Research
Eurosystem is less transparent and efficient than Fed, research finds
European central banking structure is twice as expensive as its US equivalent
Bank of Spain warns Catalan crisis may cut growth by 60%
Uncertainty could imperil Spain’s recovery and reduce growth by 2.5% of GDP until late 2019
OTC derivatives fall to lowest levels since financial crisis, BIS says
The gross market value of outstanding OTC derivatives contracts falls to below $13 trillion at mid-2017
European firms’ net debt cramped investment, Bank of Italy paper finds
Paper looks at eurozone and UK firms from 2006 to 2012
BIS paper surveys financial shocks in Latin America
Authors study the most effective policy response to financial shocks in different countries
Irish economy significantly affected by shocks from UK, researchers say
Falls in UK growth and depreciation of pound have “sizeable” impact on Ireland, paper says
Scottish central bank could be based around ‘stakeholder’ framework
Think-tank proposes framework for Scottish central bank, should independence vote occur, based around a “stakeholder” structure
Anti-gambling nudges can improve household finances – Philly Fed research
Natural experiment shows how removing “geographically close cues” can help tackle addiction
Market structure affects monetary neutrality – paper
Minneapolis Fed research finds oligopoly undermines the neutrality of money, amplifying the real impact of monetary shocks
Internal capital reallocation matters, BIS paper finds
Authors model response of a bank to tightening capital constraints, shedding light on how banks may respond to changes in their environment
Paper examines EM response to global liquidity shocks
Emerging markets reduce rates and increase reserves in the face of positive liquidity shocks
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
ECB QE lowers yields via portfolio reshuffling – research
Sovereign bond-buying programme sharply reduced 10-year Bund yields
Norges Bank says it is still capable of managing wealth fund
Central Bank Law Commission recommends creating a new entity to manage the Government Pension Fund Global
Text mining reveals differences in PRA approach
Researchers compare Prudential Regulation Authority’s communications to its predecessor using a machine-learning algorithm
Zimbabwe back in hyperinflation, say Hanke and Bostrom
The economists estimate that Zimbabwe’s monthly inflation rate is now above 100%
US debt and delinquency exceed pre-crisis levels – research
After five years of deleveraging, US households started to increase their debts in 2013
BoE paper studies interest rates across eight centuries
In July 2016, the global risk-free rate hit its lowest level since at least 1273, according to a new extra-long-term dataset
US income inequality boosted by top 0.01% – research
Income via “pass-through businesses” is a great contributor to top inequality
Paper highlights disparity in which fields of economics women enter
New York Fed study examines female participation rates in economics through conference case study, suggesting there may be barriers for women entering finance
BoE paper examines regulation spillover effects
Case study analyses effect of Spanish balance sheet regulation on Mexico’s economy, showing housing credit contracted
RBA needs representative for the poor – religious group
The proposed new board member would help the central bank understand the effect monetary policy has on the poor, says group
Fiscal policy shocks amplified by accommodative monetary policy – paper
IMF research analyses impact of government spending spillovers, noting effects are amplified in countries with interest rates near the lower bound
FSI paper offers lessons from Asia for IFRS 9 transition
Jurisdictions may wish to draw on Asian approach to provisioning when moving to IFRS 9