International Monetary Fund (IMF)
IMF paper proposes measure of tail-risk events
Study seeks to quantify what constitutes a systemic financial stress event, and tests the resulting metrics on 11 early-warning indicators in Europe and the US
IMF ‘policy book' tackles Mena central bank challenges
IMF's monetary and capital markets department analyses operational frameworks of Mena central banks, and obstacles to monetary policy; urges Basel III adoption
Robert Pringle's Viewpoint: Watch what central bankers do, not what they say
Recent speeches by Ben Bernanke and Mark Carney signal a new phase in the development of central bank rhetoric. The big question is whether they preface a change in policy
Leaked document shows deep IMF concerns about Cyprus bail-out
IMF approves Cyprus support package but leaked 'internal document' exposes depth of reservations about the plan among the IMF's executive board
IMF gives verdict on unconventional monetary policies
Report says unconventional policies seem to have delivered benefits, particularly during acute stress, but cautions that estimation is difficult and effects vary based on a host of factors
IMF research warns Liikanen, Vickers and Volcker could cause instability
IMF economists including José Viñals call for global cost-benefit analysis to assess cross-border impact of national plans to restructure banks
RBI governor finds ‘a lot of scope for improvement’ in IMF advice
Duvvuri Subbarao examines performance of the IMF since the financial crisis, and finds the Fund wanting in a number of areas
IMF paper searches for deeper insight into the output gap
Working paper proposes method of estimating and decomposing output gaps; inflation found to have low weight
Sri Lanka cuts rates 50bp in defiance of IMF advice
Central bank cuts benchmark interest rate by 50bp to 7% as growth stutters and inflation falls; IMF warned yesterday against ‘further easing of monetary policy in the near term'
Central banks adopting social media at different paces, finds CBJ study
A new Central Banking journal study shows that institutions around the world are adopting very different approaches in their deployment of social media techniques
Central Bank of Iceland’s Már Guðmundsson on crisis management and capital controls
Lessons learned from Iceland’s crisis resulted in the IMF changing its rulebook on the use of capital controls. But the country’s change in fortunes is no ‘miracle’ (scroll down for interview).1
Bretton Woods Transcripts reveal insights into IMF quotas and governance
In the second of a three-part series, Andrew Rosenberg writes about how the negotiators at the Bretton Woods conference in 1944 spent much of their time deliberating quotas and governance for the IMF
IMF paper scrutinises ‘procyclicality’ in reserve management
Over half of central bank reserve managers surveyed by IMF say they would alter practices to reduce procyclicality; paper questions reliance on credit rating agencies
IMF paper examines emerging market counter-cyclical monetary policy
Emerging markets should target inflation for its counter-cyclical benefits as well as output variability, researchers find
ECB lifts ban on Cypriot ‘junk' bond eligibility
Rule suspension allows Cypriot government-issued or guaranteed debt instruments to be used as collateral in Eurosystem operations; follows precedent set for Greece in September 2012
Pacific island countries cannot rely on external demand
IMF office in Pacific warns island countries the impetus from growth ‘will need to come from within’; urges central banks to keep inflation in check and promote external competitiveness
IMF issues warning to Asian central banks on risk of overheating
Regional Economic Outlook says some Asian central banks may need to tighten policy to avoid stability risks; examines complicated effects of Japanese monetary easing
IMF calls for unconventional measures to tackle eurozone fragmentation
David Lipton says ECB will probably have to use unconventional measures to overcome credit crunch in peripheral eurozone members
G-20 report says move from stabilisation to growth requires ‘difficult balancing act’
G-20 meeting report urges carefully calibrated fiscal tightening to ‘nurture’ recovery; backs accommodative monetary policy and says emerging markets should use rapid growth to build buffers
IMF publishes new reserve management guidelines
New additions encourage portfolio diversification, greater consideration of an investment's impact on the markets and internal credit rating assessments
IMFC advocates ‘pragmatic’ approach to resisting capital flows
Committee of the IMF says easing by advanced economies is justified; emerging markets should use a variety of tools to lean against the resulting capital inflows
Emerging markets demand greater say in IMF affairs
G-24 group of emerging markets and developing countries urges IMF members to accept reforms to voting shares, pointing to 'serious flaws' in current formula
RBI’s Subbarao weighs merits of new consensus on capital controls
Duvvuri Subbarao says financial crisis shattered consensus view that capital controls should not be used, but deploying them correctly is still far from straightforward