Economics
Book notes: Keynes Hayek: The Clash that Defined Modern Economics
Is it possible to reflect on modern economics, leaving rigorous academic analytical procedure aside? Nicolas Wapshott believes it is
Dallas Fed research questions Chinese growth data
Economic letter uses proxy for industrial production to estimate Chinese growth; suggests official figures may understate the extent of the slowdown
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
Riksbank deputy describes “surprisingly strong” economy
Kerstin af Jochnick says Swedish economy has performed well during the past quarter, but weak performance in the eurozone has caused large appreciation of krona and uncertain inflation path
Malaysian growth rate exceeds target
Report published by Bank Negara Malaysia on economic developments in second quarter shows increase in growth beyond level forecast in annual report; central bank expects trend to continue
Cleveland Fed researchers suggest moderate growth may persist
‘Economic Trends’ research highlights possibility of a slowdown in US trend rate of growth; economy shows modest version of previous recoveries
Estonian growth recovery 'relies' on eurozone governments' action
Estimates for Estonian growth rely on eurozone governments acting to ease the ongoing uncertainty, says central bank economist Kaspar Oja; domestic demand stays strong nevertheless
RBA reveals brighter growth outlook
Reserve Bank of Australia improves 2012 growth estimate; strong figures offset by uncertainty regarding external developments and possible upward trend for inflation
Bollard sets out vision of ‘new world’ economy
Governor of the Reserve Bank of New Zealand warns shift of global economy in favour of emerging Asia brings both risks and benefits; says attitudes towards debt have become more cautious
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010
Governor of Bangladesh Bank discusses increasing workforce
Atiur Rahman says Bangladesh must 'make the most' of low dependency ratio in population over next 10 years; urges pursuit of job-creating growth strategies
Banque de France paper highlights risks of financial markets opacity
Researchers find imperfect information on financial intermediaries’ exposures encourages risk-taking; suggest low interest rates and ‘gambling for resurrection’ raise systemic risk
Israel’s Fischer expresses hope that living standards will overtake the West
Stanley Fischer says growth in Israel remains reasonable and above that of the West; warns government must press ahead with agreed fiscal measures to create ‘position of strength’
Fed’s Bernanke looks beyond broad market indicators
Fed chairman warns key aggregate metrics can miss economic pain felt by individuals and households; encourages development of economic measures to better assist with policy decisions
Bank of Japan economic survey finds slight reduction in pessimism
Quarterly survey of public opinion about Japanese economy finds reduction in respondents expecting economy to worsen; only small proportion of respondents anticipate improvement in conditions
IMF paper warns against delays in Japanese fiscal consolidation
Working paper studies impact of budget deficit in Japan on intergenerational inequality; finds delaying budget cuts would adversely affect younger generations
PBoC, BoJ and Bank of Korea governors meet in China
Central bank governors meet to discuss economic and financial issues in the three countries; yearly meeting held as part of efforts to strengthen co-operation and communication
Central Bank of the Philippines governor outlines lending transparency initiatives
Amando Tetangco emphasises importance of ‘truth and transparency’ of lending to ensure microfinance schemes are sustainable; highlights central bank efforts to improve disclosure
Bank of Japan paper examines reasons behind chronic deflation
Working paper gives overview of a number of factors that may have caused persistent deflation in Japan since the mid-1990s; says it is difficult to single out a dominant explanation
Central Bank of Ireland positive in quarterly bulletin
Quarterly bulletin suggests Irish growth is being held back by negative external developments; however, domestic indicators show signs of strength
Ex-UK MPC members discuss future of eurozone
Panellists at event in London say euro will survive but with a smaller group of countries; argue UK is in dangerous position to respond to eurozone collapse
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Nigeria’s Sanusi urges innovative infrastructure financing
Nigerian governor says country must find new ways of raising $10 billion each year for infrastructure investment; argues this requires both private and public funding