Asset prices
Fed paper evaluates impact of QE
Working paper examines data from first round of Federal Reserve’s asset purchase programme; finds both immediate and longer-run effect of purchases on yields
RBI paper examines monetary policy transmission
Working paper studies channels of monetary policy in India; finds main impact made via interest rates but also identifies credit and asset-price effects
Central Bank of Chile paper examines transmission of shocks
Working paper studies reaction of investors and fund managers to shocks; finds behaviour amplifies crises and transmits shocks
BoJ paper explains central bank’s money market operations
Paper examines Bank of Japan money market operations in fiscal 2011; says bank’s provision of funds maintained market confidence throughout year
Shirakawa discusses BoJ monetary policy
Governor of Bank of Japan considers central bank’s monetary policy stance and explains the rationale behind recent policy decisions
BoJ minutes show unanimous support for further asset purchases
Minutes of Bank of Japan monetary policy meeting released; members vote unanimously to extend asset purchase programme
IMF paper analyses savings and investment response to shocks
IMF researchers study response of savings and investment to income shocks; find high volatility of permanent shocks creates “volatility trap”
BIS paper studies financial transmission channels
Working paper analyses role of financial system in affecting economic growth and stability; emphasises importance of financial sector in macroeconomic models
BoJ to purchase another ¥10 trillion of JGBs
Bank of Japan increases size of asset purchase programme in line with expectations; faces call to end 'banknote rule'
IMF research investigates impact of asset prices on credit growth
IMF working paper examines the impact of asset prices on credit growth; concludes monetary policy should consider the impact of asset price movements
BIS study looks at financial volatility prediction
Bank for International Settlements researchers investigate the prediction of financial volatility using economic variables
Fed paper studies the effect of Tarp on bank risk-taking
Discussion paper says the increase in risk-taking without an increase in lending following Tarp capital injections “is suggestive of moral hazard due to government ownership”
Bank of Portugal paper revisits asset pricing with a bank risk factor
Bank of Portugal research paper investigates how the banking sector influences the stock returns of non-financial firms
International asset markets remain largely segmented: Dallas Fed paper
Dallas Federal Reserve study finds evidence that asset markets are still heavily dependent upon local risk factors
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
San Francisco Fed paper on merits of leaning against asset prices
San Francisco Federal Reserve study makes case for monetary policy to lean against asset price movements
Bankers underestimate need to recapitalise: ECB paper
European Central Bank study shows bankers’ incentive to recapitalise during periods of crisis are undermined by negative externalities
Japan set to up legal reserve to safeguard against losses
Japan applies to increase capital buffer; wants to "maintain its financial soundness"
Bank Negara Malaysia - Financial Stability Payment Systems Report (2010)
Bank Negara Malaysia Financial Stability Payment Systems Report 2010 says risks to financial stability will be externally driven
Regulators misprice assets during interventions: Richmond Fed
Richmond Federal Reserve study investigates the accuracy of monitoring bank assets during regulatory interventions
Chinese house prices overvalued in some places: HKMA research
Hong Kong Monetary Authority study shows prices outstrip fundamentals in some market segments; points to importance of early warning mechanism
IMF research finds new method to model asset prices
Fund study uses a logarithmic linear method to compute risk adjustments in asset price models