International Monetary Fund (IMF)
Risks of a serious global slowdown ‘alarmingly high', says IMF
IMF lowers global growth forecast; says influence of highly accommodative policies by central banks may be diminishing and the probability of an ‘alarming’ scenario for growth stands at 17%
Swedish deputy governor says IMF ready for global surveillance role
Barbro Wickman-Parak says IMF should lead surveillance of global financial system due to its legitimacy and depth of knowledge
IMF paper considers risks to sovereign assets
Study by IMF discusses benefits of sovereign asset and liability management frameworks; finds they help account for correlations between separate indicators
IMF develops flexible approach to funding to meet drawdowns, annual report says
Annual report says IMF has taken steps to improve the flexibility of funding instruments in face of ‘fragile recovery’; expects continued strong demand for funding
Bank of Greece abandons 9% core capital requirement
Central bank suspends plans to raise core Tier I capital ratio as banks struggle to raise equity and data show contraction in lending continues
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
IMF paper examines eurozone current account imbalances
IMF study investigates causes of current account deficits in some eurozone countries; weighs up internal and external factors
IMF paper finds regulation will not damage economy
Research released by IMF finds banks can adapt to regulatory reforms without hurting the economy; higher lending rates are a price worth paying
IMF report says regulation is ‘unfinished’
IMF report says more regulatory action may be required; suggests existing reforms may have unintended consequences that require mitigation
IMF paper examines driving factors behind reforms
Study examines whether IMF training or financial assistance is more correlated with structural reforms
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
IMF-World Bank announces location for 2015 meeting
Annual meetings of central bankers and finance ministers to be held in Latin America; events to include discussions of global economic and financial developments and policies to reduce poverty
IMF working paper critical of short-term austerity measures
IMF study suggests debt burdens should be addressed longer-term when economies are in expansionary mode; short-term austerity may do more harm than good
IMF mission calls for ‘urgent’ action on Serbian economy
Fact-finding mission calls on government to restore fiscal credibility and support growth; says steps need to be taken to strengthen National Bank of Serbia’s autonomy
IMF paper dissects shadow banking bailouts
IMF study examines how bailouts were used in the shadow banking system during the crisis; suggests the risk of future bailouts remains
IMF paper warns fiscal policy is not sufficient to counter capital surges
Working paper finds countercyclical fiscal policy would not have been able to fully counter large capital inflows into many countries in emerging Europe before the financial crisis
IMF paper analyses how commodity prices impact inflation
Working paper investigates how international commodity prices affect domestic inflation; finds governance and autonomy are central bank’s biggest tools to combat shocks
IMF mission begins new talks with Serbia
Fact-finding mission focuses on macroeconomic outlook, fiscal situation and effects of changes to the central bank law; government reveals efforts to cut budget
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
IMF paper analyses China’s trade impact on Europe
Working paper investigates links between trading competitiveness in China and the EMU; finds different results for euro periphery and core countries
Tributes to the governor that never was (Andrew Crockett, 1943-2012)
Bank of England, BIS and IMF heads pay respects to policymaker Andrew Crockett, who died this week. Crockett described as the governor ‘that never was’ and the ‘midwife’ to the HKMA
IMF paper studies emerging market bond spreads
Working paper tests different explanatory variables for emerging market bond spreads over time; finds importance may change based on business cycle and external factors
IMF paper tests portfolio rebalancing impact on exchange rates
Working paper studies effect of changes to equities portfolios in driving adjustments in exchange rates; finds higher stock market returns cause depreciation of currency