International Monetary Fund (IMF)
Carstens picked to head IMFC
Bank of Mexico governor will succeed Tharman Shanmugaratnam as head of the IMF’s International Monetary and Financial Committee
IMF paper finds weak link between Islamic banking and financial inclusion
Empirical link between Islamic banking and financial inclusion ‘tentative and relatively weak’; researchers suggests ways financial inclusion could be better served by sharia-compliant banks
IMF too sluggish to be global lender of last resort, say Allen and Moessner
The IMF’s response to the financial crisis was too weak and too late, leaving the Federal Reserve to pick up the slack, William Allen and Richhild Moessner argue in the Central Banking Journal
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
Evaluating the IMF’s performance in the financial crisis
The results of the IMF’s Independent Evaluation Office investigation into the Fund’s handling of the global financial crisis are deeply flawed.
IMF paper tackles puzzle of asset bubbles in efficient markets
Working paper suggests business risk for asset managers creates institutional herding and ‘rational bubble-riding’, with implications for the design of macro-prudential policies
Justin Lin: Multiple reserve currency system ‘less stable' than one based on dollar
Former World Bank chief economist tells Central Banking Journal competing reserve currencies would not address overriding challenge of global monetary system
G-20 leaders plan to scrutinise reform efforts
Leaders reaffirm commitment to reforms designed to raise global growth two percentage points and agree ‘robust monitoring framework’; OECD says reform progress has been patchy
Lagarde tells G-20 to act now and boost growth
IMF managing director warns that without action the ‘global economic supertanker’ could remain ‘stuck in the shallow waters of sub-par growth and meagre job creation’
People: IMF names new deputy; Brazil in line for two as well
Christine Lagarde wants to appoint an adviser of the Japanese government as deputy managing director; Brazil’s central bank governor proposes two new deputies in a reshuffle; and more
IMF: Pan-African banks pose oversight challenges
Report highlights need to reconcile regional and national interests in currency unions in the continent to ensure effective regulation and supervision
Prasarn dismisses threat of deflation as headline rate goes negative
Thai governor pens letter to finance minister after headline inflation falls to -0.4% in January; IMF sees ‘scope for further easing' as two MPC members dissent on rate hold
IMF calls for reform at Madagascar central bank
Staff report says central bank needs greater independence and stronger oversight mechanisms; new audit committee on the way and government agrees to recapitalise institution
IMF backs Canada cut despite overvalued housing
Fund says central bank's decision to lower rates for first time in four years is ‘in line with staff advice'; says housing market overvalued by up to 20%
IMF paper examines sensitivity of house prices to global liquidity shocks
Researchers find prices in emerging markets respond ‘much more’ to a shock in the international supply of credit than in advanced economies
IMF report says ‘time has never been more right' to reform securitisation markets
Staff report emphasises need to make securitisation practices more robust while spurring demand; calls for standardised classifications of underlying risk characteristics
IMF paper rejects one-size-fits-all approach to financial inclusion
Working paper published by the IMF argues country-specific characteristics ‘play a central role’ in determining impacts of different policies aimed at improving financial inclusion
Research finds IMF lending helps limit future crises
Working paper published by IMF examines impact of lending programmes on developing countries between 1970 and 2010, finding they reduce likelihood of future banking crises
State Bank of Pakistan slashes rates to decade low
Governor Ashraf Mahmood Wathra strikes upbeat note despite inflation falling significantly below target, as central bank cuts interest rates by 100 basis points
Carney says eurozone QE 'absolutely necessary'
Bank of England governor says it will ‘create some of the necessary conditions’ for returning prosperity to the eurozone; discusses distributional consequences of monetary policy
New core inflation measure proposed in IMF paper
Measure proposed by researchers from IMF and Central Bank of Brazil takes into account both volatility and persistence, ensuring all relevant information is exploited
Lagarde: Divergent monetary policy could be a good thing
It could be 'helpful' for the global economy if the ECB eases more as the Fed starts tightening, Lagarde tells an audience in Davos; Summers warns eurozone QE not 'sufficient'
IMF: Central banks ‘must' ease if inflation expectations drop
Easing should be conducted through ‘other means' than interest rates if they are at ZLB, Fund argues in WEO update, which downgrades global growth forecast for 2015 to 3.5%