Economics
BoE’s Broadbent examines rising cost of capital
External member of the Bank of England’s Monetary Policy Committee considers causes of rising capital costs; suggests fear among investors of ‘extreme outcomes’ in eurozone
IMF paper relates fiscal consolidation and growth
Paper discusses relationship between fiscal consolidation and short- and long-run growth; warns that rapid consolidation can be harmful
Bangladesh Bank governor praises strong export market
Governor of Bangladesh Bank highlights strong export market in Bangladesh; praises market’s resilience during financial crisis
IMF paper analyses savings and investment response to shocks
IMF researchers study response of savings and investment to income shocks; find high volatility of permanent shocks creates “volatility trap”
HKMA deputy on Hong Kong as centre of renminbi growth
Eddie Yue, deputy chief executive of the Hong Kong Monetary Authority, describes rapid growth of renminbi as international currency; emphasises central role of Hong Kong in renminbi trade
IMF paper discusses renminbi internationalisation
Working paper considers historical conditions leading to international use of currencies; finds that conditions in China suggest gradual internationalisation of renminbi
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
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
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
Philadelphia Fed reports slowing manufacturing growth
Federal Reserve Bank of Philadelphia releases May 2012 Business Outlook Survey; finds slower manufacturing growth
BoJ’s Shirai debates how to strengthen growth momentum
Member of Bank of Japan policy board says the country should improve economic relations with emerging Asia in terms of trade and tourism and also through cross-border financial transactions
Bank of Mauritius governor urges diversification
Rundheersing Bheenick says previous calls to find alternative markets fell on deaf ears; economy is operating below potential
IMF paper investigates capital inflows relationships with other factors
IMF researchers study determinants and inter-relationships between capital inflows, financial development and domestic investment in developing countries
Lagarde hails Turkish reform success
Christine Lagarde completes first visit to Turkey since taking over as managing director at the IMF; praises progress in the country but says economy is now at "critical" juncture
Thai governor urges Asian market cooperation
Prasarn Trairatvorakul calls on Asian central banks and financial markets to co-operate; warns harmonisation of systems will not be easy
Differing growth predictions demonstrate uneven global recovery
European Commission estimates 0.3% contraction for eurozone GDP; Lithuania and Thailand meanwhile revise growth estimates upwards
Indonesia finance minister asks for more help for emerging economies
Indonesia finance minister calls for Asian Development Bank to do more to meet the financing requirements of emerging market economies
IMF warns of 'full-blown panic' eurozone break-up would cause
Latest IMF World Economic Outlook discusses possibility of a break-up of the eurozone; says disorderly exit of one member country would have untold knock-on effects
SNB’s Jordan describes task of maintaining franc exchange limit
Thomas Jordan sets out how the Swiss National Bank has been fighting to keep the franc-to-euro exchange limit in place; explains slight slip-up last week allowing some trades to happen at lower rate
Bank of Thailand opens representative office in Beijing
Thai central bank opens office in Beijing; third foreign representative office aimed at developing “understanding” of China’s economic developments
BoE’s Bean named next president of Royal Economic Society
Bank of England deputy governor named president-elect of Royal Economic Society; will take over as president in April next year
Bank of Israel forecasts higher growth and inflation in 2012
Central bank says improving global conditions are the major driver as inflation and growth expectations in Israel are revised upwards
IMF policy paper investigates volatility in low-income countries
International Monetary Fund paper looks into the role and potential for contingent financial instruments to aid in managing shocks in low-income countries
IMF paper discusses strengthening Russia's fiscal framework
Working paper from IMF researchers sets out ways Russian fiscal policy is straying from best practice and suggests improvements