International
Researchers explore impact of bank stress on the real economy
Large banks should be subject to more stringent requirements, authors say
Uncertainty over monetary policy is ‘recessionary’, researchers say
Forward guidance reduces uncertainty and supports the economy, paper finds
Gita Gopinath named IMF chief economist
The Harvard academic is a specialist in international finance and an adviser to central banks
Global output gap matters for inflation – BIS paper
Authors find domestic and global output gaps both important, but effects differ across economies
Zombie firms drag down productivity in economy – BIS paper
Lower interest rates create conditions for “zombie firms”, researchers find
‘Momentum building’ behind financial response to climate change
FSB welcomes progress on disclosures; BoE report finds many UK banks are facing up to the risks
Local factors have greater influence on global lenders – BIS paper
Researchers examine data on 53 largest commercial banks
G20 showing progress at tackling data gaps
Considerable progress” in third phase of implementing data gaps initiative, down from “substantial progress” in previous phase, FSB-IMF report says
BoE reveals details of nowcasting approach
Central bank explains approach to generating timely estimates of global GDP
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems
Stronger macro-prudential intervention may be needed – Minneapolis Fed paper
Shadow banking sector takes greater risks in times of stringent macro-prudential policy for banks, researcher finds
Central banks accelerate gold purchases in 2018
This has been the strongest period of gold buying since 2015, WGC says
BIS paper finds sound economy may not prevent capital outflows
Emerging markets could use pre-emptive macro-prudential policies to safeguard against capital outflows, researchers say
Booming US economy set against ‘fragile’ markets – BIS review
Fiscal stimulus on top of loose financial conditions in the US continues to pile pressure on emerging markets, the BIS warns in its latest quarterly review
Reserve management practices are splintering
Traditional approaches to reserves management are breaking down, writes Jennifer Johnson-Calari
BIS paper defends credit gap measure
Use of Hodrick-Prescott filter is controversial but the gap still outperforms others, authors find
Central banks adapting to high-speed markets, BIS report finds
“Major developments” in markets are affecting the way central banks operate, Markets Committee says
Market power can explain financial market anomalies – BIS paper
Market power of intermediaries can explain behaviour of risk premiums, authors find
Market power, intangibles and risk premia behind low risk-free rates – paper
Brookings paper questions savings glut and technological slowdown hypotheses
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Economists call for IMF to become like ‘modern central bank’
Growing demands on the fund require a governance revamp, ‘Geneva report’ argues
Book notes: The other half of macroeconomics, by Richard Koo
Richard Koo questions whether central bank policy can work during a balance sheet recession, writes Graham Bannock
World is ‘sleepwalking into next crisis’, says UK’s Gordon Brown
World is ‘sleepwalking into next crisis’, says UK’s Gordon Brown
Bernanke: household borrowing not the main factor in 2008 crash
Panic in financial markets and not household borrowing created deep crisis, former Fed chair says; economists should emphasise credit when modelling