United States
US reform could slash $150bn payments bill, says Fed’s Pianalto
Cleveland Fed president Sandra Pianalto explains the Fed’s vision of how the US payments system will operate in a decade; says UK offers valuable lesson on speed
Fed’s Tarullo says Dodd-Frank requires ‘extensive elaboration’
Daniel Tarullo highlights challenges in producing details of Dodd-Frank Act regulations; suggests limits to mergers by large banks and says SEC should strengthen money market fund regulation
Moderate economic expansion reported in Fed’s Beige Book
Survey of economic conditions in Fed districts finds moderate increase in economic activity; New York district bucking trend
IMF says urgent action required in eurozone
Fund’s Global Financial Stability Report highlights progress with reforms in Europe but warns risks have increased since April; says eurozone policy-makers must act quickly to ensure stability
Iosco calls for tighter regulation of money market funds
Recommendations aimed at reducing systemic risk posed by money market funds; report published despite opposition from the US Securities and Exchange Commission
Most countries set to miss Basel III deadline
Progress report on Basel III implementation reveals no country has yet adopted final rules; Stefan Ingves says it is clear some jurisdictions will miss January 1 deadline
Fed paper studies impact of fiscal reform within a monetary union
Research published by the Federal Reserve considers the effects of a unilateral shift in taxation policy within a monetary union and finds that risk of spillovers only comes with full integration
New rate-setting communication deliberated by Fed
Minutes from the FOMC’s September meeting show consideration of a switch in the way interest rate decisions are disclosed as well as motivation behind QE3
Canada paper analyses China impact on Latin America
Bank of Canada study investigates the significance of Chinese and US GDP on the transmission mechanism of business cycles to Latin America
European Commission criticises Basel Committee findings
Assessment report finds EU and US ‘materially non-compliant’ with some areas of Basel framework; European Commission questions report’s methodology and use of evidence
Ukraine selects new economic department director
National Bank of Ukraine picks central bank veteran to lead economic department; predecessor left after hitting retirement age
NY Fed’s Dudley confident in QE3 benefits
President of NY Fed says third round of QE is needed to catalyse growth; says employment will improve faster as a result of the programme
ECB paper finds US foreign bondholdings rooted in past
ECB research examines the link between past and present levels of foreign bonds held by US investors; finds similar investment patterns for both
FDIC explores driving factors in community banking
Acting FDIC chairman Martin Gruenberg says the organisation will explore the factors behind community banking success and place a focus on services to small businesses
Fed paper evaluates asset purchase programmes
A Federal Reserve working paper says the central bank’s asset purchase programmes have lowered Treasury yields; uses market expectations to help judge impact
Fed’s beige book reveals increased economic activity
US Federal Reserve economic summary reports expanding economic activity in the US; credit conditions said to be improving
Draghi pulls out of Jackson Hole speech
President of the ECB stays in Europe on account of his “heavy workload”; statement comes shortly before plans for single banking supervision mechanism announced for eurozone
Dallas Fed research questions Chinese growth data
Economic letter uses proxy for industrial production to estimate Chinese growth; suggests official figures may understate the extent of the slowdown
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
ECB paper models economic impact of 'disaster risk'
Working paper finds expectations of severe recessions impact equity prices; effects feed through to the economy
China is entering crisis “danger zone”, says BoJ’s Nishimura
High real estate prices and an aging demographic profile in China are reaching a stage where they could trigger a financial crisis, says Bank of Japan deputy governor Kiyohiko Nishimura
Japan seeks changes to Dodd-Frank extraterritoriality on swaps
The Japanese authorities have asked their US counterpart to reconsider extraterritorial rules on swaps and defer regulation of cross-border over-the-counter derivatives regulation for at least a year
Fed paper investigates shackling credit-fuelled booms
Researchers at San Francisco Fed model asset-driven credit growth; find restrictions on household borrowing the most effective tool to reduce excess volatility
Boston Fed paper investigates uncertainty in interbank markets
Research examines role of uncertainty in causing the collapse of interbank lending markets; finds government intervention to provide information may help to restart lending