International Monetary Fund (IMF)
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
National Bank of Serbia governor refuses to resign
Dejan Šoškić’s governorship allegedly under threat from new Serbian government; defends position saying 'there is no reason for me to resign'
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
IMF paper examines impact of financial crisis on US state finances
Working paper studies effect of balanced budget rules at US state level; finds pro-cyclicality but suggests this could be mitigated without changing the rules
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
Prime minister appoints new governor in Trinidad and Tobago
Ewart Williams' replacement announced; takes over tomorrow when Williams leaves after 10 years as governor
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
IMF’s Lagarde warns on global growth
Managing director says next week’s assessment of world economy will bring bad news with regard to growth; urges increased co-operation to renew economic recovery
IMF paper studies effects of macro-prudential policy
Working paper studies effectiveness of macro-prudential policy in an environment of financial innovation; identifies various factors determining policy outcomes
IMF paper studies reduced financial interconnectedness
Working paper examines impact of deleveraging by financial institutions through declines in collateral use; identifies issue that may cause unintended consequences
IMF paper models sovereign and bank feedback loops
Working paper develops model of interdependence of bank and fiscal solvency; finds relationship can lead to a ‘self-fulfilling crisis’
Lagarde calls for US to deal with ‘fiscal cliff’ and global co-operation
IMF chief puts concerns in the US on par with those in Europe and the slowdown in Brazil, China and India during speech in Tokyo; says G-20 co-operation could boost global GDP by 7%
IMF paper analyses US capital flows and debt
Fund working paper develops model of international capital flows and resulting impact on debt dynamics; finds equity and FDI returns allowed US to maintain high debt levels
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government
IMF paper assesses drivers of banking equity returns
Working paper studies factors behind movements in bank equity prices; finds that despite general 'dismal' performance, equities of better capitalised and less leveraged banks perform best
IMF paper assesses eurobond proposals
Working paper considers five proposed methods of common debt issuance in Europe; argues there must be a “fundamental discussion” to avoid unintended consequences
IMF issues updates on German and US economies
International Monetary Fund notes Germany’s “remarkable” economic performance; warns US over “tepid” recovery
IMF paper studies debt sustainability in low-income countries
Working paper considers effect of financial crisis on debt sustainability in low-income countries; finds short-term impact but a return to sustainable levels in the longer run
IMF paper studies emerging market debt restructuring
Policy paper reviews causes and consequences of emerging market sovereign debt restructurings; identifies certain elements that can make process less painful
Latest amendments to Hungarian central bank law appease IMF
Hungarian government publishes letter from Christine Lagarde which gives controversial law the go ahead; says IMF is ready to begin talks about financial aid once law is passed
IMF paper examines crisis indicators
Working paper assesses the effectiveness of various indicators in predicting financial crises; finds that leverage is ineffective and instead use of poor quality collateral is “critical link”
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
IMF highlights problems with overreaction to financial crises
Working paper studies data on banking crises; finds that a strong macroeconomic response to a banking crisis may reduce incentive for banks to restructure