International Monetary Fund (IMF)
Hungarian central bank accused of illegal data transfer
Rift between National Bank of Hungary and the State Audit Office widens amid accusations of ‘unlawful' communication with the IMF and poor management of banknote company
IMF issues reality check on European banking union
Researchers say it could take five years to fully implement banking union in Europe, and warn a piecemeal approach could actually make the situation worse
IMF working paper calls for consistency in East African monetary policy
Study into monetary transmission mechanism in the East African Community finds policy tools often used in a contradictory manner
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
IMF research lends support to exchange rate liberalisation
Working paper concludes exchange rate liberalisation in sub-Saharan Africa ended a prolonged crisis and prompted a ‘strong and ongoing’ economic expansion
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
IMF paper says central banks are hoarding good collateral
Study finds pools of good collateral are evaporating as a result of unorthodox central bank policies; regulation is amplifying the trend
‘Frontier Asia’ addresses challenge of growing sustainably
Thai governor and IMF official emphasise need to address the macroeconomic, financial and structural challenges that high growth rates can bring
People: New chair at Richmond Fed; Norwegian takes executive directorship at IMF
Richmond Fed appoints new chair and deputy; Norway takes rotating directorship at IMF; Egyptian governor ratified; and more
New studies tackle diverse inflation outcomes in eastern Europe
Papers by the IMF and National Bank of Slovakia assess factors behind incomplete interest rate pass through and divergent drivers of inflation in eastern Europe
IMF research finds inflation targeting can dampen risk premiums
Working paper suggests inflation targeting reduces a country’s risk premium, although this effect is stronger for emerging markets and where inflation targeting is successful in stabilising prices
IMF predicts chequered growth performances in 2013
Updated World Economic Outlook forecasts wide disparities between countries’ growth performances in the next year; overall estimates revised down since October
IMF paper considers macroprudential needs of resource-rich countries
Study considers Mongolia’s commodity boom, finding that risks arise from loose fiscal policy, increasing credit availability and a high risk appetite
IMF sees southern European free-fall begin to slow
Mission chief for Greece says painful adjustment proceeding ‘apace’, although questions raised over potential €9.5 billion funding gap; Fund praises ‘impressive policy effort’ in Portugal
IMF paper compares sub-Saharan bond markets
Research finds a ‘steadily growing’ corporate bond market would benefit from further financial development in African countries
RBI mulls bank supervision changes in light of IMF report
Indian central bank accepts potential for ‘moral hazard' in supervisory system; IMF report finds regime on the whole ‘well developed and largely in compliance with international standards'
IMF research examines ‘borrower effects’ during crisis
Working paper constructs index to assess the contribution of risky borrower portfolios in tightened overall credit conditions during a financial crisis
Irish deputy governor says economy has ‘little safety margin’
Stefan Gerlach says while growth may show a modest recovery this year, even a small shock to market confidence could complicate an exit from the IMF programme
IMF paper analyses ‘prolonged decline’ in Asian investment
Paper finds investment is suffering from the financial constraints facing non-tradable sector; proposes widening forms of credit available to small and medium-sized enterprises
IMF paper explores currency value at times of risk aversion
Research published by the International Monetary Fund says currency movements in periods of risk aversion are increasingly reliant on yield
Ukraine replaces central bank head with deputy
Igor Sorkin to take over from Serhiy Arbuzov at National Bank of Ukraine – says he will prioritise currency stability and cut interest rates
Egypt appoints new central bank governor
Egyptian central bank governor resigns, replaced by former deputy; negotiations ongoing with the IMF