International
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
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