International Monetary Fund (IMF)
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net/gross distinction, as improvement in net debt position provides fig leaf to some countries that may be overexposed to US dollar appreciation
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
IMF calls on East African Community to explore risk-sharing
Paper explores the nature and prevalence of asymmetric shocks in the EAC, concluding it is ‘critical’ it has shared mechanisms for absorbing them when its members form a monetary union
IMF paper: commodity prices are largely demand-driven
Working paper explores systemic risk, aggregate demand and commodity prices, finding the latter to be largely demand-driven, a conclusion they extend to non-core inflation
Greece uses bridge loan to repay IMF and ECB
Loan received today used immediately to repay debts, while government works to unlock full bailout; Ben Bernanke joins debate with criticism of German trade surplus
IMF paper offers advice on Asian financial integration
Authors suggest improvements to the sharing of information, trade integration, capital market development and a common regulatory framework to improve financial integration in Asia
Obstfeld will succeed Blanchard at IMF
Lagarde praises the ‘outstanding academic credentials’ of Obstfeld as she announces his appointment as economic counsellor and director of research
IMF researchers find FX interventions can help tackle pressures from global capital flows
Working paper penned by team including Olivier Blanchard takes new approach to endogeneity problems, finding foreign exchange interventions can stem appreciation pressures from global flows of capital
IMF economists release study on LTV and DTI limits in six countries
Working paper studies the implementation and effectiveness of loan-to-value and debt-service-to-income limits in Brazil, Hong Kong, Malaysia, Poland, Romania and South Korea
IMF calls for Greek debt relief ‘far beyond’ EU plans
Memo warns public debt is ‘highly unsustainable’ and European leaders will need to provide much greater debt relief than they have discussed up to this point
Bulgaria names Dimitar Radev central bank governor
Parliament appoints former IMF economist Dimitar Radev as governor of the Bulgarian National Bank, bringing to an end Ivan Iskrov’s 12-year reign
Former Afghan governor returns for second term
Khalilullah Sediq takes over for a second time as governor of the Bank of Afghanistan, following a spell in the private sector
IMF wants new fund with ability to extend ELA in Bosnia and Herzegovina
Staff suggest creating financial stability fund that can provide liquidity support to stressed but solvent banks, which the currency board arrangement prohibits the central bank from doing
Greek crisis enters critical weekend
Negotiations enter final days, with European authorities scrambling to assess whether new proposals go far enough; Greece has backers, but Germany must still be persuaded
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
IMF staff call on US to develop new macro-prudential tools
Assessment says tools that strengthen market resilience to run risks and fire sales in shadow banking sector should be a high priority; staff report recommends 2016 rate hike
IMF senior counsel explores legal frameworks for public debt management
Senior counsel at IMF’s legal department discusses the many trade-offs involved in designing the legal frameworks underpinning public debt management
IMF analysis calls for Greek debt relief
Analysis encourages European lenders to double grace and maturity periods on existing loans while providing two-thirds of another €52 billion in financing to keep Greece afloat
Varoufakis to stand down if Greeks vote 'Yes'
Greek finance minister says he will quit if the public votes to accept the latest terms offered to Greece in the July 5 referendum; demands debt restructuring as part of any deal
IMF paper finds leaning against the wind can work, but it is not optimal
Researchers conclude monetary policy can be used to reduce systemic risks if other, more targeted policy options are unavailable, but macro-prudential policy produces better outcomes
Greek PM offers concessions but backs referendum
Leaked letter suggests Alex Tsipras is willing to accept many of the latest proposals in exchange for a new bailout programme; European leaders awaiting outcome of July 5 referendum
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Lack of renminbi derivatives may foil currency's SDR entry
Panellists at a Sifma conference and corporate executives surveyed by Allen & Overy cite scant liquidity as a key concern for renminbi's progress