Research
Global regulatory reform not in sight: Kern Alexander
Kern Alexander says consensus on international regulatory reform is still far ahead
A new transmission model – research
An IMF working paper outlines a panel unobserved components model of the transmission mechanism
Global balance-sheet growth behind dollar scarcity
Bank for International Settlements looks at the causes of the dollar shortage in the global banking system during the crisis
Productivity drives banks’ international efforts
Bundesbank’s research finds that only the largest and more productive banks engage in international activity and set up foreign affiliates
Regulation helps microfinance institutions expand
World Bank’s research investigates the impact of regulation on microfinance institutions
Raise inflation target to avoid slump – IMF report
International Monetary Fund study looks at how monetary policy can help hold off a protracted deflationary and economic slump when policy rates are near zero
Why MPC chairmen are (almost) always in the majority
Research uncovers reasons why committees tend to back chairmen
The link between exchange rates and monetary policy
Bank of Canada paper finds a strong negative relationship between rate setting and exchange rate pass-through
Macroeconomic volatility and terms of trade shocks
Reserve Bank of Australia research explores the effect of terms of trade volatility on macroeconomic volatility
Banking: a mechanism design approach
Philadelphia Federal Reserve research uses mechanism design to study banking
Nigeria’s woe signals decoupling not in sight
International Monetary Fund finds developing and emerging markets did not decouple from the United States enough to grow despite significant recession in the world’s largest economy
Credit-card discrimination hard to prove
Federal Reserve Board finds no evidence of credit-card companies discriminating against minorities.
Public banks good for growth
Central Bank of Cyprus finds that government ownership of banks has been associated with better long-run growth performance
External balances in low-income countries
International Monetary Fund research offers empirical analysis of balances in low income countries
Lamfalussy godfather of BIS’s macroprudence
National Bank of Belgium paper shows Alexandre Lamfalussy as the originator of the macroprudential approach to stability
Mutual guarantee institutions aids credit access
Bank for International Settlements finds that membership of mutual guarantee institutions help small and medium enterprises to obtain bank funding
Central banks must guard independence – IMF
International Monetary Fund says the risk of losses from unconventional policies can pose challenges to financial independence
Monitoring can prevent crisis
International Monetary Fund looks at role of uncertainty in contagion during a financial crisis
Tips are good inflation hedge
Boston Federal Reserve says Tips hedge well against inflation risk
China’s consumption key for crisis exit
International Monetary Fund says global recovery needs China and Japan to strengthen domestic consumption
The geography of return predictability
Central Bank of Cyprus investigates whether local stock returns vary with local business cycles in a predictable manner
Future rate disclosure works
Bank of Italy looks at the impact of disclosing future rate movements as part of monetary policy
Culture matters for regulation
Bank of Italy says trust has impact on preferences for regulation
Raise liquidity rule for property funds – Buba
Analysis of German real-estate funds during the crisis shows that regulators should impose a higher liquidity ratio, a new paper from the Deutsche Bundesbank argues