Research
IMF paper dissects bond yield determinants
Fund research distinguishes between long- and short-run elements in bond yields, finding European periphery yields overstated actual fundamentals
Investment drop in China would hit global growth, says IMF paper
Research says the economic reverberations of lower investment in China are becoming stronger
Policymakers can learn from behavioural insights, says Norwegian paper
Economic agent’s expectations are shaped in a myriad of ways and should be considered in policy decisions
Dutch paper praises financial innovation
Though it has been exploited by some, innovation in finance has contributed a lot to business and the wider world
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
Regulated banks take greater risks abroad, says ECB paper
ECB study finds banks subject to tight regulation for domestic activities respond by relaxing lending standards abroad
International reserves provided shelter from crisis, says Finland paper
Bank of Finland study says the accumulation of international reserves provided some countries with a buffer against the crisis; not such a clear-cut relationship with economic growth
IMF study analyses Asian monetary policy channels
Research published by the IMF examines monetary policy transmission mechanisms in Asia; questions whether interest rates are determined by global factors
IMF mission positive on Mozambique
International Monetary Fund inspectors cite significantly improved inflation levels and robust growth in GDP for latest favourable report on Mozambique
Norway paper finds emerging markets drive oil-price volatility
Norges Bank working paper finds that changes in emerging market demand for oil has more than doubled the impact on real oil prices and production compared with the developed world
Fed study shows US banks still wary of lending to European peers
US banks are continuing to tighten lending standards to their European counterparts with some winning additional business as a result of reduced competition from European banks, Fed study finds
Banks’ net worth impacts cost of credit, says ECB paper
Research published by the ECB finds a drop in banks’ net worth increases the cost of credit for companies; model shows subsequent decline in GDP and inflation
Business cycle mirrors stock market turning points, Israel study says
Research published by the Bank of Israel finds stock market turning points can be used to forecast economic activity; seven-month delay before impact becomes evident
Dutch paper analyses impact of environmental policy on FDI
The Netherlands Bank research investigates how FDI can be motivated by environmental policy; preferences for stronger or looser regulation are sector-specific
Polish paper says euro would have destabilised economy during crisis
National Bank of Poland research examines how adopting the euro would have changed the impact of the financial crisis; fixed exchange rate would have exposed economy to greater shocks
IMF paper analyses regional impact of deleveraging
Research published by the IMF considers why Asia’s domestic credit supply suffered less than that of other regions in response to banks deleveraging in 2008
Finland paper advocates partial commitment to inflation targeting
Bank of Finland study warns of dangers involved in ‘over-committing’ to interest rate adjustments in reaction to price changes; suggests short-term reactions may be appropriate
Fed’s QE2 will have ‘modest impact’, says San Francisco paper
Research by the Federal Reserve Bank of San Francisco estimates the second round of Fed quantitative easing will have only a small effect on GDP growth and inflation
Chile funding markets resistant to risk spillovers
IMF study finds funding costs in Chilean interbank and bank bond markets have weathered global risk spillovers well
National production gaps don’t drive stock markets, says Swiss paper
Study by the Swiss National Bank finds global business cycle risks affect stock markets more than any nation-specific production gap
Colombian paper proposes measure of systemic importance
Central Bank of Colombia study identifies important characteristics related to size, connectedness and substitutability that determine the systemic importance of financial institutions
Finland paper recommends ‘unpleasant reforms’
Research published by the Bank of Finland advocates slowing public sector growth and lowering taxes; will boost labour supply and competition
SNB paper examines Swiss franc unsecured money market
SNB research considers banks' ability to access central bank money; finds it is a neglected area of policy
Remittance flows transmit global shocks, says IMF paper
Study by IMF says remittance flows act as a transmission channel of global shocks to emerging and developing countries; policy adjustment required