Economics
Indian ‘growth juggernaut’ must be powered by real sector, says RBI deputy
Reserve Bank of India’s Kamalesh Chandra Chakrabarty believes accessing the country’s young workforce holds the key to sustaining higher levels of growth
Islamic finance championed by eight-strong central bank pact
Heads of central banks within the Developing-8 organisation agree to work together to increase the size of the Islamic Finance industry
Danish paper studies liquidity of covered and sovereign bonds
Market liquidity of covered bonds suffered less during the financial crisis
Fin paper assesses eurozone’s fiscal planning
Research finds countries on the periphery had adjusted their budgets before the euro crisis event; others were more reactive and may have suffered as a result
RBI’s Subbarao encourages more ambitious global governance
Reserve Bank of India governor wants more cohesive policies between countries, and commitments to be enforced
Bernanke steps up pressure for action on fiscal cliff
Fed chairman warns of damaging effects of uncertainty over ‘fiscal cliff’ on the economy; says plan for long-term debt sustainability would reinforce confidence and promote recovery
French debt downgraded as Troika praises Portuguese reforms
France stripped of top credit rating due to weak reform effort and high uncertainty, as Troika praises Portugal for making ‘solid progress’ with economic reforms
RBA’s Stevens plays down Australian growth problems
Glenn Stevens calls talk of an end to the mining boom ‘over-hyped’, while the Chinese economy is not as weak as feared and there are some signs of a recovery in domestic demand
Fed’s Dudley says too-big-to-fail issue unresolved
New York Fed chief rejects the idea of breaking up large and complex banks – for now
ECB’s Cœuré backs European control of national budgets
European Central Bank board member says yielding budget control to central bodies would enable countries to ‘recover’ sovereignty
Lagarde promotes deeper Asian economic integration
IMF managing director encourages wider trade and financial co-operation in South-east Asia; suggests switch of investment funds away from developed markets
RBI’s Subbarao addresses issue of struggling co-operatives
RBI governor explains his views on the root causes of problems being faced by India’s co-operative banks
Centralbanking.com panellists split on CCP resolution
Bank of England’s Schooling Latter says central counterparties can be permitted to fail; Ruben Lee says politics will likely undermine efforts to avoid moral hazard, with central banks forced to act
Greece working paper dissects consumer credit
Bank of Greece researchers identify and separate demand and supply factors in Greece’s consumer lending
Political favours damaging economic growth, says Malawian deputy
Malawi’s investment environment less competitive because of politicians’ pursuit of ‘money power’, says senior Reserve Bank official
Bank of Portugal forecasts economic contraction of 1.6% in 2013
The Portuguese inflation rate is expected to fall below 1% as the economy contracts next year
Norwegian deputy seeks ‘eternal truths’
Jan Qvigstad establishes three basic lessons from the past that remain universally relevant today
Banks take advantage of Brazil’s geography, says paper
Fractured market structure allows banks to hold monopoly power and charge higher loan rates in smaller areas
Bank of Italy cautious on sovereign bonds
Investors return to public debt markets, but progress is threatened by political uncertainty
IMF paper dissects bond yield determinants
Fund research distinguishes between long- and short-run elements in bond yields, finding European periphery yields overstated actual fundamentals
Malaysia deputy pushes for progress on data
Bank Negara Malaysia’s Muhammad bin Ibrahim says data compilation should become more forward-looking and statistical needs identified more quickly
Austerity package prompts Bank of Greece directors to quit
Wage caps and falling future pension payouts have contributed to the exit of a third of the central bank’s senior management
Investment drop in China would hit global growth, says IMF paper
Research says the economic reverberations of lower investment in China are becoming stronger
Policymakers can learn from behavioural insights, says Norwegian paper
Economic agent’s expectations are shaped in a myriad of ways and should be considered in policy decisions