Financial Stability
Liikanen warns of growing downside risks to economy
Bank of Finland governor Erkki Liikanen says he expects Finnish economy to grow by 0.4% in 2012 if eurozone debt crisis does not worsen
IMF delivers gloomy Greece update
IMF releases Fifth Review Under the Stand-By Arrangement for Greece; offers a bleak picture of the country’s economy and future
Australia ‘well placed’ to deal with global downturn; RBA’s Battellino
Reserve Bank of Australia’s deputy governor Ric Battellino says Australia is in a strong position to cope with ongoing global financial turbulence
Eurozone crisis catches up with Estonia
Bank of Estonia becomes latest central bank to cut growth expectations; says eurozone crisis could cause a recession in the country
BoE working paper investigates capital controls
Working paper from the Bank of England looks at ways of reforming the international monetary and financial system; suggests prudential capital controls may be needed
Zeti discusses Islamic finance talent development
Governor of Bank Negara Malaysia stresses the importance of talent development in financial services; growing importance of Islamic finance means education is necessary
Boston Fed analyses US developments in mobile payments
Federal Reserve Bank of Boston paper charts rise of use of electronic banking for individuals in the US
Debt tolerance has turned decisively, says Carney
Bank of Canada governor Mark Carney says deleveraging process is here to stay; warns if debt restructuring needs to happen, it should be done sooner rather than later
US sanctions on Iranian central bank inch closer
Senator Carl Levin reveals Senate’s 'strong' sanctions pass negotiating panel of House and Senate representatives 'virtually intact'; clears way for momentous Bill to pass
‘Ambitious’ strengthening of economic governance needed: Praet
ECB’s Peter Praet says resolving economic crisis will rely on strengthening economic governance; ECB will remain anchor for stability
Norges Bank regional network reports weakening markets
Latest reports from regional network of enterprises, organisations and local authorities reveal lower output growth and somewhat weaker market prospects in Norway
UK’s FSA admits flaws in supervisory approach
New report into the failure of the Royal Bank of Scotland sees the Financial Services Authority accept a level of blame for the crisis at the bank
BIS stresses central banks' role in combating global liquidity problems
Bank for International Settlements releases quarterly review; says central banks have the power to limit liquidity crises; study finds QE may not be as effective as was hoped
Brazilian working paper looks at adverse selection cost in stocks
Central Bank of Brazil working paper finds the component is higher than in the US market and displays an intraday U-shape pattern
Spain’s Ordóñez discusses developments in preventing future crises
Governor of the Bank of Spain, Miguel Fernández Ordóñez discusses global and European reform initiatives and Spain’s efforts to implement them
Fed working paper analyses indecision over economic shift in 1990s
Researchers find that initial enthusiasm for productivity-driven positive supply-side shocks of the 1990s followed by mistrust led to significant problems for business planning
Microenterprise development crucial to economic development: RBI’s Chakrabarty
Reserve Bank of India deputy governor, KC Chakrabarty talks about the importance of microenterprise development for progressing India’s economy
Euro project failed to deliver on convergence promise
Uneven and diverging competitiveness lies at the core of the euro crisis, says Costas Lapavitsas, professor in economics at the School of Oriental and African Studies in London
IMF and China make joint call for stronger financial stability assessments
People’s Bank of China and International Monetary Fund hold joint symposium in Shanghai; call for better financial stability assessments in Asia and worldwide
European uncertainty reflected in central bank decisions worldwide
Germany, Austria, India and South Korea lower growth estimates as a slew of countries hold interest rates; world looks on and waits to see if Europe can agree a solution to the sovereign debt crisis
Mood swings strongly influence business cycles: Dallas Fed paper
Dallas Federal Reserve study shows half of business cycle movements can be attributed to investor optimism and pessimism
Bank of Canada paper on capital control liberalisation in India
Bank of Canada study shows there has been a significant reduction in barriers to arbitrage in India
ECB will fulfil financial lender of last resort role: Constâncio
European Central Bank vice-president Vítor Constâncio says non-standard liquidity measures will help ease bank-funding pressures in eurozone
Avoid short-term ‘euphoria’ of excessive leveraging: HKMA’s Chan
Norman Chan, chief executive of the Hong Kong Monetary Authority, calls excessive leveraging the 'root cause' of the global financial crisis; tells of Asian experiences of crises