Emerging markets
BoJ’s Shirakawa warns of spillovers from emerging markets
Bank of Japan governor Masaaki Shirakawa says financial excesses in emerging markets could lead to further global imbalances
FSB opens up to non-members with outreach proposal
Financial Stability Board to set up regional consultative groups to give non-members a presence in regulatory debate; move goes only half the way to correcting imbalance, DIFC chief economist says
Sheng, Lemierre: finance must shift to serve real economy
China Banking Regulatory Commission's Andrew Sheng and BNP Paribas's Jean Lemierre say speculation must be quelled; Sheng urges Asia to develop investment banking industry, create regional champions
G20 agrees historic IMF power shift
G20 governors and finance ministers agree to boost quotas, voting power of leading emerging market economies; Fund managing director Dominique Strauss-Kahn heralds end of legitimacy debate
Yilmaz: Turkish economy booming
Central Bank of the Republic of Turkey governor Durmuş Yilmaz says growth in Turkey outpaced most emerging markets in second quarter
RBI’s Subbarao: trade between EMEs’ should be exploited
Reserve Bank of India governor Duvvuri Subbarao says developing world can secure prosperity by focusing on trade with other emerging markets
Take responsibility: ECB’s Bini-Smaghi to EMEs
European Central Bank executive board member Lorenzo Bini-Smaghi says emerging markets seeking bigger global role must take responsibility for imbalances
OECD reappoints Gurría as secretary-general
Angel Gurría commits to second term as secretary-general at Organisation for Economic Cooperation and Development
EMEs deserve bigger role in reform debate: DIFC, CIC officials
Dubai International Financial Centre's Nasser Saidi and China Investment Corporation's Jin Liqun say emerging markets' prominence set to endure, mandating bigger voice in regulatory reform process
Central banks are preferred regulators: CentralBanking.com panel
Charles Goodhart, Sir John Gieve and Paul Mortimer-Lee say regulation is best housed within the central bank but warn challenges remain
Banks upped exposure to troubled eurozone states in first quarter: BIS
Bank for International Settlements says first quarter figures show exposure to Portugal, Greece and Spain grew, in spite of default worries
Debt to reserve ratio key indicator of country default: World Bank research
World Bank paper identifies ratio of debt to reserves as most important indicator of sovereign default
IMF: foreign investment flows have varying effects
IMF study shows that foreign direct investment flows are more effective in some sector of the economy than others
BoK’s Kim: Asia was well prepared for market turmoil
Bank of Korea governor Kim Choong-soo says Asian crisis taught region many lessons that helped prepare them in onset of the last crisis
BIS: cross-border flows shaped by global and country specific factors
Bank for International Settlements study shows global and country specific risk factors explain cross-border bank flow patterns
IMF: democracies outpace autocracies following commodity boom
Fund study shows following an international commodity boom, growth tends to increase in emerging market democracies, but decrease in autocracies
Asia’s low income countries will outpace other regions
IMF special advisor Min Zhu says Asian low income countries well placed to benefit from region’s boom
Japan’s Yamaguchi apprehensive of Asian expansion
Bank of Japan deputy governor Hirohide Yamaguchi says emerging economies must be aware of overheating
Temasek Holdings’ portfolio hits record high
Singaporean sovereign wealth fund Temasek Holdings says portfolio has hit record of $135 billion; fund chief credits increased exposure to Asian emerging markets
ECB bond purchase effect wearing off, warns IMF
Fund cautions that stability risks are on the rise again as effect of European Central Bank’s foray into bond markets loses bite; southern eurozone to face refinancing contest with US, UK and Japan
CentralBanking.com panel: ECB’s response to Greek crisis too slow
Mike Williams, Paul Mortimer-Lee, and Phil Davis say the ECB should have moved more swiftly to tackle the fiscal problems in Greece
Iceland, China sign $512m currency swap deal
Icelandic and Chinese central banks agree on currency swap to boost bilateral trade; move emphasises recovery of confidence in króna
Bernanke praises emerging-market response to crisis
Federal Reserve chairman Ben Bernanke praises the Bank of Korea's policy response to the financial crisis
IMF: higher capital costs could suffocate growth in Aus, NZ
Fund study into post-crisis growth levels in Australia and New Zealand says biggest threat is higher capital costs