Asset prices
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
San Francisco Fed paper on merits of leaning against asset prices
San Francisco Federal Reserve study makes case for monetary policy to lean against asset price movements
Bankers underestimate need to recapitalise: ECB paper
European Central Bank study shows bankers’ incentive to recapitalise during periods of crisis are undermined by negative externalities
Japan set to up legal reserve to safeguard against losses
Japan applies to increase capital buffer; wants to "maintain its financial soundness"
Bank Negara Malaysia - Financial Stability Payment Systems Report (2010)
Bank Negara Malaysia Financial Stability Payment Systems Report 2010 says risks to financial stability will be externally driven
Regulators misprice assets during interventions: Richmond Fed
Richmond Federal Reserve study investigates the accuracy of monitoring bank assets during regulatory interventions
Chinese house prices overvalued in some places: HKMA research
Hong Kong Monetary Authority study shows prices outstrip fundamentals in some market segments; points to importance of early warning mechanism
IMF research finds new method to model asset prices
Fund study uses a logarithmic linear method to compute risk adjustments in asset price models
Finland finds limitations in China’s monetary policy
Bank of Finland study finds China’s monetary policy strongly influences asset prices but not household consumption
BoJ’s Nishimura favours dual approach to monetary policy
Bank of Japan deputy governor Kiyohiko Nishimura says provision for credit expansions in monetary policy provides degree of flexibility in policy options
Monetary policy cannot correct over-leveraging: Bank’s Miles
Higher interest rates will not prevent build-up of debt, which amplified effects of recent crisis, says Bank of England rate-setter David Miles
IMF: low income countries lack proper monetary policy framework
Fund study shows monetary transmission mechanism in low-income countries is less effective due to institutional deficiencies
Bank of England Quarterly Bulletin (2010 Q3)
Bank of England's third quarter bulletin scrutinises sterling markets, lending for new households
St Louis Fed on asset pricing and portfolio choice
Research points to significant advances in rationalising empirical features
Focus on banks’ incentives must continue post-crisis: Bank’s Bean
Bank of England deputy governor Charles Bean says crisis focus on bank incentives must remain; financial market problems require macroprudential instruments
Ageing to drive down asset prices
Bank for International Settlements research says demographic trends will reduce house prices significantly
BoE: Asset Purchase Facility Quarterly Report (2010 Q2)
Bank of England’s latest Asset Purchase Facility Quarterly Report shows fear over eurozone debt crisis led to rise in corporate debt purchases
Taiwan’s Perng calls on banks to curb housing boom
Taiwanese central bank governor Perng Fai-nan demands lenders tighten rules in order to stifle exuberance in housing market; real estate loans worth more than half the island’s GDP
EXCLUSIVE: We must review how monetary policy impacts prices, says Plosser
President of Philadelphia Fed says central bankers need to rekindle research into monetary transmission in order to better understand relationship between monetary policy and inflation
Forum: Tackling asset-price bubbles
Central Banking asked a select panel of former central bankers and advisors if the current crisis calls for a reevaluation of the policy response to asset prices
Why money still matters
Christian Noyer, the governor of the banque de France,explains why and how money retains a prominent role in monetary policy in the Eurosystem