International Monetary Fund (IMF)
China’s current credit trajectory is ‘dangerous’, IMF warns
Fund revises up China’s GDP growth forecast, but warns debt-fuelled growth is unsustainable
Ghanaian central bank closes two commercial banks
IMF staff called for action in February over problems at some commercial banks
IMF explores ways to reform US mortgage finance
The research questions whether the US model of homeownership through government-backed fixed rate mortgages is sustainable in an increasingly unequal society
Islamic State looted $800m in funds, says Iraqi central bank
IMF says central bank cannot avoid financing government deficit
People: IMF official appointed Bank of Ghana deputy; new communications chief for BoE
Former IMF official appointed first deputy at Bank of Ghana; BoE forecasting chief moves into new communications role; and more
Fintech has potential to lower cost of financial services – paper
BIS research highlights continued inefficiencies in current financial services system; fintech could alleviate costs but only if regulation permits it to do so
International organisations should lead the way for cyber defence – IMF paper
Working paper outlines holes in current cyber regulatory framework and urges firms to adopt reporting system to improve oversight; cyber risks should be addressed on multilateral level
IMF research explores effects of lighter rule on US banks
Republicans in Congress claim Dodd-Frank increases complexity and hampers small banks’ lending
IMF deems negative rates to have had ‘no major side effects’
IMF paper explores the impact of negative interest rates on bank behaviour, concluding the transmission to money markets and bond yields has worked well
IMF explores ways to increase profitability of Italy’s banking sector
Italian banks have operated in a low-growth environment since early 1990s; eurozone interest rates at record lows since global financial crisis
People: IMF appoints new strategy head; ECB promotes directors
IMF promotes Lagarde’s chief of staff; Finland appoints research director
IMF designs new instrument amid rise of regional financing
The “policy co-ordination instrument” is designed to allow the fund to offer technical support to countries looking to unlock funding from regional arrangements
Evolution of monetary policy in advanced economies spells trouble for emerging markets – paper
Research explores the impact future monetary policy will have on emerging markets, concluding many will be forced to implement defensive measures
IMF research flags technology’s role in falling labour share of income
Automating routine tasks is cheaper for companies, which reduces jobs for middle-skilled workers and contributes to higher inequality in advanced economies, paper finds
Major issues on Greek debt still need resolution, analysts say
Deal between European partners and IMF will still face many difficulties, even after German elections, observers warn
RBNZ pushes back on IMF financial assessment
Central bank says it stands by its “three-pillar” approach to market discipline, but will look at ways of enhancing co-operation and other aspects of the framework
IMF gloom on US and UK balanced by brighter spots elsewhere
IMF raises projections for China, Japan and eurozone as the UK and US falter; maintains global growth forecasts at 3.5% in 2017
Mozambique central bank praised for monetary framework overhaul
IMF staff approve of changes made towards interest rate corridor, but say the central bank should remain vigilant with regard to prudential regulation
IMF official says Mexico’s outlook seems bright
First deputy director Lipton says sound macroeconomic management has put the country in a strong position, despite a sharp rise in inflation and uncertainty surrounding trade relations
IMF continues building up Somali central bank
Planned currency reform should give the central bank the ability to implement monetary policy
Book notes: The Tides of Capital, by Julia Leung
This “stimulating read” offers a unique perspective on how Asian countries have developed economically over the past 20 years. More interesting is Leung’s unintentional revelation that they still have a long way to go
CEPR paper sketches ‘radical, realistic’ Greek reform plan
Stanford and Yale economists outline “unorthodox” policies that could put Greek debt on a sustainable footing – and might be acceptable to all negotiating parties
IMF paper backs issuance of central bank digital currencies
Fund finds large benefits to issuing own digital currency in terms of cost savings and efficiency gains, but issues around distribution remain
IMF says remittances do not balance out losses caused by emigration
Remittances are key for providing support to LAC countries in terms of fiscal and financial stability; lack of labour resources and decline in productivity outweighs remittance support