Financial Stability
IMF working paper links democracy and GDP growth
International Monetary Fund researchers conclude that income inequality is key driver to the emergence of open societies
Bank of Portugal paper explores optimal capital structure for businesses
Structure of optimal level of debt a key decision for business, says Bank of Portugal working paper
ESRB assesses systemic risks to EU financial system
European Systemic Risk Board analyses key systemic risks to financial system in the EU; uncertainties surrounding sovereign debt and pressures on bank funding among top issues
Interim FPC attacks banks’ progress in raising capital
Interim Financial Policy Committee says banks have yet to accumulate capital levels that would “ensure resilience in the face of prospective risks”; committee also discusses macro-prudential tools
Namibia issues first new banknotes in 19 years
Bank of Namibia releases second issue of banknotes since country attained independence in 1990; new notes incorporate improved security features
Bernanke pays homage to predecessors
Chairman of the Federal Reserve remembers achievements of Paul Volcker and Alan Greenspan as he delivers second lecture to students
Central Bank of Brazil research investigates control amid rising inflation trends
Brazilian central bank publishes research showing the ability to simultaneously stabilise the inflation rate and the output gap reduces as inflation trend rises
IMF paper finds supply-side measures can help combat food price inflation
International Monetary Fund working paper suggests interest rate or administrative changes in emerging economies are unlikely to be as effective as supply-side initiatives
Former BoE deputy governor warns on unwinding QE
Unravelling never-before-seen levels of quantitative easing in the global system will be an unprecedented challenge, says John Gieve
Israel’s Fischer defends banking costs
Stanley Fischer warns forcing banks to reduce fees could cause wider problems; says Israel must be "serious and not populist" in demands on banking sector
China and Australia sign A$30bn currency swap
Australia joins the ranks of central banks with a bilateral currency swap line with China; reflects increased use of renminbi and closer trading ties between the countries
Euro banknotes with Draghi’s signature enter circulation
Mario Draghi's signature appears on circulating euro banknotes as the ECB president expresses faith that situation in Europe is stabilising
Curaçao and Sint Maarten governor discusses benefits of more women in labour force
Greater female participation in labour market key to meeting demographic challenges of the future, says Emsley Tromp
HKMA bulletin reveals liquidity pressures
Funding costs for banks rise amid tougher international climate as renminbi debt market expands, says HKMA Quarterly Bulletin and Half Year Financial Stability Report
Central Bank of Chile governor raises inflationary concerns
Rising oil prices and capital flows to emerging economies present a monetary policy dilemma says Rodrigo Vergara
Malaysia annual report predicts tougher 2012
Slower growth and challenging time for exporters forecast in annual report from Bank Negara Malaysia
National Bank of Ukraine appoints new head of payments systems
Natalia Syniavska takes on role overseeing all payments operations at the Ukrainian central bank
Netherlands Bank research links financial development to net foreign asset composition
Working paper concludes that as a country’s financial position improves, net foreign asset composition likely to decline
Bernanke delivers first student lecture
Fed chairman recounts origins of central banks and stresses their importance in first lecture to US students; lecture series takes place at key time as fierce Fed critic Ron Paul runs for president
China and Mongolia double currency swap arrangement
Chinese and Mongolian central banks agree supplementary currency swap arrangement that doubles the amount of currency at stake under the deal
QE is ‘decisively working’ say CBP panellists
Central Banking On Air event focuses on impact of quantitative easing; panellists agree emergency monetary policy steps have been effective but question whether the Fed has ‘over-committed’ itself
Lithuanian Supervision Service gets new powers
Board of Lithuanian central bank grants Supervision Service right to exercise powers to supervise non-banking financial institutions
Bangladesh Bank governor vows to speed up reforms
Governor pledges to introduce new supervisory safeguards to strengthen banking system
IMF policy paper investigates volatility in low-income countries
International Monetary Fund paper looks into the role and potential for contingent financial instruments to aid in managing shocks in low-income countries