Debt
RBNZ governor weighs impact of debt burden on growth
Alan Bollard says large accumulation of private debt prior to financial crisis contributing to a ‘tepid’ recovery; argues a rebalancing of the economy is still to come
Central Bank of the Philippines governor outlines lending transparency initiatives
Amando Tetangco emphasises importance of ‘truth and transparency’ of lending to ensure microfinance schemes are sustainable; highlights central bank efforts to improve disclosure
Ex-UK MPC members discuss future of eurozone
Panellists at event in London say euro will survive but with a smaller group of countries; argue UK is in dangerous position to respond to eurozone collapse
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
RBI shuns foreign investors and derivatives in favour of structural ALM, says former deputy governor
Shyamala Gopinath believes market structure and regulation can be used to create ‘natural’ asset and liability management; approach is superior to managing risks with financial hedges
IMF paper examines impact of financial crisis on US state finances
Working paper studies effect of balanced budget rules at US state level; finds pro-cyclicality but suggests this could be mitigated without changing the rules
Central Bank of Ireland paper weighs crisis impact on SME financing
Research technical paper assesses effect of economic, financial and debt crises in Europe on small and medium-sized enterprises’ access to credit; discusses impact of private debt overhang
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
IMF paper studies debt sustainability in low-income countries
Working paper considers effect of financial crisis on debt sustainability in low-income countries; finds short-term impact but a return to sustainable levels in the longer run
RBI paper suggests alternative to Basel capital buffer
Working paper considers applicability of using debt-to-GDP ratio as guide to capital buffer; argues India requires a different method to assess capital requirements
Australia’s Debelle defends rate cuts
RBA assistant governor says central bank’s rate cuts will have an effect; argues housing market is stronger than many critics believe
Bank of England to post collateral in OTC derivatives trades
BoE thought to be the first major central bank to change policy on collateralisation as it seeks to reduce dealer funding charges
Riksbank commentary challenges EC debt measure
Economic commentary assesses measure of private debt to GDP used by the European Commission in its February report on imbalances in the EU; says measure overestimates debt in Sweden
UK credit and liquidity schemes met with uncertainty
BoE and government announce plans to improve credit and liquidity picture in UK; banks’ shares rise but questions remain on effectiveness of plans
RBI advisory committee strikes note of concern
Minutes from Reserve Bank of India Technical Advisory Committee on Monetary Policy meeting show fears over global and domestic economic challenges
Bank of Spain plays down bank nationalisation talk
Spanish central bank says customers and depositors of Banco Financiero y de Ahorros have "no cause for concern" as the possible use of public funds to stabilise the firm is discussed
Survey shows tighter credit standards for households in Norway
Norwegian central bank lending survey shows impact of tighter regulatory conditions on household lending; finds credit standards have tightened for households
IMF discussion note calls for 'bail-ins' for resolution of Sifis
International Monetary Fund discussion note explores the potential for ‘bail-ins’ to resolve problems posed by systemically important financial institutions (Sifis)
Bank of Portugal paper explores optimal capital structure for businesses
Structure of optimal level of debt a key decision for business, says Bank of Portugal working paper
Netherlands Bank research links financial development to net foreign asset composition
Working paper concludes that as a country’s financial position improves, net foreign asset composition likely to decline
Ireland’s Honohan laments indebtedness in the country
Patrick Honohan says sorting out the debt troubles of the Republic of Ireland is a matter of 'immense national importance'
Hong Kong and Malaysia launch investment and settlement pilot platform
Hong Kong Monetary Authority, Bank Negara Malaysia and Euroclear Bank launch new pilot platform for cross-border investment and settlement of debt securities; culmination of work started in 2008
Bank lending 'steady' according to Central Bank of the Philippines
Latest data shows bank lending grew at a 'broadly steady pace' in January, central bank says
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade