Capital flows
Turkish inflation falls for first time since March
Currency has begun recovery after reaching record lows against dollar in August
Policy-makers need to tackle ‘liquidity illusion’ – Carstens
BIS chief warns asset managers may contribute to sudden withdrawals of liquidity; emerging markets should be willing to try unorthodox policies
Monetary easing can harm growth in some open economies, IMF researchers suggest
Leverage constraints reduce domestic credit in monetary easing cycle, authors say
Chile hikes on higher inflation expectations
Tighter US financial conditions contribute to decision
Emerging market governors back targeted capital controls
Governors says capital flow measures can be important tools in some circumstances
Central bank independence key to low and stable inflation – IMF
Domestic factors more important than global financial forces, researchers find
Gita Gopinath named IMF chief economist
The Harvard academic is a specialist in international finance and an adviser to central banks
IMF paper explores interaction of capital controls and macro-pru
Capital controls do not “consistently” mitigate potential increases in cross-border flows
Andrew Motshidisi on Africa’s debt and what it means for reserve managers
The former deputy governor of Bank of Botswana and Nalm Africa chairman talks about international capital flows, and the need for countercyclical policies and robust legal frameworks to secure long-term stability
Sub-Saharan Africa increasingly exposed to debt risks
Public sector borrowing and tighter financial conditions a challenge for regional reserve managers
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems
BIS paper finds sound economy may not prevent capital outflows
Emerging markets could use pre-emptive macro-prudential policies to safeguard against capital outflows, researchers say
SNB maintains ultra-loose policy despite stronger growth
Central bank is once again grappling with the effects of safe-haven flows into the franc
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Argentina’s exposure to capital flows limits central bank actions
Peso seen as likely to remain under pressure despite forex interventions and sharp tightening
Reserve requirements an effective tool to balance capital flows – BIS research
Higher interest rates encourage more inflows, but adjustments in reserve requirements can strike a better balance
Book notes: Capitalism without capital, by Jonathan Haskel and Stian Westlake
The authors have created a compelling framework to characterise and explain the nature of intangible investments in our economies, writes Michael Reddell, but their conclusions are lacking in analysis and data
Policies must change to stop emerging markets crisis, analysts say
Tariffs, Fed policy and renminbi devaluation are stressing weaker currencies, say observers
Denmark’s exchange rate stable despite greater FDI inflows
Large international investments absorbed by krone market, central bank says
US stimulus could accelerate policy normalisation – IMF research
Higher growth could increase imbalances and fuel calls for more protectionism
Turkish lira plunges again amid looming sanctions
Finance ministry to unveil ‘new economic model’, as central bank struggles to support the currency and officials seek to avoid fresh US sanctions
PBoC acts to rein in renminbi depreciation
Reserve requirement makes it more expensive to short-sell yuan, the first effort by the central bank to stem the currency’s three-month slide
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster
Ghana under pressure from Fed hikes – governor Addison
US policy normalisation sends Ghana’s inflation into double figures while the currency falters