Asset prices
IMF paper analyses savings and investment response to shocks
IMF researchers study response of savings and investment to income shocks; find high volatility of permanent shocks creates “volatility trap”
BIS paper studies financial transmission channels
Working paper analyses role of financial system in affecting economic growth and stability; emphasises importance of financial sector in macroeconomic models
BoJ to purchase another ¥10 trillion of JGBs
Bank of Japan increases size of asset purchase programme in line with expectations; faces call to end 'banknote rule'
IMF research investigates impact of asset prices on credit growth
IMF working paper examines the impact of asset prices on credit growth; concludes monetary policy should consider the impact of asset price movements
BIS study looks at financial volatility prediction
Bank for International Settlements researchers investigate the prediction of financial volatility using economic variables
Fed paper studies the effect of Tarp on bank risk-taking
Discussion paper says the increase in risk-taking without an increase in lending following Tarp capital injections “is suggestive of moral hazard due to government ownership”
Bank of Portugal paper revisits asset pricing with a bank risk factor
Bank of Portugal research paper investigates how the banking sector influences the stock returns of non-financial firms
International asset markets remain largely segmented: Dallas Fed paper
Dallas Federal Reserve study finds evidence that asset markets are still heavily dependent upon local risk factors
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