Research
ESRB paper identifies difficulties in tracing origins of collateral
Occasional paper presents results from two data collection exercises, finding ‘widespread’ use of securities financing transactions and lack of clarity on the reuse of collateral
Paper examines mismatch in Swedish job market
Swedish economy is adding job vacancies but increasing share of workforce have wrong skill-set, Riksbank article finds
Boston Fed paper examines stock price sensitivity to monetary policy
Research presents evidence from the Enron scandal that stock prices of financially constrained companies become less responsive to monetary policy shocks if financial frictions are present
Finland paper: German minimum wage could be ‘too high’
Germany’s forthcoming minimum wage ‘could potentially be too high’ and lead to employment losses, especially in the east of the country, research finds
Latvian paper proposes refinement to definition of trade
Working paper produces measure to better account for the value added component of trade; authors argue this better captures a country’s contribution to world markets
RBA bulletin considers Indian inflation measures
Research looks at differences between WPI and CPI, noting that prices have increased at a ‘much faster pace’ in the latter
BoE paper: ‘No evidence' QE operated via bank-lending channel in UK
If quantitative easing gives rise to short-lived deposits in a given bank, the traditional bank-lending channel is diminished, BoE paper finds
Lower outside demand and structural bottlenecks explain EM slowdown, IMF paper finds
Slowdown a ‘remarkable feature for a non-crisis period' in emerging economies that was largely unanticipated by scholars and forecasters, paper notes
State-owned banks played counter-cyclical role in EMs following financial crisis
Credit growth by foreign banks lagged behind that of domestic banks in Asia, Latin America and ‘emerging Europe', IMF working paper finds
IMF paper: Colombia needs to lower collateral constraints to boost growth
Measures to increase financial inclusion in Colombia should be ‘monitored closely’, since some of them ‘may imply trade-offs’; collateral constraints viewed as impediment to growth
Perceptions of monetary policy determine long-term bond yields, IMF paper finds
Rise in yields following Federal Reserve ‘taper talk' in 2013 is due to monetary policy shock; communications should place less focus on explaining adjustment triggers
Bank of England QE led institutional investors into corporate debt
Portfolio rebalancing into riskier assets triggered by monetary easing did not extend to equities, BoE paper finds
IMF paper says long-term debt creates ‘incentive to default’
Research examines relationship between maturity structure of sovereign debt portfolios and the probability of default; considers impact of uncertainty around future fundamentals
China could learn from Australia's financial reform, RBA paper finds
Discussion paper published by the Reserve Bank of Australia examines the country’s capital account liberalisation in the 19070s and 1908s, and considers its relevance for China
Euro adoption linked to ‘modest’ increase in Estonian inflation
Bank of Estonia economists say the strongest inflationary effects were on food products, six months before the changeover
Debt accumulation in advanced countries historically absorbed by increases in short-term foreign debt
IMF paper examines how composition of public debt answered to consolidation periods between 1900-2011; common pattern was broken during 1980s and 1990s
New York Fed report reviews risk-return trade-off between financial conditions and financial stability
Paper focuses on vulnerabilities affecting trade-off, including pricing of risk and leverage; discusses how macro-pru policies can counteract vulnerabilities
Rwandan paper maps out path to financial inclusion
National Bank of Rwanda vice-governor says ‘meaningful’ financial inclusion is measured by constant usage, which ‘lags behind access in most of the cases'
Colombian working paper examines credit cycles in EMs
Researchers argue that central banks in emerging markets should focus on medium-term credit cycles when designing macro-prudential policy
US monetary tightening could have ‘long-lasting impact' in Peru, says IMF paper
Investment slowdown in China and US policy ‘normalisation' would leave dents in country's dollarised economy, study finds
ECB paper finds the Fed ‘well-served’ by its stress index
Researchers from ECB and Fed examine whether the economy behaves differently during periods of high stress, and the implications this has for policy-makers' models
RBI economist proposes financial conditions index for India
Index aims to provide a snapshot of financial conditions in the country in a bid to provide an early warning of crises and overcome information asymmetry
Counter-cyclical liquidity hoarding could ‘strongly amplify' business cycles, according to ECB paper
Paper develops a ‘new balance sheet channel of shock transmission' that works through the composition of banks' asset portfolios
Fin paper examines SME lending in post-transition economies
Researchers find that SMEs perform better in countries with a large number of cooperative banks, rather than those dominated by banks