Central Banks
OECD laments fragile, uneven global recovery
Economic Outlook predicts slower GDP growth across OECD countries in 2012; discusses delicate recovery around the world
Bahrain executive director on growth of Islamic funds
Importance of Islamic finance highlighted by Central Bank of Bahrain executive director; considers methods to encourage growth in the industry
BIS paper examines macro-prudential models and tools
Working paper considers the effectiveness of macro-prudential models in understanding the role of the financial sector in relation to the real economy
IMF calls for looser monetary policy in the UK
Latest Article IV review of UK urges further QE or a cut to policy rate; Fund calls on Bank of England to act to boost growth
Peru central bank paper analyses effect of mobile phones
Researchers consider the effect of mobile phone coverage on household welfare in Peru; find an increase in income, assets and expenditure after coverage is extended
Fed’s Lockhart discusses policy response to crisis
President of the Federal Reserve Bank of Atlanta considers effectiveness of monetary response to the financial crisis; confirms QE3 is still a possibility
NY Fed's Dudley fears CCP capital 'cliff effect'
Supervisors should ensure the capital regime for cleared trades avoids a sudden leap in risk weights, says New York Fed president
Central Bank of Brazil offers boost to auto industry
Reserve requirements for loans on automobile projects reduced; move releases R$18 billion for use in offering credit for vehicle purchases
Bullion coin featuring menorah released in Israel
Third bullion coin in the Jerusalem Gold series is released; issuance in celebration of Jerusalem Day in Israel
Bank of England launches review of crisis-handling
Court of the Bank of England commissions set of reviews to learn lessons relevant for the bank’s future responsibilities; first public announcement regarding analysis of this type
BIS paper studies financial transmission channels
Working paper analyses role of financial system in affecting economic growth and stability; emphasises importance of financial sector in macroeconomic models
Colombia central bank co-director discusses crisis
Carlos Gustavo Cano considers causes of financial crisis; emphasises importance of using macro-prudential tools to prevent asset bubbles and calm investors
RBI paper considers monetary transmission in India
Reserve Bank of India working paper focuses on operation of monetary transmission mechanism in India; demonstrates significant causal effect of rate changes
Central Bank of Ireland governor takes pay cut
Patrick Honohan gifts portion of salary back to the government, resulting in lower salary than previous year; Annual Report shows profit of €1.2 billion
Swift chooses head of marketing as new chief
Gottfried Leibbrandt confirmed as successor to Lázaro Campos at global financial communications, products and services company
IMF paper quantifies structural subsidies for Sifis
Researchers from the International Monetary Fund estimate value of subsidies implied by expectations of government support for Sifis; find a sizeable cost advantage for these institutions
New deputy governor for State Bank of Vietnam
Vietnamese prime minister appoints Dao Minh Tu; joins five other deputy governors at the central bank
HFT adds value to the forex market, says Bank of England
While the effects of high-frequency trading activity should continue to be monitored, the practice adds value to the FX market, a senior Bank of England official has argued
BoE paper studies forecasting models
Working paper from Bank of England compares models with time-varying parameters in forecasting UK GDP growth, inflation and interest rates under structural change
Posen to leave Bank of England’s MPC
Adam Posen will not seek reappointment to Bank of England’s Monetary Policy Committee; takes on role as president of Peterson Institute of International Economics