International
BoE to expand scheme that sends economists to emerging markets
UK government partners with BoE to provide economic expertise to emerging markets
Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
Markets still in thrall to central banks – BIS
But some apparent anomalies may be signs of healthier market function, says Claudio Borio
Riksbank’s normalisation faces darker global outlook
Looser stance in the US and eurozone may hamper new hikes in Sweden
‘Key currencies’ affect patterns of global imbalances – BIS paper
Authors say it is important to think about a “dollar zone” not just the dollar
Hélène Rey offers advice on achieving monetary ‘emancipation’
Authorities may have to consider capital controls to break free from global financial forces, economist says
EME central banks can counter the next downturn
Philip Turner urges central banks to consider a broad range of actions to tackle volatility stemming from currency mismatches
Advanced economies suffer greater spillovers – BIS research
Study examines extent to which various central banks cause and suffer policy spillovers
Monetary easing can harm growth in some open economies, IMF researchers suggest
Leverage constraints reduce domestic credit in monetary easing cycle, authors say
US policy has greater impact on non-US leverage than domestic policy, paper finds
The phenomenon is complex for policy-makers, authors say
Central bank independence key to low and stable inflation – IMF
Domestic factors more important than global financial forces, researchers find
Booming US economy set against ‘fragile’ markets – BIS review
Claudio Borio highlights “worrisome” developments in the US
Which emerging markets are in the firing line?
Some emerging markets are under pressure, but not all are vulnerable
US and UK central banks take similar policy stances, researchers find
Richmond Fed examines responses to major monetary policy shocks
Policies must change to stop emerging markets crisis, analysts say
Tariffs, Fed policy and renminbi devaluation are stressing weaker currencies, say observers
US stimulus could accelerate policy normalisation – IMF research
Higher growth could increase imbalances and fuel calls for more protectionism
Open economies less affected by low rates due to ageing populations – IMF
Older societies are prone to save more and consume less, which reduces inflationary pressures
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