Emerging markets
Chile’s De Gregorio denies currency war claims
Central Bank of Chile governor José De Gregorio dismisses speculation of a currency war between advanced and emerging countries
Creditless recoveries not uncommon: IMF paper
Fund study finds creditless recoveries are common and may result from impaired financial intermediation
IMF paper on foreign credit expansion in European EMEs
Fund study finds evidence of significant increase in level of foreign credit growth in emerging European countries
ECB’s Bini Smaghi on economics’ interpretation of globalisation
European Central Bank executive board member Lorenzo Bini Smaghi calls for further studies to global growth implications of emerging market economies
FX flexibility can act as buffer to hot money: IMF’s Shinohara
IMF deputy managing director Naoyuki Shinohara encourages emerging markets to adopt more flexible exchange rates to help curb flow hot money
Investment grade status provides premium: IMF paper
Fund study shows upgrade to investment grade status leads to sharp decline in sovereign spreads
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
IMF’s Shinohara warns emerging markets against overheating
IMF deputy managing director Naoyuki Shinohara says pressures in emerging economies could lead to slowdown in global recovery
Sovereign funds set to enter an active phase: State Street’s Nugée
Sovereign wealth funds ready to tackle postponed investment decisions and portfolio changes having ridden out crisis with a passive management strategy
IMF’s Lipsky on measures to stem capital controls
IMF first deputy managing director John Lipsky favours use of macroeconomic policy levers to tackle emerging market capital inflows including capital controls
IMF uneasy on nagging weakness of eurozone’s banks
Fund’s Global Financial Stability Report and World Economic Outlook updates show concern over insufficiency of eurozone stress tests, links between banking and sovereign risks
Korea’s Kim promotes debate on enhancing macroprudential tools
Bank of Korea governor Kim Choongsoo encourages debate within international circles on more advanced forms of macroprudential instruments to ease emerging market risks
BoJ study identifies capital inflow feedback loop
Bank of Japan Review study says foreign exchange intervention in emerging markets may have unintended consequences on capital flows
QE2 will create jobs, Yellen tells critics
Federal Reserve vice-chair Janet Yellen says further quantitative easing will address weak labour demand and generate roughly 700,000 jobs
Inflation in emerging markets driven by exchange rates: IMF study
Fund study shows emerging market countries exhibit strong exchange rate monetary policy channels compared to more conventional channels
IMF in bid to strengthen governance of cross-border capital flows
IMF executive directors support greater Fund role in surveillance of cross-border capital flows and creation of rules for capital account policies
RBI's Mohanty on private investment
Reserve Bank of India executive director on why private investment remains relatively low in Asia
Strauss-Kahn: global growth can reduce poverty in low-income countries
IMF managing director Dominique Strauss-Kahn says cooperation between countries from advanced and emerging economies can help reduce poverty in low-income countries
IMF: EME bond spreads respond to fundamentals, financial stress
Fund study says emerging market bond spreads are sensitive to financial volatility in short run but macroeconomic fundamentals in long run
Fed’s Yellen: QE2 could help emerging markets
Federal Reserve vice chair Janet Yellen makes case for currency appreciation in emerging markets; remarks come on the heels of emerging market criticism of QE2
Shirakawa: currency appreciation not panacea for inflows
Bank of Japan governor Masaaki Shirakawa says textbook solution to capital inflows does not apply to emerging economies in low interest rate environment
Zeti: EM central banks aided by development role
Bank Negara Malaysia governor Zeti Akhtar Aziz says central bank’s financial market mandate helped emerging market economies address credit market disruptions during crisis
Too soon to judge QE2: Korea's Kim
Bank of Korea governor Kim Choong-soo says Federal Reserve's second round of monetary easing cannot be prejudged; outlines challenges for domestic economy
Emerging markets must rethink exchange rate strategy: Thailand's Trairatvorakul
Bank of Thailand governor Prasarn Trairatvorakul says new era of globalisation will require changes to domestic policy