Imbalances
RBA’s Ellis examines the central banking community’s gender problem
RBA makes changes to processing candidate applications to remove unconscious bias, Ellis says; central bank recognises women face challenges when entering economics
BoE’s Forbes outlines new thinking on current account imbalances
Breaking current account into trade and financial components allows more detailed analysis of when a large imbalance is dangerous and what shocks could cause trouble
Regulation affects pass-through to current account, BoE paper finds
Discussion paper sets out theoretical and empirical backing for idea that low rates can cause a current account deficit to grow, in the presence of liberalised financial markets
Bank of Canada's Poloz says economic models 'better source of questions than answers'
Governor warns Canadian household imbalances could eventually result in 'sharp correction'; argues deflation still bigger concern than 'explosion in inflation' prompted by loose monetary policy
Bhutanese central bank warns of external imbalances
Royal Monetary Authority of Bhutan monetary policy statement outlines threats to currency peg; says long-run solution requires strengthening of macroeconomic fundamentals
SNB reports on countercyclical capital buffer implementation
Swiss National bank report clarifies the central bank’s role in the implementation of a new countercyclical capital buffer in line with Basel III
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
IMF working paper examines China’s current account imbalances
IMF working paper concludes that total rebalancing has not occurred in Chinese economy as domestic imbalances increase and external imbalances fall
IMF working paper suggests financial sector reform key to rebalancing Chinese economy
Reforms that lead to real interest rates rising and appreciate the real effective exchange rate would contribute to rebalancing growth in China toward private consumption, finds IMF research
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
RBNZ reviews policy choices to tackle macroeconomic imbalances
Reserve Bank of New Zealand paper says policies that promote savings in the private and public sector can help overcome macroeconomic imbalances
Deficits are not always bad: RBA’s Debelle
Reserve Bank of Australia assistant governor of financial markets Guy Debelle says current account deficits are not always bad and do not necessarily equate to an imbalance
ECB paper on exchange rate misalignments
European Central Bank study identifies methods to improve policymaking under exchange rate imbalances and fluctuations in capital flows
IMF urges further Spanish reforms
IMF mission to Spain says authorities have implemented strong fiscal and structural reforms to aid recovery, but plans need to be strengthened
Bank of Finland highlights threat of dual imbalance in China
Bank of Finland study shows large external imbalances in China’s current and capital account risk creating asset bubbles
Sweden’s Ekholm not in favour of current account targets
Riksbank deputy governor Karolina Ekholm says central banks should not set targets for how large their deficits and surpluses can grow
FDI boosts external balances: IMF paper
IMF study shows central eastern and southeastern Europe region benefited from large foreign direct investment pre-crisis
RBNZ’s Bollard plays down benefits of macroprudential tools
Reserve Bank of New Zealand governor Alan Bollard says expectations that macroprudential instruments will bolster financial system must be realistic
Trichet urges rules-based approach to excessive deficit reforms
European Central Bank president Jean-Claude Trichet calls for use of strict rules to adhere to excessive deficit reduction procedure
China’s financial system, not renminbi, source of imbalances: St Louis Fed paper
St Louis Federal Reserve study says revaluation of renminbi will not address source of trade imbalances and may prove counterproductive
ECB’s Bini Smaghi on causes of euro-area imbalances
European Central Bank executive board member Lorenzo Bini Smaghi says lack of labour and product market reforms created imbalances in euro area
Buba paper covers US drivers of imbalances
Bundesbank study says household and firm behaviour can explain why decline in US productivity was a driver of global imbalances
Norges Bank’s Nicolaisen gives advice on rate-setting in turbulent times
Norges Bank director of monetary policy Jon Nicolaisen on setting monetary policy in volatile economic times
Imbalances could treble in next two decades: Bank's Haldane
Bank of England executive director Andy Haldane charts course of global imbalances, pointing to trends likely to widen them