Research
Emerging markets are highly sensitive to output shocks: Central Bank of Chile paper
Central Bank of Chile study shows emerging economies suffer from a larger decline in investment and consumption than advanced countries
IMF paper highlights risks of strong cross-border banking links
Fund study shows funding cost advantages enjoyed by emerging subsidiaries of advanced economies’ banks can lead to excessive credit growth and financial risks
Central Bank of Brazil paper addresses exchange rate puzzle in emerging market economies
Central Bank of Brazil study says contraction in monetary policy does not always lead to an appreciation in the domestic currency
RBNZ paper tests performance of house price forecasts
Reserve Bank of New Zealand tests the central bank’s forecasting model against a series of house price models
Interest rate pass-through in Ghana protracted: IMF paper
Fund study finds lags in adjustment of wholesale market rates reduces the effectiveness of monetary policy conducted by the Bank of Ghana
Netherlands Bank paper highlights risk of excessive reliance on wholesale funding
Netherlands Bank study says multinational bank subsidiaries’ access to parent bank and wholesale funding can increase instability
Asset shortages fuel price bubbles: IMF paper
Fund study says higher dependence on intangible capital and scarcity of high-yield assets creates asset-price bubbles
Reserves act as effective insurance mechanisms during crises: Central Bank of Brazil paper
Central Bank of Brazil study says accumulation of international reserve in lead up to crisis helped reduce burden on growth
IMF paper finds large Brics spillover effect on low-income countries
Fund study shows Brics growth helped alleviate impact of financial crisis on low-income countries
Accommodative policies risk triggering interest rate traps: Norges Bank paper
Norges Bank study says low interest rate environments provide banks with incentive to rely on public provisions for liquidity
Eurozone crisis altered sovereign spreads: IMF paper
Fund study says risk assessment of sovereigns and banking sector gradually converged as sovereign debt crisis evolved
Bank relationships diminish risk of default: ECB paper
European Central Bank study shows building a relationship with a bank reduces the risk of customers defaulting on their loans
Bank of Canada paper urges reform to international monetary system
Bank of Canada study says reforms to international monetary system should focus on flexible exchange rate regimes and coherent macroeconomic policy
IMF paper on how to negotiate a debt restructuring
Fund study shows full creditor participation requires haircuts and probability of successfully holding out for entire repayment is not too high
Chicago Fed paper explores determinants of asset-price bubbles
Chicago Federal Reserve study says theoretical models that observe relative price deviations from fundamentals are effective in predicting boom-bust cycles
Quantitative easing proved effective in Japan: IMF paper
Fund study shows the Bank of Japan’s asset purchase programme helped lower bond yields and raised equity prices in the country
IMF paper models systemic risk in banking sector
Fund study creates model to measure correlation between solvency and liquidity risks in banking system
BIS paper finds tightening bias in reserve requirements
Bank for International Settlements study says reserve requirements impose tax burden on Chinese banks, which is passed on to depositors and SMEs
Bank of Israel paper on increasing Palestinian employment
Bank of Israel study quantifies effects of an increase in work permits to the Palestinian labour force
Strong bank relationships eases lending squeeze: BIS paper
Bank for International Settlements finds that building a close relationship with a bank can help reduce lending volatility during crisis
Interest rate growth differentials matter for debt sustainability: IMF paper
Fund study says low values of interest rate growth differential in non-advanced economies provide strong support for debt sustainability
Netherlands Bank paper identifies determinants of inflation-targeting adoption
Netherlands Bank study discusses common characteristics of countries that implement inflation-targeting regimes
High 'euro-isation' poses challenges to monetary policy: IMF paper
Fund study says monetary policy channels in Hungary operated efficiently despite large exchange rate volatility
Negative equity has large impact on household mobility: NY Fed paper
New York Federal Reserve study says households in negative equity are far less likely to relocate than most homeowners