Advanced economies
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
Eurozone approaching ECB’s worst-case scenario – Lagarde
Economy likely to shrink by over 10% in 2020, says ECB president
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
IMF urges countries to use fiscal firepower against Covid-19
“Do whatever it takes, but make sure to keep the receipts,” says IMF fiscal chief
Financial resilience may be tested further by Covid-19 – IMF
“Sudden stop” in credit markets could feed back to real economy, and requires a “forceful response”
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, World Economic Outlook shows
Dutch economy more volatile than European peers – DNB research
Changes to pension system, mortgage markets and budgets could reduce volatility, paper argues
Do low rates spur investment?
Former IMF head writes there is little hard evidence that low interest rates spur investment
Demographic change could mark end of economic growth – NBER paper
Shrinking populations could cause knowledge and living standards to stagnate, author says
2019: The year in review
The past year saw a persistent weakening of the global economy, and some radical financial innovations
Brexit opens opportunity for EU’s capital markets union – research
Future EU-UK relations limited by Brussels’ focus on preserving integrity of internal market
Global house price growth slows, but China still surging
BIS figures show broad slowdown in growth, though prices are still rising fast in some places
Cash increasingly used as store of value – BIS report
Cash “still king”, BIS authors say, but electronic payments are taking a bigger share of transactions
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation
Tackling ‘dead-end’ monetary policy
Shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
World risks ‘global liquidity crunch’, former BIS officials warn
“Urgent action” needed to prevent crisis, say Philip Turner and André Icard
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects
Borio and co-authors attack concept of natural interest rate
BIS paper sets out a model in which “monetary policy hysteresis” can do lasting damage to the economy
Central bankers without clothes and clout
Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
Macro-pru is no panacea
Many central banks need better macro-pru frameworks
A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions
Economists say they hope for revolutionary thinking at Jackson Hole conference
Central banks face loss of independence – Central Banking survey
Cyber risks and lax supervision are biggest threats to financial stability
Overcoming deflation: Japan’s experience and challenges ahead
Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for others