Emerging markets
Better swap lines could support global co-operation – BIS’s da Silva
Improving the global network of swaps, particularly between advanced and emerging economies, could create a more stable system, deputy general manager says
Declining inflation reduces pass-through effects for emerging markets – BIS paper
Central banks should be less fearful of floating their exchange rates; emerging markets should take note exchange rate channel could be “less effective” in affecting inflation
BIS survey points to turnaround in global forex volumes
Latest survey suggests more than a decade of growth may have come to an end, as data points to a restructuring away from spot trades towards derivatives
FSB looks to halt correspondent banking decline
Board says it is working on filling data gaps, clarifying regulatory demands and building local capacity as signs point to a sharp decline in parts of the world
Property prices closing in on pre-crisis levels – BIS statistics
Statistics for the first quarter show advanced economy prices approaching levels last seen before the financial crisis, but emerging markets see a dip; research links house prices to credit conditions
Frontier markets need framework to strengthen capital flow resilience – IMF paper
Frontier markets are affected by capital flows in similar ways to emerging markets, the paper argues, suggesting a change in the “landscape” of capital flows could have policy implications
Data gaps hamper work on emerging market vulnerabilities – BIS paper
Large debt stocks, particularly in foreign currencies, point to vulnerabilities in some emerging markets, but gaps in the data are hampering analysis, BIS economists say
IMF’s Lipton stresses importance of multilateralism
IMF first managing director calls for co-operation between emerging markets and advanced economies to help foster growth in the wake of Brexit
Prepare to fail
Jesper Berg offers advice to those looking to build financial stability frameworks, and says failure has to be part of the package
BIS: Central banks playing for 'high stakes' as financial cycles turn
Central banks need to lean against financial cycles but fiscal policy should come to their aid, BIS says; cycles may be turning in opposite directions in advanced and emerging economies
Dollar strength behind breakdown in economic paradigm, says Shin
BIS head of research points to failure of covered interest parity post-2008, with the strength of the US dollar correlated with the size of market anomalies
Beware the bond price snapback, says BIS’s da Silva
Poor understanding of inflation drivers and possible disequilibrium from ultra-low rates mean emerging markets should not get too comfortable, says deputy general manager
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
IMF’s Rennhack outlines challenges facing LatAm economies
Robert Rennhack sees terms of trade driving real exchange rates; tells audience in Mexico region as a whole is in recession
Time ‘ripe’ to consolidate public banks – RBI’s Gandhi
Consolidation could help banks spread their risk and compete on a global scale, deputy governor says – though they may need a “nudge” from government to get going
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
Advanced economies could learn from EM counterparts in managing balance sheets, paper says
Composition of advanced economies' balance sheets is aligning in some respects to their EM counterparts, largely as a consequence of increasing size since the financial crisis, paper says
Reformed IMF could strengthen global safety net – paper
Improving the International Monetary Fund may require revised toolkit; global financial safety net is failing in many regards, and needs reform, IMF policy paper says
SNB made investment ‘innovations’ in 2015, report says
Central bank made first investments in new assets and began to wield voting rights to influence corporate governance in 2015, annual report shows
Currency networks shape global spillovers, BIS authors find
Authors make use of recently enhanced BIS data sets to map currency networks, studying how these affected the risk-taking channel of monetary policy during the ‘taper tantrum’
BIS paper: short-term interest rate may no longer be enough to set policy
Globalised debt markets, the falling long-term interest rate and dollar debt accumulation has altered every major aspect of the monetary transmission mechanism in emerging markets, authors say
Central banks running out of room amid turbulence, BIS warns
Confidence in central banks is “faltering” as policies prove impotent, while negative rates erode bank profitability and debt levels weigh on global growth
Turkey’s Kenç sheds light on central bank ‘roadmap’
Deputy governor tells Central Banking conference that a 'roadmap' of policy changes helps improve confidence in the economy; says the central bank has gained market trust despite independence fears
IMF urges ‘comprehensive approach’ to growth that reduces reliance on monetary policy
International Monetary Fund calls for coordinated policy response ahead of G20 meetings; policy-makers ‘must act now’ to implement strategies