International Monetary Fund (IMF)
RBI and IMF clash over pace of tightening
Staff report from the International Monetary Fund calls for ‘significant increases’ in policy rates, but the central bank is reluctant to cut off the economic recovery
G-20 governors should co-ordinate exit, says IMF
Fund recommends greater co-ordination of monetary policy as well as negative interest rates at the ECB and devaluations in emerging markets, in report to G-20
'Cornered' Argentina introduces new inflation index
New inflation index announced by the government yesterday is a step in the right direction, according to analysts, who nevertheless remain concerned about how data is collected
IMF paper finds highly indebted nations can still grow fast
Results of a new study contradict findings of Reinhart and Rogoff, who argued that growth declines at debt of more than 90% of GDP
Cœuré defends Troika to European Parliament
ECB’s top negotiator with European Parliament defends the adjustment programmes shaped by the Troika and tells politicians not to ‘blame the fire brigade for the fire damage’
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
IMF mission to Iran urges monetary tightening to ‘entrench' recent disinflation
Article IV statement calls for simplified central bank mandate and greater focus on price stability; says new authorities are ‘well aware of challenges and need to advance reforms'
IMF sees ‘limited scope’ for RBA rate cuts
Article IV staff report says Reserve Bank of Australia’s accommodative monetary policy is ‘broadly appropriate’ but warns the central bank could struggle to offset further shocks
IMF voices concern over ‘weakening of central bank independence' in Bolivia
Any changes stemming from new constitution should ‘conserve supremacy of central bank law', says IMF; analyst says independence has not led to price stability
Asia uses macro-prudential policies to greater effect, IMF paper finds
Macro-prudential policy has curbed credit growth and bank leverage in several Asian countries over the past decade; loan-to-value ratio caps and housing tax measures among most effective instruments
Lagarde lends weight to global clamour for policy co-ordination
IMF managing director joins Rajan and others in renewed calls for monetary policy to take into account international spillovers, as Fed taper rocks emerging markets
Aid ‘surges' benefit countries where currency or inflation is allowed to rise
If large inflows of aid are ‘sterilised' in an attempt to curb inflation or maintain a set exchange rate, the economy will not feel the benefit of aid, a new IMF paper finds
Security of hard pegs ‘illusory', IMF economists find
Re-examination of exchange-rate regime orthodoxy finds hard pegs are too risky, but 'managed floats' can have 'significantly lower risks'
IMF paper finds remittances depend on source and recipient country business cycles
Level of remittances are negatively correlated with strength of recipient economy and positively with source economy; when both are weak, remittances continue, study shows
Central Bank of Peru revises annual growth and inflation rates downwards
Bank expects inflation, at 3% annualised in November, to converge to 2% target in 2014; IMF projects 2.5%, citing 'well-anchored expectations'
IMF research maps US shadow banks
Research uses IMF-developed global flow of funds (GFF) conceptual framework to analyse the shadow banking system in the US
Restrictions on capital outflows more effective when supported by strong fundamentals and institutions
IMF working paper finds tightening of restrictions fails to reduce net outflows when macroeconomic fundamentals, good institutions, or comprehensive existing restrictions are lacking
IMF board laments US-induced impasse on quota reform
Executive board asks the IMF board of governors to adopt resolution calling for ratification of reform package that would double quotas and overhaul fund's governance ‘without further delay'
Solomon Islands wins IMF support for ‘contractionary’ monetary policy
Central Bank of Solomon Islands maintains tight monetary policy in face of excess liquidity; IMF welcomes stance but tells authorities to implement a wider exchange rate band
IMF says world economy menaced by US taper and eurozone deflation
Eurozone deflation should be combated by every means available to the ECB, IMF says; emerging market risks from US taper will be overshadowed by benefit from advanced economy growth
IMF warns recapitalisation of Slovenian banks is a 'stop-gap solution'
Report urges deeper reforms of under-capitalised corporate and banking sectors; says ECB comprehensive risk assessment expected later this year could expose additional capital shortfalls
Four more countries have ‘systemically important' financial sectors, says IMF
New methodology qualifying countries for IMF's financial sector assessment programme means Denmark, Norway, Poland and Finland will now undergo regular check-ups
Trichet calls on Troika to ‘gradually disappear’
Former ECB president Jean-Claude Trichet defends the central bank’s role in the Troika; says the group should be phased out as policy-makers move away from curing crises and towards preventing them
US Congress fails to sign off on IMF reforms
Sweeping modernisation package put together by G-20 in 2010 stopped in its tracks as House of Representatives declines to double quota increase and thus ratify changes to fund's governing structure