Research
IMF paper captures spillover effects from tougher capital rules
Fund study shows international spillover effect from higher capital requirements typically account for 20-25% of the total impact on output
Emerging markets benefited from solid balance sheets, says BIS paper
Bank for International Settlements study says Latin American and Asian countries experienced more sustainable levels of credit growth due to healthy balance sheets pre-crisis
Rapid credit growth in Asia driven by domestic factors, says IMF paper
International Monetary Fund study says domestic monetary policy can play a pivotal role in managing credit growth in emerging Asian markets
Heightened uncertainty promoted precautionary savings post-crisis, says IMF paper
Fund study says precautionary motives promoted households in advanced economies to significantly increase savings following the global financial crisis
IMF paper finds inflexible exchange rate regimes most exposed to hot money
Fund study says relatively inflexible exchange rate regimes need to be counteracted by carefully designed macroprudential policies
High borrowing costs discourage Eastern European firms from tapping banks, says ECB paper
European Central Bank study says many firms in Eastern Europe are put off by the high interest rates charged by foreign banks for a loan
Inflation-targeting central banks should be dissuaded from dual mandate, says St Louis Fed paper
St Louis Federal Reserve study says how Federal Reserve should respond to aggregate supply shocks is unclear if it is to pursue inflation targeting under a dual mandate
ECB paper captures effect of eurozone sovereign risk on bond spreads
European Central Bank study says both country-specific and contagion risk contributed to widening of sovereign bond spreads against the German Bund during the financial crisis
Central Bank of Iceland paper highlights limitations of inflation indexed bonds
Central Bank of Iceland study shows inflation index-linked bonds in US, UK and Iceland are unreliable measures of the real interest rate
ECB paper finds evidence in support of exchange rate scapegoat theory
European Central Bank study shows expectations of frequent changes to structural parameters explains instability in the relationship between exchange rates and fundamentals
Bargaining power in Swiss repo market more pronounced during crisis, says SNB paper
Swiss National Bank study shows the central bank was able to negotiate a significantly higher price with banks for repurchase agreements during the financial turmoil
Treasury bills are superior liquidity instruments, says IMF paper
Fund study says Treasury bills are more secure than central bank bills in performing debt and liquidity management functions
Germany highly exposed to US and European contagion effects, says Buba paper
Bundesbank study finds strong contagious effects from the US and Europe, but no effects from the Asia-Pacific region and emerging markets on the German financial system
BoJ paper incorporates financial sector into macro-model
Bank of Japan study builds a financial sector model in which bank credits are influenced by credit costs, the capital adequacy ratio and other considerations
Risk-weighted assets proved useful indicator during crisis, says IMF paper
Fund study shows banks with lower risk-weighted assets were able to weather the recent financial crisis better than those with more risky assets
NY Fed paper sheds light on causal determinants of inflation expectations
Federal Reserve Bank of New York study says consumers may be revising their inflation expectations in response to inaccurate information
Atlanta Fed paper finds low elasticity of intertemporal substitution
Federal Reserve Bank of Atlanta study shows levels of consumption growth are not very responsive to interest rate movements
Precautionary motives drive rapid build-up of reserves in EMEs, says IMF paper
Fund study shows stockpiling of international reserves in emerging markets are motivated by insurance against capital account, rather than current account shocks
Monetary policy can ease sovereign risk, says IMF paper
Fund study shows sovereign risk becomes a critical determinant of macroeconomic outcomes if the central bank is constrained in counteracting higher risk premiums
Core inflation is a poor forecaster of future price levels, says Brazilian research
Central Bank of Brazil study finds core inflation is a poor directional indicator for future headline inflation
Bank of Canada paper builds alternative oil price forecast scenarios
Bank of Canada study generates forecast scenarios providing more accurate real-time analysis of oil price risks
Debt ceiling acts as fiscal stabiliser, says IMF paper
Fund study shows the introduction of a debt ceiling may reduce the pro-cyclicality of fiscal policy and consumption volatility
Financial taxes can bolster macro-prudential policy, says IMF paper
Fund study shows counter-cyclical tools should be incorporated to enrich the broader macro-prudential policy framework in Korea
Capital shortfalls explain sharp fall in bank lending, says Bank of Spain paper
Bank of Spain study finds evidence that supply-side factors are restraining loan growth to non-financial private sector in Spain