International Monetary Fund (IMF)
IMF working paper critical of short-term austerity measures
IMF study suggests debt burdens should be addressed longer-term when economies are in expansionary mode; short-term austerity may do more harm than good
IMF mission calls for ‘urgent’ action on Serbian economy
Fact-finding mission calls on government to restore fiscal credibility and support growth; says steps need to be taken to strengthen National Bank of Serbia’s autonomy
IMF paper dissects shadow banking bailouts
IMF study examines how bailouts were used in the shadow banking system during the crisis; suggests the risk of future bailouts remains
IMF paper warns fiscal policy is not sufficient to counter capital surges
Working paper finds countercyclical fiscal policy would not have been able to fully counter large capital inflows into many countries in emerging Europe before the financial crisis
IMF paper analyses how commodity prices impact inflation
Working paper investigates how international commodity prices affect domestic inflation; finds governance and autonomy are central bank’s biggest tools to combat shocks
IMF mission begins new talks with Serbia
Fact-finding mission focuses on macroeconomic outlook, fiscal situation and effects of changes to the central bank law; government reveals efforts to cut budget
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
IMF paper analyses China’s trade impact on Europe
Working paper investigates links between trading competitiveness in China and the EMU; finds different results for euro periphery and core countries
Tributes to the governor that never was (Andrew Crockett, 1943-2012)
Bank of England, BIS and IMF heads pay respects to policymaker Andrew Crockett, who died this week. Crockett described as the governor ‘that never was’ and the ‘midwife’ to the HKMA
IMF paper studies emerging market bond spreads
Working paper tests different explanatory variables for emerging market bond spreads over time; finds importance may change based on business cycle and external factors
IMF paper tests portfolio rebalancing impact on exchange rates
Working paper studies effect of changes to equities portfolios in driving adjustments in exchange rates; finds higher stock market returns cause depreciation of currency
IMF paper assesses Basel III liquidity buffer measure
Working paper proposes an extra measure of systemic risk to complement Basel III; suggests incentives for financial institutions to internalise risk
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
Outgoing Serbian vice-governor fearful over repercussions of law change
Bojan Marković voices concerns over long-term impact of changes to Serbia’s central bank law; says rushed passage of legislation and change in senior management could cause problems
ECB hiring may not be enough to cope with workload, says Ipso chief
Union head says European Central Bank’s plan to recruit 40 additional staff to help cope with increased workload is unlikely to be sufficient
Robert Pringle’s Viewpoint: Restoring trust in finance
The financial crisis and numerous scandals have shattered confidence in banks and financial markets. What can central bankers do to restore trust in the financial system?
IMF paper studies monetary impact of household production
Working paper designs model that adds a household sector to the economy, which competes with firms in the service sector; finds this amplifies the transmission of monetary shocks
Central Bank of Ireland highlights varied success of aid programmes
Research note examines progress of five European countries with EU-IMF programmes towards meeting debt sustainability targets; warns Ireland is likely to miss targets
IMF paper evaluates reserve adequacy in emerging markets
Working paper studies the determinants of reserve holdings in emerging markets and small islands; proposes measure of reserve adequacy
NBS management weakens as fourth council member quits
Kosta Josifidis resigns from the National Bank of Serbia’s Council of the Governor leaving just one member remaining; doubts continue over central bank’s future as politicisation fears mount
IMF working paper warns of dangers in sovereign debt restructuring
Researchers find debt restructurings have adverse impact on economic growth; say debt sustainability is a crucial consideration
IMF paper finds evidence in favour of ‘Chicago Plan’
Researchers analyse benefits of requiring 100% reserve backing of bank deposits and lending financed by retained earnings; argue evidence supports four major advantages of plan
IMF paper assesses impact of monetary policy on inequality
Researchers study channels through which monetary policy affects income inequality in the US; find interest rate hikes cause increase in inequality
Irish financial accounts highlight increase in government liabilities
Quarterly financial accounts for Ireland show levels of government liabilities rising to historic peak; household debt declines slightly over the quarter