Economics
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Bank of Italy’s economic overview paints bleak picture
Italian statistics show worsening of main economic indicators in first quarter of 2012; however government bond yields below levels at end of 2011
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
Fed’s Beige Book reports continued moderate growth
Survey of economic conditions in Fed districts find ‘modest to moderate’ growth in June and early July; respondents ‘cautiously optimistic’ about outlook
Bangladesh Bank chief highlights efforts to encourage entrepreneurs
Atiur Rahman discusses role of central bank in promoting financial inclusion of micro and small and medium enterprises; says poverty has seen 'sharp' decline
Governor of Bank of Papua New Guinea discusses mixed economic outlook
Loi Bakani gives overview of economic developments in Papua New Guinea; notes strong economic growth but warns of risks posed by declining exports and rising government debt
Philippines central bank paper analyses effect of remittance flows
Working paper considers macroeconomic impact of flows of remittances into Filipino economy; identifies number of benefits but also potential risks to competitiveness
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
Bank of Finland paper evaluates confidence indicators in forecasts
Discussion paper analyses the link between measures of confidence and growth forecasting in the Russian economy; finds not all measures improve accuracy of forecasts
National Bank of Hungary paper surveys wage rigidities
Paper presents findings of large European survey conducted by central banks; finds wages are more rigid than prices, but various factors determine the frequency of adjustment
BoE paper quantifies output gap estimation errors
Bank of England discussion paper models accuracy of output gap estimations based on OECD data; argues that absolute size of revisions to estimates does not improve over time
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
Mexican deputy governor weighs challenges facing economy
Bank of Mexico’s Manuel Sánchez examines effect of capital inflows and eurozone problems on Mexican economy; says growth expected to continue at a moderate rate
Bangladesh governor stresses importance of SMEs
Atiur Rahman sets out steps to encourage growth of exports by small and medium enterprises; says central bank is active in promoting financial inclusion and supporting business infrastructure
Vietnam central bank statistics show positive outlook
Statistics published by the State Bank of Vietnam highlight steady economic recovery; nevertheless, central bank says “strong efforts” necessary to hit annual growth targets
IMF paper examines Japan’s emergence from lost decade
Working paper considers reasons behind a surge in Japanese exports in 2001; finds domestic productivity growth most important factor
China moves to promote offshore renminbi trade
HKMA welcomes new Chinese government measures to support growth of offshore renminbi business in Hong Kong; central banks buy $315 million of offshore renminbi bonds
BoJ Tankan survey shows increased business confidence
Tankan short-term economic survey reports overall increase in manufacturing confidence; forecasts further increases in next quarter
New microfinance scheme launched in Hong Kong
Microfinance scheme to be run by Hong Kong Mortgage Corporation in collaboration with banks and non-government organisations; follows joint study with Hong Kong Monetary Authority last year
Zambian governor calls for action on SME finance
Bank of Zambia governor says policy-makers should do more to encourage financial flows to small and medium scale enterprises; examines benefits and risks of extending funding to these firms