Research
IMF working paper on bank competition
Researchers look at effects of intermediation technology on banking competition and financial stability
Liquidity crisis did not alter settlement method: Cleveland Fed paper
Cleveland Federal Reserve study shows liquidity risks to net and gross settlement systems had little impact on payment methods
Employment protection can amplify business cycles: IMF paper
Fund study shows lower firing costs can reduce output volatility in emerging markets during recessions
Disagreement on economic outlook influences growth regimes: ECB paper
European Central Bank study shows switch between high-, medium-, or low-growth regimes affected by level of agreement between economic agents
National Bank of Hungary paper explains strong demand for cash in Eastern Europe
National Bank of Hungary study shows transactional cash demand is influenced by the level of improvement in payment systems
BoE working paper investigates capital controls
Working paper from the Bank of England looks at ways of reforming the international monetary and financial system; suggests prudential capital controls may be needed
Currency momentum strategies uncovered: BIS paper
BIS working paper on currency momentum strategies finds a large cross-sectional spread in excess returns of up to 10% a year between past winner and loser currencies
Boston Fed analyses US developments in mobile payments
Federal Reserve Bank of Boston paper charts rise of use of electronic banking for individuals in the US
UK’s FSA admits flaws in supervisory approach
New report into the failure of the Royal Bank of Scotland sees the Financial Services Authority accept a level of blame for the crisis at the bank
Brazilian working paper looks at adverse selection cost in stocks
Central Bank of Brazil working paper finds the component is higher than in the US market and displays an intraday U-shape pattern
Fed working paper analyses indecision over economic shift in 1990s
Researchers find that initial enthusiasm for productivity-driven positive supply-side shocks of the 1990s followed by mistrust led to significant problems for business planning
Mood swings strongly influence business cycles: Dallas Fed paper
Dallas Federal Reserve study shows half of business cycle movements can be attributed to investor optimism and pessimism
Bank of Canada paper on capital control liberalisation in India
Bank of Canada study shows there has been a significant reduction in barriers to arbitrage in India
IMF researchers label asset managers collateral ‘mines’
Paper highlights lack of attention paid to rise of asset managers as a major source of funding for banks through shadow banking system
Credit subsidies can counteract bust cycles: IMF paper
Fund case study of Serbia shows use of credit subsidies during the financial crisis was effective in mitigating decline in output
IMF paper on how to better manage commodity price cycles
Fund study shows that flexible exchange rate regimes help shield commodity-exporting countries from sudden declines in commodity prices
Chinese labour costs contributed to US job losses: Fed paper
Federal Reserve study says decline in US manufacturing employment was largely attributable to relatively low investment and slow growth in the US, rather than China's competitive labour market
ECB paper tests eurozone balance sheet transmission mechanism
European Central Bank study shows central bank balance sheet operations can stimulate economic activity and inflation, but has its limitations
Debt crises lead to sharp and protracted recessions: IMF paper
Fund study shows debt crises reduce output growth by about 10 percentage points and last an average of eight years
Credit booms linked to financial crisis – IMF paper
IMF working paper shows credit growth becomes less dependent on bank soundness during boom periods
Fed paper details highs and lows in Spanish economic activity
Researchers point to change between 2007 and 2011 as one of the worst in Spanish economic history
Inelastic demand and supply explain oil volatility: Bank of Canada paper
Bank of Canada study shows decline in price elasticity raised oil price and reduced oil production volatility
Capital flows reversed in India post-QE2: RBI paper
Reserve Bank of India study shows capital inflows into India declined after the US Federal Reserve’s second quantitative easing programme
IMF paper calls for urgent completion of macro-prudential frameworks
Fund study says early implementation of new macro-prudential measures will mitigate cross-border risks