Research
Banks may relax scrutiny of securitised loans – ECB paper
The credit quality of euro-denominated loans falls after securitisation, researchers say
BIS authors design game of asset managers
Authors model effects of cash hoarding and investor runs, finding that “hoarding is the rule, rather than the exception”, with implications for stress testing
Italian inflation pressures are weakening – ECB paper
Price cuts are more common for manufactured goods, the researchers say, while price increases for services are slowing
Helicopter money would have little impact, Dutch paper says
Household survey suggests little impact on inflation expectations, researchers argue
LatAm should pursue regional financial integration – IMF paper
Timing is “ripe” for region to pursue financial integration as means of counterbalancing effects of departing global banks, authors say
BoE paper maps contagion via CDS market
Economists identify mechanism whereby declining creditworthiness can spill from one bank to another via credit default swaps
Dutch paper looks at effects of public capital on advanced country growth
Researchers present data on 20 OECD countries
ECB paper compares financial inclusion in US and eurozone
Encouraging transfer payment recipients to open accounts has positive effect, study finds
No evidence fiscal rules affected Spanish deficits – paper
Researchers look at fiscal record of Spanish regional governments over 2002–15
Farms, germs and loans: central banking in 19th century France
Researchers study Banque de France’s lender-of-last-resort operations
BIS paper presents evidence on Uruguayan price setting
Authors develop survey-based measure of firms’ price-setting behaviour, which may prove useful for research on other emerging markets
ECB paper proposes new fiscal-monetary policy mix for eurozone
Researchers suggest non-defaultable Eurobonds issued by new fund
ECB’s QE works best for strong banking systems – paper
Researchers track effects of ECB unconventional policy on eurozone countries
Italian paper looks at securitisation of SME loans
Asymmetric information can be overcome by the use of observable data
ECB paper looks at ‘sub-sovereign’ bond yield spreads
Researchers find debt levels and risk aversion are important factors
BIS paper flags importance of “multi-layered” bank networks
Authors go beyond aggregate exposures to reveal “multiplex” interbank networks, which could allow more tailored policymaking
Global value chains increasingly driving global inflation – BIS paper
Growth of global value chains limits the importance of domestic factors in creating inflation, complicating the jobs of central banks
BoE paper tackles big data on Swiss franc de-pegging
Trade repository data sheds light on liquidity problems and market fragmentation around the removal of the SNB’s Swiss franc floor in January 2015
Terms-of-trade shocks affect house price fluctuations – paper
Bank of Canada research shows terms of trade shocks explain large percentage of variance in house price growth; most of the variation associated with changes in real import prices, authors say
Colombian macro-pru measures have been effective, paper shows
Paper analyses the impact of macro-prudential measures on credit supply of banks; both reserve requirement and dynamic provisioning scheme have negative effect on credit growth
New data sheds light on policy spillover channels – BIS paper
Expanded data published by the BIS show how US dollar, euro and yen affect cross-border lending flows
News cycle can give estimate of business cycle – Norges Bank paper
Index derived from business newspaper is both more timely and more accurate than traditional business cycle indicators, author says
Paper examines “puzzles” in monetary policy transmission
HKIMR paper highlights differences in monetary policy transmission between advanced and emerging markets; “puzzles” are more severe for emerging markets
Paper uses Swedish refugee data to assess financial literacy
Authors say the randomly determined placement of refugees in Sweden provides a handy natural experiment on how financial literacy can spread