Research
IMF: successful financial liberalisation requires good governance
Fund study shows that good political institutions increase opportunity for sustainable financial deepening
CEPR: PIGS neglected current account deficits
Centre for Economic Policy Research study shows adoption of euro caused countries to relax current account discipline
SNB: money market rates best target during recessions
Swiss National Bank study shows money market-based monetary policy procedures create greater stability
National Bank of Hungary tests hybrid inflation targeting rule
National Bank of Hungary study says hybrid regime takes best of price-level and inflation targeting regimes
Fed proposes high frequency method to calculate equity returns
Federal Reserve study finds new method of measuring equity returns using high frequency data reduces forecasting bias
SNB on how a taste for the home grown impacts trade
Swiss National Bank research examines how preference associated with “home market effects” impacts the aggregate volume of trade and welfare gains from liberalisation
IMF on why bad news increases volatility, decreases leverage
IMF research attempts to explain why bad news is often associated with higher future volatility
St Louis Fed on asset pricing and portfolio choice
Research points to significant advances in rationalising empirical features
The Italian lira: 1896-1997
Bank of Italy publishes information on pre-euro currency
Boston Fed: Massachusetts suburb receives housing boost from Boston
A Boston Federal Reserve study shows inner city growth impacts positively on housing recovery in suburban areas
IMF: Fiscal health helps weather negative externalities
Fund study shows that fiscal austerity can weaken effects of negative demand shocks on growth in low income countries
IMF: policymakers benefit from data standards initiatives
Fund study says IMF data standards initiatives benefit quality of economic forecasts and subsequent policy decisions
BoE’s Haldane: China must not overshoot on financial reform
Bank of England executive director Andrew Haldane says China must continue to promote patience while harnessing impatience
Bank of Israel: FX intervention forced shekel depreciation
Bank of Israel study says ad hoc purchases successfully depreciated the value of the shekel against the US dollar
Cleveland Fed: Foreclosure lowers home prices by 1.6%
Cleveland Federal Reserve paper finds effects of foreclosure on house prices larger than previously thought
NY Fed: Education promotes regional development
College-educated people spur economic growth, New York Fed research finds.
Islamic banks affected differently by crunch: IMF
IMF research finds Islamic banks outperformed conventional rivals in 2008, but trend was reversed following year
NY Fed: capital structure best left to the market
New York Fed research supports view that some degree of leverage may ensure appropriate bank behaviour
Moral hazard not contained prior to crisis: Norges Bank paper
Norges Bank paper co-authored by Bank for International Settlements' Claudio Borio points to lessons from the Nordic experience
Debt to reserve ratio key indicator of country default: World Bank research
World Bank paper identifies ratio of debt to reserves as most important indicator of sovereign default
Banks’ role to be reduced in future financial system, IMF says
IMF position note says non-bank financial firms will see roles expand; IMF must refine its methods and broaden its view to keep up with changes
RBI: India’s reforms strengthened purchasing power parity
Reserve Bank of India paper says 1990s liberalisation policies helped stabilise purchasing power parity
Bank of Canada on inflation expectations
Bank of Canada Review features articles on targeting inflation expectations, rate pledges and using monetary policy to tackle imbalances
Regression analyses should use more growth variables: ECB
European Central Bank research says accuracy of partial coefficients in small models not clear