Research
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy
Malawian paper considers impact of output gap on inflation
Research published by Reserve Bank of Malawi uses three different measures to estimate output gap; finds only a weak link between business cycle and inflation
Canadian research finds net liquidity boost from central clearing
Bank of Canada working paper finds small liquidity increase from use of centrally cleared derivatives
Belgian research examines factors behind exchange rate pass-through
National Bank of Belgium working paper studies why some exporters pass on fluctuations in exchange rates through price adjustments while others do not
IMF research seeks to harness shadow banking
Staff discussion note outlines the shadow banking system’s useful functions and systemic risks; contemplates appropriate policy response
Stress test transparency can ‘persuade’ investors, says Bundesbank paper
Deutsche Bundesbank study says the disclosure of stress testing results and methodology can be designed to alter investor behaviour
BoE paper considers implications of HFT
Bank of England study says high-frequency trading is informationally efficient but can also create excess volatility
Arab Spring countries boast higher credit limits, says Finnish paper
Bank of Finland research shows Middle Eastern and North African countries that experienced uprisings lend more to small businesses
Bank of Albania – Annual Report (2011)
Bank of Albania 2011 Annual Report highlights a growing economy and inflation kept in check at 3.5%
ECB paper models heterogeneous shock transmissions
Working paper examines macroeconomic and financial linkages between countries; finds significant but heterogeneous transmission of shocks
IMF research highlights financial vulnerabilities in Latin American corporates
Working paper suggests booms may lead to over-leveraged non-financial firms, which could in turn transmit shocks into other sectors of the economy
Fed paper examines commodity price correlation
Study find lower interest rates capable of smoothing price divergences
Korea paper considers spillover effects of currency hedging
Study considers the impact of creating an Exchange Stabilization Corporation designed to prevent short-term currency liabilities accumulating in hedging process
Czech paper evaluates monetary policy lags
Finds greater financial development is correlated with the slower transmission of monetary policy
Fed paper assesses impact of government funding on loan provision
Study by Cleveland Fed examines a US scheme designed to boost lending to low-income but high-quality borrowers
Danish paper studies liquidity of covered and sovereign bonds
Market liquidity of covered bonds suffered less during the financial crisis
Fin paper assesses eurozone’s fiscal planning
Research finds countries on the periphery had adjusted their budgets before the euro crisis event; others were more reactive and may have suffered as a result
Fed paper finds benefits in card networks’ price discrimination
Study finds the use of linear ad-valorem fees is capable of improving social welfare
Fed paper assesses German ‘debt brake’
Study finds a rule intended to lower government deficit in Germany helps stabilise the country’s private sector
ECB paper highlights locational importance of asset bubbles
Working paper finds asset bubbles have differing effects on the economy depending on whether they are located with banks or ordinary savers, with implications for macro-prudential policy
Tail risk evaluated in French paper’s new inflation measure
Study by Banque de France staff finds the expectations of extremely high and low inflation outcomes impacts actual levels
Hungarian paper explores central bank transparency
National Bank of Hungary research identifies areas of transparency that can be exploited to reduce uncertainty in the economy
Philadelphia paper praises macro-prudential potential
Macro-prudential policy is a more efficient way to control credit than monetary policy – and it has a limited impact on inflation
Greece working paper dissects consumer credit
Bank of Greece researchers identify and separate demand and supply factors in Greece’s consumer lending