Economics
Infrastructure bond should fund Africa’s growth, urges ADB president
Donald Kaberuka says Africa needs innovative financing to drive an economic transformation and achieve more inclusive development
Fijian governor welcomes banking competition
Reserve Bank of Fiji’s Barry Whiteside approves new entrant into banking industry, saying Fiji is not ‘sufficiently banked’
High merchant fees may produce sub-optimum payments usage, says Fed paper
Federal Reserve Bank of Richmond working paper finds high merchant fees could be preventing payments markets from maximising consumer welfare
Mexican deputy targets productivity obstacles
Bank of Mexico’s Manuel Sánchez attributes low GDP per capita to ‘stagnant’ productivity; urges structural reform
Malaysian deputy puts burden of education on financial advisers
Bank Negara Malaysia deputy governor says high demand for financial products has caused the central bank to refine its conduct guidelines but responsibility for education still falls with advisers
Business cycle mirrors stock market turning points, Israel study says
Research published by the Bank of Israel finds stock market turning points can be used to forecast economic activity; seven-month delay before impact becomes evident
Dutch paper analyses impact of environmental policy on FDI
The Netherlands Bank research investigates how FDI can be motivated by environmental policy; preferences for stronger or looser regulation are sector-specific
Insurers must prepare for climate change, says Zeti
Bank Negara Malaysia’s Zeti says climate change presents a huge challenge to Asian insurance industry; risk management systems must adapt
Bank of Russia reveals 2011 annual report
Russian economy grew while central bank battled inflation; exchange rate policy adjusted in transition to fully floating regime
Troika praises Ireland for ‘steadfast’ adherence to programme
Conclusion of eighth programme review says Ireland likely to meet deficit target this year; Portugal by contrast facing ‘strong headwinds’ to fiscal adjustment with 2012 targets beyond reach
Market-based funding growing in South-east Asia, says MAS chairman
Tharman Shanmugaratnam says prospects for non-bank capital funding are growing in South-east Asia
Chile funding markets resistant to risk spillovers
IMF study finds funding costs in Chilean interbank and bank bond markets have weathered global risk spillovers well
National production gaps don’t drive stock markets, says Swiss paper
Study by the Swiss National Bank finds global business cycle risks affect stock markets more than any nation-specific production gap
Embattled Nigerian governor condemns corrupt leadership
Central Bank of Nigeria governor Sanusi Lamido Sanusi says country’s economy is grossly underperforming due to corrupt and ineffectual leadership throughout the country
Finland paper recommends ‘unpleasant reforms’
Research published by the Bank of Finland advocates slowing public sector growth and lowering taxes; will boost labour supply and competition
Third-quarter figures show Spain still grappling with economic woes
Bank of Spain economic bulletin for the third quarter shows continued weakening of growth and range of other economic indicators; raises possibility government will not meet deficit target this year
Tanzanian banks braced for credit reference launch
Bank of Tanzania expects all the country’s banks to be fully compliant with a new credit reference system by December 1; anticipates quicker lending decisions and a fall in default rates
Reducing capital inflows has hidden cost, says Chilean governor
Rodrigo Vergara says emerging markets must beware the costs of using unorthodox monetary policy to mitigate spillover capital inflows from advanced economies
Fijian police get anti-money laundering training
Fiji’s financial intelligence unit and police force to run an intensive workshop on investigating complex fraud cases
West African securities market is short-sighted, says IMF paper
IMF study indicates West African Economic and Monetary Union securities market fails to meet the needs of longer-term investment
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
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
Policy-makers debate how to restore trust in the financial system
Andrew Tyrie among speakers at BBA conference discussing how to develop greater trust in the financial system, ideas range from greater competition to code of conduct for bankers
Chile paper investigates CDS and sovereign bond transmission channel
Central Bank of Chile research studies the impact of widening CDS spreads on the sovereign bond market; finds different reactions among ‘normal' and ‘safe-haven' countries