International
Fed policy’s global effects differ in booms and busts – BIS paper
Monetary policy appears to impact global bank lending differently depending on the “regime”
Argentina rescue advances as emerging markets suffer outflows
IMF backs Argentinian reform process as it prepares to supply emergency funding
Adrian and Rey: macro-prudential tools needed to resist ‘bad booms’
Economists say monetary policy cannot fully control local conditions
Balance sheet features impact global spillovers – NY Fed paper
Researchers find banks’ business models affect the extent to which policy spills across borders
Fed paper examines financial spillovers of US monetary policy
Authors find conventional and unconventional policies create different spillover effects
NY Fed paper measures global capital flow pressures
Authors’ method allows them to estimate how sensitive countries are to changes in global risk aversion
BoE paper sheds light on global policy transmission
Comparison of UK and Hong Kong based on bank-level data finds evidence of both portfolio and funding effects
Fed’s Powell: normalisation will be ‘manageable’ for emerging markets
Fed governor says current capital flows appear to be in line with fundamentals
Fed policy has had bigger impact on global liquidity since 2009
A 25bp rate cut causes a cross-border lending growth to rise of two percentage points, versus 0.8 before the crisis, researchers find
Caruana urges rethink of global co-operation
Closer co-operation could help dampen backlash against globalisation
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
Archive – EMU: a sceptical US view
Allan Meltzer explains why he is worried about union by back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer about reform of international development associations; first published in February 2003
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer
Stanley Fischer analyses the factors behind low real interest rates
Lower productivity growth, higher savings and weak investment contribute to depress rates
BNM’s Ibrahim urges Asia to “re-engineer” global monetary system
Countries should promote a “multi-currency market” within Asean, says Muhammad bin Ibrahim
IMF expands access to disaster funds
Economies are offered more generous thresholds for funding in the face of severe natural disasters
Extended monetary easing in US has larger impact abroad – paper
IMF paper examines the impact of periods of prolonged monetary easing on risk-taking behaviour
HK researchers ask how much markets affect RMB fixing
Researchers test China’s assertion exchange rate is now determined more by markets
Politics now driving markets more than central banks – BIS review
“Precipitous decline” in correlations implies markets no longer in thrall to central bank policy
BIS paper tracks US and eurozone QE spillovers
US QE spilled across borders more strongly
Cross-border claims shifting in favour of non-banks
Claims on banks fell in third quarter of 2016
Book notes: The International Monetary Fund: Distinguishing Reality from Rhetoric, by Graham Bird and Dane Rowlands
Strong analysis is undermined by data that looks somewhat outdated
Turkish central bank acts to support lira as inflation jumps
Central bank launches fresh measures to counter “unhealthy price formations”