Economics
Malta quarterly review presents mixed outlook
Quarterly review reports weak but improving economic activity; calls for government action to reduce debt and pursue structural reforms
Malaysia’s Zeti considers economic challenges facing Asia
Zeti Akhtar Aziz examines impact of global spillovers on Asian countries; says greater regional cohesiveness and co-operation have boosted region’s potential to overcome difficulties
IMF paper studies fiscal impact of ageing population
Working paper analyses the effect of ageing populations on 'fiscal space' in G-7 countries; finds a greater impact on countries with larger governments
RBI paper analyses exchange rate volatility transmission
Working paper assesses spillover of exchange rate volatility from international currencies to Indian rupee; finds volatility is dependent on foreign exchange rates and domestic policies
Canada may withdraw monetary stimulus if growth remains on track, says Carney
Mark Carney lauds Canadian economy, says Europe must create a common banking union and believes global recovery relies on moving to an open, multi-polar international economy
Bank of Israel review shows mixed economic outlook
Review of economic developments gives mixed assessment of economic outlook; says growth below potential but inflation on target
Finnish business survey reports improvement in financing
Bank of Finland business survey reports slightly higher number of enterprises gaining new private external finance; but many small businesses still experiencing funding problems
Albania’s Fullani calls for greater co-operation with Europe
Ardian Fullani urges European policy-makers to pay greater attention to policy impact on aspiring members; emphasises that internal policies are also essential for stability
HKMA’s Chan on Hong Kong as private banking hub
Norman Chan says Hong Kong is 'exceptionally well-placed' to become leading Asian private banking hub; warns that regulatory framework cannot afford to remain static
Bank of Finland predicts weaker economic outlook
Latest economic outlook edition of Bank of Finland journal forecasts slowdown in Finnish GDP; highlights risks posed by increased current account deficit
Shirakawa calls for stronger trans-Pacific links
Masaaki Shirakawa delivers speech encouraging countries to strengthen economic ties across the Pacific; describes stronger links as a “win-win” situation
MAS survey shows optimism about economy
Forecasting survey highlights positive views on economy in Singapore; GDP growth expected to strengthen over coming year
RBA governor positive about Australian economy
Glenn Stevens optimistic about Australian economy; warns however against attempts to “engineer a return to the boom”
IMF paper develops model of world economy
Paper builds structural macroeconomic model of world economy; says such models are “prerequisite” to IMF surveillance
MAS managing director on challenges to Islamic finance
Managing director of the Monetary Authority of Singapore, Ravi Menon, highlights challenges facing Islamic finance sector; emphasises need to adapt to changing global environment
RBI’s Chakrabarty explores financial education in emerging markets
Deputy governor of the Reserve Bank of India discusses importance of financial education in emerging markets; says raised savings rate a “necessary condition” for double-digit growth
BIS researcher examines countercyclical policy in emerging markets
BIS Quarterly Review special feature assesses the use of countercyclical policies in emerging markets; finds broad implementation of stabilising monetary and fiscal policies
Fed’s beige book shows continuing modest growth
Federal Reserve economic summary reports continuing growth across the US; describes moderate wage growth and inflation
ECB paper analyses impact of oil shocks on exchange rates
Working paper assesses impact of oil shocks on exchange rates between oil importers and exporters; finds no systematic appreciation pressure on oil exporters following a shock
Israel’s Fischer advocates growth strategy in eurozone
Governor of Bank of Israel discusses eurozone crisis; says countries need not start fiscal consolidation immediately and should concentrate on growth
IMF paper examines financial intermediation costs in low-income countries
Working paper considers causes of high financial intermediation costs in low-income countries; finds that lack of competition and various bank-specific factors lead to high costs
Finland’s Liikanen discusses causes of youth unemployment
Bank of Finland governor examines causes of youth unemployment in Europe; says labour market functioning will be important determinant of recovery speed
BoJ’s Shirakawa considers demographic change in Japan
Governor of Bank of Japan examines macroeconomic impact of aging population; emphasises that Japan need not accept a lower long-run growth rate
Bank of Italy paper analyses impact of organised crime
Working paper estimates counterfactual economic performance in the absence of organised crime; finds mafia presence lowers Italian growth path