International Monetary Fund (IMF)
IMF paper explores link between imports and pro-cyclicality of productivity
Research finds firm-level import decisions explain “non-trivial” fraction of fluctuations in aggregate productivity in South Korean manufacturing sector between 2006 and 2012
IMF’s response to self-evaluation report ‘very positive’
Engagement with evaluation "very positive", says IEO official, after it offered broad support to recommendations, with some qualifications
Proposal for calculating capital requirements for concentration risk
Working paper warns “inadequate reflection” on concentration risk can lead to banks holding too little capital; proposes technique for calculating appropriate levels
IMF urges Abenomics ‘reload’ as BoJ struggles
Fund tells Japanese authorities to be clearer and more systematic in setting policy, as government unveils new stimulus; working paper suggests alternative to helicopter money
Parliament keeps door open to monetary financing in Ghana
Parliament approves bill that removes government representative from central bank board, but government would still be able to borrow from central bank to finance deficit; IMF to discuss implications
Governments must make use of fiscal policies with regard to gender inequality – IMF paper
‘Not enough’ to just aspire for gender equality; clear scope for countries in Middle East and central Asia to make ‘more effective’ use of policies available to them
IMF’s crisis performance criticised by internal review
Report evaluates IMF’s handling of eurozone crises from 2010 to 2013; work during programme design and implementation described as ‘uneven’ and concerns raised over political pressure
Viñals leaves IMF to chair Standard Chartered
Lagarde praises Viñals for “sharp intellect” and “analytical rigour” during seven years of service at the fund; he will join Standard Chartered Bank as chairman of the board
IMF paper examines impact of debt restructurings on growth
Growth usually declines after debt restructurings, but it can boost performance if the country exits a default spell, the authors find
IMF changes method for calculating SDR currency amounts
IMF will switch to new SDR basket in October, including renminbi for the first time; calculation will use new rounding methodology aimed at minimising deviation from weightings
Exposure to sovereign risk may limit banks’ ability to attract deposits – IMF paper
Research shows non-linear relationship between exposure to sovereign risk and deposit outflows; exposure negatively affected growth of consumer deposits 2006-2011
BoE agents see firms aiming for ‘business as usual’ in wake of Brexit
Agents’ post-Brexit review shows housing market resilience while there are reports of some firms look to relocate back to the UK in wake of sterling depreciation; IMF updates forecasts
IMF’s Lipton argues for greater economic inclusion in South Africa
David Lipton urges reforms to remedy the fact that one-third of the working population is “effectively excluded” from the economy; suggests policies to build confidence and lift growth
People: Uzbekistan appoints new deputy; Ahmed retiring from IMF
Shohruh Shoahmedov promoted to deputy chairman; IMF’s Masood Ahmed announces retirement; BoE’s Paul Fisher to chair London Bullion Market Association
IMF executive board calls for greater gender equality among directors
Fund executive board encourages members to consider gender diversity when nominating directors, while encouraging female candidates to seek positions
IMF staff propose additional reforms to Italian banking sector
Directors at the fund “commend” the Italian authorities for reforms so far, while staff suggest a range of additional measures to tackle issues around resolution and NPLs
Ukraine hands more regulatory powers to central bank
Ukraine’s central bank welcomes a belated vote for key financial reform; the National Bank of Ukraine will now have powers over the country's insurance sector, which observers say is in a “questionable” state
Mexican deputy calls for reinforced ‘global financial safety net’
Javier Guzmán Calafell sees IMF as key player in maintaining global financial stability, but says it needs more resources, tools and legitimacy
PBoC’s Zhang Tao picked as IMF deputy
Christine Lagarde proposes appointment of Zhang Tao as deputy managing director; he is a former IMF official who has held a variety of roles at the central bank
IMF staff suggest using tiers if CNB cuts rates below zero
Fund encourages Czech National Bank to prepare for ‘eventual exit’ from exchange rate commitment; suggests negative rates are viable tool but could damage bank profitability
IMF paper explores impact of financial development on wealth dispersion
Authors focus on China between 1995 and 2002; suggest lower access barriers and a deeper market can “greatly improve” welfare
US Phillips Curve “not broken” – IMF paper
Working paper finds economic behaviour since the crisis reflects different sources of disturbances, and not a change in the dynamics of the Phillips curve
IMF staff call for greater Pakistan central bank autonomy
Significant progress made but further effort regarding legal amendments still needed, IMF report says; State Bank of Pakistan working on legislative action plan while executive orders fill gap
Lagarde encouraged Paris Club to broaden membership as South Korea joins
South Korea becomes 21st member of creditor country group; speaking at its 60th anniversary Lagarde stresses the value of expanding further