International Monetary Fund (IMF)
Paper tackles US inflation puzzle with new Phillips curve
Authors of research published by IMF find core inflation movements can be explained by anchored expectations and short-term unemployment “stories”
Lagarde raises doubts over Greek reform package
Troika institutions give Greek bailout package the go-ahead, but IMF managing director says current reform framework ‘is not conveying clear assurances’ in many areas
Research promotes regional approach to financial stability in Asean
IMF working paper says it is ‘equally important’ as regulatory harmonisation; sees potential for vulnerabilities as countries with lower credit-to-GDP ratios catch up with their neighbours
Greek debt deal marks start of rough road
Negotiations on Friday ended in a compromise stacked in Germany’s favour; although disaster has been temporarily averted there are more battles to come, and Greece’s funding remains tight
IMF eyes stronger transmission mechanism in Paraguay
Latest staff report advises the Paraguayan authorities to promote a ‘well-functioning’ interbank market and create stronger incentives for ‘de-dollarisation’ in the economy
More reforms needed to tackle CCP risks, warns IMF paper
Significant risks remain despite efforts to improve the resilience of central counterparties, IMF working paper warns; direct access to central bank facilities would help
Carstens picked to head IMFC
Bank of Mexico governor will succeed Tharman Shanmugaratnam as head of the IMF’s International Monetary and Financial Committee
IMF paper finds weak link between Islamic banking and financial inclusion
Empirical link between Islamic banking and financial inclusion ‘tentative and relatively weak’; researchers suggests ways financial inclusion could be better served by sharia-compliant banks
IMF too sluggish to be global lender of last resort, say Allen and Moessner
The IMF’s response to the financial crisis was too weak and too late, leaving the Federal Reserve to pick up the slack, William Allen and Richhild Moessner argue in the Central Banking Journal
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
Evaluating the IMF’s performance in the financial crisis
The results of the IMF’s Independent Evaluation Office investigation into the Fund’s handling of the global financial crisis are deeply flawed.
IMF paper tackles puzzle of asset bubbles in efficient markets
Working paper suggests business risk for asset managers creates institutional herding and ‘rational bubble-riding’, with implications for the design of macro-prudential policies
Justin Lin: Multiple reserve currency system ‘less stable' than one based on dollar
Former World Bank chief economist tells Central Banking Journal competing reserve currencies would not address overriding challenge of global monetary system
G-20 leaders plan to scrutinise reform efforts
Leaders reaffirm commitment to reforms designed to raise global growth two percentage points and agree ‘robust monitoring framework’; OECD says reform progress has been patchy
Lagarde tells G-20 to act now and boost growth
IMF managing director warns that without action the ‘global economic supertanker’ could remain ‘stuck in the shallow waters of sub-par growth and meagre job creation’
People: IMF names new deputy; Brazil in line for two as well
Christine Lagarde wants to appoint an adviser of the Japanese government as deputy managing director; Brazil’s central bank governor proposes two new deputies in a reshuffle; and more
IMF: Pan-African banks pose oversight challenges
Report highlights need to reconcile regional and national interests in currency unions in the continent to ensure effective regulation and supervision
Prasarn dismisses threat of deflation as headline rate goes negative
Thai governor pens letter to finance minister after headline inflation falls to -0.4% in January; IMF sees ‘scope for further easing' as two MPC members dissent on rate hold
IMF calls for reform at Madagascar central bank
Staff report says central bank needs greater independence and stronger oversight mechanisms; new audit committee on the way and government agrees to recapitalise institution
IMF backs Canada cut despite overvalued housing
Fund says central bank's decision to lower rates for first time in four years is ‘in line with staff advice'; says housing market overvalued by up to 20%
IMF paper examines sensitivity of house prices to global liquidity shocks
Researchers find prices in emerging markets respond ‘much more’ to a shock in the international supply of credit than in advanced economies
IMF report says ‘time has never been more right' to reform securitisation markets
Staff report emphasises need to make securitisation practices more robust while spurring demand; calls for standardised classifications of underlying risk characteristics
IMF paper rejects one-size-fits-all approach to financial inclusion
Working paper published by the IMF argues country-specific characteristics ‘play a central role’ in determining impacts of different policies aimed at improving financial inclusion