Research
Bundesbank paper investigates how relationships impact interbank lending
Bundesbank study reveals importance of good relationships to the liquidity of interbank markets; private information determines banks' willingness to lend and the price of their loans
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
Fed paper dissects link between asset purchases and bond yields
San Francisco Fed working paper explores the relationship between the Fed’s asset purchases and international bond yields; says portfolio balance was a key link between the two
Italian paper studies impact of euro break-up fears
Bank of Italy working paper investigates interest rate movements away from macroeconomic fundamentals; suggests euro break-up fears may be an influence
RBA paper addresses systemic risk in payments system
Research paper from Reserve Bank of Australia analyses systemic risk in RTGS payment system; evaluates Australia’s liquidity-saving algorithms
Public policy signals can be beneficial, says BIS paper
Bank for International Settlements study models effect of policy signals on prices and market outcomes; takes into account market response
Fed paper evaluates asset purchase programmes
A Federal Reserve working paper says the central bank’s asset purchase programmes have lowered Treasury yields; uses market expectations to help judge impact
BIS paper analyses demographic influence on money supply
Bank for International Settlements research examines impact of baby boomers on inflation; predicts trouble ahead for central banks
Fed paper estimates impact of more stringent bank supervision
Discussion paper studies changes in the stringency of the US bank ratings system ‘Camels’; finds although variation is small, closer supervision leads to a significant decline in lending
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
Bank of Finland paper examines reasons for business cycle co-movement
Discussion paper suggests thinking of growth performance of economies as ‘coupled’ or ‘de-coupled’ is overly simplistic; identifies a number of factors contributing to interdependence
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
Impending drop in economic growth, warns South African research
South African Reserve Bank working paper uses new model to analyse financial conditions; finds conditions have declined and threaten GDP growth
ECB paper scrutinises sustainability of OECD public finances
European Central Bank working paper investigates public finances in sample of OECD countries; analyses causality between revenues and expenditures
BIS research analyses unconventional policies
Bank for International Settlements study examines unconventional policies employed during recession periods; compares the effects with other monetary tools
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
RBA paper explains shift in ATM usage
Research paper from Reserve Bank of Australia analyses impact of 2009 ATM reforms; finds increased transparency has driven consumers away from ‘foreign’ machines
Bank of Canada paper studies risk and debt maturity
Working paper finds firms facing higher volatility tend to issue debt with a longer maturity; increase in maturity period accelerates during a recession
Dallas Fed research questions Chinese growth data
Economic letter uses proxy for industrial production to estimate Chinese growth; suggests official figures may understate the extent of the slowdown
Central Bank of Chile paper tests inflation forecast models
Working paper compares inflation forecast accuracy of new autoregressive model and “traditional” univariate models; finds improvement in short run but mixed results over longer horizon
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
ECB paper models economic impact of 'disaster risk'
Working paper finds expectations of severe recessions impact equity prices; effects feed through to the economy
Macedonia seeks to influence expectations
National Bank of the Republic of Macedonia unveils new research programme; hopes to improve communication to better manage expectations
South African paper assesses micro data and policy responses
Sarb working paper explores pricing conduct at a micro-data-set level and how this affects monetary policy; finds results diverge from Bayesian estimation techniques