Central Banking
Swiss economy offsets last year’s losses: SNB report
Swiss National Bank 2010 Accountability Report says Swiss economy recovered losses from 2009
RBA paper estimates long-term inflation expectations
Reserve Bank of Australia study measures long-term inflation expectations in Australia
Japan injects ¥7 trillion; expands asset purchase programme by ¥5 trillion
Bank of Japan makes largest-ever same-day funds operation in bid to subdue market panic following Tohoku earthquake
EU agrees to more generous terms for Greece
Heads of state agree to lower rate of interest and extend maturity on Greek loan; no word on Ireland
Bank’s King calls for grand bargain to tackle global imbalances
Bank of England governor Mervyn King says G-20 countries must reach agreement on path to rebalance global economy; says G-20 could metamorphose into IMF governing body
ECB’s Bini Smaghi proposes single eurozone bond issuing agency
European Central Bank executive board member Lorenzo Bini Smaghi backs proposals for single eurozone government bond issuer; says agency could pave the way for a single European bond
BIS economists identify indicators of systemic risk
Bank for International Settlements research points to size as most reliable indicator of systemic importance, ahead of interbank lending and borrowing
China's growth and the yuan's status are not inextricably linked
China’s growing economic might has led to claims that the yuan will take its place among the reserve currencies. But, as Gary Smith argues, the link between GDP and reserve status is far from causal
BoJ leaps to action to soothe quake fears
Bank of Japan moves to assure investors that financial infrastructures are still working; central bank will work to maintain smooth liquidity, settlement conditions
IMF paper on foreign credit expansion in European EMEs
Fund study finds evidence of significant increase in level of foreign credit growth in emerging European countries
Foreign currency loans in EMEs supply driven: SNB paper
Swiss National Bank study finds evidence that the level of pre-crisis foreign currency loans in Bulgaria was partly supply driven
Wealth main determinant of bank service distribution: SNB paper
Swiss National Bank study says amount of bank account holders is directly correlated to wealth
RBA’s Lowe on policy implications of Australia’s higher terms of trade
Reserve Bank of Australia assistant governor Philip Lowe warns against changing the structure of the economy to reflect rise in terms of trade
Liikanen gets nod for second term at Bank of Finland
Finnish President Tarja Halonen reappoints Bank of Finland governor Erkki Liikanen for second term; Liikanen seen as still in race for European Central Bank presidency
ECB should beef up research department, look outside the EU, external review says
Independent review of the European Central Bank’s directorate general of research says central bank should expand department to meet heightened post-crisis demand
AIG makes $15.7 billion offer for Maiden Lane II
New York Fed receives formal offer for bailout vehicle containing AIG’s residential mortgage-backed securities portfolio; insurer in bid to reduce debt to Washington
Canada to launch first polymer note this year
Bank of Canada set to issue new C$100 polymer banknote in November 2011; says entire series will be unveiled in the spring
Markets wobble as Spanish downgrade, eurozone fears bite
Moody’s one notch Spanish downgrade exacerbates investor jitters a day before European Council meets to discuss EFSF, ESM, bailout renegotiations
Clarity, access to information key to financial market infrastructure oversight, say regulators
Consultation report from CPSS and Iosco says central banks, market regulators need clear, specific information to determine which financial market infrastructures need regulation
Quake forces New Zealand to cut
Reserve Bank of New Zealand reduces benchmark interest rate by 50 basis points to 2.5% following February’s earthquake in Christchurch
ECB paper on firm price adjustment behaviour
European Central Bank study examines firms’ price adjustment behaviour to demand and cost shocks
Central Bank of Chile paper on non-copper export growth
Central Bank of Chile study examines performance of Chilean non-copper exports in last two decades
Libya’s Bengdara pleads for softer sanctions on central bank: report
Central Bank of Libya governor Farhat Bengdara tells Wall Street Journal he is lobbying for some leniency on central bank sanctions; says cannot return to Tripoli
Bank of Israel on success of tax reforms
Excerpt from Bank of Israel 2010 Annual Report says recent government tax policy reduced direct taxes on labour