Oil
Norway’s oil fund recommends bond portfolio shake-up
NBIM managers recommend cutting riskier investments from bond benchmark index to improve flexibility and alignment with its goals
Russian central bank acts to save systemically important bank
Bank of Russia appoints administrators to country’s eighth-largest commercial bank
Norway’s pension fund grows on rising equities
The world’s largest sovereign wealth fund grows, thanks to European equities, but low rates and oil prices remain long-term challenges
Ecuador’s central bank forecasts sustained recovery
Nation experienced two years of recession on falling oil prices, but stable commodity prices, fiscal austerity and stronger trade links with Europe expected to support growth
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
BoE’s Broadbent: globalisation has been largely a good thing
Bank of England deputy says flexible labour market has helped dull the pain of adjustment to trade shocks, while lower prices have most benefited the poorest groups
BEAC to implement measures to rebuild reserves across region
African central bank to restrict bank refinancing, while attempting to modernise its liquidity and monetary policy framework; previous monetary policy has contributed to current account deficit
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Divided Central Bank of Colombia votes to cut interest rates
Worries about inflation not returning to target spur board to cut interest rates to 5.75%; external conditions remain a concern despite slightly better inflation data
Norwegian commission calls for reform of Norges Bank
Mandate, board and legislation should all be changed, says former governor Svein Gjedrem
Recovery increasingly resilient; inflation predictions down – ECB
GDP forecasts revised up and ECB says recovery is “broadening”, but inflation projections revised down
Riksbank paper studies impact of oil on world business cycle
Researchers find possible solution to macro puzzles by introducing oil shocks into a model of the global economy
Olsen highlights the importance of responsible investment
New ethics rules saw numerous companies excluded from the GPFG last year
Norway’s oil fund delivers strong returns in 2016
Fund enjoys nearly 7% growth, with strong equity performance leading the way; strategy envisages work to improve efficiency and overhaul investment platform
Norway’s Olsen warns of dangers of dipping too deeply into oil fund
Norges Bank governor says risk of a sharp decline in the fund’s value becomes much greater if the government increases its oil revenue spending
Capital account management could prevent ‘commodity curse’, BIS paper shows
Authors suggest options for small open economies dealing with commodity booms; solutions could prevent reductions in welfare and support the tradable sector
Azerbaijan raids oil fund as central bank reserves dwindle
President allocates chunk of oil fund to top up central bank reserves, as pressure on the manat continues
Venezuela central bank launches new banknotes amid soaring inflation
The bolivar has weakened to unprecedented levels as inflation soars and political instability engulfs the nation; new note series’ highest denomination is 200 times larger than current highest
Norges Bank recommends higher equity share for oil fund
Declining global growth and lower volatility suggest a larger equity share is both desirable and manageable, central bank says
Gulf central banks should act to boost liquidity – IMF report
Improved liquidity assistance frameworks, better forecasting and deeper Islamic liquidity markets would help ease conditions
Negative oil shocks outweigh positive ones, says Irish paper
Researcher uses TVAR model to examine eurozone data; concludes size of oil price and economic shock also affects impact on inflation
Oil price rises and US GDP growth have ‘complex relationship’ – paper
Paper studies interaction of oil price and economic growth in US from 1875 to 2016
Dominican Republic central bank hikes despite falling inflation
Central bank action comes as economy grows more than expected, although inflation is well below target; US factors prove a concern