International Monetary Fund (IMF)
Honohan: EU-IMF programme a qualified success
Following conclusion of programme Central Bank of Ireland governor says it did 'what it said on the tin' by restoring market confidence and stabilising the economy
Lower productivity behind growth slowdown in African middle-income countries, IMF paper finds
Slowdown in total factor productivity 'largely responsible' for weaker growth in small middle-income African economies, authors argue
IMF gains one deputy managing director but loses another
Carla Grasso set to join as first-ever chief administrative officer, while Naoyuki Shinohara will leave at the end of his term; Lagarde praises his ‘trademark efficient and sharp insights’
IMF paper considers merits of macro-prudential liquidity buffer
Working paper asks whether such a buffer would be desirable, and how it might operate in practice; authors say it would complement other requirements including the LCR and NSFR
Reserve managers shun the euro, IMF data shows
International Monetary Fund data from the third quarter of 2014 shows a significant hit to euro reserves following negative interest rates
Bank of Jamaica set for new powers in 2015
Central bank on track to assume responsibility for financial stability; will start conducting annual reviews to track ‘readiness’ for full-fledged inflation targeting
IMF paper suggests looser monetary policy to offset eurozone macro-pru policies
Staff paper examining housing markets in Denmark, Ireland, Spain and the Netherlands also proposes restricting banks' ability to pay dividends in order to absorb losses
FSB definition of shadow banking paints 'incomplete picture', warns IMF paper
US and eurozone sectors similar in size according to working paper, which says other measures fail to account for ‘non-traditional banking activities carried out by the banks themselves'
FSB pushes countries to meet higher information exchange standards
Financial Stability Board publishes latest progress report on information sharing, with thirteen jurisdictions still lagging behind; updates list of ‘financially important’ economies
German investments would generate ‘beneficial' regional spillovers, finds IMF paper
The expansionary effect of higher public investment in Germany ‘substantially strengthened' when supported by an accommodative monetary policy stance, according to working paper
Bank of South Sudan keen for exchange rate reform
IMF report finds authorities keen to create a single exchange rate, launch two-way fixed rate auctions and establish an interbank market for foreign exchange
Central Bank of Paraguay reduces inflation target to 4.5%
After keeping inflation around 5% for the past three years, the central bank will now aim to shackle it at 4.5% in 2015 and 2016
Robert Pringle's Viewpoint: The global finance system is in bad need of repair
Muddling through is not enough: neglect of global money can trigger political earthquakes that sweep away any chance of reasonable debate and compromise
SBP annual report highlights ‘two phase’ year
Pakistan’s economy suffered turbulent spell in 2013, but IMF agreement saw a return to relative stability; central bank praises government for ‘long-awaited’ return to fiscal discipline
IMF paper suggests Peruvian forex interventions are asymmetric
The Central Bank of Peru has tended to react differently in the face of appreciation and depreciation pressures, research finds
IMF paper: Costs of macro-pru policies still unclear
Policy-makers should ‘move carefully' in adopting macro-prudential tools as ‘knowledge is still limited', working paper argues
Argentina governor wants new growth model for LatAm
Central Bank of Argentina governor believes Latin American countries need to invest in infrastructure and boost internal production
Central Bank of Paraguay calls for new regulatory powers
Central Bank of Paraguay made a draft proposal to change the law, giving the institution powers to ‘change the prudential regulations according to market needs’
People: BoE poaches IMF researcher; Nigeria's central bank deputy stands down
Michael Kumhof leaves the IMF to join the Bank of England as senior research advisor; Kingsley Moghalu leaves the Central Bank of Nigeria after five years; and more
Bank of Korea governor sees imbalances worsening
Juyeol Lee warns a ‘fundamental rebalancing’ may be the only way to achieve longer-term growth; external imbalances may also deteriorate
Lagarde lauds new Mexican bonds with ‘strengthened' collective action clauses
Mexico issued $2 billion in 10-year bonds with new collective action clauses, which Lagarde says ‘will play a critical role in enhancing the architecture for sovereign debt markets’
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
Book notes: What Have We learned? Macroeconomic Policy After the Crisis, by George Akerlof, Olivier Blanchard, David Romer and Joseph Stiglitz
This book brings together the great and the good of the economics profession, policy-makers and academics, to assess what the dust jacket describes as the “brave new economic world"
IMF finds Mexico well-placed to weather capital market volatility
Mexico should be able to ‘weather’ a rise in volatility, says the IMF, since the country has a healthy buffer of international reserves and ‘deep and liquid’ financial markets