International Monetary Fund (IMF)
Presentation of big data key to inspiring research, academic argues
New York University professor says financial regulators need to learn from large-scale scientific projects and online retailers to encourage ‘research communities’
Central bank 'silo culture' detracts from statistics, says ex-BoJ governor
Masaaki Shirakawa tells audience at Deutsche Bundesbank to expose economists to statistics and business contacts during their careers; Otmar Issing stresses value of good data
Mexico should ‘phase out’ daily FX sales, IMF staff say
Staff at IMF find interventions have ‘contributed to stability’ in the foreign exchange market, while a report following Article IV consultations recommends moving away from daily auctions
Cyprus must make NPLs ‘number one priority’, international agencies say
Authorities must properly implement proposed loan reforms, joint statement says
IMF urges response to rapid credit growth in Cambodia
Staff report lays out buffet of macro-prudential tools to address factors driving the expansion, which has seen the credit-to-GDP ratio double since 2012
Lagarde declares support for RMB inclusion in SDR basket
IMF managing director endorses inclusion in currency basket after staff report deems Chinese currency 'freely usable'; executive board decision expected on November 30
Level playing field could help ‘unlock’ Islamic finance potential, says Lagarde
Speakers at the Islamic Finance Conference in Kuwait highlight the growth benefits of financial inclusion, especially for underserved parts of the Muslim population
Post-conflict central banking
Building the integrity and operational soundness of central banks is a vital priority for post-conflict countries.
More sharia-compliant instruments would aid liquidity management, IMF paper argues
Working paper focused on Gulf states notes a lack of instruments has forced Islamic banks to hold a lot of cash, while making it harder for central banks to conduct monetary operations
Different economies need different types of structural reform, IMF paper finds
Economies at different levels of development need different types of structural reform, a policy paper by the International Monetary Fund says
Personal integrity key in battle for better culture, Lagarde says
IMF head calls for action to rebuild trust in the financial industry at the New York Fed conference; Fischer says it is impossible to improve the culture and then ‘retire from the battlefield’
External debt is Greece’s perennial Achilles heel, economists warn
Cycles of external debt and dependence are ‘perennial themes’ for Greek crises since 1829, and other countries may be similarly vulnerable, Carmen Reinhart and Christoph Trebesch argue
US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report to Congress on foreign exchange rate policies ahead of IMF review next month
Blanchard and others look to reconcile theory of capital flows with practice
Revamp of Mundell-Fleming model helps explain apparently contradictory results, with important implications for policy-makers looking to respond to capital flows
Developing country central banks cannot rush into full independence, Botswana governor says
Botswana’s central bank governor tells an IMF seminar developing country central banks need to move carefully towards independence on price stability
Central bankers challenge Caruana on leaning against wind
IMF panel displays broad range of views on interest rates as a financial stability tool – but none of the central bankers are willing to go as far as the BIS general manager
Central bankers from small Caribbean states to get IMF training under new deal
IMF to provide training at Washington headquarters to officials from smaller Caribbean states after Central Bank of Trinidad and Tobago offers financial support
Rajan weighs inclusion challenges as IMF identifies financial stability risks
Reserve Bank of India governor discusses the driving factors behind inclusion and challenges posed to supervisors in IMF panel, following staff note on macroeconomic impacts
Failed normalisation could hold back growth, IMF warns
Flagship report presents different scenarios based on whether the normalisation of monetary and financial conditions progresses smoothly or not; process could stall if risks crystallise
IMF sees divergent risks in new outlook
IMF revises growth outlook for this year and next, while noting transformation in risks; Maurice Obstfeld discussed emerging market policy in anticipation of Fed hike
Economists push IMF reforms back into spotlight
Indian economists make case for ‘more radical’ review of resource and representation in the future; Nordic and Baltic countries press for ‘interim steps’ towards delayed 2010 reforms
Value of capital controls still up for debate
Research published by BIS and IMF points to potential benefits from capital flow measures and macro-prudential tools, but other economists question the results
IMF working paper explores spillovers between United States and eurozone
Spillovers from the eurozone to the US have been ‘considerable’ since 2014, reflecting policy easing in Europe, IMF paper notes
Lagarde calls for ‘policy upgrade’ across the globe
Managing director of the IMF tells advanced economies to ‘fully incorporate’ spillovers in decision-making, and eurozone to tackle problem with non-performing loans