Research
Remittance flows transmit global shocks, says IMF paper
Study by IMF says remittance flows act as a transmission channel of global shocks to emerging and developing countries; policy adjustment required
ECB working paper examines causality in crises
A study published by the ECB investigates where causality lies between banking, debt and currency crises; also compares the duration of each
ECB paper claims credit rating agencies traded grades for custom
ECB study finds credit rating agencies provided more favourable ratings in return for continued custom; quality allegedly compromised by conflict of interest
West African securities market is short-sighted, says IMF paper
IMF study indicates West African Economic and Monetary Union securities market fails to meet the needs of longer-term investment
Peruvian paper questions role of money in New-Keynesian models
Central Bank of Peru research considers the shortcomings of New-Keynesian models, saying the exclusion of real-money balances is counterintuitive
Japan should encourage female labour participation, says IMF paper
Working paper says higher female labour market participation could deflect demographic pressures in Japan; challenges remain, but good policy can go some way to addressing them
Chile paper investigates CDS and sovereign bond transmission channel
Central Bank of Chile research studies the impact of widening CDS spreads on the sovereign bond market; finds different reactions among ‘normal' and ‘safe-haven' countries
Finland paper reviews major currency blocs
Bank of Finland study appraising the euro and the US dollar currency blocs says, in equilibrium, the euro bloc would be larger than at present
Poland paper analyses asymmetric policy
National Bank of Poland study reveals asymmetric central bank policy for inflation rates and economic activity; shown to have strong preference for inflation avoidance
Italian paper evaluates stressed CDS pricing
Study by the Bank of Italy considers the performance of credit default swap pricing models under highly volatile conditions
IMF paper untangles liquidity indicators
A study by IMF staff finds price and quantity indicators can be used to separate the effects of supply and demand shocks on global liquidity; changes especially telling in a crisis
Peru paper compares regional and national inflation
Central Bank of Peru study asks whether regional inflation is an accurate measure of the national situation; considers future of inflation-targeting in the country
Finland paper investigates how to escape liquidity traps
Bank of Finland study examines whether stimulus or austerity is more effective at avoiding liquidity traps
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
Polish paper says PPP model can predict short-term exchange rates
National Bank of Poland study finds real exchange rates can be forecast more accurately with the half-life PPP model, even in the short term
Bond market contagion permanently increased in Emu, says Czech paper
Czech National Bank research investigates increased contagion of sovereign bond markets in European Monetary Union; evaluates impact of rating agencies
Spillovers at ‘zero lower-bound’ examined by BoE paper
Bank of England study investigates how monetary policy decisions by large countries in low interest-rate environments affect the ability of small economies to stimulate demand
Fed paper studies impact of fiscal reform within a monetary union
Research published by the Federal Reserve considers the effects of a unilateral shift in taxation policy within a monetary union and finds that risk of spillovers only comes with full integration
IMF paper considers risks to sovereign assets
Study by IMF discusses benefits of sovereign asset and liability management frameworks; finds they help account for correlations between separate indicators
Canada paper analyses China impact on Latin America
Bank of Canada study investigates the significance of Chinese and US GDP on the transmission mechanism of business cycles to Latin America
Greek paper emphasises differing eurozone conditions
Research by the Bank of Greece analyses the financial conditions of countries in the eurozone; finds differences pre- and post-crisis
Early-warning indicators useful in emerging markets, says Finland paper
Bank of Finland study applies advanced economies' asset price indicators to emerging markets, saying they can be effective with only slight adjustment
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
ECB paper examines ability of central banks to tackle dual liquidity crises
ECB study investigates how different monetary regimes impact on the ability of central banks to contain dual liquidity crises; finds less interference equates to more action