Central Banking
IMF paper examines impact of financial crisis on US state finances
Working paper studies effect of balanced budget rules at US state level; finds pro-cyclicality but suggests this could be mitigated without changing the rules
Governor of Bank of Papua New Guinea discusses mixed economic outlook
Loi Bakani gives overview of economic developments in Papua New Guinea; notes strong economic growth but warns of risks posed by declining exports and rising government debt
Philippines central bank paper analyses effect of remittance flows
Working paper considers macroeconomic impact of flows of remittances into Filipino economy; identifies number of benefits but also potential risks to competitiveness
Luxembourg nominates new central bank chief
Replacement must be found for Yves Mersch before he moves to European Central Bank; new director-general nominated from finance ministry
Del Missier renews pressure on BoE over Libor scandal
Former chief operating officer of Barclays Bank says he was told instruction to submit lower Libor rates came from Bank of England; directly contradicts Bob Diamond’s testimony
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
Prime minister appoints new governor in Trinidad and Tobago
Ewart Williams' replacement announced; takes over tomorrow when Williams leaves after 10 years as governor
ECB reports drop in seized counterfeit euro banknotes
Number of fake euro banknotes withdrawn from circulation falls to 251,000; lowest amount of fake notes found since 2003
Acting head of forecast department chosen in Vietnam
Nguyen Do Quoc Tho appointed as acting general director of the Monetary Statistics and Forecast Department at the State Bank of Vietnam; department last month published positive growth figures
Bundesbank paper studies changes in European monetary transmission
Discussion paper considers effect of financial crisis on transmission of European Central Bank monetary policy; finds decrease in sensitivity of Euribor to changes in central bank rates
RBI official highlights problematic international regulations
Reserve Bank of India executive director examines impact of converging banking regulation on India; suggests global rules may have positive spillovers, but must be tailored to domestic economy
ECB paper analyses risk-sharing in emerging markets
Working paper finds evidence of pro-cyclicality of capital gains on domestic stock markets; argues countries can hedge against risk by encouraging foreign investment
Atlanta Fed president weighs further policy action
Dennis Lockhart assesses need for additional monetary easing in the US; argues further stimulus likely to have limited effect and says current forecast 'untenable' if economy continues to deteriorate
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
Sarb reveals new non-executive director
Firoz Cachalia is appointed as a non-executive director to the board of the South African Reserve Bank; takes up new position on July 16
Geithner emails to King bring BBA into focus over Libor
Communications between the then president of the NY Fed and the governor of the BoE show 2008 concerns over Libor system; British Bankers' Association was asked to look at recommendations for change
Italian governor reviews uncertain outlook as Moody’s downgrades
Bank of Italy governor Ignazio Visco says banks have made progress in strengthening finances but warns of numerous downside risks; Moody’s downgrades Italy’s government bond rating
Singapore commemorates independence with heart-shaped coin
Monetary Authority of Singapore launches Singapore 47 Years of Independence commemorative coins; series includes the first-ever heart-shaped coin for the country
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
San Fran Fed president says asset purchases are ‘effective tool’
John Williams gives overview of mixed outlook for US economy; says ‘Operation Twist’ likely to have modest impact and argues asset purchases would be ‘most effective tool’ if further action is required
Central Bank of Ireland paper weighs crisis impact on SME financing
Research technical paper assesses effect of economic, financial and debt crises in Europe on small and medium-sized enterprises’ access to credit; discusses impact of private debt overhang
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Fed policy-makers hint at further stimulus
Minutes of the latest Federal Open Market Committee meeting show a number of members discussing further stimulus possibilities; moderate growth expected but also heightened risk
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability