Trade
ECB paper proposes new metrics for competitiveness
Researchers say that conventional indicators of competitiveness are losing their relevance as production spreads across borders, and propose two new measures based on concept of global value chains
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
Terms of trade volatility exacerbates shock effects for small open economies
Research conducted at the Reserve Bank of Australia says big fluctuations in terms of trade compound the effects of a terms of trade shock in small, open economies
Fall in equities most significant global impact of euro crisis, says ECB paper
Working paper measures impact of euro debt crisis on global financial markets; says the transmission ‘hinges more on trade than on finance’
Incomplete information can lessen the effect of shocks, paper finds
Australian research finds economic agents unable to tell how permanent a term of trade shock will be, but incomplete information means their reaction to shocks is more cautious
RBI report condemns ‘excessive’ gold demand
Reserve Bank of India working group recommends gold imports are reduced to protect the country’s balance of payments and currency reserves
Asic to consult on trade repositories in first quarter 2013
The Australian securities regulator is looking to consult on its trade repository plans at the end of the first quarter, with an eye to implementing the regime later in the year
Solomon Islands hit by trade deficit
Quarterly review of economic performance in the Solomon Islands reveals drop in country’s trade balance; weaker export production responsible
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
New report calls for CCP resolution regime
Centre for the Study of Financial Innovation report recommends resolution regime for 'risky' central counterparty clearings
HKMA deputy dismisses yuan competition fears
Competition in the offshore renminbi market offers opportunities that can be exploited to increase Hong Kong’s share of the market, says Eddie Yue
IMF paper analyses China’s trade impact on Europe
Working paper investigates links between trading competitiveness in China and the EMU; finds different results for euro periphery and core countries
National Bank of Belgium paper studies effect of shocks on US trade balance
Working paper analyses link between shocks to the marginal efficiency of investment and the US trade balance; argues this constitutes a significant element in forecasting US trade fluctuations
Bank of Korea finds slight increase in North Korean GDP for 2011
Estimates by Bank of Korea suggest North Korean GDP grew by 0.8% in 2011; represents first year of positive growth since 2008
Aussie demand surges following recent RBA rate cut
The Reserve Bank of Australia’s decision to cut interest rates on May 1 led to a sharp fall in the Australian dollar, but has also caused an uptick in demand for the currency, according to FX traders and strategists in the region
JP Morgan loss flags shortcomings of Volcker rule
Questions raised after chief executive claims new regulation would not have prevented the risky trades that caused JP Morgan to lose $2 billion; first version of regulation may have, says Caprio
Research calls for reduction in trade barriers between Asia and Latin America
Joint research by Asian Development Bank and Inter-American Development Bank calls for barriers to trade to be reduced between regions
Bank of Finland research examines link between retail payments and economic growth
Bank of Finland discussion paper highlights the link between increased use of electronic payments systems and economic growth
US must get tough on China to fix imbalances, says Aliber
The US can reduce its government deficit and unemployment rate if it addresses the ‘predatory’ trading and currency policies of China and other Asian countries, says leading economist Robert Aliber
Belgium central bank paper reviews effects of trade liberalisation in low-wage countries
National Bank of Belgium study shows low-wage countries experience less movement in labour and output to high-skill-intensity industries as a result of trade liberalisation policies
Bank of Portugal paper reviews effects of transport costs on trade
Bank of Portugal study rejects the pure iceberg cost approach used to measure transport costs for exporters
Emerging markets influence on global trade trends: IMF report
Fund study links shifts in global trade patterns to greater interconnectedness and concentration of emerging markets
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area
Strong financial conditions ease sale declines: Fed paper
Federal Reserve study shows firms in good financial condition experience a smaller decline in sales during the crisis