International Monetary Fund (IMF)
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
IMF research lends support to exchange rate liberalisation
Working paper concludes exchange rate liberalisation in sub-Saharan Africa ended a prolonged crisis and prompted a ‘strong and ongoing’ economic expansion
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
IMF paper says central banks are hoarding good collateral
Study finds pools of good collateral are evaporating as a result of unorthodox central bank policies; regulation is amplifying the trend
‘Frontier Asia’ addresses challenge of growing sustainably
Thai governor and IMF official emphasise need to address the macroeconomic, financial and structural challenges that high growth rates can bring
People: New chair at Richmond Fed; Norwegian takes executive directorship at IMF
Richmond Fed appoints new chair and deputy; Norway takes rotating directorship at IMF; Egyptian governor ratified; and more
New studies tackle diverse inflation outcomes in eastern Europe
Papers by the IMF and National Bank of Slovakia assess factors behind incomplete interest rate pass through and divergent drivers of inflation in eastern Europe
IMF research finds inflation targeting can dampen risk premiums
Working paper suggests inflation targeting reduces a country’s risk premium, although this effect is stronger for emerging markets and where inflation targeting is successful in stabilising prices
IMF predicts chequered growth performances in 2013
Updated World Economic Outlook forecasts wide disparities between countries’ growth performances in the next year; overall estimates revised down since October
IMF paper considers macroprudential needs of resource-rich countries
Study considers Mongolia’s commodity boom, finding that risks arise from loose fiscal policy, increasing credit availability and a high risk appetite
IMF sees southern European free-fall begin to slow
Mission chief for Greece says painful adjustment proceeding ‘apace’, although questions raised over potential €9.5 billion funding gap; Fund praises ‘impressive policy effort’ in Portugal
IMF paper compares sub-Saharan bond markets
Research finds a ‘steadily growing’ corporate bond market would benefit from further financial development in African countries
RBI mulls bank supervision changes in light of IMF report
Indian central bank accepts potential for ‘moral hazard' in supervisory system; IMF report finds regime on the whole ‘well developed and largely in compliance with international standards'
IMF research examines ‘borrower effects’ during crisis
Working paper constructs index to assess the contribution of risky borrower portfolios in tightened overall credit conditions during a financial crisis
Irish deputy governor says economy has ‘little safety margin’
Stefan Gerlach says while growth may show a modest recovery this year, even a small shock to market confidence could complicate an exit from the IMF programme
IMF paper analyses ‘prolonged decline’ in Asian investment
Paper finds investment is suffering from the financial constraints facing non-tradable sector; proposes widening forms of credit available to small and medium-sized enterprises
IMF paper explores currency value at times of risk aversion
Research published by the International Monetary Fund says currency movements in periods of risk aversion are increasingly reliant on yield
Ukraine replaces central bank head with deputy
Igor Sorkin to take over from Serhiy Arbuzov at National Bank of Ukraine – says he will prioritise currency stability and cut interest rates
Egypt appoints new central bank governor
Egyptian central bank governor resigns, replaced by former deputy; negotiations ongoing with the IMF
IMF paper identifies trends in fiscal profligacy
Working paper analyses dataset of countries’ fiscal performance over time, finding an imperfect response to changes in the underlying economy
IMF paper urges greater macroprudential standards for CCP risk buffers
Study published by IMF seeks to eliminate regulatory arbitrage between banks and CCPs' prudential standards
Sarb hires head of new international relations department
Legal professor Daniel Bradlow will lead a new department at South African Reserve Bank designed to co-ordinate and direct its participation in international forums
IMF tightens rules on money laundering surveillance
New IMF policy document introduces mandatory reporting on money laundering where it represents a risk to financial stability; Vatican sanctioned over failures in money laundering safeguards