Growth
Liberian credit grew 42.5% in 2013, says central bank annual report
Total bank assets rose by 23.7%, while deposits grew 26.1%; internal activities centred mainly on strengthening the capacity of staff to meet skill requirements, according to the bank
Central Bank of Peru revises annual growth and inflation rates downwards
Bank expects inflation, at 3% annualised in November, to converge to 2% target in 2014; IMF projects 2.5%, citing 'well-anchored expectations'
Nigerian deputy says investment, not aid, will lead Africa to prosperity
Kingsley Moghalu, head of financial stability at the Central Bank of Nigeria, calls for ‘nationally defined' growth strategy and the ‘political will' to realise it
Bank of Canada deputy takes on 'elusive' potential output
Agathe Côté says measuring potential output is a 'formidable' task; notes Canadian output gap is 'sizeable' and potential growth rate likely to remain at 2% in coming years
SNB paper tests shock response on individual sectors
Researchers apply dynamic factor model to Swiss economy to examine impact of monetary policy, exchange rates and external demand on different sectors
BoJ research proposes new method for ‘nowcasting’ GDP
Paper designs static factor model using ‘ingredients’ of official quarterly GDP statistics to estimate growth over a shorter time horizon
Macklem says Canadian exporters must look to new markets
Slowing domestic demand must be replaced with demand from other countries, says Bank of Canada deputy; faster-growing emerging markets will hold the key, he says
Customers of failing banks less likely to trust other people
DNB working paper says mistrust prompted by experience of crisis increases likelihood of bank runs and undermines long-term growth
Decline in expected real interest rates 'key' to Japanese growth
Kikuo Iwata says inflation expectations will raise aggregate demand through the transmission mechanism of lower real interest rates; calls change in public mindset key to policy success
Reserve accumulation enhances welfare if coupled with capital controls
Foreign reserve accumulation is part and parcel of a growth strategy based on strong capital investment in a financially constrained economy, according to a Banque de France research paper
Riksbank deputy: Slowing Swedish growth to be buoyed by eurozone recovery
Kerstin af Jochnick says Riksbank will conduct flexible monetary policy accounting for growth in household debt until macro-prudential policy has been established
RBI study warns against rate cut to stimulate growth
Study by members of policy and statistics departments says any benefits of a rate cut would be offset by higher inflation; Rajan points to stronger economic institutions as the key
IMF reports show French and German banking sectors are key to European stability
IMF urges France to do away with tax disincentives to deposits in an effort to broaden banks' funding sources; emphasises Germany's role in forging a robust eurozone financial architecture
South African market inefficiencies keep ‘insiders happy and outsiders out'
Sarb deputy governor Francois Groepe says speedy implementation of key proposals in the National Development Plan would be a good start for spurring more inclusive growth
Crisis altered ‘traditional factor' impact on EM capital flows, new paper finds
According to the authors, the crisis ‘brought very important changes in terms of degree, size and volatility of capital flows to emerging markets'
Policy adjustments could create 1.7 million additional South African jobs, new paper argues
‘The combined impact of reducing transport and communication costs, reducing the skill constraint, and increasing foreign direct and domestic investment' could increase potential growth to 8%
No ‘significant' correlation between declining bank credit and growth, BIS paper finds
Real exchange rates and public debt, however, show a statistically significantly correlation with recovery
IMF research quantifies distributional damage from fiscal consolidation
Working paper suggests efforts to cut budget deficits in advanced economies have raised inequality, cut the wage income share of GDP and pushed up long-term unemployment
RBA minutes reflect uncertainty over US and Japanese policy
Minutes of the June monetary policy meeting show uncertainty over effects of Japan’s easing and a possible slowdown of US policy; non-mining sector remains ‘subdued’
Riksbank paper looks at scrapping inflation target in favour of nominal GDP
Working paper concludes the inflation target should not be dropped, but only outperforms nominal GDP targeting when forward guidance is given
ECB paper finds cost of macro-prudential policies may outweigh benefits
Working paper finds macro-prudential policies can be effective in deflating asset bubbles, but warns the cost of doing so may be higher than the benefit
Bundesbank research studies how weak resolution rules impact growth
Discussion paper employs ‘catharsis indicator’ to show that stronger resolution regimes reward good firms and help to allocate credit effectively, boosting growth
Bank of Israel’s outgoing chief, Stanley Fischer, on the challenges of central banking
Stanley Fischer believes his work as governor of the Bank of Israel is done. He tells Chris Jeffery about the reform process in Israel as well as the challenges facing the world economy and the IMF
Bank of Spain says slump reached ‘nadir’ in 2012
Annual report says recovery is in progress and should continue this year, but depends crucially on continued internal adjustments and the external setting