Counter-cyclical
IMF paper on leaning against the wind in Latin America
Fund study says countercyclical instruments are an effective tool to restrain excessive credit growth in Latin American countries
IMF study on financial frictions in EMEs
Fund paper shows developing economies are more exposed to financial frictions than emerging markets
Monetary policy shocks transmit through countercyclical markups: Bank of Canada paper
Bank of Canada study shows countercyclical markups help explain effects of monetary policy shocks in Canada
Spain should consider regulatory overhaul: FSB peer review
Financial Stability Board peer review calls for Spanish authorities to consider new regulatory structure once market turmoil has subsided; separate review of Italy also published
ECB opines on Basel countercyclical buffer
Central bank cautions against mechanical application of credit-to-GDP ratio for calibration
Countercyclical measures key to stemming Indian inflows: Strauss-Kahn
IMF managing director Dominique Strauss-Kahn says adoption of countercyclical macroprudential measures eased capital inflows to India
Trichet: ESRB to review counter-cyclical capital buffers
European Central Bank president Jean-Claude Trichet says counter-cyclical capital buffers a good starting point for European Systemic Risk Board
Bundesbank: fiscal stimulus contractionary in long term
Bundesbank study shows lump sum debt financing has short-term economic benefits but long-term costs
More discord over Basel III countercyclical buffers
Basel Committee’s Peter Praet acknowledges disagreement; Charles Goodhart warns lack of consensus will stop central banks acting to stem financial imbalances
BoC: contingent capital must supplement counter-cyclical capital buffers
Bank of Canada study says contingent capital more effective in providing liquidity to banks in a crisis
BIS: Top-down approach to countercyclical capital buffers preferred
Bank for International Settlements paper on capital buffers says a bottom-up approach is more favourable to a top-down as bank specific factors neglect variable differences in capital structures of firms
Price stability rightly remains sole focus of monetary policy: IMF
Fund directors say macroprudential measures, rather than monetary policy tools, should deliver financial stability; propose measures including dynamic provisioning framework
Trichet: Reforms must keep an eye on financial markets
ECB president Jean-Claude Trichet outlines four main areas of reform in the financial sector where there is further room for improvements