Oil
Perceived long-term eurozone deflation risk unaffected by oil – paper
Between 2010 and 2012, perceived short-term deflation risk was “significantly” affected by oil prices, while medium-term risk was only affected between 2013 and 2015, research suggests
IMF staff raise concerns over Nigeria’s FX regime
Report voices worries about unintended consequences of FX restrictions, calling for more flexibility in exchange rate; Nigeria's authorities insist measures are temporary
Canadian economy may find ‘new balance’ at lower potential growth, Patterson says
Hit to the commodities sector likely to have knock-on effects, lowering broader investment and harming potential growth, deputy governor warns
IMF paper examines effect of ‘winning the oil lottery’
Research into the impact of oil discovery in certain municipalities in Brazil shows GDP per capita and urbanisation on the rise
Venezuela revamps foreign exchange regime
Government moves to exchange rate system, offering an official and floating rate to market participants; second sets of changes in as many years
Norges Bank organisational changes geared towards better investment
Revamp of organisational structure is mainly focused on improving the governance of the sovereign wealth fund, which delivered a return of 2.7% despite turbulence last year, annual report reveals
Angola appoints new governor as de Morais departs
Silva takes over from de Morais as part of a government reshuffle; has previously provided counsel to country’s vice-president
Norway’s pension fund may be close to peak, Olsen says
Norges Bank governor says Norway should not count on being able to build its sovereign wealth fund much further, and must brace for a difficult period of rebalancing after the oil boom
Paraguay’s Valdovinos: world has a lot to learn on macro-prudential tools
Paraguayan governor underscores importance of macro-prudential policy but says global economy still has a lot to learn; monetary policy is 'too blunt' to solve all problems
Peso depreciation casts shadow over Mexico rate decision
Central bank adamant it is not in a hiking cycle after 50bp rise; government taking steps to enforce measures on Pemex
Global growth has ‘flat-lined’, says OECD chief economist
Global economy expected to expand no faster than in 2015; current monetary policy stance ‘insufficient’ to spur growth
NBIM reports clarify demands for high ethical standards
Norwegian SWF expects firms it invests in to address a broad range of long-term risks, including the need to meet high ethical standards; publishes expectations document on human rights
‘Decarbonisation’ could allow investors to hedge climate risks, economists say
Economists claim low-carbon index can deliver similar performance to benchmark indexes while hedging the uncertain timing of climate change policy-making
Tobacco prices ‘insufficient’ to offset food and energy, says Tonga central bank
Headline inflation in Tonga rose to -1.2% in December, but in its inflation report for November, the central bank warns price increases will likely remain low
Observers cast doubt on first Venezuelan inflation figures in a year
Central bank report puts annual inflation at 141% at end of September, after a year without publishing the data; some consider the figure to be too conservative
IMF cuts global growth forecast on back of EM challenges
Maurice Obstfeld says emerging markets and developing economies account for more than two-thirds of revisions; largest changes come in Brazil, where the MPC meets today
Volatility fails to shake outlook as BoE holds rates steady
Latest MPC minutes are largely preoccupied with discussion of international developments, but falling oil prices and market volatility do not herald major change in stance
Restructuring Norwegian economy will take time, Norges Bank says
The Norwegian economy is suffering amid further falls in oil prices, and rebalancing will take time, but central bank policy is doing its best to support the transition, report says
Changing commodity prices can ‘cushion’ other shocks, Colombian paper says
Colombian working paper suggests commodity price fluctuations do not always amplify business cycles in emerging markets
Oil prices are key drivers of metal prices, Colombian paper suggests
Research utilising ‘frequency-domain approach’ finds oil prices may be a key drivers of metal prices; consider implications for commodity-rich nations
NBIM records Q3 loss amid stock market volatility
Norges Bank Investment Management posts uncomfortable loss in third quarter, driven by sharp drop in its equity investments, but fund’s chief executive stresses long-term focus
FOMC minutes spell out inflation concerns
Several members were concerned disinflationary pressure from low oil prices and a strong dollar could persist longer than anticipated and ‘delay or diminish’ the expected rise in inflation
ECB watching oil and euro closely for inflation risks
Deflation has become less likely in the eurozone since the implementation of quantitative easing, but falling oil prices are pressing on inflation expectations, governing council says
Norway dips into oil fund for first time
Stimulus programme and low oil prices combine to push government deficit above oil revenues; NBIM opens regional office in Tokyo