Research
ECB paper on globalisation and euro area trade
As a major player in world trade, the euro area is strongly influenced by globalisation, but is far from being a passive spectator, according to the ECB Occasional Paper "Globalisation and euro area trade - Interactions and challenges" published March…
BIS Papers on evolving banking systems
BIS Papers from the 'Evolving banking systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability', meeting of central banks of open economies in Latin America and the Caribbean, Jamaica, 26-27…
Opacity of a credible central bank and inflation
The Discussion Paper "Can opacity of a credible central bank explain excessive inflation?" from the University of Munich shows that, even in the absence of inflationary bias, a credible central bank may find it optimal to implement an accommodating…
Sources of inflation in Sub-Saharan Africa
This IMF Working Paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap.
Remittances in the Pacific region
This IMF Working Paper finds that the altruistic motive for remittances remains much stronger in the Pacific region than in the rest of Asia.
ECB paper on emerging market economies
The ECB Working Paper "What drives business cycles and international trade in emerging market economies?" investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market…
BoE paper on Asia's choice of exchange rate regime
In the Bank of England Working Paper "Does Asia's choice of exchange rate regime affect Europe's exposure to US shocks?" the authors use a stylised three-country model to analyse how the transmission of US shocks to Europe might be affected by Asia's…
ECB paper on market responses to policy decisions
The ECB Working Paper "Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions" examines bond and stock market volatility reactions in the euro area and the US following their respective economies' monetary policy…
Paper on debt sustainability assessment
According to the Working Paper "Debt sustainability assessment: The IMF approach and alternatives" by Charles Wyplosz of the Graduate Institute of International Studies, debt sustainability is an essential attribute of good macroeconomic policies but its…
Central bank independence and inflation: A note
This Federal Reserve Bank of Cleveland Working Paper documents increased central bank independence within the set of industrialized nations.
Canada paper on electronic trading platforms
This Bank of Canada Working Paper examines the impact of increased transparency, brought about by the introduction of three electronic trading systems, on the brokered interdealer market for Government of Canada benchmark securities.
Canada paper on monetary policy committees
The Bank of Canada Working Paper "Monetary policy committees in action: Is there room for improvement?" reviews economic, experimental, sociological and psychological studies to identify criteria for the optimal institutional setting of a central bank…
What explains the US net income balance?
Despite a significant deterioration in the US net foreign asset position, there has not been a corresponding deterioration in the net income balance. In fact, there has generally been a net income surplus, according to this IMF Working Paper published…
IMF paper on financial sector supervisors
According to the IMF Working Paper "The fear of freedom: Politicians and the independence and accountability of financial sector supervisors" compared with the case of central bank independence, independence for financial sector supervisors remains more…
ECB paper on emerging market shocks
The ECB Working Paper "The transmission of emerging market shocks to global equity markets" analyses whether, and to what extent, emerging market economies (EMEs) have systemic importance for global financial markets, above and beyond their influence…
Monetary and exchange rate policy in Malaysia
The Working Paper "Monetary and exchange rate policy in Malaysia before the Asian crisis" from the Institute of Developing Economies provides a case study to characterize the monetary policy regime in Malaysia, from a medium- and long-term perspective.
When is a central bank governor fired?
The Working Paper "When is a central bank governor fired? Evidence based on a new data set" from the University of Groningen uses a new data set on the term in office of central bank governors in 137 countries covering the period 1970-2004 to estimate a…
IMF paper on workers' remittances in Sri Lanka
In the IMF Working Paper "Are workers' remittances a hedge against macroeconomic shocks? The case of Sri Lanka" the authors estimate a vector error correction (VEC) model for Sri Lanka to determine the response of remittance receipts to macroeconomic…
The use of mortgage covered bonds
According to this IMF Working Paper, the rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns.
IMF paper on building supervisory structures
The IMF Working Paper "Building supervisory structures in Sub-Saharan Africa - An analytical framework" says that current trends in financial sector development in sub-Saharan Africa are prompting policymakers to focus on the design of appropriate…
Does inflation targeting matter for EMEs?
This Working Paper presents an empirical assessment of the performance of EMEs that have adopted inflation targets to conduct monetary policy.
Reforming China's exchange rate policy
This Working Paper from the University of Venice is aimed at analysing the decision of the Chinese central bank to reform the exchange rate of the national currency and to gauge the effects of this change in regime on the Chinese economy and the world…
What explains the US net income balance?
According to this BIS Working Paper, despite a significant deterioration in the US net foreign asset position, there has not been a corresponding deterioration in the net income balance.
China:Strengthening monetary policy implementation
According to this IMF Working Paper, published January 2007, the People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases.