Emerging markets
Emerging markets benefited from solid balance sheets, says BIS paper
Bank for International Settlements study says Latin American and Asian countries experienced more sustainable levels of credit growth due to healthy balance sheets pre-crisis
Rapid credit growth in Asia driven by domestic factors, says IMF paper
International Monetary Fund study says domestic monetary policy can play a pivotal role in managing credit growth in emerging Asian markets
IMF paper finds inflexible exchange rate regimes most exposed to hot money
Fund study says relatively inflexible exchange rate regimes need to be counteracted by carefully designed macroprudential policies
IMF’s Shinohara urges emerging markets to rethink fiscal approach
Fund deputy managing director Naoyuki Shinohara says advanced economies must walk narrow path to address fiscal imbalances; emerging and developing nations should reconsider pace of adjustment
Fischer calls Israeli economy a ‘miracle’
Bank of Israel governor says peace deal is needed to achieve the growth and prosperity the country deserves; refuses to set timeline for returning interest rates to 'normal level'
RBI’s Mohanty discusses limitations of capital controls
Reserve Bank of India executive director Deepak Mohanty says India’s external debt service position has improved, but country’s external position remains vulnerable
Precautionary motives drive rapid build-up of reserves in EMEs, says IMF paper
Fund study shows stockpiling of international reserves in emerging markets are motivated by insurance against capital account, rather than current account shocks
World Gold Council predicts ‘record year’ for central bank gold purchases
Trend of central banks being net purchasers to continue; latest update from World Gold Council predicts ‘record year’ of buying
IMF fears eurozone crisis will stall global recovery
World Economic Outlook slashes growth projections for 2012 as downside risks to eurozone economy intensify; IMF warns spill-over effects could slow economic activity globally
Employment protection can amplify business cycles: IMF paper
Fund study shows lower firing costs can reduce output volatility in emerging markets during recessions
BIS stresses central banks' role in combating global liquidity problems
Bank for International Settlements releases quarterly review; says central banks have the power to limit liquidity crises; study finds QE may not be as effective as was hoped
IMF paper highlights risks of strong cross-border banking links
Fund study shows funding cost advantages enjoyed by emerging subsidiaries of advanced economies’ banks can lead to excessive credit growth and financial risks
Central Bank of Brazil paper addresses exchange rate puzzle in emerging market economies
Central Bank of Brazil study says contraction in monetary policy does not always lead to an appreciation in the domestic currency
Chile’s De Gregorio discusses how to tackle asset-price bubbles
Central Bank of Chile governor José De Gregorio says distortions in asset markets are often best addressed using foreign exchange interventions
Time for timidity has passed, says Lagarde
Christine Lagarde calls for action from developed and emerging economies; tells Russia to rebuild fiscal buffers
Interview: George Milling-Stanley
As George Milling-Stanley leaves his role as managing director, government affairs at the World Gold Council, he summarises gold market trends and its role in central banks' reserve portfolios
Emerging market monetary policy is a balancing act: Sarb’s Mminele
South African Reserve Bank deputy governor Daniel Mminele says monetary policy is delicate balancing act in current environment of elevated inflation risks and slow global growth
G-4 liquidity caused surge in captal inflows: IMF paper
IMF study attributes recent increase in capital inflows towards emerging markets to highly accommodative monetary policies in G-4 countries
Central banks shy away from euro reserves
New data from the IMF’s currency reserves database suggests reserves accumulation has slowed during 2011 and the appetite to hold euro reserves has also waned, particularly in emerging markets
G-20 commits to ‘strong and co-ordinated’ response to challenges
G-20 answers calls for united action; countries commit to implementing credible fiscal consolidation plans, and ensuring strong, sustainable and balanced growth
Developing country representatives lament poor banking oversight
Intergovernmental Group Of Twenty-Four On International Monetary Affairs And Development says IMF surveillance of financial institutions is scuppered by weak implementation framework and practices
RBI’s Subbarao on scaling up corporate governance in emerging markets
Reserve Bank of India governor Duvvuri Subbarao says banks’ special role as financial intermediaries requires special corporate governance rules
ECB paper on changing trend of capital inflows
European Central Bank study shows capital inflows globally have been driven by a variation of pull and push factors since the crisis
BIS must continue to evolve: Caruana
General manager, Jaime Caruana, says BIS must continue to adapt to a changing world; working to incorporate emerging economies effectively