Research

Optimal currency shares in international reserves

The ECB Working Paper "Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar" says that foreign exchange reserve accumulation has risen dramatically in recent years.

IMF paper on goal-independent central banks

The IMF Working Paper "Goal-independent central banks: Why politicians decide to delegate" develops a model which explains why the expected negative relationship between central bank independence and inflation is not empirically robust.

Building Asia's bond markets

The BIS in Basel has published a collection of papers by scholars, researchers, central bankers and market participants on issues and prospects in Asia's bond markets.

Explaining Fed watchers' mistakes

The authors of this ECB working paper argue that the heterogeneity in the views of private sector Fed watchers is explained by the educational employment backgrounds, as well as by where they are located.

Focus on distortions - Blanchard

In his Mundell-Fleming Lecture, MIT economist Oliver Blanchard suggests that the outcome of potential government intervention to address current global imbalances is uncertain.

Columbian paper on cb staff costs

This research paper by the Columbian central bank finds that a central banks' labour demand is strongly determined by the country's population, economic development level and changes in operative functions, as well as by staff costs.

Explaining US imbalances

In this new NBER working paper, Fabrizio Perri and Alessandra Fogli argue that an external imbalance is a natural consequence of the decline in the volatility of the US business cycle.

Unplanned system trumps Bretton Woods - paper

According to this new NBER working paper by Andrew Rose, the current international monetary system of independent central banks targeting domestic inflation is more stable than the post-war Bretton Woods system of fixed exchange rates.

How far apart are two ACUs from each other?

The Bank of Japan Working Paper "How far apart are two ACUs from each other?: Asian Currency Unit and Asian Currency Union" examines the future evolution of the Asian currency arrangements from broader perspectives, including the optimal currency area…

Transmission mechanisms of monetary policy-Armenia

The IMF Working Paper "Transmission mechanisms of monetary policy in Armenia: Evidence from VAR analysis" examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium…

Financial integration of new EU Member States

The ECB Working Paper "Financial integration of new EU Member States" assesses the degree of financial integration for a selected number of new EU member states between themselves and with the euro zone.

IMF paper on integration of the securities market

The IMF Working Paper "Integration of the securities market infrastructure in the European Union: Policy and regulatory issues" examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union.

Bond markets as conduits for capital flows

The IMF Working Paper "Bond markets as conduits for capital flows: How does Asia compare?" finds that Europe is more financially integrated than other regions, while Asia already seems to have made more progress on this front than Latin America and other…

Paper on influences of demand for IMF resources

The main objective of the IMF Working Paper "How does the global economic environment influence the demand for IMF resources" is to quantify the relationship between the global economic environment and the number of Stand-By Arrangements (SBAs).

Japan's Next-Generation RTGS

This paper from the Bank of Japan's Payment and Settlement Systems Department provides an overview of the RTGS project and discusses how it is expected to enhance the safety and efficiency of the settlement mechanism for large-value payments in Japan.

IMF paper on a Pacific Island common currency

The IMF Working Paper "Pacific Island countries - Possible common currency arrangement" paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their…

Atlanta Fed paper on cross-border banking

The Federal Reserve Bank of Atlanta Working Paper "Cross-border banking: Challenges for deposit insurance and financial stability in the European Union" examines the implications that alternative regulatory structures may have for resolving failed…

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