Emerging markets
IMF working paper warns of dangers in sovereign debt restructuring
Researchers find debt restructurings have adverse impact on economic growth; say debt sustainability is a crucial consideration
Central Bank of Chile paper identifies causes of sudden capital flows
Working paper assesses factors leading to sudden surges of capital in and out of economies; finds the majority of cases are driven primarily by changes in debt flows
RBI paper measures threshold of sustainable current account deficit in India
Working paper warns of risks posed by large current account deficits; finds sustainable level of deficit has risen since balance of payments crisis in the 1990s
Bank of Korea strikes melancholy note in policy announcement
South Korea notes struggling economic scenes both at home and abroad; MPC decides to hold benchmark rate as a consequence
IMF paper studies effect of global environment on domestic bond yields
Working paper analyses link between global economic conditions and emerging market domestic bond yields; finds financial market turmoil raises sensitivity to government spending increases
BIS paper links funding to emerging economies and stock market volatility
Working paper studies funding flows between emerging market central banks and investors during stock market calm and volatility; suggests this reinforces risk-on and risk-off markets
IMF paper finds changing resilience of emerging markets to financial shocks
Working paper assesses net change in ability of emerging markets to absorb financial shocks; says improved economic fundamentals are offset by vulnerabilities due to inflexible exchange rates
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
ECB paper analyses risk-sharing in emerging markets
Working paper finds evidence of pro-cyclicality of capital gains on domestic stock markets; argues countries can hedge against risk by encouraging foreign investment
Russia takes lead in gold purchases in May
Latest World Gold Council figures show Bank of Russia increased gold reserves by largest amount in May; council says emerging markets purchases viewed as a part of ‘broader theme’
Mexican deputy governor weighs challenges facing economy
Bank of Mexico’s Manuel Sánchez examines effect of capital inflows and eurozone problems on Mexican economy; says growth expected to continue at a moderate rate
IMF paper studies emerging market debt restructuring
Policy paper reviews causes and consequences of emerging market sovereign debt restructurings; identifies certain elements that can make process less painful
King laments growing problems in global economy
BoE governor says worsening situation in emerging economies, slowing US growth and continued eurozone trouble leave him “pessimistic”; Treasury Committee member confronts MPC over decision-making
IMF highlights problems with overreaction to financial crises
Working paper studies data on banking crises; finds that a strong macroeconomic response to a banking crisis may reduce incentive for banks to restructure
Shirakawa calls for stronger trans-Pacific links
Masaaki Shirakawa delivers speech encouraging countries to strengthen economic ties across the Pacific; describes stronger links as a “win-win” situation
RBI’s Chakrabarty explores financial education in emerging markets
Deputy governor of the Reserve Bank of India discusses importance of financial education in emerging markets; says raised savings rate a “necessary condition” for double-digit growth
BIS researcher examines countercyclical policy in emerging markets
BIS Quarterly Review special feature assesses the use of countercyclical policies in emerging markets; finds broad implementation of stabilising monetary and fiscal policies
BoJ’s Shirai debates how to strengthen growth momentum
Member of Bank of Japan policy board says the country should improve economic relations with emerging Asia in terms of trade and tourism and also through cross-border financial transactions
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
IMF paper investigates capital inflows relationships with other factors
IMF researchers study determinants and inter-relationships between capital inflows, financial development and domestic investment in developing countries
Lagarde calls for ‘gradual’ austerity moves
Lagarde calls for gradual and country-specific approach to austerity; says supply-side measures needed to achieve sustainable growth
Qatar central bank to launch interbank rate
Qatar Central Bank to launch interbank rate; first entry into market for gulf state, which will offer fixings across eight categories
Carney calls for competitiveness gains to drive exports
Governor of the Bank of Canada calls for exporters to improve competitiveness; says there must be a focus on exporting to emerging economies