Research
The economics of money laundering enforcement
The IMF Working Paper 'A theory of "crying wolf": The economics of money laundering enforcement' shows how excessive reporting, called "crying wolf", can dilute the information value of reports.
Banking supervision: Quality and governance
The IMF Working Paper 'Banking supervision: Quality and governance' examines the relationship between the quality of banking supervision and governance of the supervisory agency.
IMF Paper: Balance of payments crises under IT
This IMF Working Paper analyzes a small open economy model under inflation targeting. The Paper shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously.
Contagion risk in the international banking system
In the IMF Working Paper "Contagion risk in the international banking system and implications for London as a global financial center" the authors use the extreme value theory (EVT) framework to analyze contagion risk across the international banking…
ECB paper on transition economy convergence
The ECB Working Paper "Transition economy convergence in a two-country model: implications for monetary integration" presents a two-country dynamic general equilibrium model of ex ante unequally developed countries.
Audit committees in central banks
This IMF Working Paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance.
Understanding asset prices: an overview
This BIS paper reviews analytical work carried out by central banks that participated at the Autumn Meeting of Central Bank Economists on "Understanding asset prices: determinants and policy implications", which the BIS hosted on 30-31 October 2006.
Phil Fed paper on competitive effects of Basel II
Analyzing the potential competitive effects of the proposed Basel II capital regulations on U.S. bank credit card lending, the authors of the Philadelphia Fed Working Paper "Competitive effects of Basel II on US bank credit card lending" find that bank…
Paper: The Eurosystem, Fed and Bank of Japan
The ECB Working Paper "The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences" provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan.
Perhaps the FOMC did what it said it did
The Bank of Canada Working Paper "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation" uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical…
International finance and income convergence
The IMF Working Paper "International finance and income convergence: Europe is different" says recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor…
Central bank performance under inflation targeting
This Bank of Canada Working Paper analyses the inflation record of inflation targeting central banks. The authors find that a higher inflation target and a larger inflation control range are associated with more variable inflation outcomes.
Growth dynamics myth of economic recovery
Using panel data for a large number of countries, this BIS Working Paper finds that economic contractions are not followed by offsetting fast recoveries.
Structural balances and revenue windfalls
In the ECB Working Paper "Structural balances and revenue windfalls: the role of asset prices revisited" the authors revisit one of the "missing links" between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues.
A primer on sovereign debt buybacks and swaps
This IMF Working Paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations.
BoC paper on world real interest rates
Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. The Bank of Canada Working Paper "World real interest rates: A global savings and investment perspective" explores possible shifts in global savings and…
The economic impact of central bank transparency
The Working Paper "The economic impact of central bank transparency: a survey" from De Nederlandsche Bank provides an up-to-date overview of the literature on the desirability of central bank transparency from an economic viewpoint.
Trends in financial market concentration
A study forthcoming in the Federal Reserve Bank of New York's Economic Policy Review concludes that there is no pervasive pattern in the past decade of high or increasing concentration in financial markets.
On welfare benefits of an international currency
This IMF Working Paper assesses the welfare benefits associated with the international use of a country's currency.
ECB paper on globalisation and euro area trade
As a major player in world trade, the euro area is strongly influenced by globalisation, but is far from being a passive spectator, according to the ECB Occasional Paper "Globalisation and euro area trade - Interactions and challenges" published March…
BIS Papers on evolving banking systems
BIS Papers from the 'Evolving banking systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability', meeting of central banks of open economies in Latin America and the Caribbean, Jamaica, 26-27…
Opacity of a credible central bank and inflation
The Discussion Paper "Can opacity of a credible central bank explain excessive inflation?" from the University of Munich shows that, even in the absence of inflationary bias, a credible central bank may find it optimal to implement an accommodating…
Sources of inflation in Sub-Saharan Africa
This IMF Working Paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap.
Remittances in the Pacific region
This IMF Working Paper finds that the altruistic motive for remittances remains much stronger in the Pacific region than in the rest of Asia.