Research
IMF paper: Dutch disease weakens growth
Fund study finds evidence that overvaluation and volatility of the real exchange rate reduces growth
Philly Fed on labour choices and consumption behaviour
Philadelphia Federal Reserve study shows households' consumption preference for labour is bell shaped
IMF: inflation targeting reduces dollarisation
Fund study says inflation targeting framework strengthens monetary policy channel in countries with high levels of dollarisation
Central banks more independent in decentralised states: BIS
Bank for International Settlements study looks at impact of political economy on central bank independence
St Louis Fed: central banks must plan credible QE exit
St Louis Federal Reserve study shows success of quantitative easing depends on central bank's ability to credibly plan for stimulus withdrawal
ECB's emergency liquidity measures eased credit crunch, says CEPR
Centre for Economic Policy Research study shows European Central Bank's response to financial crisis helped ease liquidity strains in wholesale markets
How to ease Basel III costs: BIS
Bank for International Settlements study says banks can increase lending spreads to recoup costs from higher capital requirements
Philly Fed explains inventory build up prior to crisis
Philadelphia Federal Reserve study explains why prices and trade volumes increase first before collapsing in the run up to a crisis
IMF: unequal income distribution raises leverage
Fund study shows high income households’ greater bargaining power induces high leverage and financial crises
IMF: financial innovation has spillover effects on public information
Fund study shows financial innovation reduces incentive to collect private information and increases likelihood of liquidity shocks
Bank of Canada to government: cut tax, don’t spend
Bank of Canada study shows tax cuts are better than government spending for boosting the economy
Norges Bank: universal banking enhances development of corporate debt markets
Norges Bank study shows that universal banking model promotes successful securitisation of corporate debt markets
Buba finds advantages in industry specialisation
Bundesbank study finds significant monitoring benefits from specialisation of cooperative and savings banks
Finland identifies source of business-cycle volatility in Hong Kong
Bank of Finland study says loan-to-value ratio and housing preference shocks are main source driving business cycle volatility in Hong Kong
HKMA measures cost of regulatory reform
Hong Kong Monetary Authority finds positive effect from Basel III
White emphasises use of Austrian school in policymaking
Bank for International Settlements former economic adviser William White says use of Austrian school assumptions about the financial system could help prevent further crises
BoJ: liquidity strains alter investor behaviour
Bank of Japan study shows investors sell or buy a liquid asset more quickly in distressed environments
Buba’s Böhmler: ongoing education vital to central banks
Bundesbank executive board member Rudolf Böhmler says education will keep staff up-to-date on advances in finance
Norges Bank: co-op loans less salient
Norges Bank study shows salience of co-op loans leads homebuyers to take on more costly borrowing
St Louis Fed: Chinese house prices have minimal effect on savings rate
St Louis Federal Reserve study says rising housing prices in China do not explain the high savings rate of households
Bundesbank: fiscal stimulus contractionary in long term
Bundesbank study shows lump sum debt financing has short-term economic benefits but long-term costs
RBA: China’s thirst for commodities driven by global export market
Reserve Bank of Australia study says China’s demand for resources is largely driven by developments in international not domestic markets
IMF: budget responsibility laws do not guarantee improved fiscal policy
Fund study shows fiscal performance is not enhanced by institutions on budgetary responsibility
Canada calls for holistic approach to regulation
Bank of Canada study says regulators must consider capital, liquidity and short-term liabilities jointly when addressing systemic risk