Emerging markets
Hélène Rey warns advanced economies are not safe from US spillovers
Leading economist says spillovers from US monetary policy affect both advanced economies and emerging markets, weakening domestic policy; NY Fed's Bill Dudley responds
MAS chief sees SWFs struggling with secular stagnation
Ravi Menon urges sovereign wealth funds to move beyond traditional asset classes to tackle diminishing returns
Caruana sees role for BIS in ‘digital financial inclusion’
Standard-setting bodies need to work together to maximise benefits of new technology, and the BIS provides an excellent forum, Caruana says; RBI board member offers lessons from India
FSB spotlight catches assets moving into the shadows
Shadow bank monitoring exercise shows assets stable inside the traditional banking sector but growing outside, as FSB publishes breakdown of data by jurisdiction for the first time
Central Bank of Brazil hikes rates following knife-edge election
Split MPC raises Selic rate to 11.25% in surprise decision amid ‘less favourable' inflation outlook; ‘sign inflation may be given greater priority' by re-elected government, analyst says
Buba research links output volatility and capital flows
Discussion paper finds countries with more volatile growth rates face greater procyclicality of capital outflows, which may be a result of precautionary saving
IMF's Blanchard warns macro-prudential tools ‘may not be up to the task'
Chief economist outlines benefits of debt-financed infrastructure projects in the eurozone at opening of IMF and World Bank annual meeting
Lagarde sees black clouds over monetary policy normalisation
IMF managing director underlines risk of spillover effects as Fed winds down monetary easing; says ‘asynchronous’ normalisation could come back to bite advanced economies
IMF flags up uneven application of shadow banking regulations
Report finds ‘indications of increased market and liquidity risk' in sector; China ‘stands out and warrants particular monitoring'
IMF warns of new asset bubbles caused by ‘expansionary policies' post-crisis
Report finds global imbalances are shrinking, and concludes this is driven by structural reduction in demand rather than ‘expenditure switching' to domestic products
Trinidad central bank hikes rates in response to Fed forward guidance
‘Altered expectations' over timing of US normalisation puts pressure on Caribbean economy; necessary to ‘enhance appeal' of currency, says central bank
Central Bank of Turkey quadruples amount of forex on offer in daily auctions
Lira's ‘heightened volatility' follows bank's decision yesterday to hold interest rates steady; pressure on forex the result of geopolitical risk, says analyst
Latvian paper proposes refinement to definition of trade
Working paper produces measure to better account for the value added component of trade; authors argue this better captures a country’s contribution to world markets
Lower outside demand and structural bottlenecks explain EM slowdown, IMF paper finds
Slowdown a ‘remarkable feature for a non-crisis period' in emerging economies that was largely unanticipated by scholars and forecasters, paper notes
Sarb governor Gill Marcus to step down
Governor of South African Reserve Bank will leave when her term expires in November; move came as a surprise to many market watchers
State-owned banks played counter-cyclical role in EMs following financial crisis
Credit growth by foreign banks lagged behind that of domestic banks in Asia, Latin America and ‘emerging Europe', IMF working paper finds
BIS warns of risks related to dollar-denominated corporate debt in EMs
Hyun Shin says cross-border bank lending has seen first ‘substantial increase for some time', while Claudio Borio cautions against ‘exceptionally low' volatility in financial markets
Global financial system's future hinges on China's willingness to accept emerging India
India's emergence - and China's willingness to tolerate it - will be ‘test of survival' for the global financial system in the coming years, argues Deutsche Bank report
Dealing with ‘insidious' crises a ‘difficult proposition' for policy-makers, argues IMF paper
Conventional balance-sheet crises, however, are more effectively detected and contained than before the financial crisis, paper adds
Emerging currencies face uphill battle for true internationalisation
BIS report published alongside major EME survey also warns the costs of an international currency might outweigh the benefits
Portfolio flows to emerging markets make asset prices volatile - IMF paper
Working paper unpicks domestic pull factors versus global push factors, finding the latter more powerful in determining portfolio flows
Capital lured to EMs by interest rate differentials, CBRT paper finds
Inflation and global liquidity other important drivers of international capital flows post-crisis, but countries' growth rates have less effect
Chile cuts interest rates to lowest level since February 2011
Central bank may resort to additional cuts in the months ahead as growth disappoints; Number of Latam economies have performed below expectations so far this year
IMF paper finds Latam growth likely to slow even if commodity prices remain elevated
Growth over next half-decade expected to be 150bp lower than during boom years; need for 'ambitious structural reforms' to secure 'medium-term growth'