International Monetary Fund (IMF)
IMF paper finds ‘robust' relationship between exchange rate flexibility and external adjustment
Using a data set of bilateral exchange rate regimes, study revives Milton Friedman's argument that a flexible rate facilitates external adjustment
Ghana requests IMF bailout to bridge fiscal deficit
IMF deputy director will send a team to Accra early next month to initiate discussions; Ghanaian cedi is world's worst performer so far this year
IMF paper finds ‘puzzling' result from capital controls
Controls to stop capital inflows deflect them to other countries, the paper finds, but are rarely met with copycat measures in recipient countries
Choosing a suitable exchange rate suitable for price-takers
Flexible exchange rates can act as an asset price as well as a price for goods and services, so movements can distort the market for goods and services. Taxing capital inflows can address the matter
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Book notes: The Dollar Trap, by Eswar S Prasad
A lively and compelling analysis on currency wars in the wake of the financial crisis – and the likely persistence of the US dollar as the world’s pre-eminent currency
Agustín Carstens on Fed policy, shadow banking and Mexico's economic strengths
Agustín Carstens, governor of the Bank of Mexico, speaks about the work of the IMF, tackling shadow banking and how Mexico has kept a strong economic position in the midst of the financial crisis.
IMF paper considers corporate governance reform in Japan
IMF researchers say corporate governance reform could help ‘unstash the cash’ held by Japanese firms and improve the economy’s growth potential
IMF charts path towards PBoC policy rate
Staff report encourages the People’s Bank of China to stabilise borrowing costs in the interbank market as an ‘interim step’ towards establishing a policy rate
Reza Moghadam quits IMF to join Morgan Stanley in London
IMF's Europe chief to 'return home' after 22 years with the Fund, lately ‘spearheading the Fund's response from one crisis to the next'; Thomsen promoted on an interim basis
IMF warns monetary tightening could hit EM growth
Advanced economies should collaborate with emerging markets, Fund says, to mitigate spillover effects of monetary tightening; says global imbalances remain too high
Cross-border vulnerabilities should be taken more seriously, IMF paper says
Working paper says funding vulnerabilities ‘have real effects', although they have declined since the crisis due to lower exposures and increased capital levels
IMF calls for clarity on BoE monetary framework ahead of first rate hike
Bank of England ‘will need to announce soon what its new monetary control framework will be', the Fund says, adding it is ‘waiting to hear' from the bank
RMB inclusion in SDR would open way for investment by advanced economies
More advanced-economy central banks would join Swiss National Bank and invest in onshore renminbi assets if the currency was included in SDR
IMF calls on Fed to formally explain policy normalisation strategy
IMF stresses need for 'greater clarity' on how Fed intends to exit accommodative policy stance; warns use of Fed funds rate could 'pose challenge' amid balance sheet reduction
IMF staff note: Structural reforms 'more desirable' than nominal wage cuts in Europe
International Monetary Fund staff note says ‘many reforms’ are still needed in deficit countries; highlights benefits of greater fiscal integration in longer term
IMF paper finds macro-prudential polices can help prevent liquidity traps
Researchers find that debt limits and insurance requirements can help prevent economic agents from accumulating excessive leverage and triggering liquidity traps
IMF paper attempts to pin down output gap
Members of the Fund's European department build new models incorporating financial frictions to estimate the output gap in the US during the Great Moderation and beyond
IMF economist analyses effect of floods and storms on Caribbean debt-to-GDP
Both storms and floods have a negative effect on growth, IMF economist finds, but only floods affect debt in the natural disaster-hit region
Riksbank minutes reveal dispute over IMF and BIS advice
Top Swedish central bankers debate the relevance of IMF and BIS advice for monetary policy to fight financial instability; question value of input from officials that do not set policy themselves
Effective oversight needed to consolidate gains from mobile payments infrastructure
Increased diffusion of mobile payments in developing countries calls for better oversight, IMF paper says - recommending that central banks cooperate with other regulators
IMF steps up call for QE in Europe
The European Central Bank should launch a large-scale asset purchase programme if inflation does not pick up; IMF staffers untroubled by risk of asset bubbles
Balance between Hong Kong and Singapore ‘vital’ for financial stability
Researchers at the IMF find Hong Kong and Singapore complement each other as financial centres because they specialise in different markets and clienteles
IMF calls on Iceland to defend central bank credibility
As the evaluation committee prepares to interview candidates for governor, IMF visit reminds Iceland of the need for a credible and independent central bank