Economics
IMF staff present mixed economic outlook following G-20 meeting
Report sounds note of cautious optimism as financial markets recover, but downside risks remain around the implementation of important policies in the US, Japan and Europe
Bank of Portugal research adds new variable to explain export behaviour
Working paper asks whether domestic demand pressures affect Portugal's export performance; results point to asymmetric relationship
Saudi Arabian Monetary Agency welcomes diversification away from oil
Annual report reveals boost to growth and falling inflation in 2011; welcomes government intent to expand non-oil sector
G-20 vows to resist entering currency wars
Commentators including Paul Krugman and Christine Lagarde reject concerns over possible currency war, as G-20 reaffirms commitment to exchange rate flexibility
ECB paper scrutinises fiscal multipliers in high-debt countries
Researchers assess impact of fiscal stimuli at different debt levels in Europe; caution that high debt levels may impair government’s ability to stimulate the economy
Norwegian governor wary of over-reliance on short-term debt
Øystein Olsen says Norway has weathered recent crises well, but points to possible vulnerabilities in the banking sector and wider economy
Bullard revels in greater global certainty
St Louis Fed president says uncertainty is falling around the globe; should benefit growth in euro area, emerging markets and US
Fed paper examines costs of trend inflation variance
Study finds an increase in the volatility of trend inflation imposes a modest welfare cost on the economy
Draghi tells Spanish parliament to keep struggling on
ECB chief meets with members of the Spanish parliament and says painful reform efforts are beginning to bear fruit
Eurosystem backs Barnier over Euribor submission
The Eurosystem supports Michel Barnier's desire for legal right to compel banks to participate in Euribor rate-setting; stresses need for private sector to lead rate overhaul
Banks could be forced into Euribor submission
European Commissioner Michel Barnier says banks could be compelled to take part in rate-setting process under new legislation
BIS paper anatomises global liquidity
Study finds liquidity conditions are shaped by credit supply, credit demand, and monetary policy; financial crisis a product of all three
National Bank of Denmark expects recovery
Central bank says domestic demand and GDP growth will improve in 2013; existing unemployment should not have lasting impact
IMF research lends support to exchange rate liberalisation
Working paper concludes exchange rate liberalisation in sub-Saharan Africa ended a prolonged crisis and prompted a ‘strong and ongoing’ economic expansion
NZ governor wants ‘stand out’ policy
Graeme Wheeler says New Zealand’s economic growth is dependent on its ability to introduce internationally attractive policy
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Central Bank of Ireland drops growth forecast for 2013
Irish central bank lowers growth expectations in 2013 in response to weaker global demand; targets increased productivity in domestic economy
French paper stands up for early-warning signals
Research finds the often-condemned early-warning signals can contribute practically to policy-making, when taken seriously
‘Frontier Asia’ addresses challenge of growing sustainably
Thai governor and IMF official emphasise need to address the macroeconomic, financial and structural challenges that high growth rates can bring
Latvia’s Rimsevics predicts solid year for the economy
Governor of the Bank of Latvia expects inflation to remain moderate and growth, while slower than 2012, to show one of the fastest rates in the European Union
BoE and PBoC potential swap line met with optimism
Bank of England executive director announces willingness to create swap line with People’s Bank of China; currency strategists see little immediate impact but potential for growth
IMF predicts chequered growth performances in 2013
Updated World Economic Outlook forecasts wide disparities between countries’ growth performances in the next year; overall estimates revised down since October
Bank of Spain charts economy’s downward acceleration
Data for fourth quarter show economy continuing to spiral downward, with contractions in growth and demand gaining pace
Mauritian governor demands faster financial market expansion
Rundheersing Bheenick disappointed by slow bond market development; says central bank and others must increase efforts