Research
Interest rate less volatile with more transparency: NY Fed paper
New York Federal Reserve study says greater central bank transparency reduces interest rate volatility
Emerging Asia dominates external shocks to Australia and New Zealand: IMF paper
Fund study finds evidence of strong spillover effects from emerging Asia to Australia and New Zealand
IMF paper identifies Chinese credit market distortions
IMF study shows asymmetry in Chinese business cycles owes to non-uniform credit market imperfections and real exchange rate policy
Basel III bank capital rules may squeeze lending: IMF
Fund study finds evidence suggesting new Basel III framework will diminish the issuance of loans from banks
CDS trading raises probability of default: NY Fed paper
New York Federal Reserve study examines probability of default at companies trading credit default swaps
Search frictions do not fully explain labour wedge: IMF paper
IMF study says labour market search frictions alone do not explain imperfections in labour markets
Governments free-ride US bailout: National Bank of Austria paper
National Bank of Austria study says spillover effects of banking crisis provide an element of free-riding for some countries
Bank of Canada paper on real financial linkages
Bank of Canada study highlights importance of inclusion of real financial linkages in models of Canadian economy
Bankruptcy does not exclude consumers from credit markets: Fed paper
Federal Reserve study finds evidence that bankruptcy filers are not excluded from unsecured credit markets but usually pay a higher premium for finance
Crisis measures improved financial market conditions: Chicago Fed paper
Chicago Federal Reserve study shows Fed crisis measures led to significant improvement in financial market conditions
LIC Asia banks’ not isolated from crisis: IMF paper
Fund study identifies spillover effects from global financial crisis on low-income country banks in Asia
IMF paper addresses asset shortages in emerging markets
Fund study says greater capital market development and regulatory reform can raise supply of financial assets in emerging markets
Crisis propagated liquidity shortage: Bank of Canada paper
Bank of Canada study shows banks that rely on wholesale funding were worst affected during the crisis
Italy presents a legal perspective on cross-border insolvency
Bank of Italy draws on conference proceedings to produce booklet on legal issues surrounding cross-border insolvency
IMF re-examines link between exchange and inflation rates
IMF examines link between nominal exchange rate and inflation
New model for assessing underlying inflationary pressure: Canada
Discussion paper calls for exclusion of components with “exceptionally large price changes” when assessing underlying inflationary pressures
Phasing in Basel III rules eases economic costs: IMF paper
Fund study shows that implementing higher capital and liquidity requirements over a lengthy period of time can help reduce the macroeconomic costs of enforcing such rules
BIS paper highlights change in bank-lending channel
Bank for International Settlements study shows shift in drivers of bank-lending channel in European and United States pre-crisis
IMF paper builds US, euro area financial conditions indexes
Fund paper creates financial conditions indexes to forecast economic activity in the US and euro area
IMF paper on enhancing stress-test framework
Fund study examines simple techniques to improve risk sensitivity in bank stress test exercises
Financial cycles have strong economic implications: IMF paper
Fund study examines whether the close correlation between business and financial cycles is synchronised or coincidental
Overdraft surveys reduce balances in the red: Philly Fed paper
Philadelphia Federal Reserve study examines impact of overdraft surveys on bank balances
Capital constraints limits firm productivity: BoE paper
Bank of England study shows recession in United Kingdom limited firms’ ability to finance production costs
Portfolio correlation bias poses systemic threat: IMF paper
Fund paper finds evidence of systemic threat associated with correlation bias in allocation of investment funds