International Monetary Fund (IMF)
South-South development co-operation in transformation
China's approach in South-South development co-operation focuses on using ‘what China owns and knows best' by combining trade, investment and development co-operation
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics
IMF deputy warns ‘leakages’ could undermine macro-prudential policy
Mitsuhiro Furusawa says macro-prudential tools could force financial activities into a less regulated sector or country, but adds little is known about benefits of ‘leaning against the wind’
Economists expect last-minute Greek deal
With Greek finances still looking close to collapse, Central Banking asks a group of economists what the consequences of a last-minute agreement or default might be
IMF paper urges central banks to adopt sharia-compliant facilities
Authors warn lack of sharia-compliant monetary policy tools is hampering efficient liquidity management among Islamic banks, but is an area that requires further research
IMF tells Fed to wait until 2016 to hike rates
Fund says keeping rates lower for longer would provide ‘valuable insurance’ against disinflation; encourages Fed to hold more press conferences and publish quarterly monetary policy report
IMF's Patrick Njoroge nominated as Kenyan governor
President picks IMF adviser Njoroge from a shortlist of five candidates, which included current and former deputy governors; name passed to parliament for vetting
IMF researchers highlight high cost of unnecessary fiscal consolidation
For countries with very low borrowing costs, allowing debt ratios to fall ‘organically’ via growth is likely to be less damaging to the economy than harsh austerity, authors say
IMF paper argues technological slowdown not main driver of weak productivity
Working paper finds slower US productivity growth is more due to reduced efficiency in combining factors of production than a declining pace of technological progress
IMF sees limits to Norway ‘leaning against the wind’
Article IV conclusion says macro-prudential policy should be first line of defence, but governor Øystein Olsen still sees role for monetary policy
Dutch committee recommends 90% LTV limit on mortgages
Netherlands financial stability committee advises government to gradually reduce loan-to-value limit to 90%, despite IMF recommending cut to 80%
IMF finds renminbi ‘no longer undervalued'
The Fund declares China's currency fairly valued months ahead of SDR basket review, having previously thought it was out of step with economic fundamentals
IMF staff tell BoJ to 'stand ready' to ease further
Statement at conclusion of IMF article IV warns inflation expectations 'broadly flat' in recent months; calls on BoJ to prepare for more easing and improve communication
Rajan suggests IMF as watchdog for unconventional policy
RBI governor says central banks should not discard international responsibilities in favour of domestic mandates; says IMF could police unconventional monetary policy
IMF researchers explore central bank security issuance
Working paper finds low-income countries may struggle to issue central bank securities on account of the administrative costs and infrastructure demands
Zeti deems shadow loan regulation ‘highly effective'
Bank Negara Malaysia governor says macro-prudential regulation of non-banks has stabilised the overheated property market, but IMF warns of risks lurking in the shadows
High liquidity creation increases probability of bank failure, IMF paper warns
Working paper published by the IMF says regulators can reduce costs of bank failure by identifying high liquidity creators early and monitoring them closely
IMF urges Irish authorities to ‘enhance’ central bank independence
Report warns legal framework could ‘potentially introduce political considerations’ into governance arrangements; finds uncompetitive pay may be hurting ability to hire and retain supervisors
Mario Draghi sees large toolkit as ‘standard’ in 2020
ECB president tells Olivier Blanchard the central bank will retain a broad set of monetary instruments in five years’ time; insists QE will not be tapered early
Blanchard to step down as IMF chief economist
Olivier Blanchard will leave in September and join Peterson Institute as senior fellow; Lagarde praises him for ‘spurring a fundamental rethinking of macroeconomic policy’
Serbia cuts rate amid IMF call for action on debt overhang
National Bank of Serbia cuts rate for third straight month, as IMF warns dangers may lurk beneath robust overall debt position
IMF paper finds no link between efficiency and Basel compliance
Banks in jurisdictions that have adopted Basel ‘Core Principles’ for supervision are no more efficient than their peers elsewhere, working paper finds
Currency shifts could create ‘dilemma’ for Asian economies
IMF regional economic outlook warns policy-makers could face an ‘uncomfortable trade-off’ between external competitiveness and financial stability
IMF paper studies interest rate spreads in Pacific Island countries
Economic size, inflation, the quality of bank balance sheets and banking sector concentration influence interest rate spreads in Pacific Island countries, finds working paper