Economics
ECB paper models central bank liquidity provision
Researchers create model to find optimal level of central bank liquidity provision, by determining the most appropriate collateral framework
BoE's Broadbent defends erroneous economic forecasts
External MPC member says sceptics ‘rush to judgement' when forecast errors are often in fact due to known, and unknown, unknowns
Pacific island countries cannot rely on external demand
IMF office in Pacific warns island countries the impetus from growth ‘will need to come from within’; urges central banks to keep inflation in check and promote external competitiveness
Jwala Rambarran says housing policy needs ‘fundamentally rethinking’
Trinidad and Tobago governor concerned by ‘acute national housing shortage’ that is growing as house prices soar; launches latest publication in educational series
Croatian paper develops financial conditions index
Study seeks to assess financial conditions in Croatia using data from domestic and foreign debt markets; relates findings to the real economy
Central Bank of Ireland annual report sees assets drop and profits rise
Recovery in Irish economy in 2012 led to lower reliance on US dollar liquidity and continued increase in central bank profits; governor urges continued commitment from external stakeholders
Italian survey suggests risk and time preferences can predict trust
Working paper examines predictive power of risk and time preferences for trust, and analyses role of trust in explaining socio-economic outcomes
BOFIT paper finds Turkish depositors prefer banks with political connections
Study analysing Turkish banks finds those with former members of parliament among their top executives are subject to 'less discipline' from depositors
Bangladesh Bank pioneers annual report on green banking
Report measures contribution of central bank and commercial banks to green finance; Bangladesh Bank refinances lending for ‘environmentally beneficial’ projects
ECB researchers analyse expert forecasters' predictive abilities
Working paper aims to find where the value lies in the ECB's Survey of Professional Forecasters
Hong Kong consolidates dominance as offshore RMB hub
HKMA annual report shows continued rapid rise in renminbi trade flowing through Hong Kong; new Hibor fixing seen as latest manoeuvre to stay ahead of competition
‘Belief-twisting' macro shocks can reverberate through generations, research finds
Banque de France researcher examines how households' expectations can take decades to recover after a macroeconomic shock
Hong Kong to launch offshore renminbi benchmark rates
Treasury Markets Association plans to introduce a range of offshore renminbi interbank rates, to ‘spearhead’ development of offshore renminbi markets
G-20 report says move from stabilisation to growth requires ‘difficult balancing act’
G-20 meeting report urges carefully calibrated fiscal tightening to ‘nurture’ recovery; backs accommodative monetary policy and says emerging markets should use rapid growth to build buffers
Omani central bank to join government drive for more SME lending
Omani authorities hope to increase jobs in the private sector by stimulating the flow of credit to small and medium-sized companies
Leap in renminbi trade strains PBoC exchange controls
Latest financial statistics show continued rapid rise in renminbi trade; PBoC deputy says exchange rate band may be widened again
RBI executive director discusses challenges in sustainable housing finance
Deepak Mohanty examines how best to extend housing finance in India, against the backdrop of multiple financial crises caused by unsustainable mortgage growth
IMF's Blanchard warns Europe could drag world economy down
IMF chief economist says ‘three-speed’ global economy could be dangerous; World Economic Outlook urges central banks to keep policy loose but be ready with an exit strategy
RBA assistant governor says investment boom is inflating currency
Guy Debelle says the growing resource sector is being funded by capital inflows, which are contributing to a higher-than-expected Australian dollar
ECB research finds exchange rate decoupled from fundamentals
Paper suggests euro exchange rate during the European sovereign debt crisis ‘danced to its own tune’, but volatility was impacted by politicians’ statements
World Bank says east Asia and Pacific at risk of ‘overheating’
Asia-Pacific policymakers urged to consider withdrawing stimulus – fiscal and monetary – as region’s larger economies reach their productive capacity and face inflationary pressures
Lagarde highlights emergence of ‘three-speed’ global economy
IMF managing director says differences between regions are ‘starker than ever’ as emerging markets leave many advanced economies behind
Zambian governor targets Muslim banking expansion
Michael Gondwe says the economically valuable Muslim community is shunning the use of commercial banks due to lack of appropriate products; proposes banking expansion
Palestine Monetary Authority finds greater parity between West Bank and Gaza territories
Palestinian central bank develops business-cycle indicator to assess economic performance in real time; finds gap in performance between two territories is shrinking