International Monetary Fund (IMF)
IMF paper studies monetary impact of household production
Working paper designs model that adds a household sector to the economy, which competes with firms in the service sector; finds this amplifies the transmission of monetary shocks
Central Bank of Ireland highlights varied success of aid programmes
Research note examines progress of five European countries with EU-IMF programmes towards meeting debt sustainability targets; warns Ireland is likely to miss targets
IMF paper evaluates reserve adequacy in emerging markets
Working paper studies the determinants of reserve holdings in emerging markets and small islands; proposes measure of reserve adequacy
NBS management weakens as fourth council member quits
Kosta Josifidis resigns from the National Bank of Serbia’s Council of the Governor leaving just one member remaining; doubts continue over central bank’s future as politicisation fears mount
IMF working paper warns of dangers in sovereign debt restructuring
Researchers find debt restructurings have adverse impact on economic growth; say debt sustainability is a crucial consideration
IMF paper finds evidence in favour of ‘Chicago Plan’
Researchers analyse benefits of requiring 100% reserve backing of bank deposits and lending financed by retained earnings; argue evidence supports four major advantages of plan
IMF paper assesses impact of monetary policy on inequality
Researchers study channels through which monetary policy affects income inequality in the US; find interest rate hikes cause increase in inequality
Irish financial accounts highlight increase in government liabilities
Quarterly financial accounts for Ireland show levels of government liabilities rising to historic peak; household debt declines slightly over the quarter
Serbian vice-governor resigns as amended central bank law passed
Bojan Marković follows Dejan Šoškić and quits central bank; amendments to central bank law passed despite opposition from IMF, European Commission and World Bank
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
IMF paper studies effect of global environment on domestic bond yields
Working paper analyses link between global economic conditions and emerging market domestic bond yields; finds financial market turmoil raises sensitivity to government spending increases
IMF urges Russian central bank to tighten policy
Article IV consultation recommends ‘gradual further tightening’ of monetary policy; preparation needed for informal inflation targeting in 2014
IMF urges US policy-makers to take action against fiscal cliff
Conclusions of IMF Article IV consultation with US highlight risks from fiscal cliff and debt ceiling; calls on policy-makers to strike deal at ‘delicate juncture’ for world economy
IMF paper estimates social costs imposed by systemic liquidity risk
Working paper develops systemic liquidity risk index to evaluate social cost created by liquidity assistance to financial sector; suggests premium could be imposed on banks to cover cost
IMF paper highlights risks of higher inflation targets
Researchers assess the effects of increasing inflation targets; argue this can help prevent problems of a zero lower bound, but the overall impact on welfare is negative
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Laos central bank ignores IMF advice
IMF delegation again recommends increase of reserve requirements for banks; Bank of the Lao PDR says it will not make the change yet
IMF paper warns against frontloaded fiscal adjustment
Working paper studies changes in fiscal multipliers based on economy’s position in the business cycle; cautions that large budget cuts are likely to create or worsen recessions
Malawian governor unapologetic for reform pain
Charles Chuka says ‘when you mess up you pay the price’ and vows to plough on with economic reforms; blames past overvalued exchange rate for country’s problems
IMF paper finds changing resilience of emerging markets to financial shocks
Working paper assesses net change in ability of emerging markets to absorb financial shocks; says improved economic fundamentals are offset by vulnerabilities due to inflexible exchange rates
Vietnam unveils leadership board for new FSAP
State Bank of Vietnam reveals people selected to lead the country’s first Financial Sector Assessment Programme; in-depth analysis will be used by the IMF in surveillance work
IMF paper finds stronger and more complex fiscal rules following crises
Working paper compiles dataset of national and supra-national fiscal rules; suggests rules were strengthened after crises in the 1990s and after the financial crisis
Central Bank of Iceland chief warns of foreign exchange intervention risks
Már Guðmundsson discusses problems posed by free-floating exchange rates; says central bank actions to lean against capital flows may fragment financial system
Asian central bank reserves surpass optimal levels, says IMF’s Zavadjil
Reserves held by Asian central banks are rising past optimal levels even if cover for longer-term foreign fund and FDI ouflows are added to import and short-term debt coverage metrics, says IMF expert