Growth
Malta quarterly review presents mixed outlook
Quarterly review reports weak but improving economic activity; calls for government action to reduce debt and pursue structural reforms
BoE’s Weale discusses monetary policy challenges
Martin Weale paints bleak picture of the global economy; says new Bank of England schemes should help to support the recovery
Reserve Bank of India's governor defends policy stance
Duvvuri Subbarao responds to critics of the RBI’s tight monetary policy; says central bank’s actions are justified despite supply shocks and slowing growth
IMF paper assesses impact of financial sector size
Working paper examines the effect on growth of varying sizes of financial sectors; finds that above a certain threshold, financial sectors have a negative impact on growth
Bank of Israel review shows mixed economic outlook
Review of economic developments gives mixed assessment of economic outlook; says growth below potential but inflation on target
UK inflation unexpectedly drops again
Office for National Statistics reveals CPI annual inflation fell this month; leads to renewed QE expectations and predictions of on-target inflation figure by the end of the year
IMF paper builds dynamic model of systemic risk
Working paper develops dynamic model of risk based on combination of underlying risk factors; finds this provides better warning signals than models with non-dynamic thresholds
RBI holds rates fearing impact of further QE abroad
Reserve Bank of India says another round of quantitative easing in advanced countries would have an adverse impact on growth and inflation; keeps rates on hold in anticipation
BoJ’s Shirai considers eurozone impact on Japan
Sayuri Shirai examines eurozone crisis and discusses impact on Japan; sets out three main channels through which the economy is affected
BIS paper examines impact of financial cycle
Working paper studies the financial cycle and its relationship to the business cycle; emphasises importance of considering the medium term in designing policies
Bank of Finland predicts weaker economic outlook
Latest economic outlook edition of Bank of Finland journal forecasts slowdown in Finnish GDP; highlights risks posed by increased current account deficit
Shirakawa calls for stronger trans-Pacific links
Masaaki Shirakawa delivers speech encouraging countries to strengthen economic ties across the Pacific; describes stronger links as a “win-win” situation
MAS survey shows optimism about economy
Forecasting survey highlights positive views on economy in Singapore; GDP growth expected to strengthen over coming year
RBA governor positive about Australian economy
Glenn Stevens optimistic about Australian economy; warns however against attempts to “engineer a return to the boom”
Bundesbank raises 2012 growth prediction
German central bank records marginally more positive growth expectation for the economy this year; still harbours significant concerns on key issues such as unemployment
IMF paper develops model of world economy
Paper builds structural macroeconomic model of world economy; says such models are “prerequisite” to IMF surveillance
Fed policy-makers consider further QE
Janet Yellen “convinced” of scope for further expansion of Fed balance sheet; Bernanke says rapid fiscal tightening a “serious threat” to recovery
RBI’s Chakrabarty explores financial education in emerging markets
Deputy governor of the Reserve Bank of India discusses importance of financial education in emerging markets; says raised savings rate a “necessary condition” for double-digit growth
BIS researcher examines countercyclical policy in emerging markets
BIS Quarterly Review special feature assesses the use of countercyclical policies in emerging markets; finds broad implementation of stabilising monetary and fiscal policies
Fed’s beige book shows continuing modest growth
Federal Reserve economic summary reports continuing growth across the US; describes moderate wage growth and inflation
Central Bank of Belize publishes annual report
Annual report published by Central Bank of Belize says central bank is “cautiously optimistic” regarding economic outlook
BoJ’s Shirakawa considers demographic change in Japan
Governor of Bank of Japan examines macroeconomic impact of aging population; emphasises that Japan need not accept a lower long-run growth rate
Bank of Italy paper analyses impact of organised crime
Working paper estimates counterfactual economic performance in the absence of organised crime; finds mafia presence lowers Italian growth path
Latvia governor assesses state of domestic economy
Bank of Latvia governor discusses developments in the Latvian economy as central bank leaves interest rates unchanged