International Monetary Fund (IMF)
RBA research suggests options for IMF to overcome governance issues
Analysis of constraints on IMF actions suggests seeking backup from other international organisations could add to political clout, but quota reform remains a problem
IMF paper warns against ‘overburdening’ LatAm central banks
Working paper studies evolution of central banks in Latin America, and warns against jeopardising the credibility they currently enjoy by handing them new mandates
Paper examines role of capital in BHC lending decisions
Authors find an increase in capital requirements of bank holding companies is ‘likely’ to increase the interest rate charged on loans, resulting in a ‘significant’ reduction in lending
Iceland expects ‘significant’ progress in lifting capital controls this year
Healthy economy and sturdy banking system pave way for lifting of capital controls, but risks are 'tilted to the downside', IMF report says; central bank at a ‘difficult juncture’
IMF staff want ‘clear mandate’ for next Bulgarian governor
Statement at close of latest Article IV with Bulgaria outlines policies for restoring supervisory credibility in the wake of the failure of the country’s fourth-largest bank
IMF paper sees lower inflation boosting Indian savings
Working paper says a ‘sustained reduction in inflation’ would help create interest rate environment necessary to boost corporate profitability and encourage household savings
IMF sees deflation threat to Western Balkan recovery
Special report on economic transition in Western Balkans identifies deflation spilling over from eurozone as risk to recovery in the region; most of the countries experiencing negative inflation
Research considers effects of delaying fiscal consolidation on GDP
Working paper published by the IMF finds there are no ‘substantive gains’ to be had in GDP from delaying consolidation if multipliers are constant
Central Bank of Honduras revises inflation target to 5.5%
After signing an economic agreement with the IMF last year, and in consideration of lower oil prices, the Central Bank of Honduras has adjusted its inflation target for 2015 by 50 basis points
IMF researchers add eurozone detail to fund’s global projection model
Working paper adds ‘blocks’ for Germany, France, Italy and Spain to the model in an effort to capture the dynamics in the eurozone in greater detail
People: Blejer named adviser to Bank of Albania governor; Chile gets new statistics head
Mario Blejer, a former governor of Argentina’s central bank, will serve as an adviser to the new Bank of Albania governor; Central Bank of Chile names new statistics head; and more
IMF research looks to jumpstart market for Italian NPLs
Nadège Jassaud and Kenneth Kang discuss their strategy for fostering a market for non-performing loans with Central Banking, stressing the need for ‘decisive action’
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.