Research
Expectations drive house prices
Bank of Spain research finds expectations on both monetary policy and future productivity influence house prices
Big banks get better borrowing rates: Norges Bank
Research from the Norwegian central bank finds that systemically important lenders get more favourable terms on the interbank markets, partly due to lower perceived credit risk
Determinants of big banks’ credit default risk: IMF paper
Fund research finds factors that determine credit default risk for systemically important institutions are consistent with earlier literature on bank failures; business models, earning potential, economic uncertainty all play a part
United States vs the euro area
Bank of Spain research examines where monetary policy has the greater real impact
Boston Fed on expectations, output and inflation
Research from Boston Federal Reserve shows low marginal cost presses down on inflation even when central bank’s explicit inflation target is clearly communicated and understood
Monetary policy analysis and forecasting in the G20
Paper published by the IMF develops model featuring extensive linkages between real and financial sectors
IMF: reserve managers’ ‘procyclical’ strategies exacerbated crisis
IMF says behaviour of reserve managers compounded pressures on financial stability; highlights potential conflict between investment strategies and stability mandates
Money and liquidity in financial markets
Connection between interbank market for liquidity and broader financial markets exists
CEPR: market liberalisation exacerbated credit crunch
Centre for Economic Policy Research study on financial crisis finds countries with deregulated markets were most negatively affected in credit markets
IMF: Structural reforms will strengthen Mauritius’ balance sheets
IMF study of Mauritian economy shows economic fundamentals are strong but economy continues to remain vulnerable to global developments
Bank of Mexico: prices heterogeneous between sectors
Bank of Mexico study on price movements shows that prices vary considerably across sectors, with contrast greatest between unregulated and regulated sectors
Philly Fed: freedom of databases may improve market oversight
Philadelphia Federal Reserve study on macro-micro databases shows that had information been made readily available, the crisis may have been less pronounced
Russian FX regime change ties rates closer to Europe: Bank of Finland
Bank of Finland study shows Russian interest rates moved more in line with Europe than the United States, following overhaul of exchange rate basket
Bank of Italy: location, not size instrumental to debt restructuring
Bank of Italy study finds debt restructuring of firms is more likely when located closer to borrowers
Demand and supply forces restriced credit: Bank of Italy
Bank of Italy study finds declines in demand and supply of credit dampened lending growth in Italian banks during financial crisis
BIS: Crisis response lacks rigour compared to Nordic countries in 90s
Bank for International Settlements study into the recent financial crisis says policy response may slowdown recovery
Riksbank study finds rate-setting board too large
Riksbank study on monetary policy committees finds Sweden’s Executive Board is not as effective with six members
Rate-setters decide on premise rather than conclusion: Riksbank
Riksbank research shows decisions based on premise rather than conclusions are preferred during tied Monetary Policy Committee votes
Bank of Spain proposes more efficient stress test method
Bank of Spain study explores new methods of stress testing that identifies more harmful risks to previously unscreened institutions
Sovereign bonds lost safe haven status in crisis: Bundesbank
Bundesbank study on sovereign bond spreads finds marked change in perceived risk of holding government debt following the bailout of Bear Stearns
Broader card payment security measures may minimise fraud: Kansas Fed
Kansas Federal Reserve study on card payment fraud says more can be done to improve the security of card based transactions
St Louis Federal Reserve: African Americans have endured economic disadvantage
A St Louis Federal Reserve study compares the economic progress of African Americans against white Americans and finds significant differences in access to labour markets
Bank of Portugal: calendar effects valuable data source for ATM patterns
A Bank of Portugal study on ATMs finds calendar effects provide useful understanding of consumer habits when undertaking cash withdrawls
Low savings widened Southern Europe's fiscal gap: IMF paper
Fund study finds lack of savings in Southern European countries caused large current account deficits to form in the run-up to the global financial crisis