Research
Norges Bank paper on inflation targeting
The Norges Bank Working Paper "Flexible inflation targeting and financial stability: Is it enough to stabilise inflation and output?" investigates empirically whether a central bank can promote financial stability by stabilising inflation and output.
SF Fed paper on sovereign debt crises
The Federal Reserve Bank of San Francisco Working Paper "Sovereign debt crises and credit to the private sector" argues that, through its effect on aggregate demand and country risk premia, sovereign debt restructuring can adversely affect the private…
BIS paper on risk and liquidity in system context
This BIS Working Paper explores the pricing of debt in a financial system where the assets that borrowers hold to meet their obligations include claims against other borrowers.
Fair value accounting for financial instruments
The BIS Working Paper "Fair value accounting for financial instruments: some implications for bank regulation" identifies issues that bank regulators need to consider if fair value accounting is used for determining bank regulatory capital and when…
Bank capital, asset prices and monetary policy
In this Bank of England Working Paper the authors study a general equilibrium model in which informational frictions impede entrepreneurs' ability to borrow and banks' ability to intermediate funds.
Riksbank conference on central bank governance
Sweden's central bank is hosting an international research conference on governance in central banks.
New external debt statistics released
The BIS, IMF, OECD and the World Bank have released improved debt statistics.
IMF on transparency and supervision in Africa
The IMF has published a new country report that looks at monetary and financial policy transparency in central Africa.
NBER paper on optimal monetary policy
An NBER research paper on optimal monetary policy concludes that, in the presence of price stickiness, policymakers should focus their efforts actions towards low inflation volatility.
The euro as an invoice currency
A new ECB working paper investigates the determinants of currency invoicing in international trade.
Chilean cb's study of sovereign debt in Americas
This paper contains the first comprehensive database on sovereign debt systematically compiled to ensure comparability for all countries in the Americas, the authors claim.
Chicago Fed on home ownership
The Chicago Fed has published and article explaining recent high levels of residential investment and rates of home ownership.
Is financial globalisation worth it?
A paper from the IMF reviews the recent empirical literature on financial globalisation and finds qualified support for the view that developing countries can benefit from financial globalisation.
How Australia hedges
This paper from Australia's central bank examines foreign exchange hedging behaviour in the country since it adopted a floating exchange rate regime.
Transparency in bond markets
This technical paper's conclusions suggest caution is needed in creating an extremely homogeneous and transparent trading environment for sovereign bonds.
The benefits of Basel's Core Principles
A staff paper by Richard Podpiera of the IMF explores the relationship between banking sector performance and the quality of regulation and supervision as measured by compliance with the Basel Core Principles for Effective Banking Supervision (BCP).
IMF report on US inflation dynamics
The latest issue of the IMF survey has a short article on what drives inflation dynamics in the US.
RBA paper on housing market equity flows
This discussion paper from the Reserve Bank of Australia looks at how equity is being withdrawn and injected in the housing market.
IMF paper on indebted monetary authorities
The paper examines two main aspects of the interaction between fiscal and monetary policy in emerging-market economies.
ECB paper on central banking operations
A new paper from the European Central Bank models bidding behaviour in central bank open market operations.
BoE paper on the danger of inflating expectations
According to the Bank of England Working Paper "The danger of inflating expectations of macroeconomic stability: heuristic switching in an overlapping generations monetary model" the volatility of inflation and output has fallen in most advanced…
Capital flows to Central and Eastern Europe
This IMF Working Paper examines the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets.
Oil and growth in the Republic of Congo
This IMF Working Paper investigates the linkages between oil and growth in Congo, where there appears to be no evidence of direct spillover effects.
IMF paper on debt in emerging market crises
The IMF Working Paper "The level and composition of public sector debt in emerging market crises" examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises.