Research
Fed paper examines non-bank emergency facility
More flexible investors tapped facility earlier, doing more to stabilise markets
ECB paper analyses financial crisis contagion
Crisis in one region can trigger more as investors reassess other markets, researchers say
CBDC little threat to Canadian bank liquidity – paper
Bank of Canada research says most bigger banks have enough funding to handle retail CBDC competition
BoE paper models macro-prudential spillovers
Agent-based model sheds light on how housing market policies affect different groups, authors say
BIS paper says people should have more power over their data
Authors propose “consent-based architecture” to let consumers control how data is used
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
QR code payments pave way for borrowing – BIS paper
Chinese merchants that offer QR code payments can more easily access credit from big tech firms
Researchers try to measure public trust in ECB
“Reflective trust” is lower than “instinctive” reaction, especially among women, paper finds
Sudden carbon price rise risks major financial shocks – ECB paper
Model looks at impact on eurozone banks of different decarbonisation measures
BoE paper finds benefits from swing pricing
Cost-benefit analysis suggests net benefit to curbing non-bank liquidity risk through swing pricing
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
Climate transition set to boost inflation, finds Swedish research
Sveriges Riksbank analyses main inflationary forces stemming from climate policies
IMF paper calls for action on long-term Covid risks
Vaccination drive is falling short and is not enough on its own, authors say
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Dallas Fed research says housing bubbles are ‘brewing’
Housing price expectations may have unanchored from fundamentals, paper finds
RBI paper finds high market power can undermine bank stability
Author documents “inverse U-shaped” relationship, suggesting only some mergers are desirable
CCP collateral regulation could limit procyclicality – BoE paper
Requiring CCPs to reinvest cash collateral can help reduce procyclicality during stress, authors find
BIS paper finds benefits from ‘deconstructing’ ESG scores
“Best-in-class” strategy can overcome problems with other approaches, authors say
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
‘Financial concerns’ impact consumption – BoE paper
Households with financial worries have a higher marginal propensity to consume, survey shows
Central banks can lean against fiscal dominance – BoC paper
Authors find monetary policy works better when conditional on fiscal policy
BIS paper estimates slack in Mexico’s informal labour market
Calculating Nairu is challenging given large unregulated sector, authors say
BIS paper finds real links matter for asset price co-movement
Real economic integration may be more important than previously thought, authors say
IMF paper finds falling r* should eventually reverse
Authors say several policies could be used to push natural rate back up