Research
IMF: low income countries lack proper monetary policy framework
Fund study shows monetary transmission mechanism in low-income countries is less effective due to institutional deficiencies
Polish banking sector curbed growth in crisis
National Bank of Poland study shows banking sector played significant role in economic slowdown during financial crisis
ESRB big leap for Europe: Trichet
European Central Bank president Jean-Claude Trichet says launch of European Systemic Risk Board indicates significant progress in regulatory architecture
RBNZ: carry trade reversed depreciation in NZD
Reserve Bank of New Zealand study shows high yielding currencies gradually offset declines in New Zealand dollar during crisis
IMF on link between collateralised borrowing and systemic risk
Fund study says rapid declines in the value of bank collateral can cause systemic risks
BIS on renminbi management
Bank for International Settlements research results consistent with the renminbi having been managed in 2006-08 against a basket of currencies
CEPR advocates rule-based approach to central bank projections
Centre for Economic Policy Research study says central bank projections based on interest rate rule yield same results as one on market expectations
SF Fed: SWFs trump central banks on foreign investment returns
San Francisco Federal Reserve study shows central banks are more risk averse than sovereign wealth funds, producing lower average returns on investments in foreign assets
ECB: excess liquidity expansion induces financial fragility
European Central Bank study shows that over expansion of credit can lead to increased fragility in financial markets
BoJ: consumption tax hike insufficient to balance budget
Bank of Japan study says consumption tax increase and moderate growth unlikely to return country to fiscal sustainability
BoE: consumption volatility explains global decline in real interest rate
Bank of England study shows lower global real interest rates caused by higher consumption volatility in traded goods
BIS on offshore domestic currency use
Bank for International Settlements paper says monetary stability risks from offshore credit growth can be managed through prudent policy
NBER: narrow funding banks will help regulate ABS market
National Bureau of Economic Research study proposes new narrow funding banks to help regulate asset-backed securities
More than half of Hong Kong banknotes held outside territory
Hong Kong Monetary Authority research cites increased integration with mainland and popularity of Macao as factors
IMF on reserve adequacy in The Gambia
Research suggests reserves equal to the value of between 4.5 and seven months of imports are needed
Oxford SWF Project cautions funds on aping other investors
Oxford SWF Project paper argues sovereign wealth funds’ tendency to copy strategy of other institutional investors misguided
SF Fed: fiscal stimulus had short term benefits
San Francisco Federal Reserve study finds fiscal stimulus has had mixed effect on employment in the United States
NY Fed: charter schools preferred over public
New York Federal Reserve study finds charter schools in Michigan compete for student enrollment with private schools
Bundesbank solves German inflation and unemployment anomaly
Bundesbank study finds new, significant trade-off between unemployment and inflation in Germany
IMF: successful financial liberalisation requires good governance
Fund study shows that good political institutions increase opportunity for sustainable financial deepening
CEPR: PIGS neglected current account deficits
Centre for Economic Policy Research study shows adoption of euro caused countries to relax current account discipline
SNB: money market rates best target during recessions
Swiss National Bank study shows money market-based monetary policy procedures create greater stability
National Bank of Hungary tests hybrid inflation targeting rule
National Bank of Hungary study says hybrid regime takes best of price-level and inflation targeting regimes
Fed proposes high frequency method to calculate equity returns
Federal Reserve study finds new method of measuring equity returns using high frequency data reduces forecasting bias