Monetary Policy
Reserve Bank of Malawi paper finds central bank ‘leans against the wind'
Researchers from Malawi's central bank find interventions in the currency market have been associated with high volatility but have helped to stabilise the kwacha since 2003
ECB's Cœuré and Asmussen call for published minutes
Public account 'should include who voted for what, and the reasoning behind that vote', say executive board members; move would bring ECB in line with other major central banks
San Fran research links unemployment to business uncertainty
Research produced by the San Francisco Fed finds that business uncertainty over economic policy is an ‘important factor’ behind the persistent levels of unemployment in the US
Kuroda says QQE is ‘right on track’
Bank of Japan governor believes QQE has already prompted a ‘favourable turn’ in the financial markets and real economy; hopes improved sentiment will translate to demand
Forex intervention unlikely to affect inflation expectations in the long-term, paper shows
Exchange rate intervention programmes in Chile in 2008 and 2011 had disparate effects on inflation expectations, according to new research by the country's central bank
LTROs ‘major' boost to eurozone liquidity, research shows
Paper explores the excess liquidity environment in the eurozone and examines market risk appetite, focusing on peripheral Europe
IMF endorses Fed monetary policy in Article IV report
Staff report highlights risks associated with exit, including negative impact on the Fed's balance sheet, which could cause a political 'backlash'
MAS to lend Singapore dollars against JGBs
Monetary Authority of Singapore and Bank of Japan strike cross-border collateral arrangement; MAS looking to make it easier for banks to manage their liquidity needs
Brazil minutes show Copom fears long-term effects of weaker currency
In the short term, the committee felt the depreciating real would cause a ‘natural and expected correction in relative prices', but its longer-term effects should be combated
Curacao and Sint Maarten banks hit with ‘credit freeze’ in 2012
Central bank prevented banks from extending new loans after failing to control the islands’ rapid credit growth through more conventional measures
IMF looks to ECB for more monetary easing
IMF encourages the ECB to cut interest rates and launch a new round of long-term low-interest loans to buy more time for eurozone banks and legislators
Central Bank of Nigeria ‘masterstroke’ aims at two-pronged tightening
Move to raise cash reserve ratio to 50% on public sector deposits represents ‘significant tightening' by the central bank, which left interest rates unchanged
Dutch paper quantifies impact of FOMC guidance on market rates
Working paper says Fed forward guidance lowered market interest rates up to seven years ahead; flattened yield curves in markets for US Treasuries and eurodollar futures
Hungarian central bank signals rate cut slowdown
Monetary council cuts benchmark rate by 25 basis points for 12th consecutive meeting; says global volatility may justify a change in pace in coming months
Singapore brings inflation back in range, but household debt worries persist
Monetary Authority of Singapore warns a return to normal global monetary conditions will carry risks; says 'some' households will be at risk when interest rates rise as US tapers quantitative easing
Turkish rate rise brings easing to an end
Central bank increases overnight lending rate by 75 basis points; MPC signals willingness to tighten further as inflation jumps above 8%
ECB paper says monetary transmission ‘far stronger’ in some eurozone countries than others
Interest rate changes have greater impact on bank lending in Germany and Italy than in countries with fewer commercial banks such as Spain and France
G20 governors and governments put employment and growth centre stage
Meeting of G20 central bank governors and finance ministers make growth and jobs their top priority; monetary policy should ensure price stability and support economic recover within mandates
Gilt yields rose by 50bps across the yield curve in Q2, BoE report shows
The increase reflected in part a rise in sovereign bond yields across a number of developed countries
BoJ policy board member signals possibility of further measures
Takehiro Sato says the Bank of Japan could employ additional policy tools in its bid to double the monetary base; Abenomics gets public backing in parliamentary election
Eurozone core ‘regain net influence’ over bond markets, finds Irish paper
Technical paper examines spillovers in the eurozone’s sovereign debt markets; finds the impact of stressed countries on the wider region has diminished
PBoC removes lending rate floor
From tomorrow, Chinese banks will be able to price loans as low as they like - but in the short term the effect is unlikely to be felt as loans are generally priced above benchmark rate
‘Surplus' countries must act to help limit external imbalances, says BIS paper
BIS economist Philip Turner says external imbalances can threaten financial stability in creditor countries as well as in debtor countries; calls it ‘an important but unresolved issue of international monetary reform'
ECB collateral move aims to cut ‘wrong-way risk' while boosting SME lending
Observers think incentivising of SME loan ABS could be precursor for an SME-targeted long-term refinancing operation