Research
Sovereign spillovers normalised Asian spreads, says IMF study
Fund paper attributes volatility in Asian sovereign debt markets during crisis to sovereign risk spillovers
ECB study measures impact of corridor width on monetary policy
European Central Bank paper shows width of standing facility corridor has significant impact on volatility of short-term interest rate
Bank of Israel study reviews success of new pension scheme
Bank of Israel paper shows evidence of rise in savings contributions in response to new pension law in Israel
IMF study on financial frictions in EMEs
Fund paper shows developing economies are more exposed to financial frictions than emerging markets
Noyer expects euro area growth to weaken
Banque de France governor Christian Noyer says euro area growth may slow in coming quarter due to scars left on economies from crisis
Central Bank of Iceland paper on exchange rate regimes
Central Bank of Iceland study says floating exchange rate regimes provide little benefit to small, rich economies like Iceland
San Francisco Fed paper on merits of leaning against asset prices
San Francisco Federal Reserve study makes case for monetary policy to lean against asset price movements
Prudential rules ease procyclicality of bank lending: IMF paper
Fund study says rules to lower capital adequacy ratios offer relief to banks and distressed borrowers facing shocks
Oil prices do not follow random walk: Bank of Canada paper
Bank of Canada study attempts to tackle challenges in forecasting real and nominal oil prices
Anchoring inflation eases deflation risks: IMF paper
Fund study on US inflation dynamics shows well-anchored inflation reduces risk of deflation
FDI boosts external balances: IMF paper
IMF study shows central eastern and southeastern Europe region benefited from large foreign direct investment pre-crisis
Bankers underestimate need to recapitalise: ECB paper
European Central Bank study shows bankers’ incentive to recapitalise during periods of crisis are undermined by negative externalities
Bank reserves do not affect lending levels: NY Fed paper
New York Federal Reserve study says bank lending levels are independent of amount of reserves in banking system
BIS paper on regulating mobile banking providers
Bank for International Settlements study calls for bespoke approach to regulating mobile money service providers
BoE paper reviews international transmission mechanism
Bank of England study says shift in international monetary transmission mechanism in 1990 corresponds to changes in United Kingdom’s monetary policy framework
Loose monetary policy contributed to commodity boom: BoJ paper
Bank of Japan study says sharp rise in commodity prices was driven by higher demand and accommodative monetary conditions
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