not promote moral hazard
Ireland unveils stress test scenarios
Central Bank of Ireland outlines macroeconomic scenarios for stress test exercise on four banks; results set to be published at end of month
Creditless recoveries not uncommon: IMF paper
Fund study finds creditless recoveries are common and may result from impaired financial intermediation
Bank’s King calls for grand bargain to tackle global imbalances
Bank of England governor Mervyn King says G-20 countries must reach agreement on path to rebalance global economy; says G-20 could metamorphose into IMF governing body
IMF paper on foreign credit expansion in European EMEs
Fund study finds evidence of significant increase in level of foreign credit growth in emerging European countries
European parliament embraces Tobin tax
Lawmakers throw their weight behind Tobin tax on financial transactions; say global difference of opinion should not stop Europe implementing levy
IMF’s Lipsky on rebalancing SDR currency basket
IMF first deputy managing director John Lipsky says discussions on inclusion of renminbi in special drawing rights part of G-20 agenda
Fund’s DSK on meshing monetary and regulatory tools
Policymakers are looking to academia to help see how macroprudential policy might affect central banks’ independence, IMF managing director Dominique Strauss-Kahn says
Tokyo nominates ex-IMF economist to BoJ policy board
Japanese government puts forth academic and ex-IMF economist Sayuri Shirai for Bank of Japan policy board, according to wire reports
Sudan’s Hassan quits
Bank of Sudan governor Sabir Mohamed Hassan steps down from helm of central bank after taking decision not to pursue fourth term in office
BoJ’s Nishimura stresses importance of multiple approach to monetary system
Bank of Japan deputy governor Kiyohiko Nishimura says financial crisis showed one-size-fits-all approach to international monetary system failed
Crisis measures assisted financially distressed firms: IMF paper
Fund study says crisis recapitalisation policies helped provide financially dependent firms access to credit
FX flexibility can act as buffer to hot money: IMF’s Shinohara
IMF deputy managing director Naoyuki Shinohara encourages emerging markets to adopt more flexible exchange rates to help curb flow hot money