Growth
Central Bank of Ireland positive in quarterly bulletin
Quarterly bulletin suggests Irish growth is being held back by negative external developments; however, domestic indicators show signs of strength
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
IMF paper warns against frontloaded fiscal adjustment
Working paper studies changes in fiscal multipliers based on economy’s position in the business cycle; cautions that large budget cuts are likely to create or worsen recessions
BoJ deputy governor says central bank ready to act
Hirohide Yamaguchi suggests possibility of further monetary easing if global economic outlook worsens; nevertheless gives positive assessment of economic conditions
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Bank of Canada paper warns of shock transmission multipliers
Working paper finds financial integration between countries leads to multiplier effects in the transmission of shocks; suggests greater investment causes greater correlation of output
Bank of Italy’s economic overview paints bleak picture
Italian statistics show worsening of main economic indicators in first quarter of 2012; however government bond yields below levels at end of 2011
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
Fed’s Beige Book reports continued moderate growth
Survey of economic conditions in Fed districts find ‘modest to moderate’ growth in June and early July; respondents ‘cautiously optimistic’ about outlook
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
BIS paper argues financial systems can grow too large
Working paper examines impact of size of financial systems on productivity growth; finds size of financial sector initially boosts productivity but beyond certain threshold has negative effect
RBA minutes show cautious optimism
Minutes of Reserve Bank of Australia’s July monetary policy meeting note strong growth in domestic economy and signs of external recovery despite weakened growth in US, Europe and China
BoJ minutes reveal unanimous vote for rate hold
Minutes of Bank of Japan’s June monetary policy meeting show unanimous support for rate hold; say deflation a 'critical challenge'
Bank of Canada holds rates steady
Governing council decides to keep benchmark rate at 1%; says modest tightening of monetary policy may be justified if recovery continues
Bernanke blames Europe and fiscal cliff for stalling recovery
Chairman of the Federal Reserve says two main risks to economic improvement in the US are eurozone woes and looming fiscal cliff; urges lawmakers to act promptly
Governor of Bank of Papua New Guinea discusses mixed economic outlook
Loi Bakani gives overview of economic developments in Papua New Guinea; notes strong economic growth but warns of risks posed by declining exports and rising government debt
Philippines central bank paper analyses effect of remittance flows
Working paper considers macroeconomic impact of flows of remittances into Filipino economy; identifies number of benefits but also potential risks to competitiveness
Acting head of forecast department chosen in Vietnam
Nguyen Do Quoc Tho appointed as acting general director of the Monetary Statistics and Forecast Department at the State Bank of Vietnam; department last month published positive growth figures
RBI official highlights problematic international regulations
Reserve Bank of India executive director examines impact of converging banking regulation on India; suggests global rules may have positive spillovers, but must be tailored to domestic economy
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability