Financial crisis
Bundesbank paper finds bank levy is biting
Big banks have adjusted their behaviour in response to a tax on their liabilities, but less revenue has been raised than expected, Bundesbank researchers find
BIS paper finds transmission of low policy rates to lending rates has weakened
There has been a ‘strong increase’ in the gap between the lending rate and the policy rate since the global financial crisis, a BIS working paper suggests
Global housing trends can predict domestic financial stability – Norges Bank paper
Crisis probability increases markedly when ‘bubble-like behaviour' in the housing and credit markets coincides with high leverage, research shows
CGFS pushes central banks to prepare market-making crisis measures
BIS committee warns of ‘bifurcated’ liquidity and suggests central banks prepare crisis measures to support market-making, including the potential for direct intervention in critical markets
Book notes: What Have We learned? Macroeconomic Policy After the Crisis, by George Akerlof, Olivier Blanchard, David Romer and Joseph Stiglitz
This book brings together the great and the good of the economics profession, policy-makers and academics, to assess what the dust jacket describes as the “brave new economic world"
Spain ‘decoupled’ from other eurozone economies, says Banque de France paper
Working paper warns Spanish economy’s convergence with eurozone is ‘sluggish and incomplete’, with the sharpest decoupling beginning a year before the sovereign debt crisis
BoJ paper finds US crisis policy more impactful on markets than European measures
Authors test policy responses to the global financial crisis including monetary, liquidity and financial sector policies, finding US announcements led to higher abnormal returns
Ingves: Consistent implementation needed to bring about ‘full benefits' of Basel III
Basel Committee chair says regulators and supervisors now 'accountable for the outcomes' of Basel III as reform agenda draws to a close
Lagarde rejects internal criticism of IMF austerity push
Independent Evaluation Office report out today concludes Fund's calls for fiscal consolidation in 2010-11 were ‘premature'; managing director says they were the ‘right call'
Significance of Swedish debt levels for Riksbank policy ‘exaggerated', says deputy
Per Jansson says expansive policy helped Sweden manage crisis better than many other countries; adds higher inflation is Riksbank's top priority
National Bank of Denmark narrows range of collateral it accepts
Financial market ‘normalisation' provides ‘opportunity' to omit assets made eligible after crisis to keep Danish banks from borrowing in euros
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
Paper examines mismatch in Swedish job market
Swedish economy is adding job vacancies but increasing share of workforce have wrong skill-set, Riksbank article finds
Yellen: Unexpected $400 expense would put majority of US households in financial bind
Federal Reserve chair notes many of 25 million poorest US households have no wealth or negative net worth
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
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
Mortgage credit subsidies 'disastrous for the poor'
Credit subsidies a ‘short-sighted palliative for addressing economic inequality', argue leading academics in Central Banking Journal article
Counter-cyclical liquidity hoarding could ‘strongly amplify' business cycles, according to ECB paper
Paper develops a ‘new balance sheet channel of shock transmission' that works through the composition of banks' asset portfolios
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
Dutch central bank sells claims on failed Icelandic lender Landsbanki
The Netherlands Bank recovers $2.2bn it paid out to Dutch depositors of Landsbanki in 2008 as it sells last claims on failed bank's estate to Deutsche Bank
Limits to foreign lending would cut bail-out risks, Banque de France paper claims
Paper examines why countries bail each other out, and argues a tax on lending to foreign countries would stop investors betting on an implicit guarantee
New York Fed president suggests Dodd-Frank has made investors ‘more skittish'
William Dudley notes ‘extraordinary interventions' will be more difficult to undertake, potentially destabilising the financial system by unnerving investors
Stanley Fischer upbeat on US productivity potential
Fed vice-chair says productivity cycles are ‘extremely difficult to predict'; emphasises possibility that productivity will continue to rise in line with historical average