Research
RBI paper highlights shift in credit dynamics over business cycles
Reserve Bank of India study shows the behaviour of credit relative to growth in India changes over different phases of the business cycle
NY Fed paper identifies illiquidity issues in Tips market
New York Federal Reserve study says benefits of inflation-protected Treasury securities are not being fully reaped
RBA paper quantifies risk of pricing distortions in markets
Reserve Bank of Australia study finds household and firm decisions are only marginally influenced by mispriced equity markets
Netherlands Bank paper discusses pricing policies in payments markets
Netherlands Bank study says policy on payments systems should be orientated towards improving competition rather than influencing price dynamics
ECB paper identifies challenges to creating resolution regimes
European Central Bank study compares legal aspects of bank resolution regimes in the UK and Germany
Rise in terms of trade not always inflationary: RBA paper
Reserve Bank of Australia study says floating exchange rates act as an important buffer to external shocks that influence terms of trade
Capital controls are second-best policies: IMF paper
Fund study examines the new economics literature on prudential capital controls and finds the tools can help reduce financial instability
IMF paper identifies weaknesses in Central America's supervisory practices
Fund study says there is considerable scope for Central American countries to enhance financial supervision and regulation
BIS paper warns of risks from long-term interest rate volatility
Bank for International Settlements study cautions against the use of long-term interest rates as a policy variable
Demand shocks strongly influence eurozone profit levels: ECB paper
European Central Bank study shows reaction to demand shocks explains variation in profit growth across countries in region
BoJ paper finds limited impact of tax benefits on corporate capital structure
Research finds default costs and the costs of outside equity have a larger effect on corporate capital structure than tax benefits
Bank of Finland paper investigates China’s evolving reserve requirements
Bank of Finland discussion paper charts the changing role of reserve requirements as a policy tool in Asia's biggest economy
Bank consults on instruments of macroprudential policy
Bank of England releases discussion paper to gather feedback on possible tools for macroprudential policy management
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