The Americas
The IFF China Report 2019: New globalisation – The path to the future
Multilateral rules and multilateral bodies will need to be upgraded in the coming years to better represent the shift in economic gravity towards Asia, which has emerged as the largest contributor to global growth during the past decade.
People: US Senate confirms new Fed board member
Bank of Mexico deputy will leave central bank by the end of November; new Fed governor approved by Senate; and more
Brian Wynter on Jamaica’s inflation-targeting transition
Jamaican governor says the end of fiscal dominance plus the creation of a two-way forex market and an effective interest rate policy mechanism essential for “full-fledged” inflation target
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say delegates attending Nalm Americas
Bank of Mexico hikes again as inflation remains high
The prospect of tighter policy in the US affects the monetary decisions in its major southern trading partner
Commodity price dip ‘likely to persist’ – paper
Bank of Canada research examines how global real economic activity can be used to model commodity prices
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
IMF’s Werner: central banks need better understanding of interventions
Central banks in Latin America have employed a host of unconventional market interventions, but figuring out what works and what does not is proving tricky
LatAm should pursue regional financial integration – IMF paper
Timing is “ripe” for region to pursue financial integration as means of counterbalancing effects of departing global banks, authors say
Latin American countries may be especially exposed to US monetary policy, paper finds
These economies may be more vulnerable than most emerging markets to the normalisation of US monetary policy, claims a Bank of Spain paper
BIS paper analyses carry trades in Latin America
BIS working paper analyses currency carry trades in Latin America, the attractiveness and visibility of which have suffered in part due to regulatory changes
IMF paper warns against ‘overburdening’ LatAm central banks
Working paper studies evolution of central banks in Latin America, and warns against jeopardising the credibility they currently enjoy by handing them new mandates
Colombian paper analyses relationship between term premia in US and Latin America
Brazil and Colombia are the Latin American countries with the largest responses to changes in the US term premium, according to research published by the Central Bank of Colombia
Growth to remain 'subdued' in Latin America in 2014, according to IMF regional outlook
Fund warns lower commodity prices, tighter external financing conditions, and domestic supply bottlenecks likely to offset 'positive impulse' from recovery in advanced countries
NALM Americas 2013: Central banks should take more credit risk, says Flar CRO
An allocation to investment-grade corporate bonds could increase diversification and provide a cushion against rising interest rates, says Latin American Reserves Fund CRO
NALM Americas 2013: Panellists play down expectations of QE wind-down
Central bankers think it unlikely the US Federal Reserve will wind down its quantitative easing programme – but some acknowledge an exit could hit emerging markets hard
Colombian governor warns Latin America could be hit hard by end of US QE
José Darío Uribe says past instances of monetary policy tightening in the US have caused crises in Latin America, but argues the region is better prepared this time around
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
BoJ deputy champions regional regulation
Kiyohiko Nishimura questions how to best spread a regulatory framework across the globe; says regional heterogeneity is an important consideration
IMF paper evaluates Latin American interest rates
Research published by the IMF examines if interest rates in Latin American countries are contributing to a stable inflation rate and economic growth
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies
Research calls for reduction in trade barriers between Asia and Latin America
Joint research by Asian Development Bank and Inter-American Development Bank calls for barriers to trade to be reduced between regions